Ciem: what changed
What changed
Ciem
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€1.5m
2025 · €1.1m+€409,875
Equity
€5.5m
2025 · €3.9m+€1.5m
Cash
€127,515
2025 · €1.2m-€1.1m
Balance sheet total
€15.7m
2025 · €14.2m+€1.5m
Largest movements
Assets
- Current investments +€2.0m
up €2.0m (+30.4%), from €6.5m to €8.5m
- Cash -€1.1m
down €1.1m (-89.3%), from €1.2m to €127,515
mainly Current investments (-€2.0m) and Investment in fixed assets (net) (-€708,576)
- Tangible fixed assets +€449,040
up €449,040 (+20.3%), from €2.2m to €2.7m
of which Land and buildings: +€320,723
- Receivables within one year +€159,010
up €159,010 (+8.1%), from €2.0m to €2.1m
of which Other amounts receivable: +€133,449
Equity and liabilities
- Profit (loss) carried forward +€1.5m
up €1.5m (+97.7%), from -€1.6m to -€35,692
- Accrued charges and deferred income +€879,896
up €879,896 (+40.0%), from €2.2m to €3.1m
- Other debts -€574,091
down €574,091 (-64.3%), from €893,422 to €319,332
- Tax, wage and social debts -€361,820
down €361,820 (-86.9%), from €416,276 to €54,456
of which Taxes: -€361,654
Income statement
- Financial income +€1.8m
up €1.8m (+193%), from €918,706 to €2.7m
of which Financial income: +€1.8m
- Gross operating margin -€1.5m
down €1.5m (-79.6%), from €1.9m to €378,880
- Taxes -€377,839
down €377,839 (-95.9%), from €393,867 to €16,029
- Financial charges +€264,258
up €264,258 (+40.1%), from €659,551 to €923,809
of which Financial charges: +€461,737
- Depreciation +€43,993
up €43,993 (+20.5%), from €215,041 to €259,034
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€1.1m
Gross operating margin
-€1.5m
Staff costs
+€42,331
Depreciation
-€43,993
Other operating charges
+€2,115
Other operating items
-€5,230
Financial income
+€1.8m
Financial charges
-€264,258
Taxes
+€377,839
Result 2026
€1.5m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.6m
Investment
-€2.7m
Financing
€0
Cash 2025
€1.2m
From operations (derived)
+€1.6m
Net result for the year
+€1.5m
Depreciation
+€259,034
Receivables within one year
-€159,010
Deferred charges and accrued income
+€26,977
Trade debts
+€38,392
Tax, wage and social debts
-€361,820
Other debts
-€574,091
Accrued charges and deferred income
+€879,896
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€708,576
Current investments
-€2.0m
Cash 2026
€127,515
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,212,190 | €15,710,325 | +€1.5m | +10.5% |
| Fixed assets | 21/28 | €4,387,167 | €4,836,709 | +€449,542 | +10.2% |
| Intangible fixed assets | 21 | €297 | €799 | +€503 | +169% |
| Tangible fixed assets | 22/27 | €2,215,326 | €2,664,365 | +€449,040 | +20.3% |
| Land and buildings | 22 | €2,141,800 | €2,462,523 | +€320,723 | +15.0% |
| Plant, machinery and equipment | 23 | €5,835 | €27,191 | +€21,356 | +366% |
| Furniture and vehicles | 24 | €67,690 | €174,651 | +€106,961 | +158% |
| Financial fixed assets | 28 | €2,171,544 | €2,171,544 | = | 0.0% |
| Current assets | 29/58 | €9,825,023 | €10,873,616 | +€1.0m | +10.7% |
| Stocks and contracts in progress | 3 | €10 | €10 | = | 0.0% |
| Stocks | 30/36 | €10 | €10 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,968,698 | €2,127,709 | +€159,010 | +8.1% |
| Trade receivables | 40 | €51,816 | €77,377 | +€25,561 | +49.3% |
| Other amounts receivable | 41 | €1,916,882 | €2,050,332 | +€133,449 | +7.0% |
| Current investments | 50/53 | €6,540,616 | €8,525,927 | +€2.0m | +30.4% |
| Cash at bank and in hand | 54/58 | €1,196,266 | €127,515 | -€1.1m | -89.3% |
| Deferred charges and accrued income | 490/1 | €119,433 | €92,455 | -€26,977 | -22.6% |
| Total equity and liabilities | 10/49 | €14,212,190 | €15,710,325 | +€1.5m | +10.5% |
| Equity | 10/15 | €3,944,487 | €5,460,245 | +€1.5m | +38.4% |
| Contributions | 10/11 | €5,322,002 | €5,322,002 | = | 0.0% |
| Capital | 10 | €5,322,002 | €5,322,002 | = | 0.0% |
| Issued capital | 100 | €5,322,002 | €5,322,002 | = | 0.0% |
| Reserves | 13 | €173,935 | €173,935 | = | 0.0% |
| Non-distributable reserves | 130/1 | €169,104 | €169,104 | = | 0.0% |
| Legal reserve | 130 | €148,393 | €148,393 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,711 | €20,711 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €4,831 | €4,831 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,551,450 | -€35,692 | +€1.5m | +97.7% |
| Amounts payable | 17/49 | €10,267,703 | €10,250,080 | -€17,623 | -0.2% |
| Amounts payable after more than one year | 17 | €6,730,000 | €6,730,000 | = | 0.0% |
| Financial debts | 170/4 | €6,730,000 | €6,730,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,336,618 | €439,099 | -€897,518 | -67.1% |
| Trade debts | 44 | €26,919 | €65,312 | +€38,392 | +143% |
| Suppliers | 440/4 | €26,919 | €65,312 | +€38,392 | +143% |
| Taxes, remuneration and social security | 45 | €416,276 | €54,456 | -€361,820 | -86.9% |
| Taxes | 450/3 | €370,305 | €8,651 | -€361,654 | -97.7% |
| Remuneration and social security | 454/9 | €45,971 | €45,805 | -€166 | -0.4% |
| Other amounts payable | 47/48 | €893,422 | €319,332 | -€574,091 | -64.3% |
| Accrued charges and deferred income | 492/3 | €2,201,085 | €3,080,981 | +€879,896 | +40.0% |
| Remuneration, social security and pensions | 62 | €331,684 | €289,353 | -€42,331 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215,041 | €259,034 | +€43,993 | +20.5% |
| Other operating charges | 640/8 | €66,359 | €64,245 | -€2,115 | -3.2% |
| Non-recurring operating charges | 66A | - | €5,230 | +€5,230 | |
| Gross operating margin | 9900 | €1,853,679 | €378,880 | -€1.5m | -79.6% |
| Operating profit (loss) | 9901 | €1,240,595 | -€238,981 | -€1.5m | |
| Financial income | 75/76B | €918,706 | €2,694,576 | +€1.8m | +193% |
| Recurring financial income | 75 | €918,706 | €2,694,576 | +€1.8m | +193% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €659,551 | €923,809 | +€264,258 | +40.1% |
| Recurring financial charges | 65 | €430,583 | €892,320 | +€461,737 | +107% |
| Non-recurring financial charges | 66B | €228,967 | €31,489 | -€197,479 | -86.2% |
| Profit (loss) for the period before taxes | 9903 | €1,499,750 | €1,531,787 | +€32,036 | +2.1% |
| Income taxes | 67/77 | €393,867 | €16,029 | -€377,839 | -95.9% |
| Profit (loss) for the period | 9904 | €1,105,883 | €1,515,758 | +€409,875 | +37.1% |
| Transfer from tax-exempt reserves | 789 | €734 | €0 | -€734 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €1,106,616 | €1,515,758 | +€409,142 | +37.0% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.