SICO: 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.
SICO
Largest movements
- Receivables within one year +€210,794
up €210,794 (+38.7%), from €544,400 to €755,193
of which Trade receivables: +€142,194
- Stocks and contracts -€88,194
down €88,194 (-16.3%), from €540,394 to €452,200
of which Stocks: -€67,946
- Cash +€44,572
up €44,572 (+16.0%), from €278,324 to €322,896
mainly Net result for the year (+€248,828) and Stocks and contracts (+€88,194)
- Reserves +€178,828
up €178,828 (+12.0%), from €1.5m to €1.7m
of which Distributable reserves: +€178,828
- Trade debts +€51,671
up €51,671 (+35.6%), from €145,295 to €196,966
- Debts after one year -€44,020
down €44,020 (-39.0%), from €112,787 to €68,767
- Gross operating margin +€172,119
up €172,119 (+14.8%), from €1.2m to €1.3m
- Staff costs -€108,325
down €108,325 (-10.8%), from €1.0m to €894,659
- Taxes +€82,518
up €82,518 (+218%), from €37,829 to €120,347
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 | €2,318,833 | €2,521,668 | +€202,835 | +8.7% |
| Fixed assets | 21/28 | €543,816 | €561,207 | +€17,391 | +3.2% |
| Tangible fixed assets | 22/27 | €540,616 | €558,007 | +€17,391 | +3.2% |
| Land and buildings | 22 | €507,912 | €448,704 | -€59,208 | -11.7% |
| Plant, machinery and equipment | 23 | €17,473 | €87,459 | +€69,986 | +401% |
| Furniture and vehicles | 24 | €15,231 | €21,845 | +€6,614 | +43.4% |
| Financial fixed assets | 28 | €3,200 | €3,200 | = | 0.0% |
| Current assets | 29/58 | €1,775,018 | €1,960,461 | +€185,443 | +10.4% |
| Stocks and contracts in progress | 3 | €540,394 | €452,200 | -€88,194 | -16.3% |
| Stocks | 30/36 | €520,146 | €452,200 | -€67,946 | -13.1% |
| Contracts in progress | 37 | €20,248 | - | -€20,248 | |
| Amounts receivable within one year | 40/41 | €544,400 | €755,193 | +€210,794 | +38.7% |
| Trade receivables | 40 | €510,748 | €652,942 | +€142,194 | +27.8% |
| Other amounts receivable | 41 | €33,652 | €102,252 | +€68,600 | +204% |
| Current investments | 50/53 | €400,000 | €400,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €278,324 | €322,896 | +€44,572 | +16.0% |
| Deferred charges and accrued income | 490/1 | €11,900 | €30,171 | +€18,271 | +154% |
| Total equity and liabilities | 10/49 | €2,318,833 | €2,521,668 | +€202,835 | +8.7% |
| Equity | 10/15 | €1,903,110 | €2,081,938 | +€178,828 | +9.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €1,485,610 | €1,664,438 | +€178,828 | +12.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €1,478,110 | €1,656,938 | +€178,828 | +12.1% |
| Profit (loss) carried forward | 14 | €342,500 | €342,500 | = | 0.0% |
| Amounts payable | 17/49 | €415,724 | €439,730 | +€24,007 | +5.8% |
| Amounts payable after more than one year | 17 | €112,787 | €68,767 | -€44,020 | -39.0% |
| Financial debts | 170/4 | €112,787 | €68,767 | -€44,020 | -39.0% |
| Amounts payable within one year | 42/48 | €302,936 | €370,963 | +€68,027 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €44,809 | €44,817 | +€8 | 0.0% |
| Trade debts | 44 | €145,295 | €196,966 | +€51,671 | +35.6% |
| Suppliers | 440/4 | €145,295 | €196,966 | +€51,671 | +35.6% |
| Taxes, remuneration and social security | 45 | €111,037 | €127,385 | +€16,347 | +14.7% |
| Taxes | 450/3 | €15,283 | €31,497 | +€16,215 | +106% |
| Remuneration and social security | 454/9 | €95,755 | €95,887 | +€133 | +0.1% |
| Other amounts payable | 47/48 | €1,795 | €1,795 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €1,002,984 | €894,659 | -€108,325 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,140 | €79,476 | +€6,336 | +8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,016 | +€2,016 | |
| Other operating charges | 640/8 | €13,922 | €17,073 | +€3,151 | +22.6% |
| Gross operating margin | 9900 | €1,161,858 | €1,333,977 | +€172,119 | +14.8% |
| Operating profit (loss) | 9901 | €71,812 | €340,754 | +€268,941 | +375% |
| Financial income | 75/76B | €38,663 | €39,076 | +€413 | +1.1% |
| Recurring financial income | 75 | €38,663 | €39,076 | +€413 | +1.1% |
| Financial charges | 65/66B | €10,580 | €10,655 | +€75 | +0.7% |
| Recurring financial charges | 65 | €10,580 | €10,655 | +€75 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €99,895 | €369,175 | +€269,280 | +270% |
| Income taxes | 67/77 | €37,829 | €120,347 | +€82,518 | +218% |
| Profit (loss) for the period | 9904 | €62,066 | €248,828 | +€186,761 | +301% |
| Profit (loss) for the period to be appropriated | 9905 | €62,066 | €248,828 | +€186,761 | +301% |
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 21 October 2026 via checked.be.