SINALI: 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.
SINALI
Largest movements
- Receivables after one year -€152,912
no longer reported in 2025 (was €152,912)
- Receivables within one year +€106,860
up €106,860 (+60.0%), from €178,192 to €285,052
of which Other amounts receivable: +€108,362
- Cash -€66,163
down €66,163 (-81.8%), from €80,915 to €14,752
mainly Short-term financial debts (-€152,925) and Receivables within one year (-€106,860)
- Deferred charges and accrued income +€18,809
up €18,809 (+1059.0%), from €1,776 to €20,585
- Short-term financial debts -€152,925
down €152,925 (-96.9%), from €157,881 to €4,956
- Profit (loss) carried forward +€54,356
up €54,356 (+76.0%), from -€71,492 to -€17,136
- Debts after one year -€35,688
no longer reported in 2025 (was €35,688)
- Provisions +€25,000
new in 2025: €25,000
- Tax, wage and social debts +€15,177
up €15,177 (+31.5%), from €48,143 to €63,320
- Financial charges -€221,886
down €221,886 (-99.6%), from €222,889 to €1,002
of which Non-recurring financial charges: -€218,886
- Gross operating margin -€91,281
down €91,281 (-49.6%), from €183,927 to €92,646
- Provisions +€25,000
new in 2025: €25,000
- Taxes -€24,658
down €24,658 (-51.7%), from €47,697 to €23,038
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 | €417,375 | €322,611 | -€94,764 | -22.7% |
| Fixed assets | 21/28 | €3,580 | €2,222 | -€1,358 | -37.9% |
| Tangible fixed assets | 22/27 | €3,580 | €2,222 | -€1,358 | -37.9% |
| Plant, machinery and equipment | 23 | €3,580 | €1,972 | -€1,608 | -44.9% |
| Furniture and vehicles | 24 | - | €250 | +€250 | |
| Current assets | 29/58 | €413,795 | €320,389 | -€93,406 | -22.6% |
| Amounts receivable after more than one year | 29 | €152,912 | - | -€152,912 | |
| Other amounts receivable | 291 | €152,912 | - | -€152,912 | |
| Amounts receivable within one year | 40/41 | €178,192 | €285,052 | +€106,860 | +60.0% |
| Trade receivables | 40 | €1,502 | - | -€1,502 | |
| Other amounts receivable | 41 | €176,690 | €285,052 | +€108,362 | +61.3% |
| Cash at bank and in hand | 54/58 | €80,915 | €14,752 | -€66,163 | -81.8% |
| Deferred charges and accrued income | 490/1 | €1,776 | €20,585 | +€18,809 | +1059.0% |
| Total equity and liabilities | 10/49 | €417,375 | €322,611 | -€94,764 | -22.7% |
| Equity | 10/15 | €175,301 | €227,797 | +€52,496 | +29.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €240,593 | €238,733 | -€1,860 | -0.8% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €238,733 | €238,733 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,492 | -€17,136 | +€54,356 | +76.0% |
| Provisions and deferred taxes | 16 | - | €25,000 | +€25,000 | |
| Provisions for liabilities and charges | 160/5 | - | €25,000 | +€25,000 | |
| Other liabilities and charges | 164/5 | - | €25,000 | +€25,000 | |
| Amounts payable | 17/49 | €242,074 | €69,814 | -€172,260 | -71.2% |
| Amounts payable after more than one year | 17 | €35,688 | - | -€35,688 | |
| Financial debts | 170/4 | €35,688 | - | -€35,688 | |
| Amounts payable within one year | 42/48 | €206,386 | €69,814 | -€136,572 | -66.2% |
| Financial debts | 43 | €157,881 | €4,956 | -€152,925 | -96.9% |
| Credit institutions | 430/8 | €157,881 | €4,956 | -€152,925 | -96.9% |
| Trade debts | 44 | €362 | €1,538 | +€1,176 | +325.2% |
| Suppliers | 440/4 | €362 | €1,538 | +€1,176 | +325.2% |
| Taxes, remuneration and social security | 45 | €48,143 | €63,320 | +€15,177 | +31.5% |
| Taxes | 450/3 | €48,143 | €63,320 | +€15,177 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €307 | €1,644 | +€1,337 | +435.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €25,000 | +€25,000 | |
| Other operating charges | 640/8 | €693 | €2,167 | +€1,474 | +212.5% |
| Gross operating margin | 9900 | €183,927 | €92,646 | -€91,281 | -49.6% |
| Operating profit (loss) | 9901 | €182,927 | €63,835 | -€119,091 | -65.1% |
| Financial income | 75/76B | €12,461 | €12,701 | +€241 | +1.9% |
| Recurring financial income | 75 | €12,461 | €12,701 | +€241 | +1.9% |
| Financial charges | 65/66B | €222,889 | €1,002 | -€221,886 | -99.6% |
| Recurring financial charges | 65 | €4,003 | €1,002 | -€3,001 | -75.0% |
| Non-recurring financial charges | 66B | €218,886 | - | -€218,886 | |
| Profit (loss) for the period before taxes | 9903 | -€27,501 | €75,534 | +€103,035 | |
| Income taxes | 67/77 | €47,697 | €23,038 | -€24,658 | -51.7% |
| Profit (loss) for the period | 9904 | -€75,198 | €52,496 | +€127,694 | |
| Profit (loss) for the period to be appropriated | 9905 | -€75,198 | €52,496 | +€127,694 |
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 5 October 2026 via checked.be.