CIWR: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CIWR
Largest movements
- Receivables within one year +€120,643
up €120,643 (+539.4%), from €22,365 to €143,008
of which Other amounts receivable: +€121,934
- Tangible fixed assets +€82,784
up €82,784 (+83.7%), from €98,940 to €181,724
of which Land and buildings: +€89,928
- Cash -€15,700
down €15,700 (-34.9%), from €44,955 to €29,255
mainly Receivables within one year (-€120,643) and Investment in fixed assets (net) (-€119,429)
- Debts after one year +€156,006
up €156,006 (+280.3%), from €55,667 to €211,673
- Reserves +€33,277
up €33,277 (+44.1%), from €75,526 to €108,803
- Current portion of long-term debt +€9,335
up €9,335 (+52.9%), from €17,659 to €26,994
- Trade debts -€8,192
down €8,192 (-89.0%), from €9,205 to €1,012
- Gross operating margin -€42,080
down €42,080 (-33.9%), from €124,155 to €82,075
- Depreciation +€12,435
up €12,435 (+51.4%), from €24,210 to €36,645
- Taxes -€11,115
down €11,115 (-56.0%), from €19,849 to €8,734
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €168,416 | €357,865 | +€189,448 | +112.5% |
| Fixed assets | 21/28 | €98,940 | €181,724 | +€82,784 | +83.7% |
| Tangible fixed assets | 22/27 | €98,940 | €181,724 | +€82,784 | +83.7% |
| Land and buildings | 22 | - | €89,928 | +€89,928 | |
| Plant, machinery and equipment | 23 | €11,562 | €16,256 | +€4,694 | +40.6% |
| Furniture and vehicles | 24 | €87,377 | €75,540 | -€11,837 | -13.5% |
| Current assets | 29/58 | €69,477 | €176,140 | +€106,664 | +153.5% |
| Amounts receivable within one year | 40/41 | €22,365 | €143,008 | +€120,643 | +539.4% |
| Trade receivables | 40 | €17,214 | €15,923 | -€1,291 | -7.5% |
| Other amounts receivable | 41 | €5,151 | €127,085 | +€121,934 | +2367.1% |
| Cash at bank and in hand | 54/58 | €44,955 | €29,255 | -€15,700 | -34.9% |
| Deferred charges and accrued income | 490/1 | €2,156 | €3,877 | +€1,721 | +79.8% |
| Total equity and liabilities | 10/49 | €168,416 | €357,865 | +€189,448 | +112.5% |
| Equity | 10/15 | €77,526 | €110,803 | +€33,277 | +42.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €75,526 | €108,803 | +€33,277 | +44.1% |
| Distributable reserves | 133 | €75,526 | €108,803 | +€33,277 | +44.1% |
| Amounts payable | 17/49 | €90,891 | €247,062 | +€156,171 | +171.8% |
| Amounts payable after more than one year | 17 | €55,667 | €211,673 | +€156,006 | +280.3% |
| Financial debts | 170/4 | €55,667 | €211,673 | +€156,006 | +280.3% |
| Amounts payable within one year | 42/48 | €35,224 | €35,389 | +€165 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €17,659 | €26,994 | +€9,335 | +52.9% |
| Trade debts | 44 | €9,205 | €1,012 | -€8,192 | -89.0% |
| Suppliers | 440/4 | €9,205 | €1,012 | -€8,192 | -89.0% |
| Taxes, remuneration and social security | 45 | €7,023 | €6,811 | -€212 | -3.0% |
| Taxes | 450/3 | €4,829 | €6,811 | +€1,982 | +41.0% |
| Remuneration and social security | 454/9 | €2,194 | €0 | -€2,194 | -100.0% |
| Other amounts payable | 47/48 | €1,337 | €571 | -€766 | -57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,210 | €36,645 | +€12,435 | +51.4% |
| Other operating charges | 640/8 | €772 | €765 | -€7 | -0.9% |
| Gross operating margin | 9900 | €124,155 | €82,075 | -€42,080 | -33.9% |
| Operating profit (loss) | 9901 | €99,173 | €44,665 | -€54,508 | -55.0% |
| Financial income | 75/76B | €43 | €0 | -€43 | -100.0% |
| Recurring financial income | 75 | €43 | €0 | -€43 | -100.0% |
| Financial charges | 65/66B | €3,842 | €2,655 | -€1,187 | -30.9% |
| Recurring financial charges | 65 | €3,842 | €2,655 | -€1,187 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €95,374 | €42,011 | -€53,364 | -56.0% |
| Income taxes | 67/77 | €19,849 | €8,734 | -€11,115 | -56.0% |
| Profit (loss) for the period | 9904 | €75,526 | €33,277 | -€42,249 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €75,526 | €33,277 | -€42,249 | -55.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.