SIFRAMA: 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.
SIFRAMA
Largest movements
- Tangible fixed assets +€127,728
up €127,728 (+7,445%), from €1,716 to €129,443
of which Plant, machinery and equipment: +€92,989
- Receivables within one year +€54,164
up €54,164 (+61.0%), from €88,861 to €143,025
of which Trade receivables: +€50,524
- Stocks and contracts +€22,050
new in 2025: €22,050
- Cash +€20,112
up €20,112 (+374%), from €5,375 to €25,487
mainly Other debts (+€139,537) and Trade debts (+€52,404)
- Other debts +€139,537
up €139,537 (+81.6%), from €171,055 to €310,592
- Trade debts +€52,404
up €52,404 (+468%), from €11,202 to €63,606
- Accrued charges and deferred income +€27,693
up €27,693 (+149,852%), from €18 to €27,711
- Depreciation +€18,035
up €18,035 (+1,669%), from €1,081 to €19,116
- Taxes -€8,548
down €8,548 (-98.1%), from €8,713 to €165
- Gross operating margin +€4,573
up €4,573 (+22.0%), from €20,780 to €25,353
- Staff costs +€612
new in 2025: €612
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 | €305,601 | €531,020 | +€225,419 | +73.8% |
| Fixed assets | 21/28 | €201,716 | €329,443 | +€127,728 | +63.3% |
| Tangible fixed assets | 22/27 | €1,716 | €129,443 | +€127,728 | +7,445% |
| Plant, machinery and equipment | 23 | €1,294 | €94,283 | +€92,989 | +7,188% |
| Furniture and vehicles | 24 | €422 | €7,546 | +€7,124 | +1,689% |
| Other tangible fixed assets | 26 | - | €27,614 | +€27,614 | |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €103,885 | €201,577 | +€97,691 | +94.0% |
| Stocks and contracts in progress | 3 | - | €22,050 | +€22,050 | |
| Stocks | 30/36 | - | €22,050 | +€22,050 | |
| Amounts receivable within one year | 40/41 | €88,861 | €143,025 | +€54,164 | +61.0% |
| Trade receivables | 40 | €37,078 | €87,601 | +€50,524 | +136% |
| Other amounts receivable | 41 | €51,783 | €55,424 | +€3,640 | +7.0% |
| Cash at bank and in hand | 54/58 | €5,375 | €25,487 | +€20,112 | +374% |
| Deferred charges and accrued income | 490/1 | €9,650 | €11,015 | +€1,365 | +14.1% |
| Total equity and liabilities | 10/49 | €305,601 | €531,020 | +€225,419 | +73.8% |
| Equity | 10/15 | €112,056 | €114,950 | +€2,894 | +2.6% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €112,055 | €114,949 | +€2,894 | +2.6% |
| Distributable reserves | 133 | €112,055 | €114,949 | +€2,894 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €193,545 | €416,070 | +€222,525 | +115% |
| Amounts payable within one year | 42/48 | €193,526 | €388,359 | +€194,832 | +101% |
| Trade debts | 44 | €11,202 | €63,606 | +€52,404 | +468% |
| Suppliers | 440/4 | €11,202 | €63,606 | +€52,404 | +468% |
| Taxes, remuneration and social security | 45 | €11,269 | €14,161 | +€2,891 | +25.7% |
| Taxes | 450/3 | €8,269 | €14,161 | +€5,891 | +71.2% |
| Remuneration and social security | 454/9 | €3,000 | €0 | -€3,000 | -100% |
| Other amounts payable | 47/48 | €171,055 | €310,592 | +€139,537 | +81.6% |
| Accrued charges and deferred income | 492/3 | €18 | €27,711 | +€27,693 | +149,852% |
| Remuneration, social security and pensions | 62 | - | €612 | +€612 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,081 | €19,116 | +€18,035 | +1,669% |
| Other operating charges | 640/8 | €813 | €772 | -€41 | -5.0% |
| Non-recurring operating charges | 66A | - | €3,000 | +€3,000 | |
| Gross operating margin | 9900 | €20,780 | €25,353 | +€4,573 | +22.0% |
| Operating profit (loss) | 9901 | €18,886 | €1,853 | -€17,033 | -90.2% |
| Financial income | 75/76B | €1,264 | €1,300 | +€36 | +2.8% |
| Recurring financial income | 75 | €1,264 | €1,300 | +€36 | +2.8% |
| Financial charges | 65/66B | €247 | €94 | -€153 | -61.9% |
| Recurring financial charges | 65 | €247 | €94 | -€153 | -61.9% |
| Profit (loss) for the period before taxes | 9903 | €19,903 | €3,059 | -€16,844 | -84.6% |
| Income taxes | 67/77 | €8,713 | €165 | -€8,548 | -98.1% |
| Profit (loss) for the period | 9904 | €11,190 | €2,894 | -€8,296 | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,190 | €2,894 | -€8,296 | -74.1% |
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 23 October 2026 via checked.be.