SINICARS: 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.
SINICARS
Largest movements
- Stocks and contracts +€66,950
up €66,950 (+19.0%), from €351,586 to €418,537
- Cash -€61,731
down €61,731 (-47.9%), from €128,878 to €67,146
mainly Trade debts (-€88,942) and Stocks and contracts (-€66,950)
- Trade debts -€88,942
down €88,942 (-67.1%), from €132,619 to €43,676
- Profit (loss) carried forward +€87,549
up €87,549 (+1,520%), from €5,759 to €93,308
- Tax, wage and social debts +€48,357
up €48,357 (+788%), from €6,135 to €54,492
of which Taxes: +€42,357
- Other debts -€33,377
down €33,377 (-5.7%), from €580,633 to €547,256
- Gross operating margin +€84,616
up €84,616 (+88.3%), from €95,779 to €180,395
- Financial charges +€41,872
up €41,872 (+251%), from €16,657 to €58,530
- Taxes +€31,124
up €31,124 (+3,035%), from €1,026 to €32,150
- Other operating charges -€11,324
down €11,324 (-90.5%), from €12,508 to €1,184
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 | €745,606 | €759,192 | +€13,586 | +1.8% |
| Fixed assets | 21/28 | €23,420 | €25,045 | +€1,625 | +6.9% |
| Tangible fixed assets | 22/27 | €16,670 | €18,295 | +€1,625 | +9.8% |
| Furniture and vehicles | 24 | €1,170 | €2,795 | +€1,625 | +139% |
| Other tangible fixed assets | 26 | €15,500 | €15,500 | = | 0.0% |
| Financial fixed assets | 28 | €6,750 | €6,750 | = | 0.0% |
| Current assets | 29/58 | €722,187 | €734,147 | +€11,960 | +1.7% |
| Stocks and contracts in progress | 3 | €351,586 | €418,537 | +€66,950 | +19.0% |
| Stocks | 30/36 | €351,586 | €418,537 | +€66,950 | +19.0% |
| Amounts receivable within one year | 40/41 | €241,723 | €244,464 | +€2,741 | +1.1% |
| Trade receivables | 40 | €182,750 | €131,999 | -€50,751 | -27.8% |
| Other amounts receivable | 41 | €58,973 | €112,465 | +€53,492 | +90.7% |
| Cash at bank and in hand | 54/58 | €128,878 | €67,146 | -€61,731 | -47.9% |
| Deferred charges and accrued income | 490/1 | - | €4,000 | +€4,000 | |
| Total equity and liabilities | 10/49 | €745,606 | €759,192 | +€13,586 | +1.8% |
| Equity | 10/15 | €26,219 | €113,768 | +€87,549 | +334% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,759 | €93,308 | +€87,549 | +1,520% |
| Amounts payable | 17/49 | €719,387 | €645,424 | -€73,963 | -10.3% |
| Amounts payable within one year | 42/48 | €719,387 | €645,424 | -€73,963 | -10.3% |
| Trade debts | 44 | €132,619 | €43,676 | -€88,942 | -67.1% |
| Suppliers | 440/4 | €132,619 | €43,676 | -€88,942 | -67.1% |
| Taxes, remuneration and social security | 45 | €6,135 | €54,492 | +€48,357 | +788% |
| Taxes | 450/3 | €2,985 | €45,342 | +€42,357 | +1,419% |
| Remuneration and social security | 454/9 | €3,150 | €9,150 | +€6,000 | +190% |
| Other amounts payable | 47/48 | €580,633 | €547,256 | -€33,377 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70 | €1,019 | +€949 | +1,355% |
| Other operating charges | 640/8 | €12,508 | €1,184 | -€11,324 | -90.5% |
| Gross operating margin | 9900 | €95,779 | €180,395 | +€84,616 | +88.3% |
| Operating profit (loss) | 9901 | €83,201 | €178,193 | +€94,992 | +114% |
| Financial income | 75/76B | €170 | €36 | -€135 | -79.1% |
| Recurring financial income | 75 | €170 | €36 | -€135 | -79.1% |
| Financial charges | 65/66B | €16,657 | €58,530 | +€41,872 | +251% |
| Recurring financial charges | 65 | €16,657 | €58,530 | +€41,872 | +251% |
| Profit (loss) for the period before taxes | 9903 | €66,714 | €119,698 | +€52,985 | +79.4% |
| Income taxes | 67/77 | €1,026 | €32,150 | +€31,124 | +3,035% |
| Profit (loss) for the period | 9904 | €65,688 | €87,549 | +€21,861 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €65,688 | €87,549 | +€21,861 | +33.3% |
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 17 October 2026 via checked.be.