SIBEL: 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.
SIBEL
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+147%), from €754,703 to €1.9m
of which Trade receivables: +€993,936
- Tangible fixed assets +€166,212
up €166,212 (+37.6%), from €441,791 to €608,004
of which Land and buildings: +€244,944
- Cash +€151,043
up €151,043 (+368%), from €41,073 to €192,116
mainly Trade debts (+€1.1m) and Net result for the year (+€150,989)
- Stocks and contracts -€125,000
down €125,000 (-12.5%), from €996,986 to €871,986
- Trade debts +€1.1m
up €1.1m (+1,220%), from €87,268 to €1.2m
- Debts after one year +€127,973
up €127,973 (+48.1%), from €265,890 to €393,863
- Short-term financial debts -€119,172
down €119,172 (-13.7%), from €870,000 to €750,828
- Accrued charges and deferred income +€101,377
up €101,377 (+33.5%), from €302,901 to €404,278
- Other debts +€79,667
new in 2025: €79,667
- Staff costs -€157,878
down €157,878 (-43.4%), from €363,450 to €205,572
- Financial income -€112,674
down €112,674 (-78.6%), from €143,299 to €30,625
- Gross operating margin +€44,455
up €44,455 (+8.3%), from €536,651 to €581,106
- Depreciation -€29,378
down €29,378 (-25.6%), from €114,842 to €85,463
- Financial charges +€25,273
up €25,273 (+33.8%), from €74,775 to €100,048
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 | €2,251,704 | €3,558,955 | +€1.3m | +58.1% |
| Fixed assets | 21/28 | €444,960 | €611,172 | +€166,212 | +37.4% |
| Tangible fixed assets | 22/27 | €441,791 | €608,004 | +€166,212 | +37.6% |
| Land and buildings | 22 | - | €244,944 | +€244,944 | |
| Plant, machinery and equipment | 23 | €18,389 | €37,417 | +€19,028 | +103% |
| Furniture and vehicles | 24 | €174,603 | €67,399 | -€107,204 | -61.4% |
| Leasing and similar rights | 25 | €11,390 | €40,262 | +€28,872 | +253% |
| Other tangible fixed assets | 26 | €237,410 | €217,981 | -€19,428 | -8.2% |
| Financial fixed assets | 28 | €3,169 | €3,169 | = | 0.0% |
| Current assets | 29/58 | €1,806,744 | €2,947,783 | +€1.1m | +63.2% |
| Stocks and contracts in progress | 3 | €996,986 | €871,986 | -€125,000 | -12.5% |
| Stocks | 30/36 | €996,986 | €871,986 | -€125,000 | -12.5% |
| Amounts receivable within one year | 40/41 | €754,703 | €1,863,429 | +€1.1m | +147% |
| Trade receivables | 40 | €733,211 | €1,727,147 | +€993,936 | +136% |
| Other amounts receivable | 41 | €21,492 | €136,282 | +€114,790 | +534% |
| Cash at bank and in hand | 54/58 | €41,073 | €192,116 | +€151,043 | +368% |
| Deferred charges and accrued income | 490/1 | €13,982 | €20,253 | +€6,270 | +44.8% |
| Total equity and liabilities | 10/49 | €2,251,704 | €3,558,955 | +€1.3m | +58.1% |
| Equity | 10/15 | €433,018 | €504,007 | +€70,989 | +16.4% |
| Contributions | 10/11 | €109,120 | €109,120 | = | 0.0% |
| Capital | 10 | €109,120 | €109,120 | = | 0.0% |
| Issued capital | 100 | €109,120 | €109,120 | = | 0.0% |
| Reserves | 13 | €323,898 | €394,887 | +€70,989 | +21.9% |
| Non-distributable reserves | 130/1 | €10,912 | €10,912 | = | 0.0% |
| Legal reserve | 130 | €10,912 | €10,912 | = | 0.0% |
| Distributable reserves | 133 | €312,986 | €383,975 | +€70,989 | +22.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,818,686 | €3,054,948 | +€1.2m | +68.0% |
| Amounts payable after more than one year | 17 | €265,890 | €393,863 | +€127,973 | +48.1% |
| Financial debts | 170/4 | €265,890 | €393,863 | +€127,973 | +48.1% |
| Amounts payable within one year | 42/48 | €1,249,895 | €2,256,808 | +€1.0m | +80.6% |
| Current portion of amounts payable after more than one year | 42 | €113,034 | €106,918 | -€6,116 | -5.4% |
| Financial debts | 43 | €870,000 | €750,828 | -€119,172 | -13.7% |
| Credit institutions | 430/8 | €870,000 | €750,828 | -€119,172 | -13.7% |
| Trade debts | 44 | €87,268 | €1,151,952 | +€1.1m | +1,220% |
| Suppliers | 440/4 | €87,268 | €1,151,952 | +€1.1m | +1,220% |
| Taxes, remuneration and social security | 45 | €179,593 | €167,443 | -€12,150 | -6.8% |
| Taxes | 450/3 | €105,224 | €139,161 | +€33,937 | +32.3% |
| Remuneration and social security | 454/9 | €74,369 | €28,282 | -€46,087 | -62.0% |
| Other amounts payable | 47/48 | - | €79,667 | +€79,667 | |
| Accrued charges and deferred income | 492/3 | €302,901 | €404,278 | +€101,377 | +33.5% |
| Non-recurring operating income | 76A | €38,909 | €22,325 | -€16,584 | -42.6% |
| Remuneration, social security and pensions | 62 | €363,450 | €205,572 | -€157,878 | -43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,842 | €85,463 | -€29,378 | -25.6% |
| Other operating charges | 640/8 | €5,303 | €3,779 | -€1,524 | -28.7% |
| Non-recurring operating charges | 66A | - | €37,912 | +€37,912 | |
| Gross operating margin | 9900 | €536,651 | €581,106 | +€44,455 | +8.3% |
| Operating profit (loss) | 9901 | €53,056 | €248,379 | +€195,323 | +368% |
| Financial income | 75/76B | €143,299 | €30,625 | -€112,674 | -78.6% |
| Recurring financial income | 75 | €143,299 | €30,625 | -€112,674 | -78.6% |
| Financial charges | 65/66B | €74,775 | €100,048 | +€25,273 | +33.8% |
| Recurring financial charges | 65 | €74,775 | €100,048 | +€25,273 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €121,581 | €178,956 | +€57,376 | +47.2% |
| Income taxes | 67/77 | €35,834 | €27,967 | -€7,867 | -22.0% |
| Profit (loss) for the period | 9904 | €85,746 | €150,989 | +€65,243 | +76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €85,746 | €150,989 | +€65,243 | +76.1% |
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 25 October 2026 via checked.be.