S.I.C.A.P.: 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.
S.I.C.A.P.
Largest movements
- Tangible fixed assets -€36,461
down €36,461 (-14.9%), from €244,555 to €208,094
- Cash +€17,060
up €17,060 (+41.5%), from €41,126 to €58,186
mainly Depreciation (+€41,654) and Receivables within one year (+€5,562)
- Deferred charges and accrued income +€7,184
up €7,184 (+186%), from €3,859 to €11,043
- Receivables within one year -€5,562
down €5,562 (-40.5%), from €13,722 to €8,160
of which Trade receivables: -€4,898
- Debts after one year -€12,343
down €12,343 (-15.4%), from €80,345 to €68,001
- Profit (loss) carried forward -€10,941
down €10,941 (-21.3%), from €51,247 to €40,307
- Accrued charges and deferred income +€4,014
new in 2025: €4,014
- Current portion of long-term debt -€3,255
down €3,255 (-13.8%), from €23,627 to €20,372
- Gross operating margin +€70,389
up €70,389 (+23.0%), from €306,520 to €376,909
- Staff costs +€13,553
up €13,553 (+4.2%), from €319,697 to €333,249
- Other operating charges -€4,085
down €4,085 (-36.3%), from €11,268 to €7,183
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €322,985 | €305,221 | -€17,763 | -5.5% |
| Fixed assets | 21/28 | €245,533 | €209,073 | -€36,461 | -14.8% |
| Tangible fixed assets | 22/27 | €244,555 | €208,094 | -€36,461 | -14.9% |
| Land and buildings | 22 | €182,853 | €176,121 | -€6,732 | -3.7% |
| Plant, machinery and equipment | 23 | €25,597 | €11,781 | -€13,816 | -54.0% |
| Furniture and vehicles | 24 | €36,105 | €20,192 | -€15,913 | -44.1% |
| Financial fixed assets | 28 | €978 | €978 | = | 0.0% |
| Current assets | 29/58 | €77,452 | €96,149 | +€18,697 | +24.1% |
| Stocks and contracts in progress | 3 | €18,744 | €18,759 | +€15 | +0.1% |
| Stocks | 30/36 | €18,744 | €18,759 | +€15 | +0.1% |
| Amounts receivable within one year | 40/41 | €13,722 | €8,160 | -€5,562 | -40.5% |
| Trade receivables | 40 | €6,811 | €1,913 | -€4,898 | -71.9% |
| Other amounts receivable | 41 | €6,911 | €6,247 | -€664 | -9.6% |
| Cash at bank and in hand | 54/58 | €41,126 | €58,186 | +€17,060 | +41.5% |
| Deferred charges and accrued income | 490/1 | €3,859 | €11,043 | +€7,184 | +186% |
| Total equity and liabilities | 10/49 | €322,985 | €305,221 | -€17,763 | -5.5% |
| Equity | 10/15 | €118,897 | €107,957 | -€10,941 | -9.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,247 | €40,307 | -€10,941 | -21.3% |
| Amounts payable | 17/49 | €204,088 | €197,265 | -€6,823 | -3.3% |
| Amounts payable after more than one year | 17 | €80,345 | €68,001 | -€12,343 | -15.4% |
| Financial debts | 170/4 | €80,345 | €68,001 | -€12,343 | -15.4% |
| Amounts payable within one year | 42/48 | €123,743 | €125,250 | +€1,506 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €23,627 | €20,372 | -€3,255 | -13.8% |
| Trade debts | 44 | €17,337 | €20,508 | +€3,171 | +18.3% |
| Suppliers | 440/4 | €17,337 | €20,508 | +€3,171 | +18.3% |
| Advances received on contracts in progress | 46 | - | €1,387 | +€1,387 | |
| Taxes, remuneration and social security | 45 | €39,024 | €36,619 | -€2,405 | -6.2% |
| Taxes | 450/3 | €8,605 | €9,839 | +€1,233 | +14.3% |
| Remuneration and social security | 454/9 | €30,419 | €26,780 | -€3,639 | -12.0% |
| Other amounts payable | 47/48 | €43,755 | €46,364 | +€2,609 | +6.0% |
| Accrued charges and deferred income | 492/3 | - | €4,014 | +€4,014 | |
| Remuneration, social security and pensions | 62 | €319,697 | €333,249 | +€13,553 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,021 | €41,654 | -€367 | -0.9% |
| Other operating charges | 640/8 | €11,268 | €7,183 | -€4,085 | -36.3% |
| Non-recurring operating charges | 66A | €200 | €1,470 | +€1,270 | +634% |
| Gross operating margin | 9900 | €306,520 | €376,909 | +€70,389 | +23.0% |
| Operating profit (loss) | 9901 | -€66,665 | -€6,647 | +€60,018 | +90.0% |
| Financial income | 75/76B | €1,156 | €341 | -€815 | -70.5% |
| Recurring financial income | 75 | €1,106 | €244 | -€862 | -78.0% |
| Non-recurring financial income | 76B | €50 | €98 | +€48 | +95.5% |
| Financial charges | 65/66B | €3,090 | €4,273 | +€1,184 | +38.3% |
| Recurring financial charges | 65 | €3,090 | €4,273 | +€1,184 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | -€68,599 | -€10,579 | +€58,020 | +84.6% |
| Income taxes | 67/77 | €439 | €362 | -€77 | -17.6% |
| Profit (loss) for the period | 9904 | -€69,038 | -€10,941 | +€58,097 | +84.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€69,038 | -€10,941 | +€58,097 | +84.2% |
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 19 October 2026 via checked.be.