Sic et Non: 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 Non
Largest movements
- Tangible fixed assets -€80,022
down €80,022 (-2.5%), from €3.2m to €3.1m
of which Land and buildings: -€76,535
- Debts after one year -€63,109
down €63,109 (-2.1%), from €3.1m to €3.0m
of which Financial debts: -€154,068
- Gross operating margin -€4,162
down €4,162 (-2.0%), from €210,859 to €206,697
- Financial charges +€4,080
up €4,080 (+5.3%), from €77,536 to €81,616
- Depreciation +€2,253
up €2,253 (+2.1%), from €108,474 to €110,727
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 | €3,198,099 | €3,128,236 | -€69,862 | -2.2% |
| Fixed assets | 21/28 | €3,198,099 | €3,118,077 | -€80,022 | -2.5% |
| Tangible fixed assets | 22/27 | €3,196,699 | €3,116,677 | -€80,022 | -2.5% |
| Land and buildings | 22 | €3,181,422 | €3,104,886 | -€76,535 | -2.4% |
| Plant, machinery and equipment | 23 | €15,277 | €11,790 | -€3,487 | -22.8% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | - | €10,159 | +€10,159 | |
| Cash at bank and in hand | 54/58 | - | €9,941 | +€9,941 | |
| Deferred charges and accrued income | 490/1 | - | €218 | +€218 | |
| Total equity and liabilities | 10/49 | €3,198,099 | €3,128,236 | -€69,862 | -2.2% |
| Equity | 10/15 | -€38,866 | -€40,997 | -€2,131 | -5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,836 | €0 | -€1,836 | -100% |
| Distributable reserves | 133 | €1,836 | €0 | -€1,836 | -100% |
| Profit (loss) carried forward | 14 | -€59,303 | -€59,597 | -€295 | -0.5% |
| Amounts payable | 17/49 | €3,236,965 | €3,169,234 | -€67,731 | -2.1% |
| Amounts payable after more than one year | 17 | €3,055,000 | €2,991,891 | -€63,109 | -2.1% |
| Financial debts | 170/4 | €2,631,998 | €2,477,930 | -€154,068 | -5.9% |
| Other amounts payable | 178/9 | €423,003 | €513,961 | +€90,959 | +21.5% |
| Amounts payable within one year | 42/48 | €174,537 | €166,791 | -€7,746 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €160,276 | €165,574 | +€5,298 | +3.3% |
| Financial debts | 43 | €6,261 | €0 | -€6,261 | -100% |
| Credit institutions | 430/8 | €6,261 | €0 | -€6,261 | -100% |
| Trade debts | 44 | - | €1,019 | +€1,019 | |
| Suppliers | 440/4 | - | €1,019 | +€1,019 | |
| Advances received on contracts in progress | 46 | €8,000 | €0 | -€8,000 | -100% |
| Other amounts payable | 47/48 | - | €198 | +€198 | |
| Accrued charges and deferred income | 492/3 | €7,428 | €10,552 | +€3,124 | +42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,474 | €110,727 | +€2,253 | +2.1% |
| Other operating charges | 640/8 | €15,263 | €16,538 | +€1,275 | +8.4% |
| Gross operating margin | 9900 | €210,859 | €206,697 | -€4,162 | -2.0% |
| Operating profit (loss) | 9901 | €87,123 | €79,432 | -€7,690 | -8.8% |
| Financial income | 75/76B | - | €53 | +€53 | |
| Recurring financial income | 75 | - | €53 | +€53 | |
| Financial charges | 65/66B | €77,536 | €81,616 | +€4,080 | +5.3% |
| Recurring financial charges | 65 | €77,536 | €81,616 | +€4,080 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €9,587 | -€2,131 | -€11,718 | |
| Profit (loss) for the period | 9904 | €9,587 | -€2,131 | -€11,718 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,587 | -€2,131 | -€11,718 |
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.