SIN CERA: 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.
What changed
SIN CERA
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€205,442
2024 · €138,753+€66,689
Equity
€947,613
2024 · €742,171+€205,442
Cash
€33,564
2024 · €69,055-€35,492
Balance sheet total
€2.5m
2024 · €2.6m-€85,058
Largest movements
Assets
- Tangible fixed assets -€60,474
down €60,474 (-2.5%), from €2.4m to €2.4m
of which Land and buildings: -€58,778
- Cash -€35,492
down €35,492 (-51.4%), from €69,055 to €33,564
mainly Debts after one year (-€223,364) and Other debts (-€93,755)
Equity and liabilities
- Debts after one year -€223,364
down €223,364 (-20.1%), from €1.1m to €886,644
- Reserves +€205,442
up €205,442 (+32.0%), from €642,171 to €847,613
of which Distributable reserves: +€212,028
- Other debts -€93,755
down €93,755 (-49.8%), from €188,192 to €94,437
Income statement
- Gross operating margin +€106,030
up €106,030 (+30.6%), from €346,266 to €452,296
- Taxes +€30,017
up €30,017 (+45.6%), from €65,803 to €95,819
- Financial charges +€6,299
up €6,299 (+35.9%), from €17,554 to €23,853
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.
Result 2024
€138,753
Gross operating margin
+€106,030
Staff costs
-€2,801
Depreciation
-€256
Other operating charges
+€63
Financial income
-€32
Financial charges
-€6,299
Taxes
-€30,017
Result 2025
€205,442
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€197,608
Investment
-€11,717
Financing
-€221,383
Cash 2024
€69,055
From operations (derived)
+€197,608
Net result for the year
+€205,442
Depreciation
+€71,191
Receivables within one year
-€10,421
Deferred charges and accrued income
+€513
Provisions
-€2,195
Trade debts
+€4,323
Tax, wage and social debts
+€12,825
Other debts
-€93,755
Accrued charges and deferred income
+€9,685
Investment (derived)
-€11,717
Investment in fixed assets (net)
-€11,717
Financing
-€221,383
Debts after one year
-€223,364
Current portion of long-term debt
+€1,980
Cash 2025
€33,564
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,579,909 | €2,494,850 | -€85,058 | -3.3% |
| Fixed assets | 21/28 | €2,443,809 | €2,384,335 | -€59,474 | -2.4% |
| Tangible fixed assets | 22/27 | €2,443,309 | €2,382,835 | -€60,474 | -2.5% |
| Land and buildings | 22 | €2,284,672 | €2,225,894 | -€58,778 | -2.6% |
| Plant, machinery and equipment | 23 | €9,402 | €14,014 | +€4,612 | +49.0% |
| Furniture and vehicles | 24 | €37,686 | €31,377 | -€6,308 | -16.7% |
| Other tangible fixed assets | 26 | €111,550 | €111,550 | = | 0.0% |
| Financial fixed assets | 28 | €500 | €1,500 | +€1,000 | +200% |
| Current assets | 29/58 | €136,099 | €110,515 | -€25,584 | -18.8% |
| Amounts receivable within one year | 40/41 | €62,983 | €73,404 | +€10,421 | +16.5% |
| Trade receivables | 40 | €61,661 | €72,132 | +€10,472 | +17.0% |
| Other amounts receivable | 41 | €1,322 | €1,271 | -€51 | -3.8% |
| Cash at bank and in hand | 54/58 | €69,055 | €33,564 | -€35,492 | -51.4% |
| Deferred charges and accrued income | 490/1 | €4,061 | €3,548 | -€513 | -12.6% |
| Total equity and liabilities | 10/49 | €2,579,909 | €2,494,850 | -€85,058 | -3.3% |
| Equity | 10/15 | €742,171 | €947,613 | +€205,442 | +27.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Contributions outside capital | 11 | €100,000 | €100,000 | = | 0.0% |
| Share premium | 1100/10 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €642,171 | €847,613 | +€205,442 | +32.0% |
| Non-distributable reserves | 130/1 | €4,180 | €4,180 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,180 | €4,180 | = | 0.0% |
| Tax-exempt reserves | 132 | €177,734 | €171,147 | -€6,586 | -3.7% |
| Distributable reserves | 133 | €460,257 | €672,285 | +€212,028 | +46.1% |
| Provisions and deferred taxes | 16 | €58,418 | €56,222 | -€2,195 | -3.8% |
| Deferred taxes | 168 | €58,418 | €56,222 | -€2,195 | -3.8% |
| Amounts payable | 17/49 | €1,779,320 | €1,491,015 | -€288,305 | -16.2% |
| Amounts payable after more than one year | 17 | €1,110,008 | €886,644 | -€223,364 | -20.1% |
| Financial debts | 170/4 | €1,110,008 | €886,644 | -€223,364 | -20.1% |
| Amounts payable within one year | 42/48 | €669,313 | €594,686 | -€74,627 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €421,383 | €423,364 | +€1,980 | +0.5% |
| Trade debts | 44 | €24,510 | €28,833 | +€4,323 | +17.6% |
| Suppliers | 440/4 | €24,510 | €28,833 | +€4,323 | +17.6% |
| Taxes, remuneration and social security | 45 | €35,228 | €48,053 | +€12,825 | +36.4% |
| Taxes | 450/3 | €31,029 | €45,115 | +€14,086 | +45.4% |
| Remuneration and social security | 454/9 | €4,199 | €2,938 | -€1,261 | -30.0% |
| Other amounts payable | 47/48 | €188,192 | €94,437 | -€93,755 | -49.8% |
| Accrued charges and deferred income | 492/3 | - | €9,685 | +€9,685 | |
| Remuneration, social security and pensions | 62 | €53,348 | €56,149 | +€2,801 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,935 | €71,191 | +€256 | +0.4% |
| Other operating charges | 640/8 | €2,215 | €2,152 | -€63 | -2.9% |
| Gross operating margin | 9900 | €346,266 | €452,296 | +€106,030 | +30.6% |
| Operating profit (loss) | 9901 | €219,768 | €322,804 | +€103,036 | +46.9% |
| Financial income | 75/76B | €146 | €114 | -€32 | -22.0% |
| Recurring financial income | 75 | €146 | €114 | -€32 | -22.0% |
| Financial charges | 65/66B | €17,554 | €23,853 | +€6,299 | +35.9% |
| Recurring financial charges | 65 | €17,554 | €23,853 | +€6,299 | +35.9% |
| Profit (loss) for the period before taxes | 9903 | €202,360 | €299,066 | +€96,706 | +47.8% |
| Transfer from deferred taxes | 780 | €2,195 | €2,195 | = | 0.0% |
| Income taxes | 67/77 | €65,803 | €95,819 | +€30,017 | +45.6% |
| Profit (loss) for the period | 9904 | €138,753 | €205,442 | +€66,689 | +48.1% |
| Transfer from tax-exempt reserves | 789 | €6,586 | €6,586 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €145,340 | €212,028 | +€66,689 | +45.9% |
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 18 October 2026 via checked.be.