Sigma: what changed
Two fiscal 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.
Sigma
Largest movements
- Cash -€100,358
down €100,358 (-65.8%), from €152,628 to €52,270
mainly Debts after one year (-€253,832) and Other debts (-€172,869)
- Debts after one year -€253,832
down €253,832 (-5.3%), from €4.8m to €4.5m
- Reserves +€238,828
up €238,828 (+19.4%), from €1.2m to €1.5m
of which Distributable reserves: +€238,828
- Other debts -€172,869
down €172,869 (-69.5%), from €248,675 to €75,806
- Financial charges +€7,513
up €7,513 (+8.0%), from €94,098 to €101,612
- Gross operating margin -€5,796
down €5,796 (-1.3%), from €433,599 to €427,803
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 | €6,527,792 | €6,380,006 | -€147,787 | -2.3% |
| Fixed assets | 21/28 | €6,115,374 | €6,114,538 | -€835 | 0.0% |
| Tangible fixed assets | 22/27 | €835 | - | -€835 | |
| Other tangible fixed assets | 26 | €835 | - | -€835 | |
| Financial fixed assets | 28 | €6,114,538 | €6,114,538 | = | 0.0% |
| Current assets | 29/58 | €412,419 | €265,467 | -€146,951 | -35.6% |
| Amounts receivable within one year | 40/41 | €145,655 | €99,131 | -€46,524 | -31.9% |
| Trade receivables | 40 | €143,795 | €99,022 | -€44,773 | -31.1% |
| Other amounts receivable | 41 | €1,860 | €109 | -€1,751 | -94.1% |
| Current investments | 50/53 | €113,033 | €113,033 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €152,628 | €52,270 | -€100,358 | -65.8% |
| Deferred charges and accrued income | 490/1 | €1,102 | €1,033 | -€69 | -6.2% |
| Total equity and liabilities | 10/49 | €6,527,792 | €6,380,006 | -€147,787 | -2.3% |
| Equity | 10/15 | €1,251,977 | €1,490,805 | +€238,828 | +19.1% |
| Contributions | 10/11 | €20,666 | €20,666 | = | 0.0% |
| Reserves | 13 | €1,231,311 | €1,470,139 | +€238,828 | +19.4% |
| Non-distributable reserves | 130/1 | €113,033 | €113,033 | = | 0.0% |
| Own shares acquired | 1312 | €113,033 | €113,033 | = | 0.0% |
| Distributable reserves | 133 | €1,118,278 | €1,357,105 | +€238,828 | +21.4% |
| Amounts payable | 17/49 | €5,275,815 | €4,889,201 | -€386,614 | -7.3% |
| Amounts payable after more than one year | 17 | €4,791,423 | €4,537,591 | -€253,832 | -5.3% |
| Financial debts | 170/4 | €4,791,423 | €4,537,591 | -€253,832 | -5.3% |
| Amounts payable within one year | 42/48 | €479,816 | €310,214 | -€169,601 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €219,512 | €226,334 | +€6,822 | +3.1% |
| Trade debts | 44 | €4,873 | €3,713 | -€1,160 | -23.8% |
| Suppliers | 440/4 | €4,873 | €3,713 | -€1,160 | -23.8% |
| Taxes, remuneration and social security | 45 | €6,756 | €4,362 | -€2,395 | -35.4% |
| Taxes | 450/3 | €3,794 | €1,402 | -€2,392 | -63.1% |
| Remuneration and social security | 454/9 | €2,962 | €2,960 | -€2 | -0.1% |
| Other amounts payable | 47/48 | €248,675 | €75,806 | -€172,869 | -69.5% |
| Accrued charges and deferred income | 492/3 | €4,576 | €41,396 | +€36,819 | +804.5% |
| Non-recurring operating income | 76A | €17,625 | - | -€17,625 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €897 | €835 | -€61 | -6.8% |
| Other operating charges | 640/8 | €1,309 | €1,118 | -€190 | -14.5% |
| Gross operating margin | 9900 | €433,599 | €427,803 | -€5,796 | -1.3% |
| Operating profit (loss) | 9901 | €431,394 | €425,849 | -€5,545 | -1.3% |
| Financial charges | 65/66B | €94,098 | €101,612 | +€7,513 | +8.0% |
| Recurring financial charges | 65 | €94,098 | €101,612 | +€7,513 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €337,295 | €324,237 | -€13,058 | -3.9% |
| Income taxes | 67/77 | €86,294 | €84,577 | -€1,717 | -2.0% |
| Profit (loss) for the period | 9904 | €251,001 | €239,661 | -€11,341 | -4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €251,001 | €239,661 | -€11,341 | -4.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.