SINCERITAS: 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.
SINCERITAS
Largest movements
- Cash +€52,713
up €52,713 (+493%), from €10,700 to €63,413
mainly Receivables within one year (+€38,353) and Trade debts (+€16,535)
- Receivables within one year -€38,353
down €38,353 (-41.4%), from €92,652 to €54,300
of which Trade receivables: -€45,579
- Current investments +€6,366
up €6,366 (+11.9%), from €53,649 to €60,015
- Tangible fixed assets -€2,096
down €2,096 (-31.0%), from €6,770 to €4,673
- Trade debts +€16,535
up €16,535 (+780%), from €2,119 to €18,653
- Reserves +€10,242
up €10,242 (+9.2%), from €111,045 to €121,286
of which Distributable reserves: +€10,242
- Other debts -€7,795
down €7,795 (-72.5%), from €10,747 to €2,953
- Gross operating margin -€22,760
down €22,760 (-55.5%), from €40,993 to €18,233
- Taxes -€7,924
down €7,924 (-60.2%), from €13,162 to €5,238
- Financial charges -€904
down €904 (-96.0%), from €942 to €38
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €164,526 | €183,236 | +€18,710 | +11.4% |
| Fixed assets | 21/28 | €6,770 | €4,673 | -€2,096 | -31.0% |
| Tangible fixed assets | 22/27 | €6,770 | €4,673 | -€2,096 | -31.0% |
| Land and buildings | 22 | €3,857 | €3,200 | -€657 | -17.0% |
| Plant, machinery and equipment | 23 | €745 | €149 | -€596 | -80.0% |
| Furniture and vehicles | 24 | €2,167 | €1,324 | -€844 | -38.9% |
| Current assets | 29/58 | €157,756 | €178,562 | +€20,806 | +13.2% |
| Amounts receivable within one year | 40/41 | €92,652 | €54,300 | -€38,353 | -41.4% |
| Trade receivables | 40 | €74,978 | €29,399 | -€45,579 | -60.8% |
| Other amounts receivable | 41 | €17,675 | €24,901 | +€7,226 | +40.9% |
| Current investments | 50/53 | €53,649 | €60,015 | +€6,366 | +11.9% |
| Cash at bank and in hand | 54/58 | €10,700 | €63,413 | +€52,713 | +493% |
| Deferred charges and accrued income | 490/1 | €755 | €834 | +€79 | +10.5% |
| Total equity and liabilities | 10/49 | €164,526 | €183,236 | +€18,710 | +11.4% |
| Equity | 10/15 | €129,645 | €139,886 | +€10,242 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,045 | €121,286 | +€10,242 | +9.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €109,185 | €119,426 | +€10,242 | +9.4% |
| Amounts payable | 17/49 | €34,881 | €43,349 | +€8,468 | +24.3% |
| Amounts payable within one year | 42/48 | €33,976 | €42,444 | +€8,468 | +24.9% |
| Trade debts | 44 | €2,119 | €18,653 | +€16,535 | +780% |
| Suppliers | 440/4 | €2,119 | €18,653 | +€16,535 | +780% |
| Taxes, remuneration and social security | 45 | €21,110 | €20,838 | -€272 | -1.3% |
| Taxes | 450/3 | €21,110 | €20,838 | -€272 | -1.3% |
| Other amounts payable | 47/48 | €10,747 | €2,953 | -€7,795 | -72.5% |
| Accrued charges and deferred income | 492/3 | €905 | €905 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,166 | €2,096 | -€70 | -3.2% |
| Other operating charges | 640/8 | €834 | €986 | +€152 | +18.2% |
| Gross operating margin | 9900 | €40,993 | €18,233 | -€22,760 | -55.5% |
| Operating profit (loss) | 9901 | €37,993 | €15,151 | -€22,842 | -60.1% |
| Financial income | 75/76B | €150 | €367 | +€217 | +145% |
| Recurring financial income | 75 | €150 | €367 | +€217 | +145% |
| Financial charges | 65/66B | €942 | €38 | -€904 | -96.0% |
| Recurring financial charges | 65 | €942 | €38 | -€904 | -96.0% |
| Profit (loss) for the period before taxes | 9903 | €37,201 | €15,480 | -€21,721 | -58.4% |
| Income taxes | 67/77 | €13,162 | €5,238 | -€7,924 | -60.2% |
| Profit (loss) for the period | 9904 | €24,038 | €10,242 | -€13,797 | -57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €24,038 | €10,242 | -€13,797 | -57.4% |
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 30 October 2026 via checked.be.