SINATURE: 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.
SINATURE
Largest movements
- Receivables within one year +€190,464
up €190,464 (+49.4%), from €385,727 to €576,191
of which Trade receivables: +€213,814
- Cash -€178,874
down €178,874 (-18.5%), from €967,961 to €789,087
mainly Receivables within one year (-€190,464) and Trade debts (-€181,839)
- Tangible fixed assets -€25,857
down €25,857 (-30.1%), from €86,036 to €60,179
of which Furniture and vehicles: -€18,040
- Stocks and contracts +€23,201
up €23,201 (+70.2%), from €33,037 to €56,238
- Trade debts -€181,839
down €181,839 (-52.2%), from €348,421 to €166,582
- Reserves +€103,487
up €103,487 (+9.9%), from €1.0m to €1.1m
of which Distributable reserves: +€103,487
- Accrued charges and deferred income +€60,000
new in 2025: €60,000
- Tax, wage and social debts +€19,176
up €19,176 (+23.1%), from €82,912 to €102,088
of which Taxes: +€15,979
- Gross operating margin -€33,100
down €33,100 (-6.2%), from €534,106 to €501,006
- Financial income -€14,339
down €14,339 (-77.4%), from €18,519 to €4,180
- Taxes -€11,283
down €11,283 (-22.2%), from €50,740 to €39,457
- Depreciation -€10,240
down €10,240 (-25.9%), from €39,597 to €29,357
- Staff costs -€8,149
down €8,149 (-2.6%), from €313,125 to €304,976
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 | €1,550,646 | €1,563,759 | +€13,114 | +0.8% |
| Fixed assets | 21/28 | €91,036 | €65,179 | -€25,857 | -28.4% |
| Tangible fixed assets | 22/27 | €86,036 | €60,179 | -€25,857 | -30.1% |
| Plant, machinery and equipment | 23 | €25,804 | €19,389 | -€6,415 | -24.9% |
| Furniture and vehicles | 24 | €57,150 | €39,110 | -€18,040 | -31.6% |
| Other tangible fixed assets | 26 | €3,082 | €1,680 | -€1,402 | -45.5% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,459,610 | €1,498,580 | +€38,971 | +2.7% |
| Stocks and contracts in progress | 3 | €33,037 | €56,238 | +€23,201 | +70.2% |
| Stocks | 30/36 | €33,037 | €56,238 | +€23,201 | +70.2% |
| Amounts receivable within one year | 40/41 | €385,727 | €576,191 | +€190,464 | +49.4% |
| Trade receivables | 40 | €219,252 | €433,066 | +€213,814 | +97.5% |
| Other amounts receivable | 41 | €166,475 | €143,125 | -€23,350 | -14.0% |
| Cash at bank and in hand | 54/58 | €967,961 | €789,087 | -€178,874 | -18.5% |
| Deferred charges and accrued income | 490/1 | €72,884 | €77,064 | +€4,180 | +5.7% |
| Total equity and liabilities | 10/49 | €1,550,646 | €1,563,759 | +€13,114 | +0.8% |
| Equity | 10/15 | €1,119,313 | €1,222,801 | +€103,487 | +9.2% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €1,044,945 | €1,148,433 | +€103,487 | +9.9% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €1,037,509 | €1,140,996 | +€103,487 | +10.0% |
| Amounts payable | 17/49 | €431,332 | €340,959 | -€90,374 | -21.0% |
| Amounts payable within one year | 42/48 | €431,332 | €280,959 | -€150,374 | -34.9% |
| Financial debts | 43 | - | €12,289 | +€12,289 | |
| Credit institutions | 430/8 | - | €12,289 | +€12,289 | |
| Trade debts | 44 | €348,421 | €166,582 | -€181,839 | -52.2% |
| Suppliers | 440/4 | €348,421 | €166,582 | -€181,839 | -52.2% |
| Taxes, remuneration and social security | 45 | €82,912 | €102,088 | +€19,176 | +23.1% |
| Taxes | 450/3 | €35,575 | €51,554 | +€15,979 | +44.9% |
| Remuneration and social security | 454/9 | €47,337 | €50,534 | +€3,197 | +6.8% |
| Accrued charges and deferred income | 492/3 | - | €60,000 | +€60,000 | |
| Remuneration, social security and pensions | 62 | €313,125 | €304,976 | -€8,149 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,597 | €29,357 | -€10,240 | -25.9% |
| Other operating charges | 640/8 | €22,783 | €24,996 | +€2,213 | +9.7% |
| Non-recurring operating charges | 66A | - | €371 | +€371 | |
| Gross operating margin | 9900 | €534,106 | €501,006 | -€33,100 | -6.2% |
| Operating profit (loss) | 9901 | €158,601 | €141,307 | -€17,295 | -10.9% |
| Financial income | 75/76B | €18,519 | €4,180 | -€14,339 | -77.4% |
| Recurring financial income | 75 | €18,519 | €4,180 | -€14,339 | -77.4% |
| Financial charges | 65/66B | €2,417 | €2,543 | +€126 | +5.2% |
| Recurring financial charges | 65 | €2,417 | €2,543 | +€126 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €174,704 | €142,944 | -€31,760 | -18.2% |
| Income taxes | 67/77 | €50,740 | €39,457 | -€11,283 | -22.2% |
| Profit (loss) for the period | 9904 | €123,964 | €103,487 | -€20,477 | -16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €123,964 | €103,487 | -€20,477 | -16.5% |
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.