Sima: 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.
Sima
Largest movements
- Tangible fixed assets +€684,449
up €684,449 (+3.9%), from €17.7m to €18.4m
of which Assets under construction and advance payments: +€500,000
- Cash -€412,186
down €412,186 (-64.1%), from €643,515 to €231,329
mainly Investment in fixed assets (net) (-€1.7m) and Contributions, distributions and other (-€757,036)
- Reserves -€354,499
down €354,499 (-4.7%), from €7.5m to €7.2m
of which Distributable reserves: -€291,563
- Debts after one year +€295,292
up €295,292 (+9.5%), from €3.1m to €3.4m
of which Financial debts: +€295,292
- Other debts +€232,702
up €232,702 (+4.6%), from €5.0m to €5.3m
- Gross operating margin -€637,319
down €637,319 (-23.8%), from €2.7m to €2.0m
- Depreciation -€73,672
down €73,672 (-6.5%), from €1.1m to €1.1m
- Write-downs -€69,152
new in 2025: -€69,152
- Taxes -€46,275
down €46,275 (-16.0%), from €288,665 to €242,390
- Financial charges -€42,295
down €42,295 (-13.3%), from €318,236 to €275,941
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 | €18,963,830 | €19,275,977 | +€312,148 | +1.6% |
| Fixed assets | 21/28 | €18,095,315 | €18,779,764 | +€684,449 | +3.8% |
| Tangible fixed assets | 22/27 | €17,687,326 | €18,371,775 | +€684,449 | +3.9% |
| Land and buildings | 22 | €17,687,326 | €17,871,775 | +€184,449 | +1.0% |
| Assets under construction and advance payments | 27 | - | €500,000 | +€500,000 | |
| Financial fixed assets | 28 | €407,989 | €407,989 | = | 0.0% |
| Current assets | 29/58 | €868,515 | €496,213 | -€372,302 | -42.9% |
| Stocks and contracts in progress | 3 | €12,564 | €8,403 | -€4,161 | -33.1% |
| Stocks | 30/36 | €12,564 | €8,403 | -€4,161 | -33.1% |
| Amounts receivable within one year | 40/41 | €186,913 | €233,893 | +€46,980 | +25.1% |
| Trade receivables | 40 | €155,909 | €227,409 | +€71,500 | +45.9% |
| Other amounts receivable | 41 | €31,004 | €6,483 | -€24,520 | -79.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €643,515 | €231,329 | -€412,186 | -64.1% |
| Deferred charges and accrued income | 490/1 | €25,522 | €22,588 | -€2,935 | -11.5% |
| Total equity and liabilities | 10/49 | €18,963,830 | €19,275,977 | +€312,148 | +1.6% |
| Equity | 10/15 | €9,429,633 | €9,075,134 | -€354,499 | -3.8% |
| Contributions | 10/11 | €1,900,000 | €1,900,000 | = | 0.0% |
| Capital | 10 | €1,900,000 | €1,900,000 | = | 0.0% |
| Issued capital | 100 | €1,900,000 | €1,900,000 | = | 0.0% |
| Reserves | 13 | €7,529,633 | €7,175,134 | -€354,499 | -4.7% |
| Non-distributable reserves | 130/1 | €190,000 | €190,000 | = | 0.0% |
| Legal reserve | 130 | €190,000 | €190,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,068,301 | €2,005,365 | -€62,936 | -3.0% |
| Distributable reserves | 133 | €5,271,332 | €4,979,769 | -€291,563 | -5.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €689,434 | €668,455 | -€20,979 | -3.0% |
| Deferred taxes | 168 | €689,434 | €668,455 | -€20,979 | -3.0% |
| Amounts payable | 17/49 | €8,844,763 | €9,532,388 | +€687,625 | +7.8% |
| Amounts payable after more than one year | 17 | €3,124,176 | €3,419,468 | +€295,292 | +9.5% |
| Financial debts | 170/4 | €3,122,776 | €3,418,068 | +€295,292 | +9.5% |
| Other amounts payable | 178/9 | €1,400 | €1,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,720,588 | €5,948,694 | +€228,107 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €489,704 | €579,708 | +€90,003 | +18.4% |
| Trade debts | 44 | €104,651 | €55,028 | -€49,624 | -47.4% |
| Suppliers | 440/4 | €104,651 | €55,028 | -€49,624 | -47.4% |
| Taxes, remuneration and social security | 45 | €95,610 | €50,635 | -€44,975 | -47.0% |
| Taxes | 450/3 | €95,610 | €50,635 | -€44,975 | -47.0% |
| Other amounts payable | 47/48 | €5,030,622 | €5,263,324 | +€232,702 | +4.6% |
| Accrued charges and deferred income | 492/3 | €0 | €164,226 | +€164,226 | |
| Non-recurring operating income | 76A | €517,753 | €0 | -€517,753 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,128,088 | €1,054,417 | -€73,672 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€69,152 | -€69,152 | |
| Other operating charges | 640/8 | €199,671 | €161,283 | -€38,388 | -19.2% |
| Gross operating margin | 9900 | €2,681,461 | €2,044,142 | -€637,319 | -23.8% |
| Operating profit (loss) | 9901 | €1,353,702 | €897,595 | -€456,107 | -33.7% |
| Financial income | 75/76B | €4,996 | €2,296 | -€2,701 | -54.1% |
| Recurring financial income | 75 | €4,996 | €2,296 | -€2,701 | -54.1% |
| Financial charges | 65/66B | €318,236 | €275,941 | -€42,295 | -13.3% |
| Recurring financial charges | 65 | €318,236 | €275,941 | -€42,295 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €1,040,463 | €623,949 | -€416,513 | -40.0% |
| Transfer from deferred taxes | 780 | €20,979 | €20,979 | +€0 | 0.0% |
| Transfer to deferred taxes | 680 | €101,378 | €0 | -€101,378 | -100.0% |
| Income taxes | 67/77 | €288,665 | €242,390 | -€46,275 | -16.0% |
| Profit (loss) for the period | 9904 | €671,399 | €402,538 | -€268,861 | -40.0% |
| Transfer from tax-exempt reserves | 789 | €62,936 | €62,936 | -€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €304,133 | €0 | -€304,133 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €430,202 | €465,474 | +€35,272 | +8.2% |
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 4 October 2026 via checked.be.