SINDUCON: 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.
SINDUCON
Largest movements
- Receivables after one year +€110,000
new in 2025: €110,000
- Cash -€81,990
down €81,990 (-57.5%), from €142,533 to €60,543
mainly Receivables after one year (-€110,000) and Receivables within one year (-€31,026)
- Receivables within one year +€31,026
up €31,026 (+134.0%), from €23,158 to €54,183
of which Trade receivables: +€34,947
- Tangible fixed assets -€6,813
down €6,813 (-48.7%), from €13,980 to €7,167
of which Leasing and similar rights: -€6,018
- Reserves +€33,005
up €33,005 (+24.5%), from €134,725 to €167,730
- Other debts +€18,724
up €18,724 (+62.2%), from €30,112 to €48,836
- Tax, wage and social debts +€7,381
up €7,381 (+377.3%), from €1,956 to €9,337
- Current portion of long-term debt -€4,166
no longer reported in 2025 (was €4,166)
- Trade debts -€2,425
down €2,425 (-56.7%), from €4,277 to €1,852
- Gross operating margin -€3,508
down €3,508 (-6.0%), from €58,600 to €55,092
- Taxes -€1,698
down €1,698 (-11.0%), from €15,420 to €13,722
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 | €181,236 | €233,755 | +€52,519 | +29.0% |
| Fixed assets | 21/28 | €13,980 | €7,167 | -€6,813 | -48.7% |
| Tangible fixed assets | 22/27 | €13,980 | €7,167 | -€6,813 | -48.7% |
| Plant, machinery and equipment | 23 | - | €1,071 | +€1,071 | |
| Furniture and vehicles | 24 | €4,457 | €2,592 | -€1,866 | -41.9% |
| Leasing and similar rights | 25 | €9,522 | €3,504 | -€6,018 | -63.2% |
| Current assets | 29/58 | €167,257 | €226,588 | +€59,331 | +35.5% |
| Amounts receivable after more than one year | 29 | - | €110,000 | +€110,000 | |
| Other amounts receivable | 291 | - | €110,000 | +€110,000 | |
| Amounts receivable within one year | 40/41 | €23,158 | €54,183 | +€31,026 | +134.0% |
| Trade receivables | 40 | €17,958 | €52,905 | +€34,947 | +194.6% |
| Other amounts receivable | 41 | €5,200 | €1,278 | -€3,922 | -75.4% |
| Cash at bank and in hand | 54/58 | €142,533 | €60,543 | -€81,990 | -57.5% |
| Deferred charges and accrued income | 490/1 | €1,566 | €1,862 | +€296 | +18.9% |
| Total equity and liabilities | 10/49 | €181,236 | €233,755 | +€52,519 | +29.0% |
| Equity | 10/15 | €140,725 | €173,730 | +€33,005 | +23.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €134,725 | €167,730 | +€33,005 | +24.5% |
| Distributable reserves | 133 | €134,725 | €167,730 | +€33,005 | +24.5% |
| Amounts payable | 17/49 | €40,511 | €60,025 | +€19,513 | +48.2% |
| Amounts payable within one year | 42/48 | €40,511 | €60,025 | +€19,513 | +48.2% |
| Current portion of amounts payable after more than one year | 42 | €4,166 | - | -€4,166 | |
| Trade debts | 44 | €4,277 | €1,852 | -€2,425 | -56.7% |
| Suppliers | 440/4 | €4,277 | €1,852 | -€2,425 | -56.7% |
| Taxes, remuneration and social security | 45 | €1,956 | €9,337 | +€7,381 | +377.3% |
| Taxes | 450/3 | €1,956 | €9,337 | +€7,381 | +377.3% |
| Other amounts payable | 47/48 | €30,112 | €48,836 | +€18,724 | +62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,550 | €7,924 | +€375 | +5.0% |
| Other operating charges | 640/8 | €623 | €63 | -€560 | -89.8% |
| Gross operating margin | 9900 | €58,600 | €55,092 | -€3,508 | -6.0% |
| Operating profit (loss) | 9901 | €50,427 | €47,104 | -€3,324 | -6.6% |
| Financial income | 75/76B | €206 | - | -€206 | |
| Recurring financial income | 75 | €206 | - | -€206 | |
| Financial charges | 65/66B | €43 | €376 | +€333 | +774.8% |
| Recurring financial charges | 65 | €43 | €376 | +€333 | +774.8% |
| Profit (loss) for the period before taxes | 9903 | €50,590 | €46,727 | -€3,863 | -7.6% |
| Income taxes | 67/77 | €15,420 | €13,722 | -€1,698 | -11.0% |
| Profit (loss) for the period | 9904 | €35,170 | €33,005 | -€2,165 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,170 | €33,005 | -€2,165 | -6.2% |
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.