SIFMAR: 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.
SIFMAR
Largest movements
- Cash -€260,965
down €260,965 (-37.4%), from €696,970 to €436,005
mainly Receivables within one year (-€202,753) and Tax, wage and social debts (-€73,178)
- Receivables within one year +€202,753
up €202,753 (+172%), from €118,037 to €320,790
of which Trade receivables: +€202,373
- Tax, wage and social debts -€73,178
down €73,178 (-51.5%), from €141,993 to €68,815
of which Remuneration and social security: -€62,445
- Profit (loss) carried forward +€22,533
up €22,533 (+7.6%), from €298,113 to €320,647
- Staff costs +€43,619
up €43,619 (+9.5%), from €459,344 to €502,963
- Services and other goods -€19,674
down €19,674 (-12.3%), from €159,441 to €139,767
- Other operating income +€15,735
up €15,735 (+2.4%), from €645,749 to €661,484
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 | €815,029 | €756,816 | -€58,213 | -7.1% |
| Fixed assets | 21/28 | €21 | €21 | = | 0.0% |
| Financial fixed assets | 28 | €21 | €21 | = | 0.0% |
| Other financial fixed assets | 284/8 | €21 | €21 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €21 | €21 | = | 0.0% |
| Current assets | 29/58 | €815,007 | €756,795 | -€58,213 | -7.1% |
| Amounts receivable within one year | 40/41 | €118,037 | €320,790 | +€202,753 | +172% |
| Trade receivables | 40 | €101,341 | €303,714 | +€202,373 | +200% |
| Other amounts receivable | 41 | €16,696 | €17,076 | +€380 | +2.3% |
| Cash at bank and in hand | 54/58 | €696,970 | €436,005 | -€260,965 | -37.4% |
| Total equity and liabilities | 10/49 | €815,029 | €756,816 | -€58,213 | -7.1% |
| Equity | 10/15 | €567,828 | €590,361 | +€22,533 | +4.0% |
| Contributions | 10/11 | €258,348 | €258,348 | = | 0.0% |
| Capital | 10 | €95,094 | €95,094 | = | 0.0% |
| Issued capital | 100 | €95,094 | €95,094 | = | 0.0% |
| Contributions outside capital | 11 | €163,254 | €163,254 | = | 0.0% |
| Share premium | 1100/10 | €163,254 | €163,254 | = | 0.0% |
| Reserves | 13 | €11,366 | €11,366 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,366 | €11,366 | = | 0.0% |
| Legal reserve | 130 | €11,366 | €11,366 | = | 0.0% |
| Profit (loss) carried forward | 14 | €298,113 | €320,647 | +€22,533 | +7.6% |
| Provisions and deferred taxes | 16 | €62,898 | €59,391 | -€3,507 | -5.6% |
| Provisions for liabilities and charges | 160/5 | €62,898 | €59,391 | -€3,507 | -5.6% |
| Pensions and similar obligations | 160 | €62,898 | €59,391 | -€3,507 | -5.6% |
| Amounts payable | 17/49 | €184,303 | €107,064 | -€77,239 | -41.9% |
| Amounts payable within one year | 42/48 | €184,303 | €107,064 | -€77,239 | -41.9% |
| Trade debts | 44 | €42,310 | €38,249 | -€4,060 | -9.6% |
| Suppliers | 440/4 | €42,310 | €38,249 | -€4,060 | -9.6% |
| Taxes, remuneration and social security | 45 | €141,993 | €68,815 | -€73,178 | -51.5% |
| Taxes | 450/3 | €13,217 | €2,484 | -€10,734 | -81.2% |
| Remuneration and social security | 454/9 | €128,776 | €66,331 | -€62,445 | -48.5% |
| Operating income | 70/76A | €651,534 | €662,724 | +€11,190 | +1.7% |
| Other operating income | 74 | €645,749 | €661,484 | +€15,735 | +2.4% |
| Non-recurring operating income | 76A | €5,785 | €1,240 | -€4,545 | -78.6% |
| Operating charges | 60/66A | €619,275 | €639,816 | +€20,541 | +3.3% |
| Services and other goods | 61 | €159,441 | €139,767 | -€19,674 | -12.3% |
| Remuneration, social security and pensions | 62 | €459,344 | €502,963 | +€43,619 | +9.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,432 | -€3,507 | -€2,075 | -145% |
| Other operating charges | 640/8 | €1,922 | €593 | -€1,328 | -69.1% |
| Operating profit (loss) | 9901 | €32,259 | €22,907 | -€9,352 | -29.0% |
| Financial charges | 65/66B | €609 | €325 | -€284 | -46.7% |
| Recurring financial charges | 65 | €609 | €325 | -€284 | -46.7% |
| Other financial charges | 652/9 | €609 | €325 | -€284 | -46.7% |
| Non-recurring financial charges | 66B | €0 | - | -€0 | |
| Profit (loss) for the period before taxes | 9903 | €31,650 | €22,583 | -€9,068 | -28.6% |
| Income taxes | 67/77 | €322 | €50 | -€272 | -84.5% |
| Taxes | 670/3 | €322 | €109 | -€213 | -66.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €59 | +€59 | |
| Profit (loss) for the period | 9904 | €31,328 | €22,533 | -€8,795 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,328 | €22,533 | -€8,795 | -28.1% |
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 14 October 2026 via checked.be.