SIBADISO: 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.
SIBADISO
Largest movements
- Stocks and contracts -€2.0m
down €2.0m (-52.0%), from €3.8m to €1.8m
- Receivables within one year +€179,683
up €179,683 (+24.6%), from €730,017 to €909,700
- Cash -€121,966
down €121,966 (-99.9%), from €122,111 to €145
mainly Short-term financial debts (-€1.3m) and Other debts (-€347,761)
- Short-term financial debts -€1.3m
down €1.3m (-43.0%), from €2.9m to €1.7m
- Other debts -€347,761
down €347,761 (-82.5%), from €421,761 to €74,000
- Trade debts -€275,578
down €275,578 (-100.0%), from €275,595 to €17
- Debts after one year -€76,238
down €76,238 (-4.3%), from €1.8m to €1.7m
of which Financial debts: -€76,238
- Gross operating margin -€128,599
down €128,599 (-48.5%), from €264,915 to €136,316
- Financial income +€44,988
up €44,988 (+150%), from €30,000 to €74,988
- Taxes +€11,390
up €11,390 (+828%), from €1,375 to €12,765
- Financial charges +€10,839
up €10,839 (+7.6%), from €142,296 to €153,135
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 | €6,639,956 | €4,714,687 | -€1.9m | -29.0% |
| Fixed assets | 21/28 | €1,979,538 | €1,978,588 | -€950 | 0.0% |
| Tangible fixed assets | 22/27 | €1,979,538 | €1,978,588 | -€950 | 0.0% |
| Land and buildings | 22 | €1,952,688 | €1,952,688 | = | 0.0% |
| Plant, machinery and equipment | 23 | €24,000 | €24,000 | = | 0.0% |
| Furniture and vehicles | 24 | €2,850 | €1,900 | -€950 | -33.3% |
| Current assets | 29/58 | €4,660,419 | €2,736,099 | -€1.9m | -41.3% |
| Stocks and contracts in progress | 3 | €3,808,291 | €1,826,255 | -€2.0m | -52.0% |
| Stocks | 30/36 | €3,808,291 | €1,826,255 | -€2.0m | -52.0% |
| Amounts receivable within one year | 40/41 | €730,017 | €909,700 | +€179,683 | +24.6% |
| Other amounts receivable | 41 | €730,017 | €909,700 | +€179,683 | +24.6% |
| Cash at bank and in hand | 54/58 | €122,111 | €145 | -€121,966 | -99.9% |
| Total equity and liabilities | 10/49 | €6,639,956 | €4,714,687 | -€1.9m | -29.0% |
| Equity | 10/15 | €1,136,911 | €1,171,736 | +€34,826 | +3.1% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €636,911 | €671,736 | +€34,826 | +5.5% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €586,911 | €621,736 | +€34,826 | +5.9% |
| Amounts payable | 17/49 | €5,503,046 | €3,542,951 | -€2.0m | -35.6% |
| Amounts payable after more than one year | 17 | €1,774,087 | €1,697,849 | -€76,238 | -4.3% |
| Financial debts | 170/4 | €974,087 | €897,849 | -€76,238 | -7.8% |
| Other amounts payable | 178/9 | €800,000 | €800,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,728,959 | €1,834,399 | -€1.9m | -50.8% |
| Current portion of amounts payable after more than one year | 42 | €74,548 | €76,238 | +€1,690 | +2.3% |
| Financial debts | 43 | €2,925,000 | €1,667,000 | -€1.3m | -43.0% |
| Credit institutions | 430/8 | €2,925,000 | €1,667,000 | -€1.3m | -43.0% |
| Trade debts | 44 | €275,595 | €17 | -€275,578 | -100.0% |
| Suppliers | 440/4 | €275,595 | €17 | -€275,578 | -100.0% |
| Advances received on contracts in progress | 46 | €26,900 | - | -€26,900 | |
| Taxes, remuneration and social security | 45 | €5,155 | €17,144 | +€11,989 | +233% |
| Taxes | 450/3 | €5,155 | €17,144 | +€11,989 | +233% |
| Other amounts payable | 47/48 | €421,761 | €74,000 | -€347,761 | -82.5% |
| Accrued charges and deferred income | 492/3 | - | €10,703 | +€10,703 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €950 | €950 | = | 0.0% |
| Other operating charges | 640/8 | €9,576 | €9,629 | +€53 | +0.6% |
| Gross operating margin | 9900 | €264,915 | €136,316 | -€128,599 | -48.5% |
| Operating profit (loss) | 9901 | €254,389 | €125,737 | -€128,652 | -50.6% |
| Financial income | 75/76B | €30,000 | €74,988 | +€44,988 | +150% |
| Recurring financial income | 75 | €30,000 | €74,988 | +€44,988 | +150% |
| Financial charges | 65/66B | €142,296 | €153,135 | +€10,839 | +7.6% |
| Recurring financial charges | 65 | €142,296 | €153,135 | +€10,839 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €142,094 | €47,591 | -€94,503 | -66.5% |
| Income taxes | 67/77 | €1,375 | €12,765 | +€11,390 | +828% |
| Profit (loss) for the period | 9904 | €140,718 | €34,826 | -€105,892 | -75.3% |
| Profit (loss) for the period to be appropriated | 9905 | €140,718 | €34,826 | -€105,892 | -75.3% |
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 13 October 2026 via checked.be.