SIMORGH: 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.
SIMORGH
Largest movements
- Receivables within one year +€24,613
up €24,613 (+30.8%), from €79,944 to €104,557
of which Other amounts receivable: +€48,953
- Cash +€10,166
up €10,166 (+33.7%), from €30,130 to €40,296
mainly Net result for the year (+€47,574) and Depreciation (+€5,583)
- Tangible fixed assets -€5,583
down €5,583 (-63.6%), from €8,780 to €3,197
of which Furniture and vehicles: -€5,413
- Profit (loss) carried forward +€47,574
up €47,574 (+86.6%), from €54,930 to €102,504
- Debts after one year -€21,794
down €21,794 (-65.9%), from €33,074 to €11,280
- Tax, wage and social debts +€1,732
up €1,732 (+556.8%), from €311 to €2,044
- Gross operating margin +€61,576
up €61,576 (+188.3%), from €32,699 to €94,275
- Staff costs +€31,372
up €31,372 (+932.9%), from €3,363 to €34,735
- Depreciation -€6,144
down €6,144 (-52.4%), from €11,726 to €5,583
- Other operating charges -€3,801
down €3,801 (-74.1%), from €5,127 to €1,326
- Taxes +€1,615
up €1,615 (+128.0%), from €1,262 to €2,877
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 | €119,242 | €148,050 | +€28,808 | +24.2% |
| Fixed assets | 21/28 | €8,780 | €3,197 | -€5,583 | -63.6% |
| Tangible fixed assets | 22/27 | €8,780 | €3,197 | -€5,583 | -63.6% |
| Plant, machinery and equipment | 23 | €425 | €255 | -€170 | -40.0% |
| Furniture and vehicles | 24 | €8,355 | €2,942 | -€5,413 | -64.8% |
| Current assets | 29/58 | €110,462 | €144,853 | +€34,391 | +31.1% |
| Amounts receivable within one year | 40/41 | €79,944 | €104,557 | +€24,613 | +30.8% |
| Trade receivables | 40 | €34,157 | €9,816 | -€24,340 | -71.3% |
| Other amounts receivable | 41 | €45,788 | €94,741 | +€48,953 | +106.9% |
| Cash at bank and in hand | 54/58 | €30,130 | €40,296 | +€10,166 | +33.7% |
| Deferred charges and accrued income | 490/1 | €387 | - | -€387 | |
| Total equity and liabilities | 10/49 | €119,242 | €148,050 | +€28,808 | +24.2% |
| Equity | 10/15 | €59,930 | €107,504 | +€47,574 | +79.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | - | -€5,000 | |
| Issued capital | 100 | €5,000 | - | -€5,000 | |
| Profit (loss) carried forward | 14 | €54,930 | €102,504 | +€47,574 | +86.6% |
| Amounts payable | 17/49 | €59,312 | €40,546 | -€18,766 | -31.6% |
| Amounts payable after more than one year | 17 | €33,074 | €11,280 | -€21,794 | -65.9% |
| Financial debts | 170/4 | €33,074 | €11,280 | -€21,794 | -65.9% |
| Amounts payable within one year | 42/48 | €26,239 | €29,267 | +€3,028 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €20,812 | €21,794 | +€982 | +4.7% |
| Trade debts | 44 | €5,116 | €5,429 | +€314 | +6.1% |
| Suppliers | 440/4 | €5,116 | €5,429 | +€314 | +6.1% |
| Taxes, remuneration and social security | 45 | €311 | €2,044 | +€1,732 | +556.8% |
| Remuneration and social security | 454/9 | €311 | €2,044 | +€1,732 | +556.8% |
| Remuneration, social security and pensions | 62 | €3,363 | €34,735 | +€31,372 | +932.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,726 | €5,583 | -€6,144 | -52.4% |
| Other operating charges | 640/8 | €5,127 | €1,326 | -€3,801 | -74.1% |
| Gross operating margin | 9900 | €32,699 | €94,275 | +€61,576 | +188.3% |
| Operating profit (loss) | 9901 | €12,483 | €52,632 | +€40,149 | +321.6% |
| Financial income | 75/76B | €0 | €0 | +€0 | +25.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +25.0% |
| Financial charges | 65/66B | €1,381 | €2,181 | +€799 | +57.9% |
| Recurring financial charges | 65 | €1,381 | €2,181 | +€799 | +57.9% |
| Profit (loss) for the period before taxes | 9903 | €11,101 | €50,451 | +€39,350 | +354.5% |
| Income taxes | 67/77 | €1,262 | €2,877 | +€1,615 | +128.0% |
| Profit (loss) for the period | 9904 | €9,839 | €47,574 | +€37,735 | +383.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,839 | €47,574 | +€37,735 | +383.5% |
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 9 October 2026 via checked.be.