SIPA: 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.
SIPA
Largest movements
- Receivables within one year +€251,740
up €251,740 (+91.3%), from €275,707 to €527,447
of which Trade receivables: +€197,596
- Cash +€220,801
up €220,801 (+137.6%), from €160,413 to €381,214
mainly Depreciation (+€464,219) and Trade debts (+€301,445)
- Tangible fixed assets +€65,949
up €65,949 (+6.8%), from €963,062 to €1.0m
of which Leasing and similar rights: +€226,412
- Trade debts +€301,445
up €301,445 (+259.2%), from €116,312 to €417,757
- Reserves +€114,737
up €114,737 (+53.6%), from €213,913 to €328,650
- Current portion of long-term debt +€85,570
up €85,570 (+30.8%), from €278,179 to €363,749
- Tax, wage and social debts +€31,745
up €31,745 (+23.4%), from €135,494 to €167,239
of which Remuneration and social security: +€30,743
- Depreciation +€192,725
up €192,725 (+71.0%), from €271,493 to €464,219
- Staff costs -€54,811
down €54,811 (-7.5%), from €728,858 to €674,046
- Gross operating margin +€32,755
up €32,755 (+2.5%), from €1.3m to €1.3m
- Taxes -€13,711
down €13,711 (-40.8%), from €33,594 to €19,882
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 | €1,429,931 | €1,979,240 | +€549,309 | +38.4% |
| Fixed assets | 21/28 | €969,452 | €1,034,100 | +€64,649 | +6.7% |
| Intangible fixed assets | 21 | €6,390 | €5,090 | -€1,300 | -20.3% |
| Tangible fixed assets | 22/27 | €963,062 | €1,029,011 | +€65,949 | +6.8% |
| Plant, machinery and equipment | 23 | €210,241 | €305,533 | +€95,292 | +45.3% |
| Furniture and vehicles | 24 | €752,821 | €497,065 | -€255,755 | -34.0% |
| Leasing and similar rights | 25 | - | €226,412 | +€226,412 | |
| Current assets | 29/58 | €460,479 | €945,140 | +€484,661 | +105.3% |
| Stocks and contracts in progress | 3 | €22,204 | €34,787 | +€12,584 | +56.7% |
| Stocks | 30/36 | €22,204 | €34,787 | +€12,584 | +56.7% |
| Amounts receivable within one year | 40/41 | €275,707 | €527,447 | +€251,740 | +91.3% |
| Trade receivables | 40 | €252,548 | €450,144 | +€197,596 | +78.2% |
| Other amounts receivable | 41 | €23,159 | €77,303 | +€54,144 | +233.8% |
| Cash at bank and in hand | 54/58 | €160,413 | €381,214 | +€220,801 | +137.6% |
| Deferred charges and accrued income | 490/1 | €2,155 | €1,691 | -€464 | -21.5% |
| Total equity and liabilities | 10/49 | €1,429,931 | €1,979,240 | +€549,309 | +38.4% |
| Equity | 10/15 | €223,913 | €338,650 | +€114,737 | +51.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €213,913 | €328,650 | +€114,737 | +53.6% |
| Distributable reserves | 133 | €213,913 | €328,650 | +€114,737 | +53.6% |
| Amounts payable | 17/49 | €1,206,017 | €1,640,590 | +€434,573 | +36.0% |
| Amounts payable after more than one year | 17 | €574,549 | €591,345 | +€16,796 | +2.9% |
| Financial debts | 170/4 | €574,549 | €591,345 | +€16,796 | +2.9% |
| Amounts payable within one year | 42/48 | €631,468 | €1,049,245 | +€417,776 | +66.2% |
| Current portion of amounts payable after more than one year | 42 | €278,179 | €363,749 | +€85,570 | +30.8% |
| Trade debts | 44 | €116,312 | €417,757 | +€301,445 | +259.2% |
| Suppliers | 440/4 | €116,312 | €417,757 | +€301,445 | +259.2% |
| Taxes, remuneration and social security | 45 | €135,494 | €167,239 | +€31,745 | +23.4% |
| Taxes | 450/3 | €36,510 | €37,512 | +€1,002 | +2.7% |
| Remuneration and social security | 454/9 | €98,984 | €129,727 | +€30,743 | +31.1% |
| Other amounts payable | 47/48 | €101,483 | €100,500 | -€984 | -1.0% |
| Non-recurring operating income | 76A | €16,502 | €0 | -€16,502 | -100.0% |
| Remuneration, social security and pensions | 62 | €728,858 | €674,046 | -€54,811 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €271,493 | €464,219 | +€192,725 | +71.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €500 | +€500 | |
| Other operating charges | 640/8 | €15,243 | €24,349 | +€9,106 | +59.7% |
| Non-recurring operating charges | 66A | €8,000 | €0 | -€8,000 | -100.0% |
| Gross operating margin | 9900 | €1,314,467 | €1,347,223 | +€32,755 | +2.5% |
| Operating profit (loss) | 9901 | €290,873 | €184,109 | -€106,764 | -36.7% |
| Financial income | 75/76B | €1,476 | €224 | -€1,252 | -84.8% |
| Recurring financial income | 75 | €1,476 | €224 | -€1,252 | -84.8% |
| Financial charges | 65/66B | €44,842 | €49,714 | +€4,872 | +10.9% |
| Recurring financial charges | 65 | €44,842 | €49,714 | +€4,872 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €247,507 | €134,619 | -€112,888 | -45.6% |
| Income taxes | 67/77 | €33,594 | €19,882 | -€13,711 | -40.8% |
| Profit (loss) for the period | 9904 | €213,913 | €114,737 | -€99,177 | -46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €213,913 | €114,737 | -€99,177 | -46.4% |
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 3 October 2026 via checked.be.