Sic et Co: 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.
Sic et Co
Largest movements
- Tangible fixed assets +€450,206
up €450,206 (+104%), from €431,120 to €881,326
of which Land and buildings: +€477,636
- Cash -€41,529
down €41,529 (-95.4%), from €43,537 to €2,008
mainly Investment in fixed assets (net) (-€469,365) and Debts after one year (-€40,084)
- Other debts +€278,045
up €278,045 (+184%), from €151,521 to €429,566
- Reserves +€217,471
up €217,471 (+81.3%), from €267,547 to €485,018
of which Tax-exempt reserves: +€217,471
- Profit (loss) carried forward -€109,298
down €109,298 (-59.6%), from -€183,314 to -€292,612
- Provisions +€72,491
up €72,491 (+82.2%), from €88,149 to €160,640
- Debts after one year -€40,084
down €40,084 (-58.5%), from €68,573 to €28,489
of which Financial debts: -€40,084
- Gross operating margin +€245,287
up €245,287 (+669%), from €36,674 to €281,961
- Other operating charges +€71,803
up €71,803 (+1,286%), from €5,585 to €77,388
- Depreciation -€3,110
down €3,110 (-14.0%), from €22,269 to €19,159
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 | €477,020 | €885,542 | +€408,522 | +85.6% |
| Fixed assets | 21/28 | €431,413 | €881,619 | +€450,206 | +104% |
| Tangible fixed assets | 22/27 | €431,120 | €881,326 | +€450,206 | +104% |
| Land and buildings | 22 | €369,843 | €847,479 | +€477,636 | +129% |
| Plant, machinery and equipment | 23 | €400 | €3,372 | +€2,972 | +743% |
| Furniture and vehicles | 24 | €42,635 | €30,475 | -€12,160 | -28.5% |
| Other tangible fixed assets | 26 | €18,242 | - | -€18,242 | |
| Financial fixed assets | 28 | €293 | €293 | = | 0.0% |
| Current assets | 29/58 | €45,607 | €3,923 | -€41,684 | -91.4% |
| Cash at bank and in hand | 54/58 | €43,537 | €2,008 | -€41,529 | -95.4% |
| Deferred charges and accrued income | 490/1 | €2,070 | €1,915 | -€155 | -7.5% |
| Total equity and liabilities | 10/49 | €477,020 | €885,542 | +€408,522 | +85.6% |
| Equity | 10/15 | €146,206 | €254,379 | +€108,173 | +74.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €267,547 | €485,018 | +€217,471 | +81.3% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €264,448 | €481,919 | +€217,471 | +82.2% |
| Profit (loss) carried forward | 14 | -€183,314 | -€292,612 | -€109,298 | -59.6% |
| Provisions and deferred taxes | 16 | €88,149 | €160,640 | +€72,491 | +82.2% |
| Deferred taxes | 168 | €88,149 | €160,640 | +€72,491 | +82.2% |
| Amounts payable | 17/49 | €242,665 | €470,523 | +€227,858 | +93.9% |
| Amounts payable after more than one year | 17 | €68,573 | €28,489 | -€40,084 | -58.5% |
| Financial debts | 170/4 | €64,973 | €24,889 | -€40,084 | -61.7% |
| Other amounts payable | 178/9 | €3,600 | €3,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €171,092 | €439,034 | +€267,942 | +157% |
| Current portion of amounts payable after more than one year | 42 | €18,375 | €9,112 | -€9,263 | -50.4% |
| Trade debts | 44 | €1,196 | €356 | -€840 | -70.2% |
| Suppliers | 440/4 | €1,196 | €356 | -€840 | -70.2% |
| Other amounts payable | 47/48 | €151,521 | €429,566 | +€278,045 | +184% |
| Accrued charges and deferred income | 492/3 | €3,000 | €3,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €294,378 | +€294,378 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,269 | €19,159 | -€3,110 | -14.0% |
| Other operating charges | 640/8 | €5,585 | €77,388 | +€71,803 | +1,286% |
| Gross operating margin | 9900 | €36,674 | €281,961 | +€245,287 | +669% |
| Operating profit (loss) | 9901 | €8,820 | €185,414 | +€176,594 | +2,002% |
| Financial charges | 65/66B | €6,136 | €4,751 | -€1,385 | -22.6% |
| Recurring financial charges | 65 | €6,136 | €4,751 | -€1,385 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €2,684 | €180,663 | +€177,979 | +6,631% |
| Transfer from deferred taxes | 780 | - | €1,104 | +€1,104 | |
| Transfer to deferred taxes | 680 | - | €73,594 | +€73,594 | |
| Profit (loss) for the period | 9904 | €2,684 | €108,173 | +€105,489 | +3,930% |
| Transfer from tax-exempt reserves | 789 | - | €3,312 | +€3,312 | |
| Transfer to tax-exempt reserves | 689 | - | €220,783 | +€220,783 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,684 | -€109,298 | -€111,982 |
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 18 October 2026 via checked.be.