SIGAL MANAGEMENT: 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.
SIGAL MANAGEMENT
Largest movements
- Financial fixed assets -€3.7m
no longer reported in 2025 (was €3.7m)
- Contributions -€2.7m
no longer reported in 2025 (was €2.7m)
- Trade debts -€977,951
down €977,951 (-89.9%), from €1.1m to €109,929
- Gross operating margin -€16,344
down €16,344 (-40.5%), from €40,390 to €24,046
- Depreciation -€5,709
down €5,709 (-54.1%), from €10,553 to €4,844
- Staff costs +€1,071
up €1,071 (+3.4%), from €31,345 to €32,416
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 | €3,776,050 | €50,143 | -€3.7m | -98.7% |
| Fixed assets | 21/28 | €3,730,650 | €21,506 | -€3.7m | -99.4% |
| Tangible fixed assets | 22/27 | €26,350 | €21,506 | -€4,844 | -18.4% |
| Furniture and vehicles | 24 | €2,491 | €1,403 | -€1,088 | -43.7% |
| Other tangible fixed assets | 26 | €23,859 | €20,102 | -€3,757 | -15.7% |
| Financial fixed assets | 28 | €3,704,300 | - | -€3.7m | |
| Current assets | 29/58 | €45,400 | €28,637 | -€16,763 | -36.9% |
| Amounts receivable within one year | 40/41 | €19,784 | €22,079 | +€2,295 | +11.6% |
| Trade receivables | 40 | €2,914 | €2,914 | = | 0.0% |
| Other amounts receivable | 41 | €16,870 | €19,165 | +€2,295 | +13.6% |
| Cash at bank and in hand | 54/58 | €22,822 | €6,151 | -€16,671 | -73.0% |
| Deferred charges and accrued income | 490/1 | €2,794 | €407 | -€2,387 | -85.4% |
| Total equity and liabilities | 10/49 | €3,776,050 | €50,143 | -€3.7m | -98.7% |
| Equity | 10/15 | €2,672,226 | -€76,921 | -€2.7m | |
| Contributions | 10/11 | €2,735,000 | - | -€2.7m | |
| Reserves | 13 | €1,012 | €1,012 | = | 0.0% |
| Distributable reserves | 133 | €1,012 | €1,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€63,785 | -€77,933 | -€14,147 | -22.2% |
| Amounts payable | 17/49 | €1,103,824 | €127,064 | -€976,760 | -88.5% |
| Amounts payable within one year | 42/48 | €1,101,824 | €127,064 | -€974,760 | -88.5% |
| Trade debts | 44 | €1,087,880 | €109,929 | -€977,951 | -89.9% |
| Suppliers | 440/4 | €1,087,880 | €109,929 | -€977,951 | -89.9% |
| Taxes, remuneration and social security | 45 | €4,731 | €4,788 | +€56 | +1.2% |
| Remuneration and social security | 454/9 | €4,731 | €4,788 | +€56 | +1.2% |
| Other amounts payable | 47/48 | €9,213 | €12,347 | +€3,134 | +34.0% |
| Accrued charges and deferred income | 492/3 | €2,000 | - | -€2,000 | |
| Remuneration, social security and pensions | 62 | €31,345 | €32,416 | +€1,071 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,553 | €4,844 | -€5,709 | -54.1% |
| Other operating charges | 640/8 | €488 | €490 | +€2 | +0.4% |
| Gross operating margin | 9900 | €40,390 | €24,046 | -€16,344 | -40.5% |
| Operating profit (loss) | 9901 | -€1,997 | -€13,704 | -€11,708 | -586% |
| Financial charges | 65/66B | €256 | €274 | +€18 | +6.9% |
| Recurring financial charges | 65 | €256 | €274 | +€18 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,253 | -€13,978 | -€11,725 | -521% |
| Income taxes | 67/77 | €161 | €169 | +€9 | +5.3% |
| Profit (loss) for the period | 9904 | -€2,413 | -€14,147 | -€11,734 | -486% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,413 | -€14,147 | -€11,734 | -486% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.