SIGIEC: 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.
SIGIEC
Largest movements
- Cash -€27,595
down €27,595 (-98.1%), from €28,138 to €544
mainly Current portion of long-term debt (-€42,609) and Debts after one year (-€18,173)
- Tangible fixed assets -€9,619
down €9,619 (-5.9%), from €162,071 to €152,451
of which Land and buildings: -€8,622
- Current portion of long-term debt -€42,609
down €42,609 (-60.8%), from €70,065 to €27,456
- Debts after one year -€18,173
down €18,173 (-5.0%), from €361,191 to €343,018
- Gross operating margin -€50,411
down €50,411 (-54.9%), from €91,757 to €41,345
- Taxes -€14,091
down €14,091 (-75.5%), from €18,664 to €4,573
- Financial charges +€8,270
up €8,270 (+78.7%), from €10,508 to €18,778
of which Non-recurring financial charges: +€4,323
- Depreciation +€1,231
up €1,231 (+14.7%), from €8,389 to €9,619
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.
Cash bridge derived
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 | €761,247 | €723,324 | -€37,923 | -5.0% |
| Fixed assets | 21/28 | €713,271 | €696,651 | -€16,619 | -2.3% |
| Tangible fixed assets | 22/27 | €162,071 | €152,451 | -€9,619 | -5.9% |
| Land and buildings | 22 | €160,447 | €151,824 | -€8,622 | -5.4% |
| Furniture and vehicles | 24 | €1,624 | €627 | -€997 | -61.4% |
| Financial fixed assets | 28 | €551,200 | €544,200 | -€7,000 | -1.3% |
| Current assets | 29/58 | €47,976 | €26,672 | -€21,304 | -44.4% |
| Amounts receivable within one year | 40/41 | €18,777 | €25,527 | +€6,750 | +35.9% |
| Trade receivables | 40 | €90 | - | -€90 | |
| Other amounts receivable | 41 | €18,687 | €25,527 | +€6,840 | +36.6% |
| Cash at bank and in hand | 54/58 | €28,138 | €544 | -€27,595 | -98.1% |
| Deferred charges and accrued income | 490/1 | €1,061 | €602 | -€459 | -43.3% |
| Total equity and liabilities | 10/49 | €761,247 | €723,324 | -€37,923 | -5.0% |
| Equity | 10/15 | €311,868 | €319,110 | +€7,242 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €293,000 | €300,000 | +€7,000 | +2.4% |
| Distributable reserves | 133 | €293,000 | €300,000 | +€7,000 | +2.4% |
| Profit (loss) carried forward | 14 | €268 | €510 | +€242 | +90.0% |
| Amounts payable | 17/49 | €449,378 | €404,213 | -€45,165 | -10.1% |
| Amounts payable after more than one year | 17 | €361,191 | €343,018 | -€18,173 | -5.0% |
| Financial debts | 170/4 | €361,191 | €343,018 | -€18,173 | -5.0% |
| Amounts payable within one year | 42/48 | €87,675 | €60,558 | -€27,116 | -30.9% |
| Current portion of amounts payable after more than one year | 42 | €70,065 | €27,456 | -€42,609 | -60.8% |
| Financial debts | 43 | - | €6,778 | +€6,778 | |
| Credit institutions | 430/8 | - | €6,778 | +€6,778 | |
| Trade debts | 44 | €3,917 | €9,491 | +€5,574 | +142.3% |
| Suppliers | 440/4 | €3,917 | €9,491 | +€5,574 | +142.3% |
| Taxes, remuneration and social security | 45 | €7,462 | €8,110 | +€648 | +8.7% |
| Taxes | 450/3 | €7,462 | €8,110 | +€648 | +8.7% |
| Other amounts payable | 47/48 | €6,231 | €8,723 | +€2,491 | +40.0% |
| Accrued charges and deferred income | 492/3 | €513 | €637 | +€124 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,389 | €9,619 | +€1,231 | +14.7% |
| Other operating charges | 640/8 | €1,183 | €1,215 | +€31 | +2.7% |
| Non-recurring operating charges | 66A | €502 | - | -€502 | |
| Gross operating margin | 9900 | €91,757 | €41,345 | -€50,411 | -54.9% |
| Operating profit (loss) | 9901 | €81,683 | €30,511 | -€51,172 | -62.6% |
| Financial income | 75/76B | €342 | €81 | -€261 | -76.2% |
| Recurring financial income | 75 | €342 | €81 | -€261 | -76.2% |
| Financial charges | 65/66B | €10,508 | €18,778 | +€8,270 | +78.7% |
| Recurring financial charges | 65 | €10,508 | €14,455 | +€3,947 | +37.6% |
| Non-recurring financial charges | 66B | - | €4,323 | +€4,323 | |
| Profit (loss) for the period before taxes | 9903 | €71,517 | €11,815 | -€59,702 | -83.5% |
| Income taxes | 67/77 | €18,664 | €4,573 | -€14,091 | -75.5% |
| Profit (loss) for the period | 9904 | €52,853 | €7,242 | -€45,611 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,853 | €7,242 | -€45,611 | -86.3% |
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 12 October 2026 via checked.be.