SI² FUND: 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.
SI² FUND
Largest movements
- Financial fixed assets -€1.5m
down €1.5m (-29.3%), from €5.0m to €3.6m
- Cash -€297,582
down €297,582 (-93.4%), from €318,451 to €20,869
mainly Net result for the year (-€1.3m) and Receivables after one year (-€250,000)
- Receivables after one year +€250,000
new in 2025: €250,000
- Receivables within one year +€159,386
up €159,386 (+943%), from €16,898 to €176,284
of which Other amounts receivable: +€146,943
- Profit (loss) carried forward -€1.3m
down €1.3m (-13.9%), from -€9.7m to -€11.0m
- Financial income -€1.0m
down €1.0m (-82.7%), from €1.2m to €216,558
of which Non-recurring financial income: -€1.0m
- Financial charges +€818,927
up €818,927 (+165%), from €496,674 to €1.3m
of which Non-recurring financial charges: +€822,776
- Purchases and services +€239,853
new in 2025: €239,853
- Gross operating margin +€29,170
up €29,170 (+11.3%), from -€258,740 to -€229,569
- Other operating charges -€17,155
down €17,155 (-55.9%), from €30,683 to €13,528
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 | €5,370,885 | €4,009,785 | -€1.4m | -25.3% |
| Fixed assets | 21/28 | €5,035,536 | €3,562,632 | -€1.5m | -29.3% |
| Financial fixed assets | 28 | €5,035,536 | €3,562,632 | -€1.5m | -29.3% |
| Current assets | 29/58 | €335,349 | €447,153 | +€111,804 | +33.3% |
| Amounts receivable after more than one year | 29 | - | €250,000 | +€250,000 | |
| Other amounts receivable | 291 | - | €250,000 | +€250,000 | |
| Amounts receivable within one year | 40/41 | €16,898 | €176,284 | +€159,386 | +943% |
| Trade receivables | 40 | €15,397 | €27,841 | +€12,444 | +80.8% |
| Other amounts receivable | 41 | €1,501 | €148,444 | +€146,943 | +9,791% |
| Cash at bank and in hand | 54/58 | €318,451 | €20,869 | -€297,582 | -93.4% |
| Total equity and liabilities | 10/49 | €5,370,885 | €4,009,785 | -€1.4m | -25.3% |
| Equity | 10/15 | €5,303,314 | €3,961,174 | -€1.3m | -25.3% |
| Contributions | 10/11 | €14,955,983 | €14,955,983 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,652,668 | -€10,994,809 | -€1.3m | -13.9% |
| Amounts payable | 17/49 | €67,571 | €48,611 | -€18,960 | -28.1% |
| Amounts payable within one year | 42/48 | €67,571 | €48,611 | -€18,960 | -28.1% |
| Trade debts | 44 | €41,441 | €48,611 | +€7,170 | +17.3% |
| Suppliers | 440/4 | €41,441 | €48,611 | +€7,170 | +17.3% |
| Taxes, remuneration and social security | 45 | €2,328 | €0 | -€2,328 | -100% |
| Taxes | 450/3 | €2,328 | €0 | -€2,328 | -100% |
| Other amounts payable | 47/48 | €23,802 | €0 | -€23,802 | -100% |
| Turnover | 70 | - | €10,284 | +€10,284 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €239,853 | +€239,853 | |
| Other operating charges | 640/8 | €30,683 | €13,528 | -€17,155 | -55.9% |
| Gross operating margin | 9900 | -€258,740 | -€229,569 | +€29,170 | +11.3% |
| Operating profit (loss) | 9901 | -€289,423 | -€243,097 | +€46,326 | +16.0% |
| Financial income | 75/76B | €1,248,742 | €216,558 | -€1.0m | -82.7% |
| Recurring financial income | 75 | €26,245 | €18,288 | -€7,958 | -30.3% |
| Non-recurring financial income | 76B | €1,222,497 | €198,270 | -€1.0m | -83.8% |
| Financial charges | 65/66B | €496,674 | €1,315,601 | +€818,927 | +165% |
| Recurring financial charges | 65 | €17,827 | €13,978 | -€3,849 | -21.6% |
| Non-recurring financial charges | 66B | €478,847 | €1,301,623 | +€822,776 | +172% |
| Profit (loss) for the period before taxes | 9903 | €462,646 | -€1,342,141 | -€1.8m | |
| Profit (loss) for the period | 9904 | €462,646 | -€1,342,141 | -€1.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €462,646 | -€1,342,141 | -€1.8m |
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 20 October 2026 via checked.be.