DE SYNDICUS: 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.
DE SYNDICUS
Largest movements
- Tangible fixed assets +€263,720
up €263,720 (+39.0%), from €676,986 to €940,706
of which Assets under construction and advance payments: +€200,179
- Intangible fixed assets -€154,802
down €154,802 (-12.5%), from €1.2m to €1.1m
- Receivables within one year -€123,199
down €123,199 (-17.8%), from €691,580 to €568,381
of which Trade receivables: -€161,151
- Trade debts +€317,877
up €317,877 (+79.4%), from €400,254 to €718,131
- Reserves -€279,473
down €279,473 (-32.9%), from €848,442 to €568,969
of which Distributable reserves: -€279,473
- Debts after one year -€152,550
down €152,550 (-27.1%), from €563,166 to €410,615
- Current portion of long-term debt +€117,047
up €117,047 (+33.6%), from €348,416 to €465,463
- Tax, wage and social debts -€38,596
down €38,596 (-10.1%), from €381,232 to €342,636
of which Taxes: -€50,549
- Staff costs +€376,372
up €376,372 (+14.6%), from €2.6m to €3.0m
- Other operating charges +€154,478
up €154,478 (+59.9%), from €258,091 to €412,569
- Taxes -€139,591
down €139,591 (-96.9%), from €144,082 to €4,492
- Write-downs +€52,691
up €52,691 (+1592.3%), from €3,309 to €56,000
- Gross operating margin +€38,656
up €38,656 (+1.1%), from €3.5m to €3.5m
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 | €2,811,592 | €2,766,550 | -€45,043 | -1.6% |
| Formation expenses | 20 | €11,798 | €8,650 | -€3,148 | -26.7% |
| Fixed assets | 21/28 | €1,952,728 | €2,061,646 | +€108,918 | +5.6% |
| Intangible fixed assets | 21 | €1,240,102 | €1,085,300 | -€154,802 | -12.5% |
| Tangible fixed assets | 22/27 | €676,986 | €940,706 | +€263,720 | +39.0% |
| Land and buildings | 22 | €33,526 | €27,761 | -€5,765 | -17.2% |
| Plant, machinery and equipment | 23 | €38,760 | €38,978 | +€218 | +0.6% |
| Furniture and vehicles | 24 | €104,362 | €75,007 | -€29,354 | -28.1% |
| Leasing and similar rights | 25 | €238,278 | €342,580 | +€104,302 | +43.8% |
| Other tangible fixed assets | 26 | €17,756 | €11,897 | -€5,859 | -33.0% |
| Assets under construction and advance payments | 27 | €244,305 | €444,484 | +€200,179 | +81.9% |
| Financial fixed assets | 28 | €35,640 | €35,640 | = | 0.0% |
| Current assets | 29/58 | €847,067 | €696,254 | -€150,813 | -17.8% |
| Amounts receivable within one year | 40/41 | €691,580 | €568,381 | -€123,199 | -17.8% |
| Trade receivables | 40 | €529,094 | €367,942 | -€161,151 | -30.5% |
| Other amounts receivable | 41 | €162,486 | €200,438 | +€37,952 | +23.4% |
| Cash at bank and in hand | 54/58 | €115,465 | €92,622 | -€22,843 | -19.8% |
| Deferred charges and accrued income | 490/1 | €40,022 | €35,251 | -€4,771 | -11.9% |
| Total equity and liabilities | 10/49 | €2,811,592 | €2,766,550 | -€45,043 | -1.6% |
| Equity | 10/15 | €867,042 | €587,569 | -€279,473 | -32.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €848,442 | €568,969 | -€279,473 | -32.9% |
| Tax-exempt reserves | 132 | €244 | €244 | = | 0.0% |
| Distributable reserves | 133 | €848,197 | €568,725 | -€279,473 | -32.9% |
| Amounts payable | 17/49 | €1,944,551 | €2,178,981 | +€234,430 | +12.1% |
| Amounts payable after more than one year | 17 | €563,166 | €410,615 | -€152,550 | -27.1% |
| Financial debts | 170/4 | €563,166 | €410,615 | -€152,550 | -27.1% |
| Amounts payable within one year | 42/48 | €1,371,778 | €1,759,685 | +€387,907 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €348,416 | €465,463 | +€117,047 | +33.6% |
| Financial debts | 43 | €216,904 | €225,237 | +€8,333 | +3.8% |
| Credit institutions | 430/8 | €216,904 | €225,237 | +€8,333 | +3.8% |
| Trade debts | 44 | €400,254 | €718,131 | +€317,877 | +79.4% |
| Suppliers | 440/4 | €400,254 | €718,131 | +€317,877 | +79.4% |
| Taxes, remuneration and social security | 45 | €381,232 | €342,636 | -€38,596 | -10.1% |
| Taxes | 450/3 | €149,587 | €99,038 | -€50,549 | -33.8% |
| Remuneration and social security | 454/9 | €231,645 | €243,598 | +€11,953 | +5.2% |
| Other amounts payable | 47/48 | €24,972 | €8,218 | -€16,754 | -67.1% |
| Accrued charges and deferred income | 492/3 | €9,607 | €8,681 | -€927 | -9.6% |
| Non-recurring operating income | 76A | €447 | €174,997 | +€174,551 | +39053.7% |
| Remuneration, social security and pensions | 62 | €2,573,977 | €2,950,349 | +€376,372 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €294,373 | €295,054 | +€681 | +0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,309 | €56,000 | +€52,691 | +1592.3% |
| Other operating charges | 640/8 | €258,091 | €412,569 | +€154,478 | +59.9% |
| Non-recurring operating charges | 66A | - | €7,455 | +€7,455 | |
| Gross operating margin | 9900 | €3,455,084 | €3,493,740 | +€38,656 | +1.1% |
| Operating profit (loss) | 9901 | €325,334 | -€227,687 | -€553,021 | |
| Financial income | 75/76B | €9,299 | €3,000 | -€6,299 | -67.7% |
| Recurring financial income | 75 | €9,299 | €3,000 | -€6,299 | -67.7% |
| Financial charges | 65/66B | €46,563 | €50,293 | +€3,730 | +8.0% |
| Recurring financial charges | 65 | €46,563 | €50,293 | +€3,730 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €288,069 | -€274,981 | -€563,050 | |
| Income taxes | 67/77 | €144,082 | €4,492 | -€139,591 | -96.9% |
| Profit (loss) for the period | 9904 | €143,987 | -€279,473 | -€423,460 | |
| Profit (loss) for the period to be appropriated | 9905 | €143,987 | -€279,473 | -€423,460 |
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 12 October 2026 via checked.be.