SIFIC: 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
SIFIC
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€409,776
2024 · -€26,772-€383,004
Equity
€4.1m
2024 · €4.5m-€409,776
Cash
€216,455
2024 · €9,937+€206,518
Balance sheet total
€5.1m
2024 · €6.5m-€1.4m
Largest movements
Assets
- Financial fixed assets -€3.1m
down €3.1m (-70.2%), from €4.5m to €1.3m
- Current investments +€1.6m
new in 2025: €1.6m
- Cash +€206,518
up €206,518 (+2,078%), from €9,937 to €216,455
mainly Investment in fixed assets (net) (+€3.1m) and Depreciation (+€86,142)
- Tangible fixed assets -€86,142
down €86,142 (-4.5%), from €1.9m to €1.8m
of which Land and buildings: -€75,281
Equity and liabilities
- Debts after one year -€1.0m
down €1.0m (-78.6%), from €1.3m to €272,396
of which Financial debts: -€1.0m
- Profit (loss) carried forward -€357,972
down €357,972 (-580%), from -€61,685 to -€419,657
Income statement
- Financial charges +€410,171
up €410,171 (+995%), from €41,234 to €451,405
of which Non-recurring financial charges: +€427,365
- Gross operating margin +€30,716
up €30,716 (+38.5%), from €79,739 to €110,455
- Turnover +€25,936
up €25,936 (+28.8%), from €90,016 to €115,952
- Depreciation +€12,749
up €12,749 (+17.4%), from €73,393 to €86,142
- Financial income +€10,824
new in 2025: €10,824
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
-€26,772
Gross operating margin
+€30,716
Depreciation
-€12,749
Other operating charges
+€1,158
Financial income
+€10,824
Financial charges
-€410,171
Taxes
-€5,265
Deferred taxes and other
+€2,483
Result 2025
-€409,776
raises the resultlowers the resultnot broken down further in the accounts
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
-€344,854
Investment
+€1.6m
Financing
-€1.0m
Cash 2024
€9,937
From operations (derived)
-€344,854
Net result for the year
-€409,776
Depreciation
+€86,142
Smaller working-capital items
+€8,261
Provisions
-€17,268
Accrued charges and deferred income
-€12,213
Investment (derived)
+€1.6m
Investment in fixed assets (net)
+€3.1m
Current investments
-€1.6m
Financing
-€1.0m
Debts after one year
-€1.0m
Current portion of long-term debt
+€606
Cash 2025
€216,455
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,543,762 | €5,115,546 | -€1.4m | -21.8% |
| Fixed assets | 21/28 | €6,355,736 | €3,142,229 | -€3.2m | -50.6% |
| Tangible fixed assets | 22/27 | €1,902,871 | €1,816,729 | -€86,142 | -4.5% |
| Land and buildings | 22 | €1,759,576 | €1,684,295 | -€75,281 | -4.3% |
| Plant, machinery and equipment | 23 | €20,347 | €14,470 | -€5,877 | -28.9% |
| Other tangible fixed assets | 26 | €122,948 | €117,964 | -€4,984 | -4.1% |
| Financial fixed assets | 28 | €4,452,865 | €1,325,500 | -€3.1m | -70.2% |
| Current assets | 29/58 | €188,026 | €1,973,317 | +€1.8m | +949% |
| Amounts receivable after more than one year | 29 | €171,848 | €165,798 | -€6,050 | -3.5% |
| Trade receivables | 290 | €171,848 | €165,798 | -€6,050 | -3.5% |
| Amounts receivable within one year | 40/41 | €6,241 | €13,771 | +€7,530 | +121% |
| Trade receivables | 40 | €5,221 | €10,294 | +€5,073 | +97.2% |
| Other amounts receivable | 41 | €1,020 | €3,477 | +€2,457 | +241% |
| Current investments | 50/53 | - | €1,575,637 | +€1.6m | |
| Cash at bank and in hand | 54/58 | €9,937 | €216,455 | +€206,518 | +2,078% |
| Deferred charges and accrued income | 490/1 | - | €1,656 | +€1,656 | |
| Total equity and liabilities | 10/49 | €6,543,762 | €5,115,546 | -€1.4m | -21.8% |
| Equity | 10/15 | €4,522,980 | €4,113,204 | -€409,776 | -9.1% |
| Contributions | 10/11 | €3,298,150 | €3,298,150 | = | 0.0% |
| Capital | 10 | €3,298,150 | €3,298,150 | = | 0.0% |
| Issued capital | 100 | €3,298,150 | €3,298,150 | = | 0.0% |
| Reserves | 13 | €1,286,515 | €1,234,711 | -€51,804 | -4.0% |
| Non-distributable reserves | 130/1 | €329,815 | €329,815 | = | 0.0% |
| Legal reserve | 130 | €329,815 | €329,815 | = | 0.0% |
| Tax-exempt reserves | 132 | €956,700 | €904,896 | -€51,804 | -5.4% |
| Profit (loss) carried forward | 14 | -€61,685 | -€419,657 | -€357,972 | -580% |
| Provisions and deferred taxes | 16 | €543,977 | €526,709 | -€17,268 | -3.2% |
| Provisions for liabilities and charges | 160/5 | €230,000 | €230,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €230,000 | €230,000 | = | 0.0% |
| Deferred taxes | 168 | €313,977 | €296,709 | -€17,268 | -5.5% |
| Amounts payable | 17/49 | €1,476,805 | €475,633 | -€1.0m | -67.8% |
| Amounts payable after more than one year | 17 | €1,273,358 | €272,396 | -€1.0m | -78.6% |
| Financial debts | 170/4 | €1,260,958 | €259,996 | -€1.0m | -79.4% |
| Other amounts payable | 178/9 | €12,400 | €12,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €16,000 | €28,003 | +€12,003 | +75.0% |
| Current portion of amounts payable after more than one year | 42 | €15,356 | €15,962 | +€606 | +3.9% |
| Trade debts | 44 | €644 | €7,107 | +€6,463 | +1,004% |
| Suppliers | 440/4 | €644 | €7,107 | +€6,463 | +1,004% |
| Taxes, remuneration and social security | 45 | - | €4,234 | +€4,234 | |
| Taxes | 450/3 | - | €4,234 | +€4,234 | |
| Other amounts payable | 47/48 | - | €700 | +€700 | |
| Accrued charges and deferred income | 492/3 | €187,447 | €175,234 | -€12,213 | -6.5% |
| Turnover | 70 | €90,016 | €115,952 | +€25,936 | +28.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €17,920 | €16,755 | -€1,165 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,393 | €86,142 | +€12,749 | +17.4% |
| Other operating charges | 640/8 | €6,669 | €5,511 | -€1,158 | -17.4% |
| Gross operating margin | 9900 | €79,739 | €110,455 | +€30,716 | +38.5% |
| Operating profit (loss) | 9901 | -€323 | €18,802 | +€19,125 | |
| Financial income | 75/76B | - | €10,824 | +€10,824 | |
| Recurring financial income | 75 | - | €10,824 | +€10,824 | |
| Financial charges | 65/66B | €41,234 | €451,405 | +€410,171 | +995% |
| Recurring financial charges | 65 | €41,234 | €24,040 | -€17,194 | -41.7% |
| Non-recurring financial charges | 66B | - | €427,365 | +€427,365 | |
| Profit (loss) for the period before taxes | 9903 | -€41,557 | -€421,779 | -€380,222 | -915% |
| Transfer from deferred taxes | 780 | €14,785 | €17,268 | +€2,483 | +16.8% |
| Income taxes | 67/77 | - | €5,265 | +€5,265 | |
| Profit (loss) for the period | 9904 | -€26,772 | -€409,776 | -€383,004 | -1,431% |
| Transfer from tax-exempt reserves | 789 | €44,354 | €51,804 | +€7,450 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,582 | -€357,972 | -€375,554 |
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 28 October 2026 via checked.be.