SICAF: 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.
What changed
SICAF
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€28,659
2024 · -€23,082-€5,577
Equity
€185,500
2024 · €214,159-€28,659
Cash
€10,911
2024 · €13,378-€2,467
Balance sheet total
€7.0m
2024 · €7.0m-€16,882
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€59,938
down €59,938 (-6.0%), from €1.0m to €942,638
- Staff costs -€40,378
down €40,378 (-5.9%), from €687,049 to €646,671
- Depreciation -€15,972
down €15,972 (-36.0%), from €44,385 to €28,413
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.
Result 2024
-€23,082
Gross operating margin
-€59,938
Staff costs
+€40,378
Depreciation
+€15,972
Other operating charges
-€97
Financial income
-€1,376
Financial charges
-€596
Taxes
+€79
Result 2025
-€28,659
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.
From operations
+€31,909
Investment
-€49,550
Financing
+€15,174
Cash 2024
€13,378
From operations (derived)
+€31,909
Net result for the year
-€28,659
Depreciation
+€28,413
Receivables within one year
+€35,652
Deferred charges and accrued income
-€99
Trade debts
-€15,700
Tax, wage and social debts
-€1,838
Other debts
+€12,392
Accrued charges and deferred income
+€1,750
Investment (derived)
-€49,550
Investment in fixed assets (net)
-€49,550
Financing
+€15,174
Debts after one year
+€13,183
Current portion of long-term debt
+€1,991
Cash 2025
€10,911
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,979,901 | €6,963,019 | -€16,882 | -0.2% |
| Fixed assets | 21/28 | €6,626,171 | €6,647,308 | +€21,138 | +0.3% |
| Tangible fixed assets | 22/27 | €59,471 | €80,609 | +€21,138 | +35.5% |
| Furniture and vehicles | 24 | €39,738 | €66,081 | +€26,343 | +66.3% |
| Other tangible fixed assets | 26 | €19,733 | €14,528 | -€5,205 | -26.4% |
| Financial fixed assets | 28 | €6,566,699 | €6,566,699 | = | 0.0% |
| Current assets | 29/58 | €353,730 | €315,710 | -€38,019 | -10.7% |
| Amounts receivable within one year | 40/41 | €336,786 | €301,133 | -€35,652 | -10.6% |
| Trade receivables | 40 | €28,087 | €37,216 | +€9,129 | +32.5% |
| Other amounts receivable | 41 | €308,698 | €263,917 | -€44,781 | -14.5% |
| Cash at bank and in hand | 54/58 | €13,378 | €10,911 | -€2,467 | -18.4% |
| Deferred charges and accrued income | 490/1 | €3,567 | €3,666 | +€99 | +2.8% |
| Total equity and liabilities | 10/49 | €6,979,901 | €6,963,019 | -€16,882 | -0.2% |
| Equity | 10/15 | €214,159 | €185,500 | -€28,659 | -13.4% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €193,159 | €164,500 | -€28,659 | -14.8% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €174,409 | €145,750 | -€28,659 | -16.4% |
| Amounts payable | 17/49 | €6,765,742 | €6,777,519 | +€11,777 | +0.2% |
| Amounts payable after more than one year | 17 | €6,575,276 | €6,588,459 | +€13,183 | +0.2% |
| Financial debts | 170/4 | €6,575,276 | €6,588,459 | +€13,183 | +0.2% |
| Amounts payable within one year | 42/48 | €190,466 | €187,310 | -€3,155 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €12,366 | €14,357 | +€1,991 | +16.1% |
| Trade debts | 44 | €22,936 | €7,236 | -€15,700 | -68.5% |
| Suppliers | 440/4 | €22,936 | €7,236 | -€15,700 | -68.5% |
| Taxes, remuneration and social security | 45 | €120,722 | €118,884 | -€1,838 | -1.5% |
| Taxes | 450/3 | €27,593 | €29,192 | +€1,599 | +5.8% |
| Remuneration and social security | 454/9 | €93,128 | €89,692 | -€3,437 | -3.7% |
| Other amounts payable | 47/48 | €34,442 | €46,834 | +€12,392 | +36.0% |
| Accrued charges and deferred income | 492/3 | - | €1,750 | +€1,750 | |
| Non-recurring operating income | 76A | €8,740 | €1,060 | -€7,680 | -87.9% |
| Remuneration, social security and pensions | 62 | €687,049 | €646,671 | -€40,378 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,385 | €28,413 | -€15,972 | -36.0% |
| Other operating charges | 640/8 | €2,663 | €2,760 | +€97 | +3.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,002,576 | €942,638 | -€59,938 | -6.0% |
| Operating profit (loss) | 9901 | €268,479 | €264,795 | -€3,684 | -1.4% |
| Financial income | 75/76B | €6,479 | €5,103 | -€1,376 | -21.2% |
| Recurring financial income | 75 | €6,479 | €5,103 | -€1,376 | -21.2% |
| Financial charges | 65/66B | €297,411 | €298,008 | +€596 | +0.2% |
| Recurring financial charges | 65 | €297,411 | €298,008 | +€596 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€22,453 | -€28,110 | -€5,657 | -25.2% |
| Income taxes | 67/77 | €629 | €549 | -€79 | -12.6% |
| Profit (loss) for the period | 9904 | -€23,082 | -€28,659 | -€5,577 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,082 | -€28,659 | -€5,577 | -24.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.