S.I.W.: 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.W.
Largest movements
- Financial fixed assets -€109,351
down €109,351 (-10.1%), from €1.1m to €971,932
- Tangible fixed assets -€58,891
down €58,891 (-13.9%), from €423,851 to €364,960
of which Land and buildings: -€59,565
- Receivables within one year -€24,932
down €24,932 (-89.4%), from €27,901 to €2,969
- Reserves -€436,732
down €436,732 (-55.6%), from €785,882 to €349,150
of which Tax-exempt reserves: -€436,732
- Profit (loss) carried forward +€353,815
up €353,815, from -€352,235 to €1,580
- Provisions -€148,815
down €148,815 (-72.2%), from €206,106 to €57,291
- Debts after one year -€73,835
down €73,835 (-28.5%), from €258,870 to €185,035
of which Financial debts: -€76,895
- Tax, wage and social debts +€73,314
new in 2025: €73,314
- Taxes +€73,314
new in 2025: €73,314
- Gross operating margin -€33,686
down €33,686, from €2,201 to -€31,485
- Financial charges +€6,837
up €6,837 (+144%), from €4,751 to €11,588
- Depreciation -€4,660
down €4,660 (-19.3%), from €24,098 to €19,439
From the 2022 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,535,971 | €1,349,894 | -€186,077 | -12.1% |
| Fixed assets | 21/28 | €1,505,134 | €1,336,892 | -€168,242 | -11.2% |
| Tangible fixed assets | 22/27 | €423,851 | €364,960 | -€58,891 | -13.9% |
| Land and buildings | 22 | €423,851 | €364,286 | -€59,565 | -14.1% |
| Furniture and vehicles | 24 | - | €674 | +€674 | |
| Financial fixed assets | 28 | €1,081,283 | €971,932 | -€109,351 | -10.1% |
| Current assets | 29/58 | €30,837 | €13,002 | -€17,835 | -57.8% |
| Stocks and contracts in progress | 3 | €1 | €1 | = | 0.0% |
| Stocks | 30/36 | €1 | €1 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,901 | €2,969 | -€24,932 | -89.4% |
| Trade receivables | 40 | €27,901 | €2,969 | -€24,932 | -89.4% |
| Cash at bank and in hand | 54/58 | €2,761 | €8,904 | +€6,143 | +222% |
| Deferred charges and accrued income | 490/1 | €174 | €1,128 | +€954 | +549% |
| Total equity and liabilities | 10/49 | €1,535,971 | €1,349,894 | -€186,077 | -12.1% |
| Equity | 10/15 | €1,062,847 | €979,930 | -€82,917 | -7.8% |
| Contributions | 10/11 | €529,200 | €529,200 | = | 0.0% |
| Capital | 10 | €529,200 | €529,200 | = | 0.0% |
| Issued capital | 100 | €529,200 | €529,200 | = | 0.0% |
| Revaluation surpluses | 12 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €785,882 | €349,150 | -€436,732 | -55.6% |
| Tax-exempt reserves | 132 | €573,122 | €136,390 | -€436,732 | -76.2% |
| Distributable reserves | 133 | €212,760 | €212,760 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€352,235 | €1,580 | +€353,815 | |
| Provisions and deferred taxes | 16 | €206,106 | €57,291 | -€148,815 | -72.2% |
| Deferred taxes | 168 | €206,106 | €57,291 | -€148,815 | -72.2% |
| Amounts payable | 17/49 | €267,017 | €312,673 | +€45,655 | +17.1% |
| Amounts payable after more than one year | 17 | €258,870 | €185,035 | -€73,835 | -28.5% |
| Financial debts | 170/4 | €255,000 | €178,105 | -€76,895 | -30.2% |
| Other amounts payable | 178/9 | €3,870 | €6,930 | +€3,060 | +79.1% |
| Amounts payable within one year | 42/48 | €7,951 | €126,746 | +€118,794 | +1,494% |
| Current portion of amounts payable after more than one year | 42 | - | €21,565 | +€21,565 | |
| Trade debts | 44 | €2,692 | €31,867 | +€29,176 | +1,084% |
| Suppliers | 440/4 | €2,692 | €31,867 | +€29,176 | +1,084% |
| Taxes, remuneration and social security | 45 | - | €73,314 | +€73,314 | |
| Taxes | 450/3 | - | €73,314 | +€73,314 | |
| Other amounts payable | 47/48 | €5,260 | - | -€5,260 | |
| Accrued charges and deferred income | 492/3 | €196 | €892 | +€696 | +355% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,098 | €19,439 | -€4,660 | -19.3% |
| Other operating charges | 640/8 | €1,958 | €2,216 | +€258 | +13.2% |
| Gross operating margin | 9900 | €2,201 | -€31,485 | -€33,686 | |
| Operating profit (loss) | 9901 | -€23,856 | -€53,140 | -€29,284 | -123% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €4,751 | €11,588 | +€6,837 | +144% |
| Recurring financial charges | 65 | €4,751 | €11,588 | +€6,837 | +144% |
| Profit (loss) for the period before taxes | 9903 | -€28,600 | -€64,728 | -€36,127 | -126% |
| Transfer from deferred taxes | 780 | €6,346 | €138,112 | +€131,767 | +2,076% |
| Income taxes | 67/77 | - | €73,314 | +€73,314 | |
| Profit (loss) for the period | 9904 | -€22,254 | €71 | +€22,325 | |
| Transfer from tax-exempt reserves | 789 | €15,107 | €411,251 | +€396,144 | +2,622% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,147 | €411,322 | +€418,470 |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 1 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.