SINVACON: 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.
SINVACON
Largest movements
- Current investments +€97,563
new in 2025: €97,563
- Receivables within one year -€80,693
down €80,693 (-63.0%), from €128,105 to €47,411
of which Trade receivables: -€86,393
- Cash -€76,112
down €76,112 (-25.9%), from €294,374 to €218,262
mainly Current investments (-€97,563) and Trade debts (-€90,230)
- Tangible fixed assets -€20,795
down €20,795 (-19.8%), from €105,032 to €84,237
- Trade debts -€90,230
down €90,230 (-95.1%), from €94,905 to €4,675
- Reserves +€31,141
up €31,141 (+9.4%), from €332,183 to €363,323
- Other debts -€15,977
down €15,977 (-28.1%), from €56,881 to €40,904
- Debts after one year -€5,682
down €5,682 (-19.2%), from €29,562 to €23,880
- Gross operating margin -€76,744
down €76,744 (-53.4%), from €143,771 to €67,027
- Taxes -€20,097
down €20,097 (-58.3%), from €34,467 to €14,370
- Financial income +€3,246
up €3,246 (+1,082,117%), from €0 to €3,247
- Financial charges +€2,362
up €2,362 (+263%), from €897 to €3,258
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 | €528,271 | €448,862 | -€79,409 | -15.0% |
| Fixed assets | 21/28 | €105,032 | €84,237 | -€20,795 | -19.8% |
| Tangible fixed assets | 22/27 | €105,032 | €84,237 | -€20,795 | -19.8% |
| Land and buildings | 22 | €39,514 | €34,064 | -€5,450 | -13.8% |
| Plant, machinery and equipment | 23 | €12,464 | €8,869 | -€3,594 | -28.8% |
| Furniture and vehicles | 24 | €21,105 | €14,679 | -€6,426 | -30.4% |
| Leasing and similar rights | 25 | €31,950 | €26,625 | -€5,325 | -16.7% |
| Current assets | 29/58 | €423,238 | €364,624 | -€58,614 | -13.8% |
| Amounts receivable within one year | 40/41 | €128,105 | €47,411 | -€80,693 | -63.0% |
| Trade receivables | 40 | €122,202 | €35,809 | -€86,393 | -70.7% |
| Other amounts receivable | 41 | €5,903 | €11,602 | +€5,699 | +96.5% |
| Current investments | 50/53 | - | €97,563 | +€97,563 | |
| Cash at bank and in hand | 54/58 | €294,374 | €218,262 | -€76,112 | -25.9% |
| Deferred charges and accrued income | 490/1 | €760 | €1,389 | +€628 | +82.7% |
| Total equity and liabilities | 10/49 | €528,271 | €448,862 | -€79,409 | -15.0% |
| Equity | 10/15 | €338,383 | €369,523 | +€31,141 | +9.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €332,183 | €363,323 | +€31,141 | +9.4% |
| Distributable reserves | 133 | €332,183 | €363,323 | +€31,141 | +9.4% |
| Amounts payable | 17/49 | €189,888 | €79,339 | -€110,550 | -58.2% |
| Amounts payable after more than one year | 17 | €29,562 | €23,880 | -€5,682 | -19.2% |
| Financial debts | 170/4 | €29,562 | €23,880 | -€5,682 | -19.2% |
| Amounts payable within one year | 42/48 | €158,477 | €53,534 | -€104,943 | -66.2% |
| Current portion of amounts payable after more than one year | 42 | €5,571 | €5,682 | +€111 | +2.0% |
| Trade debts | 44 | €94,905 | €4,675 | -€90,230 | -95.1% |
| Suppliers | 440/4 | €94,905 | €4,675 | -€90,230 | -95.1% |
| Taxes, remuneration and social security | 45 | €1,120 | €2,273 | +€1,153 | +103% |
| Taxes | 450/3 | €1,120 | €2,273 | +€1,153 | +103% |
| Other amounts payable | 47/48 | €56,881 | €40,904 | -€15,977 | -28.1% |
| Accrued charges and deferred income | 492/3 | €1,850 | €1,925 | +€75 | +4.1% |
| Non-recurring operating income | 76A | €9,762 | €1,818 | -€7,943 | -81.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,415 | €20,795 | +€380 | +1.9% |
| Other operating charges | 640/8 | €826 | €710 | -€117 | -14.1% |
| Gross operating margin | 9900 | €143,771 | €67,027 | -€76,744 | -53.4% |
| Operating profit (loss) | 9901 | €122,530 | €45,523 | -€77,007 | -62.8% |
| Financial income | 75/76B | €0 | €3,247 | +€3,246 | +1,082,117% |
| Recurring financial income | 75 | €0 | €3,247 | +€3,246 | +1,082,117% |
| Financial charges | 65/66B | €897 | €3,258 | +€2,362 | +263% |
| Recurring financial charges | 65 | €897 | €3,258 | +€2,362 | +263% |
| Profit (loss) for the period before taxes | 9903 | €121,634 | €45,511 | -€76,123 | -62.6% |
| Income taxes | 67/77 | €34,467 | €14,370 | -€20,097 | -58.3% |
| Profit (loss) for the period | 9904 | €87,166 | €31,141 | -€56,026 | -64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €87,166 | €31,141 | -€56,026 | -64.3% |
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 13 October 2026 via checked.be.