SINATRA: 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.
SINATRA
Largest movements
- Tangible fixed assets -€61,711
down €61,711 (-20.4%), from €302,609 to €240,898
of which Plant, machinery and equipment: -€47,328
- Stocks and contracts -€13,379
down €13,379 (-60.1%), from €22,248 to €8,869
- Receivables within one year +€7,688
up €7,688 (+26.7%), from €28,767 to €36,454
of which Trade receivables: +€10,043
- Other debts +€182,345
up €182,345 (+31.2%), from €585,177 to €767,522
- Profit (loss) carried forward -€159,260
down €159,260 (-33.3%), from -€478,695 to -€637,955
- Trade debts -€52,210
down €52,210 (-34.1%), from €152,966 to €100,757
- Current portion of long-term debt -€17,486
no longer reported in 2025 (was €17,486)
- Tax, wage and social debts -€14,977
down €14,977 (-53.2%), from €28,127 to €13,150
of which Remuneration and social security: -€18,961
- Staff costs -€143,317
down €143,317 (-54.5%), from €262,975 to €119,658
- Depreciation +€11,604
up €11,604 (+23.2%), from €50,108 to €61,711
- Gross operating margin -€6,852
down €6,852 (-17.7%), from €38,656 to €31,804
- Financial charges -€2,158
down €2,158 (-18.3%), from €11,812 to €9,654
- Other operating charges -€1,568
down €1,568 (-92.9%), from €1,688 to €120
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 | €364,468 | €294,637 | -€69,832 | -19.2% |
| Fixed assets | 21/28 | €305,422 | €246,315 | -€59,107 | -19.4% |
| Tangible fixed assets | 22/27 | €302,609 | €240,898 | -€61,711 | -20.4% |
| Land and buildings | 22 | €20,615 | €15,364 | -€5,252 | -25.5% |
| Plant, machinery and equipment | 23 | €202,974 | €155,645 | -€47,328 | -23.3% |
| Furniture and vehicles | 24 | €2,345 | €1,752 | -€592 | -25.3% |
| Other tangible fixed assets | 26 | €76,676 | €68,137 | -€8,539 | -11.1% |
| Financial fixed assets | 28 | €2,813 | €5,417 | +€2,604 | +92.6% |
| Current assets | 29/58 | €59,047 | €48,322 | -€10,725 | -18.2% |
| Stocks and contracts in progress | 3 | €22,248 | €8,869 | -€13,379 | -60.1% |
| Stocks | 30/36 | €22,248 | €8,869 | -€13,379 | -60.1% |
| Amounts receivable within one year | 40/41 | €28,767 | €36,454 | +€7,688 | +26.7% |
| Trade receivables | 40 | €18,478 | €28,521 | +€10,043 | +54.3% |
| Other amounts receivable | 41 | €10,288 | €7,933 | -€2,355 | -22.9% |
| Cash at bank and in hand | 54/58 | €1,570 | - | -€1,570 | |
| Deferred charges and accrued income | 490/1 | €6,462 | €2,998 | -€3,464 | -53.6% |
| Total equity and liabilities | 10/49 | €364,468 | €294,637 | -€69,832 | -19.2% |
| Equity | 10/15 | -€458,235 | -€617,495 | -€159,260 | -34.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€478,695 | -€637,955 | -€159,260 | -33.3% |
| Amounts payable | 17/49 | €822,704 | €912,132 | +€89,428 | +10.9% |
| Amounts payable within one year | 42/48 | €822,704 | €912,132 | +€89,428 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €17,486 | - | -€17,486 | |
| Financial debts | 43 | €38,948 | €30,704 | -€8,244 | -21.2% |
| Credit institutions | 430/8 | €38,948 | €30,704 | -€8,244 | -21.2% |
| Trade debts | 44 | €152,966 | €100,757 | -€52,210 | -34.1% |
| Suppliers | 440/4 | €152,966 | €100,757 | -€52,210 | -34.1% |
| Taxes, remuneration and social security | 45 | €28,127 | €13,150 | -€14,977 | -53.2% |
| Taxes | 450/3 | - | €3,984 | +€3,984 | |
| Remuneration and social security | 454/9 | €28,127 | €9,166 | -€18,961 | -67.4% |
| Other amounts payable | 47/48 | €585,177 | €767,522 | +€182,345 | +31.2% |
| Remuneration, social security and pensions | 62 | €262,975 | €119,658 | -€143,317 | -54.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,108 | €61,711 | +€11,604 | +23.2% |
| Other operating charges | 640/8 | €1,688 | €120 | -€1,568 | -92.9% |
| Gross operating margin | 9900 | €38,656 | €31,804 | -€6,852 | -17.7% |
| Operating profit (loss) | 9901 | -€276,115 | -€149,685 | +€126,430 | +45.8% |
| Financial income | 75/76B | €0 | €79 | +€79 | +46617.6% |
| Recurring financial income | 75 | €0 | €79 | +€79 | +46617.6% |
| Financial charges | 65/66B | €11,812 | €9,654 | -€2,158 | -18.3% |
| Recurring financial charges | 65 | €11,812 | €9,654 | -€2,158 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | -€287,927 | -€159,260 | +€128,667 | +44.7% |
| Profit (loss) for the period | 9904 | -€287,927 | -€159,260 | +€128,667 | +44.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€287,927 | -€159,260 | +€128,667 | +44.7% |
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 12 October 2026 via checked.be.