S.I.N.: what changed
Two fiscal 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.N.
Largest movements
- Tangible fixed assets -€60,468
down €60,468 (-5.1%), from €1.2m to €1.1m
of which Land and buildings: -€38,827
- Cash +€31,090
up €31,090 (+9.0%), from €345,123 to €376,213
mainly Depreciation (+€61,685) and Trade debts (+€127)
- Reserves -€47,278
down €47,278 (-19.9%), from €237,401 to €190,123
of which Tax-exempt reserves: -€47,278
- Profit (loss) carried forward +€36,687
up €36,687 (+6.0%), from -€614,933 to -€578,246
- Provisions -€15,759
down €15,759 (-9.3%), from €169,280 to €153,520
- Depreciation -€25,760
down €25,760 (-29.5%), from €87,445 to €61,685
- Financial income +€4,071
up €4,071 (+101.0%), from €4,030 to €8,101
of which Non-recurring financial income: +€5,215
- Gross operating margin +€1,263
up €1,263 (+1.9%), from €66,313 to €67,576
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 | €1,526,356 | €1,498,802 | -€27,554 | -1.8% |
| Fixed assets | 21/28 | €1,175,974 | €1,115,506 | -€60,468 | -5.1% |
| Tangible fixed assets | 22/27 | €1,175,899 | €1,115,431 | -€60,468 | -5.1% |
| Land and buildings | 22 | €1,016,226 | €977,399 | -€38,827 | -3.8% |
| Plant, machinery and equipment | 23 | €137,892 | €118,055 | -€19,836 | -14.4% |
| Furniture and vehicles | 24 | €21,781 | €19,977 | -€1,804 | -8.3% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €350,383 | €383,297 | +€32,914 | +9.4% |
| Amounts receivable within one year | 40/41 | €1,312 | €2,073 | +€761 | +58.0% |
| Other amounts receivable | 41 | €1,312 | €2,073 | +€761 | +58.0% |
| Cash at bank and in hand | 54/58 | €345,123 | €376,213 | +€31,090 | +9.0% |
| Deferred charges and accrued income | 490/1 | €3,948 | €5,010 | +€1,063 | +26.9% |
| Total equity and liabilities | 10/49 | €1,526,356 | €1,498,802 | -€27,554 | -1.8% |
| Equity | 10/15 | €347,468 | €336,876 | -€10,591 | -3.0% |
| Contributions | 10/11 | €725,000 | €725,000 | = | 0.0% |
| Capital | 10 | €725,000 | €725,000 | = | 0.0% |
| Issued capital | 100 | €725,000 | €725,000 | = | 0.0% |
| Reserves | 13 | €237,401 | €190,123 | -€47,278 | -19.9% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €217,401 | €170,123 | -€47,278 | -21.7% |
| Profit (loss) carried forward | 14 | -€614,933 | -€578,246 | +€36,687 | +6.0% |
| Provisions and deferred taxes | 16 | €169,280 | €153,520 | -€15,759 | -9.3% |
| Deferred taxes | 168 | €169,280 | €153,520 | -€15,759 | -9.3% |
| Amounts payable | 17/49 | €1,009,609 | €1,008,406 | -€1,203 | -0.1% |
| Amounts payable after more than one year | 17 | €1,330 | - | -€1,330 | |
| Other amounts payable | 178/9 | €1,330 | - | -€1,330 | |
| Amounts payable within one year | 42/48 | €980,586 | €980,713 | +€127 | 0.0% |
| Trade debts | 44 | €160 | €287 | +€127 | +79.2% |
| Suppliers | 440/4 | €160 | €287 | +€127 | +79.2% |
| Other amounts payable | 47/48 | €980,426 | €980,426 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €27,693 | €27,693 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,445 | €61,685 | -€25,760 | -29.5% |
| Other operating charges | 640/8 | €11,896 | €12,449 | +€553 | +4.6% |
| Gross operating margin | 9900 | €66,313 | €67,576 | +€1,263 | +1.9% |
| Operating profit (loss) | 9901 | -€33,029 | -€6,558 | +€26,471 | +80.1% |
| Financial income | 75/76B | €4,030 | €8,101 | +€4,071 | +101.0% |
| Recurring financial income | 75 | €4,030 | €2,886 | -€1,144 | -28.4% |
| Non-recurring financial income | 76B | - | €5,215 | +€5,215 | |
| Financial charges | 65/66B | €27,831 | €27,894 | +€62 | +0.2% |
| Recurring financial charges | 65 | €27,831 | €27,894 | +€62 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€56,830 | -€26,351 | +€30,480 | +53.6% |
| Transfer from deferred taxes | 780 | €15,748 | €15,759 | +€12 | +0.1% |
| Profit (loss) for the period | 9904 | -€41,083 | -€10,591 | +€30,491 | +74.2% |
| Transfer from tax-exempt reserves | 789 | €47,243 | €47,278 | +€35 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,161 | €36,687 | +€30,527 | +495.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.