Sifeels: 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
Sifeels
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10,231
2024 · -€39,827+€50,059
Equity
€898,330
2024 · €888,099+€10,231
Cash
€50,201
2024 · €69,786-€19,584
Balance sheet total
€5.1m
2024 · €5.1m+€18,646
Largest movements
Assets
- Receivables within one year +€65,009
up €65,009 (+252%), from €25,833 to €90,842
of which Trade receivables: +€64,468
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€49,212
up €49,212 (+54.1%), from €90,904 to €140,116
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
-€39,827
Gross operating margin
+€49,212
Depreciation
+€788
Other operating charges
+€260
Financial income
-€56
Financial charges
-€138
Taxes
-€8
Result 2025
€10,231
raises the resultlowers the result
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.
From operations
+€494
Investment
-€20,079
Financing
€0
Cash 2024
€69,786
From operations (derived)
+€494
Net result for the year
+€10,231
Depreciation
+€46,878
Receivables within one year
-€65,009
Smaller working-capital items
+€5
Trade debts
+€629
Other debts
-€14,162
Accrued charges and deferred income
+€21,923
Investment (derived)
-€20,079
Investment in fixed assets (net)
-€20,079
Cash 2025
€50,201
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,122,185 | €5,140,831 | +€18,646 | +0.4% |
| Fixed assets | 21/28 | €5,023,893 | €4,997,094 | -€26,799 | -0.5% |
| Tangible fixed assets | 22/27 | €1,202,698 | €1,175,900 | -€26,799 | -2.2% |
| Land and buildings | 22 | €1,164,628 | €1,141,274 | -€23,355 | -2.0% |
| Plant, machinery and equipment | 23 | €23,364 | €27,816 | +€4,452 | +19.1% |
| Furniture and vehicles | 24 | €14,706 | €6,810 | -€7,896 | -53.7% |
| Financial fixed assets | 28 | €3,821,194 | €3,821,194 | = | 0.0% |
| Current assets | 29/58 | €98,292 | €143,737 | +€45,445 | +46.2% |
| Amounts receivable within one year | 40/41 | €25,833 | €90,842 | +€65,009 | +252% |
| Trade receivables | 40 | €25,300 | €89,768 | +€64,468 | +255% |
| Other amounts receivable | 41 | €533 | €1,074 | +€541 | +102% |
| Cash at bank and in hand | 54/58 | €69,786 | €50,201 | -€19,584 | -28.1% |
| Deferred charges and accrued income | 490/1 | €2,674 | €2,694 | +€20 | +0.7% |
| Total equity and liabilities | 10/49 | €5,122,185 | €5,140,831 | +€18,646 | +0.4% |
| Equity | 10/15 | €888,099 | €898,330 | +€10,231 | +1.2% |
| Contributions | 10/11 | €427,200 | €427,200 | = | 0.0% |
| Reserves | 13 | €952,194 | €952,194 | = | 0.0% |
| Distributable reserves | 133 | €952,194 | €952,194 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€491,295 | -€481,064 | +€10,231 | +2.1% |
| Amounts payable | 17/49 | €4,234,086 | €4,242,501 | +€8,414 | +0.2% |
| Amounts payable after more than one year | 17 | €2,941,269 | €2,941,269 | = | 0.0% |
| Other amounts payable | 178/9 | €2,941,269 | €2,941,269 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,234,845 | €1,221,337 | -€13,508 | -1.1% |
| Trade debts | 44 | €6,432 | €7,061 | +€629 | +9.8% |
| Suppliers | 440/4 | €6,432 | €7,061 | +€629 | +9.8% |
| Taxes, remuneration and social security | 45 | €380 | €405 | +€25 | +6.5% |
| Taxes | 450/3 | €380 | €405 | +€25 | +6.5% |
| Other amounts payable | 47/48 | €1,228,033 | €1,213,871 | -€14,162 | -1.2% |
| Accrued charges and deferred income | 492/3 | €57,972 | €79,894 | +€21,923 | +37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,666 | €46,878 | -€788 | -1.7% |
| Other operating charges | 640/8 | €3,248 | €2,988 | -€260 | -8.0% |
| Gross operating margin | 9900 | €90,904 | €140,116 | +€49,212 | +54.1% |
| Operating profit (loss) | 9901 | €39,990 | €90,250 | +€50,260 | +126% |
| Financial income | 75/76B | €198 | €142 | -€56 | -28.3% |
| Recurring financial income | 75 | €198 | €142 | -€56 | -28.3% |
| Financial charges | 65/66B | €79,575 | €79,713 | +€138 | +0.2% |
| Recurring financial charges | 65 | €79,575 | €79,713 | +€138 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€39,388 | €10,679 | +€50,067 | |
| Income taxes | 67/77 | €440 | €448 | +€8 | +1.8% |
| Profit (loss) for the period | 9904 | -€39,827 | €10,231 | +€50,059 | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,827 | €10,231 | +€50,059 |
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 27 October 2026 via checked.be.