D-CIPHR: what changed
Two financial 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.
D-CIPHR
Largest movements
- Current investments +€48,415
up €48,415 (+119.5%), from €40,500 to €88,915
- Cash -€14,156
down €14,156 (-57.1%), from €24,787 to €10,632
mainly Current investments (-€48,415) and Receivables within one year (-€8,873)
- Receivables within one year +€8,873
up €8,873 (+86.9%), from €10,209 to €19,082
- Tangible fixed assets -€7,964
down €7,964 (-20.5%), from €38,911 to €30,946
of which Leasing and similar rights: -€9,997
- Reserves +€42,000
up €42,000 (+73.7%), from €57,000 to €99,000
- Debts after one year -€8,772
down €8,772 (-36.1%), from €24,295 to €15,523
- Gross operating margin -€1,062
down €1,062 (-1.6%), from €66,792 to €65,730
- Financial income +€900
up €900 (+13570.7%), from €7 to €906
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 | €115,655 | €150,937 | +€35,283 | +30.5% |
| Fixed assets | 21/28 | €38,911 | €30,946 | -€7,964 | -20.5% |
| Tangible fixed assets | 22/27 | €38,911 | €30,946 | -€7,964 | -20.5% |
| Plant, machinery and equipment | 23 | - | €1,167 | +€1,167 | |
| Furniture and vehicles | 24 | €1,416 | €2,281 | +€865 | +61.1% |
| Leasing and similar rights | 25 | €37,494 | €27,498 | -€9,997 | -26.7% |
| Current assets | 29/58 | €76,744 | €119,991 | +€43,247 | +56.4% |
| Amounts receivable within one year | 40/41 | €10,209 | €19,082 | +€8,873 | +86.9% |
| Trade receivables | 40 | €10,209 | €19,082 | +€8,873 | +86.9% |
| Current investments | 50/53 | €40,500 | €88,915 | +€48,415 | +119.5% |
| Cash at bank and in hand | 54/58 | €24,787 | €10,632 | -€14,156 | -57.1% |
| Deferred charges and accrued income | 490/1 | €1,248 | €1,362 | +€115 | +9.2% |
| Total equity and liabilities | 10/49 | €115,655 | €150,937 | +€35,283 | +30.5% |
| Equity | 10/15 | €59,731 | €101,572 | +€41,841 | +70.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €57,000 | €99,000 | +€42,000 | +73.7% |
| Distributable reserves | 133 | €57,000 | €99,000 | +€42,000 | +73.7% |
| Profit (loss) carried forward | 14 | €731 | €572 | -€159 | -21.8% |
| Amounts payable | 17/49 | €55,924 | €49,366 | -€6,558 | -11.7% |
| Amounts payable after more than one year | 17 | €24,295 | €15,523 | -€8,772 | -36.1% |
| Financial debts | 170/4 | €24,295 | €15,523 | -€8,772 | -36.1% |
| Amounts payable within one year | 42/48 | €31,404 | €33,618 | +€2,214 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €8,387 | €8,772 | +€385 | +4.6% |
| Trade debts | 44 | €887 | €1,392 | +€505 | +56.9% |
| Suppliers | 440/4 | €887 | €1,392 | +€505 | +56.9% |
| Taxes, remuneration and social security | 45 | €19,251 | €20,089 | +€839 | +4.4% |
| Taxes | 450/3 | €17,350 | €18,188 | +€839 | +4.8% |
| Remuneration and social security | 454/9 | €1,901 | €1,901 | = | 0.0% |
| Other amounts payable | 47/48 | €2,879 | €3,364 | +€486 | +16.9% |
| Accrued charges and deferred income | 492/3 | €225 | €225 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,382 | €10,985 | +€604 | +5.8% |
| Other operating charges | 640/8 | €952 | €1,136 | +€185 | +19.4% |
| Gross operating margin | 9900 | €66,792 | €65,730 | -€1,062 | -1.6% |
| Operating profit (loss) | 9901 | €55,458 | €53,608 | -€1,850 | -3.3% |
| Financial income | 75/76B | €7 | €906 | +€900 | +13570.7% |
| Recurring financial income | 75 | €7 | €906 | +€900 | +13570.7% |
| Financial charges | 65/66B | €1,971 | €1,594 | -€377 | -19.1% |
| Recurring financial charges | 65 | €1,971 | €1,594 | -€377 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €53,494 | €52,920 | -€574 | -1.1% |
| Income taxes | 67/77 | €11,225 | €11,079 | -€146 | -1.3% |
| Profit (loss) for the period | 9904 | €42,268 | €41,841 | -€428 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,268 | €41,841 | -€428 | -1.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.