SINT-BAAFS: what changed
Two fiscal 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.
SINT-BAAFS
Largest movements
- Current investments +€83,407
up €83,407 (+3.5%), from €2.4m to €2.4m
- Cash +€56,305
up €56,305 (+55.3%), from €101,732 to €158,037
- Reserves +€150,354
up €150,354 (+40435.2%), from €372 to €150,726
of which Distributable reserves: +€142,871
- Financial charges +€155,882
up €155,882, from -€127,144 to €28,738
- Financial income +€116,823
up €116,823 (+365.7%), from €31,944 to €148,767
- Gross operating margin +€50,472
up €50,472 (+355.4%), from €14,201 to €64,673
- Depreciation +€4,883
up €4,883 (+75.0%), from €6,511 to €11,394
- Other operating charges +€4,777
up €4,777 (+122.8%), from €3,890 to €8,667
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,702,534 | €2,833,715 | +€131,181 | +4.9% |
| Fixed assets | 21/28 | €222,995 | €211,333 | -€11,662 | -5.2% |
| Tangible fixed assets | 22/27 | €221,459 | €210,064 | -€11,394 | -5.1% |
| Land and buildings | 22 | €221,459 | €210,064 | -€11,394 | -5.1% |
| Financial fixed assets | 28 | €1,537 | €1,269 | -€268 | -17.4% |
| Current assets | 29/58 | €2,479,539 | €2,622,382 | +€142,843 | +5.8% |
| Amounts receivable within one year | 40/41 | €15,906 | €19,037 | +€3,131 | +19.7% |
| Trade receivables | 40 | €5,616 | €811 | -€4,805 | -85.6% |
| Other amounts receivable | 41 | €10,291 | €18,227 | +€7,936 | +77.1% |
| Current investments | 50/53 | €2,361,901 | €2,445,308 | +€83,407 | +3.5% |
| Cash at bank and in hand | 54/58 | €101,732 | €158,037 | +€56,305 | +55.3% |
| Total equity and liabilities | 10/49 | €2,702,534 | €2,833,715 | +€131,181 | +4.9% |
| Equity | 10/15 | €2,672,382 | €2,822,736 | +€150,354 | +5.6% |
| Contributions | 10/11 | €2,722,000 | €2,722,000 | = | 0.0% |
| Capital | 10 | €2,722,000 | €2,722,000 | = | 0.0% |
| Issued capital | 100 | €2,722,000 | €2,722,000 | = | 0.0% |
| Reserves | 13 | €372 | €150,726 | +€150,354 | +40435.2% |
| Non-distributable reserves | 130/1 | €372 | €7,856 | +€7,484 | +2012.6% |
| Legal reserve | 130 | €372 | €7,856 | +€7,484 | +2012.6% |
| Distributable reserves | 133 | - | €142,871 | +€142,871 | |
| Profit (loss) carried forward | 14 | -€49,990 | -€49,990 | = | 0.0% |
| Amounts payable | 17/49 | €30,152 | €10,979 | -€19,173 | -63.6% |
| Amounts payable after more than one year | 17 | €1,385 | €1,385 | = | 0.0% |
| Other amounts payable | 178/9 | €1,385 | €1,385 | = | 0.0% |
| Amounts payable within one year | 42/48 | €28,767 | €9,594 | -€19,173 | -66.7% |
| Trade debts | 44 | €26,972 | €7,366 | -€19,605 | -72.7% |
| Suppliers | 440/4 | €26,972 | €7,366 | -€19,605 | -72.7% |
| Advances received on contracts in progress | 46 | €1,067 | €1,134 | +€67 | +6.3% |
| Taxes, remuneration and social security | 45 | €528 | €893 | +€365 | +69.2% |
| Taxes | 450/3 | €528 | €893 | +€365 | +69.2% |
| Other amounts payable | 47/48 | €200 | €200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,511 | €11,394 | +€4,883 | +75.0% |
| Other operating charges | 640/8 | €3,890 | €8,667 | +€4,777 | +122.8% |
| Gross operating margin | 9900 | €14,201 | €64,673 | +€50,472 | +355.4% |
| Operating profit (loss) | 9901 | €3,799 | €44,612 | +€40,812 | +1074.2% |
| Financial income | 75/76B | €31,944 | €148,767 | +€116,823 | +365.7% |
| Recurring financial income | 75 | €31,944 | €148,767 | +€116,823 | +365.7% |
| Financial charges | 65/66B | -€127,144 | €28,738 | +€155,882 | |
| Recurring financial charges | 65 | -€127,144 | €28,738 | +€155,882 | |
| Profit (loss) for the period before taxes | 9903 | €162,888 | €164,641 | +€1,754 | +1.1% |
| Income taxes | 67/77 | €13,101 | €14,287 | +€1,186 | +9.0% |
| Profit (loss) for the period | 9904 | €149,786 | €150,354 | +€568 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €149,786 | €150,354 | +€568 | +0.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.