SICAGRA: 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.
SICAGRA
Largest movements
- Receivables within one year +€300,305
up €300,305 (+94.6%), from €317,371 to €617,676
of which Other amounts receivable: +€595,257
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Cash +€245,380
up €245,380 (+225.7%), from €108,738 to €354,119
mainly Current investments (+€300,000) and Other debts (+€258,386)
- Stocks and contracts -€203,276
no longer reported in 2025 (was €203,276)
- Tangible fixed assets -€14,262
down €14,262 (-29.2%), from €48,819 to €34,558
of which Furniture and vehicles: -€8,291
- Other debts +€258,386
up €258,386 (+94.2%), from €274,435 to €532,822
- Reserves -€184,346
down €184,346 (-32.3%), from €570,407 to €386,061
of which Distributable reserves: -€176,396
- Trade debts -€46,234
no longer reported in 2025 (was €46,234)
- Gross operating margin +€276,478
up €276,478 (+217.5%), from €127,119 to €403,597
- Taxes +€95,301
up €95,301 (+397.8%), from €23,958 to €119,259
- Financial charges -€5,972
down €5,972 (-28.9%), from €20,678 to €14,706
of which Financial charges: -€5,979
- Other operating charges -€5,551
down €5,551 (-31.6%), from €17,552 to €12,001
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 | €983,940 | €1,006,961 | +€23,021 | +2.3% |
| Fixed assets | 21/28 | €48,819 | €34,558 | -€14,262 | -29.2% |
| Tangible fixed assets | 22/27 | €48,819 | €34,558 | -€14,262 | -29.2% |
| Land and buildings | 22 | €37,708 | €32,536 | -€5,172 | -13.7% |
| Plant, machinery and equipment | 23 | €799 | - | -€799 | |
| Furniture and vehicles | 24 | €10,313 | €2,022 | -€8,291 | -80.4% |
| Current assets | 29/58 | €935,120 | €972,403 | +€37,283 | +4.0% |
| Stocks and contracts in progress | 3 | €203,276 | - | -€203,276 | |
| Stocks | 30/36 | €203,276 | - | -€203,276 | |
| Amounts receivable within one year | 40/41 | €317,371 | €617,676 | +€300,305 | +94.6% |
| Trade receivables | 40 | €307,627 | €12,676 | -€294,952 | -95.9% |
| Other amounts receivable | 41 | €9,743 | €605,000 | +€595,257 | +6109.3% |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €108,738 | €354,119 | +€245,380 | +225.7% |
| Deferred charges and accrued income | 490/1 | €5,735 | €609 | -€5,126 | -89.4% |
| Total equity and liabilities | 10/49 | €983,940 | €1,006,961 | +€23,021 | +2.3% |
| Equity | 10/15 | €651,407 | €467,061 | -€184,346 | -28.3% |
| Contributions | 10/11 | €81,000 | €81,000 | = | 0.0% |
| Capital | 10 | €81,000 | €81,000 | = | 0.0% |
| Issued capital | 100 | €81,000 | €81,000 | = | 0.0% |
| Reserves | 13 | €570,407 | €386,061 | -€184,346 | -32.3% |
| Non-distributable reserves | 130/1 | €17,650 | €9,700 | -€7,950 | -45.0% |
| Legal reserve | 130 | €17,650 | €9,700 | -€7,950 | -45.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €534,007 | €357,611 | -€176,396 | -33.0% |
| Provisions and deferred taxes | 16 | €751 | - | -€751 | |
| Provisions for liabilities and charges | 160/5 | €751 | - | -€751 | |
| Other liabilities and charges | 164/5 | €751 | - | -€751 | |
| Amounts payable | 17/49 | €331,781 | €539,900 | +€208,119 | +62.7% |
| Amounts payable after more than one year | 17 | €1,579 | €789 | -€789 | -50.0% |
| Financial debts | 170/4 | €1,579 | €789 | -€789 | -50.0% |
| Amounts payable within one year | 42/48 | €329,762 | €538,858 | +€209,096 | +63.4% |
| Current portion of amounts payable after more than one year | 42 | €3,333 | - | -€3,333 | |
| Trade debts | 44 | €46,234 | - | -€46,234 | |
| Suppliers | 440/4 | €46,234 | - | -€46,234 | |
| Taxes, remuneration and social security | 45 | €5,760 | €6,037 | +€277 | +4.8% |
| Taxes | 450/3 | €2,721 | €6,037 | +€3,316 | +121.8% |
| Remuneration and social security | 454/9 | €3,038 | - | -€3,038 | |
| Other amounts payable | 47/48 | €274,435 | €532,822 | +€258,386 | +94.2% |
| Accrued charges and deferred income | 492/3 | €441 | €252 | -€188 | -42.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,269 | €14,255 | -€4,014 | -22.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€751 | -€751 | |
| Other operating charges | 640/8 | €17,552 | €12,001 | -€5,551 | -31.6% |
| Gross operating margin | 9900 | €127,119 | €403,597 | +€276,478 | +217.5% |
| Operating profit (loss) | 9901 | €91,298 | €378,092 | +€286,794 | +314.1% |
| Financial income | 75/76B | €11,389 | €7,930 | -€3,459 | -30.4% |
| Recurring financial income | 75 | €11,389 | €7,930 | -€3,459 | -30.4% |
| Financial charges | 65/66B | €20,678 | €14,706 | -€5,972 | -28.9% |
| Recurring financial charges | 65 | €20,678 | €14,699 | -€5,979 | -28.9% |
| Non-recurring financial charges | 66B | - | €7 | +€7 | |
| Profit (loss) for the period before taxes | 9903 | €82,010 | €371,317 | +€289,307 | +352.8% |
| Transfer from deferred taxes | 780 | €523 | - | -€523 | |
| Income taxes | 67/77 | €23,958 | €119,259 | +€95,301 | +397.8% |
| Profit (loss) for the period | 9904 | €58,574 | €252,058 | +€193,484 | +330.3% |
| Transfer from tax-exempt reserves | 789 | €1,244 | - | -€1,244 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,818 | €252,058 | +€192,240 | +321.4% |
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.