SICORP: 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.
What changed
SICORP
NACE 64.210, Activities of holding companies
financial year 30-06-2025 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€194,291
30-06-2025 · €32.0m-€31.8m
Equity
€525.0m
30-06-2025 · €524.8m+€194,291
Cash
€369,681
30-06-2025 · €299,420+€70,261
Balance sheet total
€558.3m
30-06-2025 · €558.1m+€179,855
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
- Financial income -€31.0m
down €31.0m (-98.4%), from €31.5m to €498,519
- Depreciation -€193,899
down €193,899 (-48.4%), from €400,629 to €206,730
- Turnover -€129,964
down €129,964 (-71.6%), from €181,408 to €51,445
- Other operating income -€98,445
down €98,445 (-89.8%), from €109,646 to €11,201
- Taxes -€68,205
down €68,205 (-99.9%), from €68,291 to €86
From the 30-06-2025 result to the 31-12-2025 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 30-06-2025
€32.0m
Turnover
-€129,964
Other operating income
-€98,445
Services and other goods
+€68,173
Staff costs
+€24,547
Depreciation
+€193,899
Other operating charges
+€48,317
Other operating items
-€1.0m
Financial income
-€31.0m
Financial charges
+€2,281
Taxes
+€68,205
Result 31-12-2025
€194,291
Cash bridge derived
Derived from the 30-06-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€1.1m
Investment
+€1.1m
Financing
€0
Cash 30-06-2025
€299,420
From operations (derived)
-€1.1m
Net result for the year
+€194,291
Depreciation
+€206,730
Receivables within one year
-€1.5m
Deferred charges and accrued income
+€10,408
Trade debts
+€16,407
Tax, wage and social debts
-€22,053
Other debts
-€4,040
Accrued charges and deferred income
-€4,750
Investment (derived)
+€1.1m
Investment in fixed assets (net)
+€293,312
Current investments
+€850,000
Cash 31-12-2025
€369,681
Every line side by side
| Line | Code | 30-06-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €558,080,975 | €558,260,830 | +€179,855 | 0.0% |
| Fixed assets | 21/28 | €522,348,291 | €521,848,249 | -€500,041 | -0.1% |
| Intangible fixed assets | 21 | €1,587,543 | €1,411,310 | -€176,233 | -11.1% |
| Tangible fixed assets | 22/27 | €452,749 | €463,466 | +€10,717 | +2.4% |
| Land and buildings | 22 | €421,899 | €429,293 | +€7,394 | +1.8% |
| Furniture and vehicles | 24 | €30,850 | €34,173 | +€3,323 | +10.8% |
| Financial fixed assets | 28 | €520,307,998 | €519,973,473 | -€334,525 | -0.1% |
| Affiliated companies | 280/1 | €504,874,974 | €502,764,780 | -€2.1m | -0.4% |
| Participating interests | 280 | €502,382,252 | €500,223,947 | -€2.2m | -0.4% |
| Amounts receivable | 281 | €2,492,722 | €2,540,832 | +€48,110 | +1.9% |
| Companies linked by participating interests | 282/3 | - | €2,158,305 | +€2.2m | |
| Participating interests | 282 | - | €2,158,305 | +€2.2m | |
| Other financial fixed assets | 284/8 | €15,433,025 | €15,050,389 | -€382,635 | -2.5% |
| Shares | 284 | €15,330,658 | €15,050,389 | -€280,268 | -1.8% |
| Amounts receivable and cash guarantees | 285/8 | €102,367 | - | -€102,367 | |
| Current assets | 29/58 | €35,732,685 | €36,412,581 | +€679,896 | +1.9% |
| Stocks and contracts in progress | 3 | €2,527,108 | €2,527,108 | = | 0.0% |
| Stocks | 30/36 | €2,527,108 | €2,527,108 | = | 0.0% |
| Property held for sale | 35 | €2,527,108 | €2,527,108 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €31,845,749 | €33,315,791 | +€1.5m | +4.6% |
| Trade receivables | 40 | €78,612 | €66,445 | -€12,167 | -15.5% |
| Other amounts receivable | 41 | €31,767,137 | €33,249,347 | +€1.5m | +4.7% |
| Current investments | 50/53 | €1,050,000 | €200,000 | -€850,000 | -81.0% |
| Other investments | 51/53 | €1,050,000 | €200,000 | -€850,000 | -81.0% |
| Cash at bank and in hand | 54/58 | €299,420 | €369,681 | +€70,261 | +23.5% |
| Deferred charges and accrued income | 490/1 | €10,408 | - | -€10,408 | |
| Total equity and liabilities | 10/49 | €558,080,975 | €558,260,830 | +€179,855 | 0.0% |
| Equity | 10/15 | €524,778,054 | €524,972,345 | +€194,291 | 0.0% |
| Contributions | 10/11 | €496,603,305 | €496,603,305 | = | 0.0% |
| Capital | 10 | €496,603,305 | €496,603,305 | = | 0.0% |
| Issued capital | 100 | €496,603,305 | €496,603,305 | = | 0.0% |
| Reserves | 13 | €28,174,749 | €28,369,040 | +€194,291 | +0.7% |
| Non-distributable reserves | 130/1 | €8,660,800 | €8,670,515 | +€9,715 | +0.1% |
| Legal reserve | 130 | €8,660,800 | €8,670,515 | +€9,715 | +0.1% |
| Distributable reserves | 133 | €19,513,949 | €19,698,525 | +€184,576 | +0.9% |
| Amounts payable | 17/49 | €33,302,922 | €33,288,486 | -€14,436 | 0.0% |
| Amounts payable within one year | 42/48 | €33,295,422 | €33,285,736 | -€9,686 | 0.0% |
| Trade debts | 44 | €39,493 | €55,899 | +€16,407 | +41.5% |
| Suppliers | 440/4 | €39,493 | €55,899 | +€16,407 | +41.5% |
| Taxes, remuneration and social security | 45 | €28,325 | €6,272 | -€22,053 | -77.9% |
| Taxes | 450/3 | €20,956 | €0 | -€20,956 | -100.0% |
| Remuneration and social security | 454/9 | €7,369 | €6,272 | -€1,096 | -14.9% |
| Other amounts payable | 47/48 | €33,227,604 | €33,223,564 | -€4,040 | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,500 | €2,750 | -€4,750 | -63.3% |
| Operating income | 70/76A | €1,338,602 | €62,646 | -€1.3m | -95.3% |
| Turnover | 70 | €181,408 | €51,445 | -€129,964 | -71.6% |
| Other operating income | 74 | €109,646 | €11,201 | -€98,445 | -89.8% |
| Non-recurring operating income | 76A | €1,047,548 | - | -€1.0m | |
| Operating charges | 60/66A | €699,079 | €364,142 | -€334,937 | -47.9% |
| Services and other goods | 61 | €172,797 | €104,623 | -€68,173 | -39.5% |
| Remuneration, social security and pensions | 62 | €52,781 | €28,234 | -€24,547 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400,629 | €206,730 | -€193,899 | -48.4% |
| Other operating charges | 640/8 | €72,873 | €24,556 | -€48,317 | -66.3% |
| Operating profit (loss) | 9901 | €639,523 | -€301,496 | -€941,019 | |
| Financial income | 75/76B | €31,467,338 | €498,519 | -€31.0m | -98.4% |
| Recurring financial income | 75 | €31,467,338 | €498,519 | -€31.0m | -98.4% |
| Income from financial fixed assets | 750 | €30,623,989 | - | -€30.6m | |
| Income from current assets | 751 | €843,350 | €498,519 | -€344,831 | -40.9% |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €4,927 | €2,646 | -€2,281 | -46.3% |
| Recurring financial charges | 65 | €4,927 | €2,646 | -€2,281 | -46.3% |
| Debt charges | 650 | €1,695 | €873 | -€822 | -48.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €3,231 | €1,772 | -€1,459 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €32,101,935 | €194,376 | -€31.9m | -99.4% |
| Income taxes | 67/77 | €68,291 | €86 | -€68,205 | -99.9% |
| Taxes | 670/3 | €68,291 | €86 | -€68,205 | -99.9% |
| Profit (loss) for the period | 9904 | €32,033,644 | €194,291 | -€31.8m | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,033,644 | €194,291 | -€31.8m | -99.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.