SIPAN: 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.
SIPAN
Largest movements
- Tangible fixed assets +€24,472
up €24,472 (+137.0%), from €17,858 to €42,330
of which Other tangible fixed assets: +€12,379
- Receivables within one year +€12,519
up €12,519 (+149.7%), from €8,362 to €20,881
of which Other amounts receivable: +€12,535
- Deferred charges and accrued income -€5,292
down €5,292 (-51.6%), from €10,262 to €4,970
- Cash -€2,614
down €2,614 (-9.5%), from €27,484 to €24,870
mainly Net result for the year (-€49,026) and Investment in fixed assets (net) (-€34,157)
- Tax, wage and social debts +€80,587
up €80,587 (+271.7%), from €29,664 to €110,251
of which Remuneration and social security: +€69,244
- Profit (loss) carried forward -€49,026
down €49,026, from €39,841 to -€9,185
- Trade debts -€2,390
down €2,390 (-4.4%), from €54,762 to €52,372
- Staff costs +€136,616
up €136,616 (+124.1%), from €110,102 to €246,718
- Gross operating margin +€58,730
up €58,730 (+36.4%), from €161,350 to €220,080
- Taxes -€12,290
down €12,290, from €12,087 to -€203
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 | €168,554 | €196,498 | +€27,945 | +16.6% |
| Fixed assets | 21/28 | €22,919 | €46,577 | +€23,658 | +103.2% |
| Intangible fixed assets | 21 | €5,062 | €4,247 | -€814 | -16.1% |
| Tangible fixed assets | 22/27 | €17,858 | €42,330 | +€24,472 | +137.0% |
| Plant, machinery and equipment | 23 | €17,858 | €18,738 | +€881 | +4.9% |
| Furniture and vehicles | 24 | - | €11,212 | +€11,212 | |
| Other tangible fixed assets | 26 | - | €12,379 | +€12,379 | |
| Current assets | 29/58 | €145,634 | €149,921 | +€4,287 | +2.9% |
| Amounts receivable after more than one year | 29 | €85,000 | €85,000 | = | 0.0% |
| Other amounts receivable | 291 | €85,000 | €85,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €14,526 | €14,200 | -€326 | -2.2% |
| Stocks | 30/36 | €14,526 | €14,200 | -€326 | -2.2% |
| Amounts receivable within one year | 40/41 | €8,362 | €20,881 | +€12,519 | +149.7% |
| Trade receivables | 40 | €16 | - | -€16 | |
| Other amounts receivable | 41 | €8,346 | €20,881 | +€12,535 | +150.2% |
| Cash at bank and in hand | 54/58 | €27,484 | €24,870 | -€2,614 | -9.5% |
| Deferred charges and accrued income | 490/1 | €10,262 | €4,970 | -€5,292 | -51.6% |
| Total equity and liabilities | 10/49 | €168,554 | €196,498 | +€27,945 | +16.6% |
| Equity | 10/15 | €74,101 | €25,075 | -€49,026 | -66.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €21,860 | €21,860 | = | 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% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,841 | -€9,185 | -€49,026 | |
| Amounts payable | 17/49 | €94,453 | €171,424 | +€76,971 | +81.5% |
| Amounts payable within one year | 42/48 | €86,374 | €162,624 | +€76,249 | +88.3% |
| Current portion of amounts payable after more than one year | 42 | €1,948 | - | -€1,948 | |
| Trade debts | 44 | €54,762 | €52,372 | -€2,390 | -4.4% |
| Suppliers | 440/4 | €54,762 | €52,372 | -€2,390 | -4.4% |
| Taxes, remuneration and social security | 45 | €29,664 | €110,251 | +€80,587 | +271.7% |
| Taxes | 450/3 | €14,755 | €26,098 | +€11,343 | +76.9% |
| Remuneration and social security | 454/9 | €14,909 | €84,153 | +€69,244 | +464.4% |
| Accrued charges and deferred income | 492/3 | €8,078 | €8,800 | +€722 | +8.9% |
| Remuneration, social security and pensions | 62 | €110,102 | €246,718 | +€136,616 | +124.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,805 | €10,500 | +€1,695 | +19.2% |
| Other operating charges | 640/8 | €6,450 | €6,252 | -€198 | -3.1% |
| Gross operating margin | 9900 | €161,350 | €220,080 | +€58,730 | +36.4% |
| Operating profit (loss) | 9901 | €35,994 | -€43,389 | -€79,383 | |
| Financial income | 75/76B | €2,125 | €9 | -€2,116 | -99.6% |
| Recurring financial income | 75 | €2,125 | €9 | -€2,116 | -99.6% |
| Financial charges | 65/66B | €5,651 | €5,849 | +€198 | +3.5% |
| Recurring financial charges | 65 | €5,651 | €5,849 | +€198 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €32,468 | -€49,230 | -€81,697 | |
| Income taxes | 67/77 | €12,087 | -€203 | -€12,290 | |
| Profit (loss) for the period | 9904 | €20,381 | -€49,026 | -€69,407 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,381 | -€49,026 | -€69,407 |
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 4 October 2026 via checked.be.