SIPIM: 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.
SIPIM
Largest movements
- Cash -€84,381
down €84,381 (-12.3%), from €687,818 to €603,437
mainly Investment in fixed assets (net) (-€70,807) and Net result for the year (-€40,016)
- Tangible fixed assets +€44,032
up €44,032 (+4.7%), from €943,155 to €987,186
of which Plant, machinery and equipment: +€68,176
- Profit (loss) carried forward -€32,117
down €32,117 (-6.0%), from -€537,925 to -€570,042
- Gross operating margin -€3,809
down €3,809 (-40.9%), from -€9,316 to -€13,125
- Other operating charges +€2,696
up €2,696 (+58.1%), from €4,643 to €7,339
- Depreciation +€2,634
up €2,634 (+10.9%), from €24,142 to €26,776
- Taxes -€1,123
no longer reported in 2025 (was €1,123)
- Financial charges +€733
up €733 (+207%), from €354 to €1,087
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 | €1,635,548 | €1,596,076 | -€39,473 | -2.4% |
| Fixed assets | 21/28 | €943,215 | €987,247 | +€44,032 | +4.7% |
| Tangible fixed assets | 22/27 | €943,155 | €987,186 | +€44,032 | +4.7% |
| Land and buildings | 22 | €930,446 | €906,911 | -€23,535 | -2.5% |
| Plant, machinery and equipment | 23 | €11,370 | €79,546 | +€68,176 | +600% |
| Furniture and vehicles | 24 | €1,339 | €730 | -€610 | -45.5% |
| Financial fixed assets | 28 | €61 | €61 | = | 0.0% |
| Current assets | 29/58 | €692,333 | €608,829 | -€83,504 | -12.1% |
| Amounts receivable within one year | 40/41 | €4,515 | €5,392 | +€877 | +19.4% |
| Other amounts receivable | 41 | €4,515 | €5,392 | +€877 | +19.4% |
| Cash at bank and in hand | 54/58 | €687,818 | €603,437 | -€84,381 | -12.3% |
| Total equity and liabilities | 10/49 | €1,635,548 | €1,596,076 | -€39,473 | -2.4% |
| Equity | 10/15 | €1,320,603 | €1,280,587 | -€40,016 | -3.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Contributions outside capital | 11 | €61,973 | €61,973 | = | 0.0% |
| Other | 1109/19 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,796,555 | €1,788,655 | -€7,899 | -0.4% |
| Tax-exempt reserves | 132 | €728,105 | €720,206 | -€7,899 | -1.1% |
| Distributable reserves | 133 | €1,068,449 | €1,068,449 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€537,925 | -€570,042 | -€32,117 | -6.0% |
| Provisions and deferred taxes | 16 | €242,702 | €240,069 | -€2,633 | -1.1% |
| Deferred taxes | 168 | €242,702 | €240,069 | -€2,633 | -1.1% |
| Amounts payable | 17/49 | €72,243 | €75,420 | +€3,177 | +4.4% |
| Amounts payable within one year | 42/48 | €72,243 | €75,420 | +€3,177 | +4.4% |
| Trade debts | 44 | €2,837 | €15,786 | +€12,949 | +456% |
| Suppliers | 440/4 | €2,837 | €15,786 | +€12,949 | +456% |
| Other amounts payable | 47/48 | €69,406 | €59,634 | -€9,772 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,142 | €26,776 | +€2,634 | +10.9% |
| Other operating charges | 640/8 | €4,643 | €7,339 | +€2,696 | +58.1% |
| Gross operating margin | 9900 | -€9,316 | -€13,125 | -€3,809 | -40.9% |
| Operating profit (loss) | 9901 | -€38,101 | -€47,241 | -€9,140 | -24.0% |
| Financial income | 75/76B | €5,038 | €5,678 | +€640 | +12.7% |
| Recurring financial income | 75 | €5,038 | €5,678 | +€640 | +12.7% |
| Financial charges | 65/66B | €354 | €1,087 | +€733 | +207% |
| Recurring financial charges | 65 | €354 | €1,087 | +€733 | +207% |
| Profit (loss) for the period before taxes | 9903 | -€33,417 | -€42,649 | -€9,232 | -27.6% |
| Transfer from deferred taxes | 780 | €2,396 | €2,633 | +€237 | +9.9% |
| Income taxes | 67/77 | €1,123 | - | -€1,123 | |
| Profit (loss) for the period | 9904 | -€32,145 | -€40,016 | -€7,871 | -24.5% |
| Transfer from tax-exempt reserves | 789 | €7,188 | €7,899 | +€711 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,956 | -€32,117 | -€7,161 | -28.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.