Sine Labore Nihil: 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.
Sine Labore Nihil
Largest movements
- Stocks and contracts -€196,471
no longer reported in 2025 (was €196,471)
- Cash -€171,209
down €171,209 (-46.0%), from €372,495 to €201,286
mainly Other debts (-€224,597) and Investment in fixed assets (net) (-€146,064)
- Tangible fixed assets +€113,176
up €113,176 (+7.5%), from €1.5m to €1.6m
- Receivables within one year +€25,349
new in 2025: €25,349
of which Trade receivables: +€21,500
- Other debts -€224,597
down €224,597 (-29.0%), from €775,654 to €551,058
- Reserves +€109,770
up €109,770 (+57.8%), from €189,888 to €299,658
- Debts after one year -€88,719
down €88,719 (-9.6%), from €923,204 to €834,485
- Tax, wage and social debts -€40,314
down €40,314 (-89.9%), from €44,842 to €4,529
- Gross operating margin -€169,280
down €169,280 (-45.5%), from €372,079 to €202,799
- Other operating charges -€55,850
down €55,850 (-88.6%), from €63,058 to €7,209
- Taxes -€27,025
down €27,025 (-41.9%), from €64,529 to €37,504
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 | €2,087,342 | €1,858,497 | -€228,844 | -11.0% |
| Fixed assets | 21/28 | €1,517,868 | €1,631,045 | +€113,176 | +7.5% |
| Tangible fixed assets | 22/27 | €1,517,868 | €1,631,045 | +€113,176 | +7.5% |
| Land and buildings | 22 | €1,517,868 | €1,631,045 | +€113,176 | +7.5% |
| Current assets | 29/58 | €569,473 | €227,453 | -€342,021 | -60.1% |
| Stocks and contracts in progress | 3 | €196,471 | - | -€196,471 | |
| Stocks | 30/36 | €196,471 | - | -€196,471 | |
| Amounts receivable within one year | 40/41 | - | €25,349 | +€25,349 | |
| Trade receivables | 40 | - | €21,500 | +€21,500 | |
| Other amounts receivable | 41 | - | €3,849 | +€3,849 | |
| Cash at bank and in hand | 54/58 | €372,495 | €201,286 | -€171,209 | -46.0% |
| Deferred charges and accrued income | 490/1 | €508 | €818 | +€309 | +60.9% |
| Total equity and liabilities | 10/49 | €2,087,342 | €1,858,497 | -€228,844 | -11.0% |
| Equity | 10/15 | €209,888 | €319,658 | +€109,770 | +52.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €189,888 | €299,658 | +€109,770 | +57.8% |
| Distributable reserves | 133 | €189,888 | €299,658 | +€109,770 | +57.8% |
| Amounts payable | 17/49 | €1,877,454 | €1,538,839 | -€338,614 | -18.0% |
| Amounts payable after more than one year | 17 | €923,204 | €834,485 | -€88,719 | -9.6% |
| Financial debts | 170/4 | €923,204 | €834,485 | -€88,719 | -9.6% |
| Amounts payable within one year | 42/48 | €952,750 | €702,855 | -€249,895 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €86,533 | €88,719 | +€2,187 | +2.5% |
| Trade debts | 44 | €44,330 | €57,159 | +€12,829 | +28.9% |
| Suppliers | 440/4 | €44,330 | €57,159 | +€12,829 | +28.9% |
| Advances received on contracts in progress | 46 | €1,390 | €1,390 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €44,842 | €4,529 | -€40,314 | -89.9% |
| Taxes | 450/3 | €44,842 | €4,529 | -€40,314 | -89.9% |
| Other amounts payable | 47/48 | €775,654 | €551,058 | -€224,597 | -29.0% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,319 | €32,887 | +€3,569 | +12.2% |
| Other operating charges | 640/8 | €63,058 | €7,209 | -€55,850 | -88.6% |
| Gross operating margin | 9900 | €372,079 | €202,799 | -€169,280 | -45.5% |
| Operating profit (loss) | 9901 | €279,702 | €162,703 | -€116,999 | -41.8% |
| Financial income | 75/76B | - | €913 | +€913 | |
| Recurring financial income | 75 | - | €913 | +€913 | |
| Non-recurring financial income | 76B | - | €913 | +€913 | |
| Financial charges | 65/66B | €18,519 | €16,343 | -€2,177 | -11.8% |
| Recurring financial charges | 65 | €18,519 | €16,343 | -€2,177 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €261,183 | €147,274 | -€113,909 | -43.6% |
| Income taxes | 67/77 | €64,529 | €37,504 | -€27,025 | -41.9% |
| Profit (loss) for the period | 9904 | €196,654 | €109,770 | -€86,884 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €196,654 | €109,770 | -€86,884 | -44.2% |
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 31 October 2026 via checked.be.