SIHOLD: what changed
What changed
SIHOLD
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€38.8m
2024 · €21.1m+€17.7m
Equity
€211.2m
2024 · €202.7m+€8.5m
Cash
€135,993
2024 · €133,420+€2,572
Balance sheet total
€246.1m
2024 · €244.5m+€1.6m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward +€8.5m
up €8.5m (+5.5%), from €153.5m to €162.0m
- Short-term financial debts -€5.2m
no longer reported in 2025 (was €5.2m)
Income statement
- Financial income +€16.8m
up €16.8m (+83.4%), from €20.2m to €37.0m
- Staff costs +€571,706
up €571,706 (+8.4%), from €6.8m to €7.4m
- Other operating income +€312,595
up €312,595 (+14.6%), from €2.1m to €2.5m
- Turnover +€277,963
up €277,963 (+1.7%), from €16.7m to €16.9m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€21.1m
Turnover
+€277,963
Other operating income
+€312,595
Services and other goods
+€104,475
Staff costs
-€571,706
Depreciation
-€152,470
Provisions
-€304
Other operating charges
-€9,438
Other operating items
+€789,938
Financial income
+€16.8m
Financial charges
+€164,700
Taxes
-€49,125
Result 2025
€38.8m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€38.7m
Investment
-€3.1m
Financing
-€35.6m
Cash 2024
€133,420
From operations (derived)
+€38.7m
Net result for the year
+€38.8m
Depreciation
+€1.9m
Receivables within one year
-€311,403
Smaller working-capital items
-€23,132
Trade debts
-€273,469
Other debts
-€1.6m
Accrued charges and deferred income
+€106,871
Investment (derived)
-€3.1m
Investment in fixed assets (net)
-€3.1m
Financing
-€35.6m
Short-term financial debts
-€5.2m
Contributions, distributions and other
-€30.3m
Cash 2025
€135,993
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €244,503,508 | €246,083,517 | +€1.6m | +0.6% |
| Fixed assets | 21/28 | €240,571,803 | €241,759,960 | +€1.2m | +0.5% |
| Intangible fixed assets | 21 | €6,846,071 | €8,200,146 | +€1.4m | +19.8% |
| Tangible fixed assets | 22/27 | €1,324,229 | €1,158,310 | -€165,919 | -12.5% |
| Land and buildings | 22 | €104,157 | €90,696 | -€13,460 | -12.9% |
| Furniture and vehicles | 24 | €1,220,072 | €1,067,614 | -€152,459 | -12.5% |
| Financial fixed assets | 28 | €232,401,503 | €232,401,503 | = | 0.0% |
| Affiliated companies | 280/1 | €232,401,503 | €232,401,503 | = | 0.0% |
| Participating interests | 280 | €232,401,503 | €232,401,503 | = | 0.0% |
| Current assets | 29/58 | €3,931,705 | €4,323,558 | +€391,852 | +10.0% |
| Amounts receivable within one year | 40/41 | €3,347,405 | €3,658,808 | +€311,403 | +9.3% |
| Trade receivables | 40 | €3,204,860 | €3,506,534 | +€301,674 | +9.4% |
| Other amounts receivable | 41 | €142,545 | €152,274 | +€9,728 | +6.8% |
| Cash at bank and in hand | 54/58 | €133,420 | €135,993 | +€2,572 | +1.9% |
| Deferred charges and accrued income | 490/1 | €450,880 | €528,757 | +€77,877 | +17.3% |
| Total equity and liabilities | 10/49 | €244,503,508 | €246,083,517 | +€1.6m | +0.6% |
| Equity | 10/15 | €202,734,622 | €211,229,088 | +€8.5m | +4.2% |
| Contributions | 10/11 | €44,730,000 | €44,730,000 | = | 0.0% |
| Capital | 10 | €44,730,000 | €44,730,000 | = | 0.0% |
| Issued capital | 100 | €44,730,000 | €44,730,000 | = | 0.0% |
| Reserves | 13 | €4,473,000 | €4,473,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,473,000 | €4,473,000 | = | 0.0% |
| Legal reserve | 130 | €4,473,000 | €4,473,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €153,531,622 | €162,026,088 | +€8.5m | +5.5% |
| Provisions and deferred taxes | 16 | €123,916 | €124,736 | +€820 | +0.7% |
| Provisions for liabilities and charges | 160/5 | €123,916 | €124,736 | +€820 | +0.7% |
| Pensions and similar obligations | 160 | €123,916 | €124,736 | +€820 | +0.7% |
| Amounts payable | 17/49 | €41,644,970 | €34,729,693 | -€6.9m | -16.6% |
| Amounts payable within one year | 42/48 | €40,435,617 | €33,413,469 | -€7.0m | -17.4% |
| Financial debts | 43 | €5,238,778 | - | -€5.2m | |
| Other loans | 439 | €5,238,778 | - | -€5.2m | |
| Trade debts | 44 | €1,696,091 | €1,422,622 | -€273,469 | -16.1% |
| Suppliers | 440/4 | €1,696,091 | €1,422,622 | -€273,469 | -16.1% |
| Taxes, remuneration and social security | 45 | €1,548,131 | €1,602,056 | +€53,925 | +3.5% |
| Taxes | 450/3 | €275,540 | €341,761 | +€66,221 | +24.0% |
| Remuneration and social security | 454/9 | €1,272,590 | €1,260,295 | -€12,296 | -1.0% |
| Other amounts payable | 47/48 | €31,952,618 | €30,388,791 | -€1.6m | -4.9% |
| Accrued charges and deferred income | 492/3 | €1,209,354 | €1,316,225 | +€106,871 | +8.8% |
| Operating income | 70/76A | €20,520,817 | €21,901,313 | +€1.4m | +6.7% |
| Turnover | 70 | €16,668,847 | €16,946,810 | +€277,963 | +1.7% |
| Own construction capitalised | 72 | €1,713,046 | €2,502,984 | +€789,938 | +46.1% |
| Other operating income | 74 | €2,138,924 | €2,451,519 | +€312,595 | +14.6% |
| Operating charges | 60/66A | €19,065,017 | €19,694,459 | +€629,442 | +3.3% |
| Services and other goods | 61 | €10,478,625 | €10,374,150 | -€104,475 | -1.0% |
| Remuneration, social security and pensions | 62 | €6,830,275 | €7,401,981 | +€571,706 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,752,413 | €1,904,883 | +€152,470 | +8.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €516 | €820 | +€304 | +58.9% |
| Other operating charges | 640/8 | €3,188 | €12,626 | +€9,438 | +296% |
| Operating profit (loss) | 9901 | €1,455,801 | €2,206,854 | +€751,053 | +51.6% |
| Financial income | 75/76B | €20,181,960 | €37,006,596 | +€16.8m | +83.4% |
| Recurring financial income | 75 | €20,181,960 | €37,006,596 | +€16.8m | +83.4% |
| Income from financial fixed assets | 750 | €20,163,897 | €37,000,000 | +€16.8m | +83.5% |
| Other financial income | 752/9 | €18,063 | €6,596 | -€11,466 | -63.5% |
| Financial charges | 65/66B | €466,707 | €302,007 | -€164,700 | -35.3% |
| Recurring financial charges | 65 | €466,707 | €302,007 | -€164,700 | -35.3% |
| Debt charges | 650 | €422,116 | €240,953 | -€181,163 | -42.9% |
| Other financial charges | 652/9 | €44,591 | €61,054 | +€16,463 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €21,171,054 | €38,911,443 | +€17.7m | +83.8% |
| Income taxes | 67/77 | €31,952 | €81,077 | +€49,125 | +154% |
| Taxes | 670/3 | €31,952 | €81,077 | +€49,125 | +154% |
| Profit (loss) for the period | 9904 | €21,139,102 | €38,830,366 | +€17.7m | +83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,139,102 | €38,830,366 | +€17.7m | +83.7% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.