CIFEC: what changed
CIFEC
Largest movements
- Financial fixed assets +€26,500
up €26,500 (+67.5%), from €39,275 to €65,774
- Cash -€23,614
down €23,614 (-49.2%), from €48,004 to €24,390
mainly Investment in fixed assets (net) (-€26,500) and Tax, wage and social debts (-€15,945)
- Tangible fixed assets -€16,042
down €16,042 (-44.8%), from €35,798 to €19,756
of which Leasing and similar rights: -€15,850
- Tax, wage and social debts -€15,945
down €15,945 (-57.6%), from €27,682 to €11,737
- Trade debts +€7,334
up €7,334 (+145%), from €5,072 to €12,406
- Debts after one year -€7,147
down €7,147 (-35.0%), from €20,441 to €13,294
- Gross operating margin -€28,494
down €28,494 (-60.2%), from €47,305 to €18,811
- Taxes -€8,555
down €8,555 (-87.0%), from €9,838 to €1,283
- Financial income +€737
up €737 (+13,646%), from €5 to €742
of which Financial income: +€737
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €203,314 | €188,879 | -€14,436 | -7.1% |
| Fixed assets | 21/28 | €75,072 | €85,530 | +€10,458 | +13.9% |
| Tangible fixed assets | 22/27 | €35,798 | €19,756 | -€16,042 | -44.8% |
| Leasing and similar rights | 25 | €33,133 | €17,283 | -€15,850 | -47.8% |
| Other tangible fixed assets | 26 | €2,665 | €2,473 | -€192 | -7.2% |
| Financial fixed assets | 28 | €39,275 | €65,774 | +€26,500 | +67.5% |
| Current assets | 29/58 | €128,242 | €103,348 | -€24,894 | -19.4% |
| Amounts receivable within one year | 40/41 | €8,657 | €7,010 | -€1,647 | -19.0% |
| Trade receivables | 40 | €8,657 | €7,010 | -€1,647 | -19.0% |
| Current investments | 50/53 | €71,000 | €71,519 | +€520 | +0.7% |
| Cash at bank and in hand | 54/58 | €48,004 | €24,390 | -€23,614 | -49.2% |
| Deferred charges and accrued income | 490/1 | €581 | €429 | -€152 | -26.2% |
| Total equity and liabilities | 10/49 | €203,314 | €188,879 | -€14,436 | -7.1% |
| Equity | 10/15 | €134,960 | €135,015 | +€56 | 0.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €68,492 | €68,492 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,765 | €10,765 | = | 0.0% |
| Distributable reserves | 133 | €57,727 | €57,727 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,068 | €54,124 | +€56 | +0.1% |
| Amounts payable | 17/49 | €68,355 | €53,863 | -€14,491 | -21.2% |
| Amounts payable after more than one year | 17 | €20,441 | €13,294 | -€7,147 | -35.0% |
| Financial debts | 170/4 | €20,441 | €13,294 | -€7,147 | -35.0% |
| Amounts payable within one year | 42/48 | €47,913 | €40,569 | -€7,344 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €6,746 | €7,147 | +€401 | +5.9% |
| Trade debts | 44 | €5,072 | €12,406 | +€7,334 | +145% |
| Suppliers | 440/4 | €5,072 | €12,406 | +€7,334 | +145% |
| Taxes, remuneration and social security | 45 | €27,682 | €11,737 | -€15,945 | -57.6% |
| Taxes | 450/3 | €27,682 | €11,737 | -€15,945 | -57.6% |
| Other amounts payable | 47/48 | €8,414 | €9,279 | +€865 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,042 | €16,042 | = | 0.0% |
| Other operating charges | 640/8 | €536 | €731 | +€195 | +36.4% |
| Gross operating margin | 9900 | €47,305 | €18,811 | -€28,494 | -60.2% |
| Operating profit (loss) | 9901 | €30,727 | €2,038 | -€28,689 | -93.4% |
| Financial income | 75/76B | €5 | €742 | +€737 | +13,646% |
| Recurring financial income | 75 | €5 | €742 | +€737 | +13,646% |
| Non-recurring financial income | 76B | €5 | - | -€5 | |
| Financial charges | 65/66B | €1,855 | €1,441 | -€414 | -22.3% |
| Recurring financial charges | 65 | €1,855 | €1,441 | -€414 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €28,877 | €1,339 | -€27,538 | -95.4% |
| Income taxes | 67/77 | €9,838 | €1,283 | -€8,555 | -87.0% |
| Profit (loss) for the period | 9904 | €19,039 | €56 | -€18,983 | -99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,039 | €56 | -€18,983 | -99.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.