CINECON: 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.
What changed
CINECON
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€319,213
2024 · €290,624+€28,589
Equity
€17.5m
2024 · €17.2m+€316,213
Cash
€1.3m
2024 · €809,740+€510,769
Balance sheet total
€18.1m
2024 · €18.2m-€65,144
Largest movements
Assets
- Financial fixed assets -€1.2m
down €1.2m (-25.1%), from €4.7m to €3.5m
- Receivables within one year +€854,376
up €854,376 (+374%), from €228,504 to €1.1m
of which Other amounts receivable: +€792,472
- Cash +€510,769
up €510,769 (+63.1%), from €809,740 to €1.3m
mainly Investment in fixed assets (net) (+€1.1m) and Net result for the year (+€319,213)
Equity and liabilities
- Other debts -€322,040
down €322,040 (-96.7%), from €333,151 to €11,112
- Reserves +€316,213
up €316,213 (+7.9%), from €4.0m to €4.3m
of which Distributable reserves: +€317,156
Income statement
- Financial income +€190,195
up €190,195 (+57.2%), from €332,701 to €522,897
- Financial charges +€125,304
up €125,304 (+95.3%), from €131,444 to €256,747
- Gross operating margin -€71,052
down €71,052 (-14.2%), from €498,664 to €427,612
- Write-downs -€37,290
no longer reported in 2025 (was €37,290)
- Other operating charges +€8,994
up €8,994 (+19.5%), from €46,027 to €55,021
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.
Result 2024
€290,624
Gross operating margin
-€71,052
Depreciation
+€6,459
Write-downs
+€37,290
Other operating charges
-€8,994
Financial income
+€190,195
Financial charges
-€125,304
Taxes
+€53
Deferred taxes and other
-€58
Result 2025
€319,213
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€538,547
Investment
+€1.2m
Financing
-€182,731
Cash 2024
€809,740
From operations (derived)
-€538,547
Net result for the year
+€319,213
Depreciation
+€200,267
Receivables within one year
-€854,376
Smaller working-capital items
-€2,340
Trade debts
+€60,914
Tax, wage and social debts
+€37,640
Advances received
+€26,015
Other debts
-€322,040
Accrued charges and deferred income
-€3,840
Investment (derived)
+€1.2m
Investment in fixed assets (net)
+€1.1m
Current investments
+€140,492
Financing
-€182,731
Debts after one year
-€138,994
Current portion of long-term debt
-€40,737
Contributions, distributions and other
-€3,000
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,205,493 | €18,140,349 | -€65,144 | -0.4% |
| Fixed assets | 21/28 | €8,262,557 | €6,970,735 | -€1.3m | -15.6% |
| Tangible fixed assets | 22/27 | €3,573,991 | €3,460,638 | -€113,352 | -3.2% |
| Land and buildings | 22 | €3,466,993 | €3,299,054 | -€167,939 | -4.8% |
| Plant, machinery and equipment | 23 | €15,377 | €13,458 | -€1,918 | -12.5% |
| Furniture and vehicles | 24 | €83,486 | €141,164 | +€57,678 | +69.1% |
| Other tangible fixed assets | 26 | €8,135 | €6,962 | -€1,173 | -14.4% |
| Financial fixed assets | 28 | €4,688,566 | €3,510,097 | -€1.2m | -25.1% |
| Current assets | 29/58 | €9,942,936 | €11,169,614 | +€1.2m | +12.3% |
| Amounts receivable within one year | 40/41 | €228,504 | €1,082,880 | +€854,376 | +374% |
| Trade receivables | 40 | €200,456 | €262,361 | +€61,904 | +30.9% |
| Other amounts receivable | 41 | €28,048 | €820,520 | +€792,472 | +2,825% |
| Current investments | 50/53 | €8,904,405 | €8,763,913 | -€140,492 | -1.6% |
| Cash at bank and in hand | 54/58 | €809,740 | €1,320,510 | +€510,769 | +63.1% |
| Deferred charges and accrued income | 490/1 | €287 | €2,312 | +€2,025 | +706% |
| Total equity and liabilities | 10/49 | €18,205,493 | €18,140,349 | -€65,144 | -0.4% |
| Equity | 10/15 | €17,176,451 | €17,492,663 | +€316,213 | +1.8% |
| Contributions | 10/11 | €13,193,535 | €13,193,535 | = | 0.0% |
| Reserves | 13 | €3,982,916 | €4,299,128 | +€316,213 | +7.9% |
| Non-distributable reserves | 130/1 | €1,320,594 | €1,320,594 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,320,594 | €1,320,594 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,973 | €29,030 | -€944 | -3.1% |
| Distributable reserves | 133 | €2,632,349 | €2,949,505 | +€317,156 | +12.0% |
| Provisions and deferred taxes | 16 | €9,638 | €9,324 | -€315 | -3.3% |
| Deferred taxes | 168 | €9,638 | €9,324 | -€315 | -3.3% |
| Amounts payable | 17/49 | €1,019,404 | €638,362 | -€381,042 | -37.4% |
| Amounts payable after more than one year | 17 | €385,822 | €246,828 | -€138,994 | -36.0% |
| Financial debts | 170/4 | €385,822 | €246,828 | -€138,994 | -36.0% |
| Amounts payable within one year | 42/48 | €627,822 | €389,614 | -€238,208 | -37.9% |
| Current portion of amounts payable after more than one year | 42 | €183,371 | €142,634 | -€40,737 | -22.2% |
| Trade debts | 44 | €21,705 | €82,619 | +€60,914 | +281% |
| Suppliers | 440/4 | €21,705 | €82,619 | +€60,914 | +281% |
| Advances received on contracts in progress | 46 | €18,168 | €44,183 | +€26,015 | +143% |
| Taxes, remuneration and social security | 45 | €71,426 | €109,066 | +€37,640 | +52.7% |
| Taxes | 450/3 | €71,426 | €109,066 | +€37,640 | +52.7% |
| Other amounts payable | 47/48 | €333,151 | €11,112 | -€322,040 | -96.7% |
| Accrued charges and deferred income | 492/3 | €5,760 | €1,920 | -€3,840 | -66.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206,726 | €200,267 | -€6,459 | -3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €37,290 | - | -€37,290 | |
| Other operating charges | 640/8 | €46,027 | €55,021 | +€8,994 | +19.5% |
| Gross operating margin | 9900 | €498,664 | €427,612 | -€71,052 | -14.2% |
| Operating profit (loss) | 9901 | €208,621 | €172,323 | -€36,298 | -17.4% |
| Financial income | 75/76B | €332,701 | €522,897 | +€190,195 | +57.2% |
| Recurring financial income | 75 | €332,701 | €522,897 | +€190,195 | +57.2% |
| Financial charges | 65/66B | €131,444 | €256,747 | +€125,304 | +95.3% |
| Recurring financial charges | 65 | €131,444 | €256,747 | +€125,304 | +95.3% |
| Profit (loss) for the period before taxes | 9903 | €409,879 | €438,472 | +€28,594 | +7.0% |
| Transfer from deferred taxes | 780 | €372 | €315 | -€58 | -15.5% |
| Income taxes | 67/77 | €119,627 | €119,574 | -€53 | 0.0% |
| Profit (loss) for the period | 9904 | €290,624 | €319,213 | +€28,589 | +9.8% |
| Transfer from tax-exempt reserves | 789 | €1,117 | €944 | -€173 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €291,740 | €320,156 | +€28,416 | +9.7% |
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 28 October 2026 via checked.be.