Sinvaco: 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.
Sinvaco
Largest movements
- Stocks and contracts -€776,484
down €776,484 (-62.4%), from €1.2m to €467,452
- Tangible fixed assets -€32,324
down €32,324 (-7.8%), from €417,030 to €384,707
of which Furniture and vehicles: -€18,422
- Debts after one year -€854,348
down €854,348 (-80.4%), from €1.1m to €208,511
- Current portion of long-term debt +€424,054
up €424,054 (+842.6%), from €50,330 to €474,384
- Other debts -€190,871
down €190,871 (-30.8%), from €620,034 to €429,162
- Short-term financial debts -€181,550
no longer reported in 2025 (was €181,550)
- Profit (loss) carried forward -€67,704
down €67,704 (-24.4%), from -€277,007 to -€344,712
- Financial charges -€10,510
down €10,510 (-17.6%), from €59,569 to €49,060
- Gross operating margin +€8,345
up €8,345, from -€7,257 to €1,088
- Depreciation -€7,401
down €7,401 (-33.6%), from €22,030 to €14,629
- Financial income +€1,805
new in 2025: €1,805
- Other operating charges +€366
up €366 (+6.0%), from €6,068 to €6,434
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 | €1,664,268 | €857,743 | -€806,525 | -48.5% |
| Fixed assets | 21/28 | €417,030 | €384,707 | -€32,324 | -7.8% |
| Tangible fixed assets | 22/27 | €417,030 | €384,707 | -€32,324 | -7.8% |
| Land and buildings | 22 | €397,237 | €383,336 | -€13,901 | -3.5% |
| Furniture and vehicles | 24 | €19,793 | €1,371 | -€18,422 | -93.1% |
| Current assets | 29/58 | €1,247,238 | €473,036 | -€774,201 | -62.1% |
| Stocks and contracts in progress | 3 | €1,243,936 | €467,452 | -€776,484 | -62.4% |
| Stocks | 30/36 | €1,243,936 | €467,452 | -€776,484 | -62.4% |
| Cash at bank and in hand | 54/58 | - | €1,998 | +€1,998 | |
| Deferred charges and accrued income | 490/1 | €3,301 | €3,586 | +€284 | +8.6% |
| Total equity and liabilities | 10/49 | €1,664,268 | €857,743 | -€806,525 | -48.5% |
| Equity | 10/15 | -€274,007 | -€341,712 | -€67,704 | -24.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€277,007 | -€344,712 | -€67,704 | -24.4% |
| Amounts payable | 17/49 | €1,938,275 | €1,199,455 | -€738,820 | -38.1% |
| Amounts payable after more than one year | 17 | €1,062,859 | €208,511 | -€854,348 | -80.4% |
| Financial debts | 170/4 | €1,062,859 | €208,511 | -€854,348 | -80.4% |
| Amounts payable within one year | 42/48 | €875,416 | €990,944 | +€115,528 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €50,330 | €474,384 | +€424,054 | +842.6% |
| Financial debts | 43 | €181,550 | - | -€181,550 | |
| Credit institutions | 430/8 | €181,550 | - | -€181,550 | |
| Trade debts | 44 | €22,003 | €86,182 | +€64,179 | +291.7% |
| Suppliers | 440/4 | €22,003 | €86,182 | +€64,179 | +291.7% |
| Taxes, remuneration and social security | 45 | €1,500 | €1,216 | -€284 | -19.0% |
| Taxes | 450/3 | €1,500 | €1,216 | -€284 | -19.0% |
| Other amounts payable | 47/48 | €620,034 | €429,162 | -€190,871 | -30.8% |
| Non-recurring operating income | 76A | €37,086 | €12,524 | -€24,562 | -66.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,030 | €14,629 | -€7,401 | -33.6% |
| Other operating charges | 640/8 | €6,068 | €6,434 | +€366 | +6.0% |
| Gross operating margin | 9900 | -€7,257 | €1,088 | +€8,345 | |
| Operating profit (loss) | 9901 | -€35,355 | -€19,976 | +€15,380 | +43.5% |
| Financial income | 75/76B | - | €1,805 | +€1,805 | |
| Recurring financial income | 75 | - | €1,805 | +€1,805 | |
| Financial charges | 65/66B | €59,569 | €49,060 | -€10,510 | -17.6% |
| Recurring financial charges | 65 | €59,569 | €49,060 | -€10,510 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | -€94,925 | -€67,231 | +€27,694 | +29.2% |
| Income taxes | 67/77 | €742 | €474 | -€269 | -36.2% |
| Profit (loss) for the period | 9904 | -€95,667 | -€67,704 | +€27,963 | +29.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€95,667 | -€67,704 | +€27,963 | +29.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.