SIVAC: 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.
SIVAC
Largest movements
- Tangible fixed assets -€25,818
down €25,818 (-4.1%), from €629,950 to €604,132
- Debts after one year -€15,926
down €15,926 (-5.7%), from €277,135 to €261,209
- Other debts -€10,172
down €10,172 (-7.7%), from €131,353 to €121,181
- Gross operating margin +€4,324
up €4,324 (+12.0%), from €36,129 to €40,453
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 | €642,384 | €611,247 | -€31,137 | -4.8% |
| Fixed assets | 21/28 | €629,950 | €604,132 | -€25,818 | -4.1% |
| Tangible fixed assets | 22/27 | €629,950 | €604,132 | -€25,818 | -4.1% |
| Land and buildings | 22 | €629,950 | €604,132 | -€25,818 | -4.1% |
| Current assets | 29/58 | €12,434 | €7,115 | -€5,319 | -42.8% |
| Stocks and contracts in progress | 3 | €4,849 | €4,849 | = | 0.0% |
| Stocks | 30/36 | €4,849 | €4,849 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,178 | €2,013 | -€5,165 | -72.0% |
| Trade receivables | 40 | €4,000 | €1,128 | -€2,872 | -71.8% |
| Other amounts receivable | 41 | €3,178 | €885 | -€2,293 | -72.1% |
| Current investments | 50/53 | - | €254 | +€254 | |
| Cash at bank and in hand | 54/58 | €407 | - | -€407 | |
| Total equity and liabilities | 10/49 | €642,384 | €611,247 | -€31,137 | -4.8% |
| Equity | 10/15 | €200,798 | €201,500 | +€702 | +0.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,794 | -€117,092 | +€702 | +0.6% |
| Amounts payable | 17/49 | €441,586 | €409,747 | -€31,839 | -7.2% |
| Amounts payable after more than one year | 17 | €277,135 | €261,209 | -€15,926 | -5.7% |
| Financial debts | 170/4 | €277,135 | €261,209 | -€15,926 | -5.7% |
| Amounts payable within one year | 42/48 | €164,451 | €148,538 | -€15,913 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €15,266 | €15,926 | +€660 | +4.3% |
| Trade debts | 44 | €14,873 | €11,431 | -€3,442 | -23.1% |
| Suppliers | 440/4 | €14,873 | €11,431 | -€3,442 | -23.1% |
| Advances received on contracts in progress | 46 | €2,959 | - | -€2,959 | |
| Other amounts payable | 47/48 | €131,353 | €121,181 | -€10,172 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,129 | €25,818 | -€311 | -1.2% |
| Other operating charges | 640/8 | €527 | €497 | -€30 | -5.7% |
| Gross operating margin | 9900 | €36,129 | €40,453 | +€4,324 | +12.0% |
| Operating profit (loss) | 9901 | €9,472 | €14,138 | +€4,665 | +49.3% |
| Financial charges | 65/66B | €13,628 | €13,436 | -€192 | -1.4% |
| Recurring financial charges | 65 | €13,628 | €13,436 | -€192 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,156 | €702 | +€4,858 | |
| Profit (loss) for the period | 9904 | -€4,156 | €702 | +€4,858 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,156 | €702 | +€4,858 |
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 15 October 2026 via checked.be.