FREDERIC SIGEL: what changed
FREDERIC SIGEL
Largest movements
- Tangible fixed assets +€203,076
up €203,076 (+12.1%), from €1.7m to €1.9m
of which Land and buildings: +€202,333
- Cash -€82,367
down €82,367 (-97.4%), from €84,549 to €2,182
mainly Investment in fixed assets (net) (-€298,134) and Tax, wage and social debts (-€28,889)
- Other debts +€75,321
up €75,321 (+508%), from €14,822 to €90,143
- Debts after one year +€70,948
up €70,948 (+11.6%), from €610,484 to €681,432
- Tax, wage and social debts -€28,889
down €28,889 (-91.7%), from €31,504 to €2,614
of which Taxes: -€29,974
- Trade debts +€24,431
up €24,431 (+175%), from €13,937 to €38,367
- Profit (loss) carried forward -€22,116
down €22,116 (-5.6%), from €394,600 to €372,484
- Gross operating margin -€171,507
down €171,507 (-60.7%), from €282,455 to €110,947
- Taxes -€51,292
down €51,292 (-98.6%), from €52,031 to €740
- Depreciation +€11,031
up €11,031 (+13.1%), from €84,028 to €95,059
- Financial charges +€3,099
up €3,099 (+12.7%), from €24,386 to €27,485
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 | €1,816,869 | €1,920,313 | +€103,445 | +5.7% |
| Fixed assets | 21/28 | €1,677,764 | €1,880,839 | +€203,076 | +12.1% |
| Tangible fixed assets | 22/27 | €1,677,693 | €1,880,769 | +€203,076 | +12.1% |
| Land and buildings | 22 | €1,673,386 | €1,875,719 | +€202,333 | +12.1% |
| Plant, machinery and equipment | 23 | €4,307 | €5,050 | +€743 | +17.2% |
| Financial fixed assets | 28 | €70 | €70 | = | 0.0% |
| Current assets | 29/58 | €139,105 | €39,474 | -€99,631 | -71.6% |
| Amounts receivable within one year | 40/41 | €47,249 | €30,258 | -€16,991 | -36.0% |
| Trade receivables | 40 | €47,249 | €30,258 | -€16,991 | -36.0% |
| Cash at bank and in hand | 54/58 | €84,549 | €2,182 | -€82,367 | -97.4% |
| Deferred charges and accrued income | 490/1 | €7,307 | €7,034 | -€273 | -3.7% |
| Total equity and liabilities | 10/49 | €1,816,869 | €1,920,313 | +€103,445 | +5.7% |
| Equity | 10/15 | €1,044,580 | €1,022,464 | -€22,116 | -2.1% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €635,720 | €635,720 | = | 0.0% |
| Tax-exempt reserves | 132 | €134,720 | €134,720 | = | 0.0% |
| Distributable reserves | 133 | €501,000 | €501,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €394,600 | €372,484 | -€22,116 | -5.6% |
| Amounts payable | 17/49 | €772,289 | €897,849 | +€125,560 | +16.3% |
| Amounts payable after more than one year | 17 | €610,484 | €681,432 | +€70,948 | +11.6% |
| Financial debts | 170/4 | €610,484 | €681,432 | +€70,948 | +11.6% |
| Amounts payable within one year | 42/48 | €156,041 | €213,698 | +€57,657 | +36.9% |
| Current portion of amounts payable after more than one year | 42 | €95,778 | €82,573 | -€13,205 | -13.8% |
| Trade debts | 44 | €13,937 | €38,367 | +€24,431 | +175% |
| Suppliers | 440/4 | €13,937 | €38,367 | +€24,431 | +175% |
| Taxes, remuneration and social security | 45 | €31,504 | €2,614 | -€28,889 | -91.7% |
| Taxes | 450/3 | €31,504 | €1,529 | -€29,974 | -95.1% |
| Remuneration and social security | 454/9 | - | €1,085 | +€1,085 | |
| Other amounts payable | 47/48 | €14,822 | €90,143 | +€75,321 | +508% |
| Accrued charges and deferred income | 492/3 | €5,765 | €2,720 | -€3,045 | -52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,028 | €95,059 | +€11,031 | +13.1% |
| Other operating charges | 640/8 | €8,049 | €10,050 | +€2,000 | +24.8% |
| Gross operating margin | 9900 | €282,455 | €110,947 | -€171,507 | -60.7% |
| Operating profit (loss) | 9901 | €190,377 | €5,839 | -€184,538 | -96.9% |
| Financial income | 75/76B | €1,512 | €270 | -€1,242 | -82.1% |
| Recurring financial income | 75 | €1,512 | €270 | -€1,242 | -82.1% |
| Financial charges | 65/66B | €24,386 | €27,485 | +€3,099 | +12.7% |
| Recurring financial charges | 65 | €24,386 | €27,485 | +€3,099 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €167,503 | -€21,376 | -€188,879 | |
| Income taxes | 67/77 | €52,031 | €740 | -€51,292 | -98.6% |
| Profit (loss) for the period | 9904 | €115,472 | -€22,116 | -€137,588 | |
| Transfer from tax-exempt reserves | 789 | €56,960 | - | -€56,960 | |
| Transfer to tax-exempt reserves | 689 | €54,730 | - | -€54,730 | |
| Profit (loss) for the period to be appropriated | 9905 | €117,702 | -€22,116 | -€139,818 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.