SIPS: 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.
SIPS
Largest movements
- Stocks and contracts -€24,397
down €24,397 (-35.2%), from €69,397 to €45,000
- Tangible fixed assets -€15,876
down €15,876 (-33.9%), from €46,798 to €30,922
- Trade debts -€15,536
down €15,536 (-36.1%), from €42,990 to €27,454
- Tax, wage and social debts -€13,287
down €13,287 (-80.3%), from €16,553 to €3,266
of which Remuneration and social security: -€15,714
- Current portion of long-term debt -€12,950
no longer reported in 2025 (was €12,950)
- Other debts -€2,367
down €2,367 (-19.1%), from €12,367 to €10,000
- Staff costs -€139,218
down €139,218 (-73.7%), from €188,883 to €49,664
- Other operating charges -€13,372
down €13,372 (-45.0%), from €29,718 to €16,346
- Gross operating margin +€4,026
up €4,026 (+4.7%), from €85,322 to €89,348
- Financial income -€913
no longer reported in 2025 (was €913)
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 | €225,102 | €180,537 | -€44,565 | -19.8% |
| Fixed assets | 21/28 | €54,099 | €38,222 | -€15,876 | -29.3% |
| Intangible fixed assets | 21 | €1,879 | €1,879 | = | 0.0% |
| Tangible fixed assets | 22/27 | €46,798 | €30,922 | -€15,876 | -33.9% |
| Plant, machinery and equipment | 23 | €15,153 | €12,681 | -€2,472 | -16.3% |
| Furniture and vehicles | 24 | €5,857 | €68 | -€5,789 | -98.8% |
| Other tangible fixed assets | 26 | €25,789 | €18,174 | -€7,616 | -29.5% |
| Financial fixed assets | 28 | €5,422 | €5,422 | = | 0.0% |
| Current assets | 29/58 | €171,003 | €142,315 | -€28,688 | -16.8% |
| Stocks and contracts in progress | 3 | €69,397 | €45,000 | -€24,397 | -35.2% |
| Stocks | 30/36 | €69,397 | €45,000 | -€24,397 | -35.2% |
| Amounts receivable within one year | 40/41 | €94,770 | €93,589 | -€1,181 | -1.2% |
| Trade receivables | 40 | €86,515 | €82,510 | -€4,005 | -4.6% |
| Other amounts receivable | 41 | €8,255 | €11,079 | +€2,825 | +34.2% |
| Cash at bank and in hand | 54/58 | €1,231 | - | -€1,231 | |
| Deferred charges and accrued income | 490/1 | €5,606 | €3,726 | -€1,880 | -33.5% |
| Total equity and liabilities | 10/49 | €225,102 | €180,537 | -€44,565 | -19.8% |
| Equity | 10/15 | €94,080 | €94,076 | -€4 | 0.0% |
| Contributions | 10/11 | €24,890 | €24,890 | = | 0.0% |
| Reserves | 13 | €722,078 | €722,078 | = | 0.0% |
| Distributable reserves | 133 | €722,078 | €722,078 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€652,888 | -€652,892 | -€4 | 0.0% |
| Amounts payable | 17/49 | €131,022 | €86,461 | -€44,561 | -34.0% |
| Amounts payable within one year | 42/48 | €131,022 | €85,547 | -€45,475 | -34.7% |
| Current portion of amounts payable after more than one year | 42 | €12,950 | - | -€12,950 | |
| Financial debts | 43 | €46,162 | €44,827 | -€1,335 | -2.9% |
| Credit institutions | 430/8 | €46,162 | €44,827 | -€1,335 | -2.9% |
| Trade debts | 44 | €42,990 | €27,454 | -€15,536 | -36.1% |
| Suppliers | 440/4 | €42,990 | €27,454 | -€15,536 | -36.1% |
| Taxes, remuneration and social security | 45 | €16,553 | €3,266 | -€13,287 | -80.3% |
| Taxes | 450/3 | €839 | €3,266 | +€2,428 | +289.5% |
| Remuneration and social security | 454/9 | €15,714 | - | -€15,714 | |
| Other amounts payable | 47/48 | €12,367 | €10,000 | -€2,367 | -19.1% |
| Accrued charges and deferred income | 492/3 | - | €914 | +€914 | |
| Remuneration, social security and pensions | 62 | €188,883 | €49,664 | -€139,218 | -73.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,104 | €15,876 | -€227 | -1.4% |
| Other operating charges | 640/8 | €29,718 | €16,346 | -€13,372 | -45.0% |
| Gross operating margin | 9900 | €85,322 | €89,348 | +€4,026 | +4.7% |
| Operating profit (loss) | 9901 | -€149,382 | €7,462 | +€156,844 | |
| Financial income | 75/76B | €913 | - | -€913 | |
| Recurring financial income | 75 | €913 | - | -€913 | |
| Financial charges | 65/66B | €8,170 | €7,466 | -€705 | -8.6% |
| Recurring financial charges | 65 | €8,170 | €7,466 | -€705 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€156,639 | -€4 | +€156,635 | +100.0% |
| Profit (loss) for the period | 9904 | -€156,639 | -€4 | +€156,635 | +100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€156,639 | -€4 | +€156,635 | +100.0% |
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 7 October 2026 via checked.be.