ERNESTO CICCARELLI: 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.
ERNESTO CICCARELLI
Largest movements
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Cash +€190,210
up €190,210 (+91.7%), from €207,500 to €397,710
mainly Current investments (+€200,000) and Other debts (+€77,926)
- Tangible fixed assets +€19,368
up €19,368 (+26.5%), from €73,007 to €92,375
of which Land and buildings: +€22,993
- Receivables within one year -€15,624
down €15,624 (-99.2%), from €15,752 to €128
of which Trade receivables: -€12,788
- Reserves -€104,923
down €104,923 (-38.1%), from €275,050 to €170,126
- Other debts +€77,926
up €77,926 (+68.1%), from €114,471 to €192,398
- Tax, wage and social debts +€27,034
up €27,034 (+71.6%), from €37,743 to €64,777
- Debts after one year -€13,103
down €13,103 (-30.4%), from €43,070 to €29,967
- Trade debts +€7,483
up €7,483 (+22,717%), from €33 to €7,516
- Taxes -€9,187
down €9,187 (-23.6%), from €38,969 to €29,782
- Gross operating margin -€9,079
down €9,079 (-5.6%), from €160,959 to €151,880
- Depreciation +€5,303
up €5,303 (+25.1%), from €21,097 to €26,401
- Financial income +€4,628
up €4,628 (+123%), from €3,754 to €8,382
- Other operating charges +€2,863
up €2,863 (+226%), from €1,267 to €4,130
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.
Derived cash bridge
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 | €496,646 | €490,287 | -€6,359 | -1.3% |
| Fixed assets | 21/28 | €73,007 | €92,375 | +€19,368 | +26.5% |
| Tangible fixed assets | 22/27 | €73,007 | €92,375 | +€19,368 | +26.5% |
| Land and buildings | 22 | - | €22,993 | +€22,993 | |
| Furniture and vehicles | 24 | €73,007 | €69,382 | -€3,625 | -5.0% |
| Current assets | 29/58 | €423,639 | €397,912 | -€25,727 | -6.1% |
| Amounts receivable within one year | 40/41 | €15,752 | €128 | -€15,624 | -99.2% |
| Trade receivables | 40 | €12,915 | €128 | -€12,788 | -99.0% |
| Other amounts receivable | 41 | €2,836 | €0 | -€2,836 | -100% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €207,500 | €397,710 | +€190,210 | +91.7% |
| Deferred charges and accrued income | 490/1 | €387 | €74 | -€313 | -80.8% |
| Total equity and liabilities | 10/49 | €496,646 | €490,287 | -€6,359 | -1.3% |
| Equity | 10/15 | €287,450 | €182,526 | -€104,923 | -36.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €275,050 | €170,126 | -€104,923 | -38.1% |
| Distributable reserves | 133 | €275,050 | €170,126 | -€104,923 | -38.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €209,196 | €307,761 | +€98,564 | +47.1% |
| Amounts payable after more than one year | 17 | €43,070 | €29,967 | -€13,103 | -30.4% |
| Financial debts | 170/4 | €43,070 | €29,967 | -€13,103 | -30.4% |
| Amounts payable within one year | 42/48 | €166,126 | €277,794 | +€111,667 | +67.2% |
| Current portion of amounts payable after more than one year | 42 | €12,664 | €13,103 | +€439 | +3.5% |
| Financial debts | 43 | €1,215 | €0 | -€1,215 | -100% |
| Credit institutions | 430/8 | €1,215 | €0 | -€1,215 | -100% |
| Trade debts | 44 | €33 | €7,516 | +€7,483 | +22,717% |
| Suppliers | 440/4 | €33 | €7,516 | +€7,483 | +22,717% |
| Taxes, remuneration and social security | 45 | €37,743 | €64,777 | +€27,034 | +71.6% |
| Taxes | 450/3 | €37,743 | €64,777 | +€27,034 | +71.6% |
| Other amounts payable | 47/48 | €114,471 | €192,398 | +€77,926 | +68.1% |
| Non-recurring operating income | 76A | - | €1,396 | +€1,396 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,097 | €26,401 | +€5,303 | +25.1% |
| Other operating charges | 640/8 | €1,267 | €4,130 | +€2,863 | +226% |
| Non-recurring operating charges | 66A | - | €44,622 | +€44,622 | |
| Gross operating margin | 9900 | €160,959 | €151,880 | -€9,079 | -5.6% |
| Operating profit (loss) | 9901 | €138,594 | €76,727 | -€61,867 | -44.6% |
| Financial income | 75/76B | €3,754 | €8,382 | +€4,628 | +123% |
| Recurring financial income | 75 | €3,754 | €8,382 | +€4,628 | +123% |
| Financial charges | 65/66B | €2,500 | €3,040 | +€540 | +21.6% |
| Recurring financial charges | 65 | €2,500 | €3,040 | +€540 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €139,848 | €82,068 | -€57,779 | -41.3% |
| Income taxes | 67/77 | €38,969 | €29,782 | -€9,187 | -23.6% |
| Profit (loss) for the period | 9904 | €100,878 | €52,287 | -€48,592 | -48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,878 | €52,287 | -€48,592 | -48.2% |
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 30 October 2026 via checked.be.