SIBOREX: 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.
SIBOREX
Largest movements
- Stocks and contracts -€133,818
down €133,818 (-21.0%), from €636,051 to €502,234
- Tangible fixed assets -€76,457
down €76,457 (-21.6%), from €354,762 to €278,305
of which Plant, machinery and equipment: -€70,137
- Receivables within one year +€35,511
up €35,511 (+12.4%), from €285,606 to €321,117
of which Trade receivables: +€41,861
- Cash -€24,032
down €24,032 (-20.9%), from €114,732 to €90,700
mainly Trade debts (-€176,277) and Debts after one year (-€48,556)
- Trade debts -€176,277
down €176,277 (-58.8%), from €299,965 to €123,689
- Reserves +€56,000
up €56,000 (+5600.0%), from €1,000 to €57,000
of which Distributable reserves: +€56,000
- Other debts +€51,070
new in 2025: €51,070
- Debts after one year -€48,556
down €48,556 (-19.9%), from €244,000 to €195,444
of which Financial debts: -€73,546
- Current portion of long-term debt -€36,077
down €36,077 (-30.0%), from €120,118 to €84,042
- Staff costs +€38,695
up €38,695 (+22.1%), from €175,031 to €213,726
- Taxes +€23,174
up €23,174 (+148.9%), from €15,559 to €38,733
- Financial charges -€16,046
down €16,046 (-22.7%), from €70,636 to €54,589
- Other operating charges +€11,652
up €11,652 (+167.7%), from €6,946 to €18,598
- Financial income +€11,534
up €11,534 (+133.8%), from €8,622 to €20,156
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 | €1,393,147 | €1,202,543 | -€190,605 | -13.7% |
| Fixed assets | 21/28 | €354,762 | €278,305 | -€76,457 | -21.6% |
| Tangible fixed assets | 22/27 | €354,762 | €278,305 | -€76,457 | -21.6% |
| Plant, machinery and equipment | 23 | €335,840 | €265,703 | -€70,137 | -20.9% |
| Furniture and vehicles | 24 | €14,389 | €11,899 | -€2,490 | -17.3% |
| Leasing and similar rights | 25 | €4,533 | €703 | -€3,830 | -84.5% |
| Current assets | 29/58 | €1,038,385 | €924,238 | -€114,147 | -11.0% |
| Stocks and contracts in progress | 3 | €636,051 | €502,234 | -€133,818 | -21.0% |
| Stocks | 30/36 | €636,051 | €502,234 | -€133,818 | -21.0% |
| Amounts receivable within one year | 40/41 | €285,606 | €321,117 | +€35,511 | +12.4% |
| Trade receivables | 40 | €257,156 | €299,017 | +€41,861 | +16.3% |
| Other amounts receivable | 41 | €28,449 | €22,100 | -€6,350 | -22.3% |
| Cash at bank and in hand | 54/58 | €114,732 | €90,700 | -€24,032 | -20.9% |
| Deferred charges and accrued income | 490/1 | €1,996 | €10,187 | +€8,191 | +410.4% |
| Total equity and liabilities | 10/49 | €1,393,147 | €1,202,543 | -€190,605 | -13.7% |
| Equity | 10/15 | €374,073 | €432,164 | +€58,091 | +15.5% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €1,000 | €57,000 | +€56,000 | +5600.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | - | €56,000 | +€56,000 | |
| Profit (loss) carried forward | 14 | -€1,927 | €164 | +€2,091 | |
| Amounts payable | 17/49 | €1,019,074 | €770,378 | -€248,696 | -24.4% |
| Amounts payable after more than one year | 17 | €244,000 | €195,444 | -€48,556 | -19.9% |
| Financial debts | 170/4 | €144,000 | €70,454 | -€73,546 | -51.1% |
| Other amounts payable | 178/9 | €100,000 | €124,990 | +€24,990 | +25.0% |
| Amounts payable within one year | 42/48 | €773,616 | €573,489 | -€200,127 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €120,118 | €84,042 | -€36,077 | -30.0% |
| Financial debts | 43 | €324,999 | €299,999 | -€25,000 | -7.7% |
| Credit institutions | 430/8 | €324,999 | €299,999 | -€25,000 | -7.7% |
| Trade debts | 44 | €299,965 | €123,689 | -€176,277 | -58.8% |
| Suppliers | 440/4 | €299,965 | €123,689 | -€176,277 | -58.8% |
| Taxes, remuneration and social security | 45 | €28,534 | €14,690 | -€13,843 | -48.5% |
| Taxes | 450/3 | €16,433 | €9,892 | -€6,541 | -39.8% |
| Remuneration and social security | 454/9 | €12,100 | €4,798 | -€7,302 | -60.3% |
| Other amounts payable | 47/48 | - | €51,070 | +€51,070 | |
| Accrued charges and deferred income | 492/3 | €1,458 | €1,445 | -€13 | -0.9% |
| Remuneration, social security and pensions | 62 | €175,031 | €213,726 | +€38,695 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,334 | €115,300 | -€35 | 0.0% |
| Other operating charges | 640/8 | €6,946 | €18,598 | +€11,652 | +167.7% |
| Gross operating margin | 9900 | €471,113 | €478,882 | +€7,769 | +1.6% |
| Operating profit (loss) | 9901 | €173,801 | €131,258 | -€42,543 | -24.5% |
| Financial income | 75/76B | €8,622 | €20,156 | +€11,534 | +133.8% |
| Recurring financial income | 75 | €8,622 | €20,156 | +€11,534 | +133.8% |
| Financial charges | 65/66B | €70,636 | €54,589 | -€16,046 | -22.7% |
| Recurring financial charges | 65 | €70,636 | €54,589 | -€16,046 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €111,788 | €96,825 | -€14,963 | -13.4% |
| Income taxes | 67/77 | €15,559 | €38,733 | +€23,174 | +148.9% |
| Profit (loss) for the period | 9904 | €96,229 | €58,091 | -€38,137 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,229 | €58,091 | -€38,137 | -39.6% |
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 5 October 2026 via checked.be.