SIVAN FERHAN: 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.
SIVAN FERHAN
Largest movements
- Receivables within one year +€5,914
up €5,914 (+654.4%), from €904 to €6,818
of which Trade receivables: +€4,936
- Cash +€2,665
up €2,665 (+232.1%), from €1,148 to €3,813
mainly Net result for the year (+€10,417) and Depreciation (+€1,200)
- Tangible fixed assets -€1,200
down €1,200 (-74.3%), from €1,614 to €414
- Profit (loss) carried forward +€10,417
up €10,417, from -€7,286 to €3,131
- Trade debts -€3,522
down €3,522 (-100.0%), from €3,522 to €0
of which Suppliers: -€3,407
- Tax, wage and social debts +€436
up €436 (+460.9%), from €95 to €530
of which Taxes: +€530
- Turnover +€32,208
up €32,208 (+23.0%), from €139,848 to €172,056
- Gross operating margin +€16,506
up €16,506 (+191.9%), from €8,600 to €25,106
- Staff costs +€9,612
up €9,612 (+569.1%), from €1,689 to €11,301
- Purchases and services +€8,702
up €8,702 (+6.3%), from €138,248 to €146,950
- Other operating charges -€4,158
down €4,158 (-67.1%), from €6,196 to €2,038
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 | €5,011 | €12,338 | +€7,327 | +146.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,639 | €439 | -€1,200 | -73.2% |
| Tangible fixed assets | 22/27 | €1,614 | €414 | -€1,200 | -74.3% |
| Furniture and vehicles | 24 | €1,614 | €414 | -€1,200 | -74.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €3,371 | €11,899 | +€8,527 | +252.9% |
| Stocks and contracts in progress | 3 | €1,320 | €1,267 | -€52 | -3.9% |
| Stocks | 30/36 | €1,320 | €1,267 | -€52 | -3.9% |
| Amounts receivable within one year | 40/41 | €904 | €6,818 | +€5,914 | +654.4% |
| Trade receivables | 40 | €0 | €4,936 | +€4,936 | |
| Other amounts receivable | 41 | €904 | €1,882 | +€979 | +108.3% |
| Cash at bank and in hand | 54/58 | €1,148 | €3,813 | +€2,665 | +232.1% |
| Total equity and liabilities | 10/49 | €5,011 | €12,338 | +€7,327 | +146.2% |
| Equity | 10/15 | €774 | €11,191 | +€10,417 | +1345.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | -€7,286 | €3,131 | +€10,417 | |
| Amounts payable | 17/49 | €4,236 | €1,147 | -€3,090 | -72.9% |
| Amounts payable within one year | 42/48 | €4,236 | €1,147 | -€3,090 | -72.9% |
| Trade debts | 44 | €3,522 | €0 | -€3,522 | -100.0% |
| Suppliers | 440/4 | €3,407 | €0 | -€3,407 | -100.0% |
| Bills of exchange payable | 441 | €115 | - | -€115 | |
| Taxes, remuneration and social security | 45 | €95 | €530 | +€436 | +460.9% |
| Taxes | 450/3 | - | €530 | +€530 | |
| Remuneration and social security | 454/9 | €95 | - | -€95 | |
| Other amounts payable | 47/48 | €620 | €616 | -€3 | -0.5% |
| Turnover | 70 | €139,848 | €172,056 | +€32,208 | +23.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €138,248 | €146,950 | +€8,702 | +6.3% |
| Remuneration, social security and pensions | 62 | €1,689 | €11,301 | +€9,612 | +569.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,200 | €1,200 | = | 0.0% |
| Other operating charges | 640/8 | €6,196 | €2,038 | -€4,158 | -67.1% |
| Non-recurring operating charges | 66A | - | €190 | +€190 | |
| Gross operating margin | 9900 | €8,600 | €25,106 | +€16,506 | +191.9% |
| Operating profit (loss) | 9901 | -€485 | €10,377 | +€10,862 | |
| Financial income | 75/76B | - | €231 | +€231 | |
| Recurring financial income | 75 | - | €231 | +€231 | |
| Financial charges | 65/66B | €544 | €191 | -€353 | -64.9% |
| Recurring financial charges | 65 | €544 | €191 | -€353 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,029 | €10,417 | +€11,446 | |
| Profit (loss) for the period | 9904 | -€1,029 | €10,417 | +€11,446 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,029 | €10,417 | +€11,446 |
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 10 October 2026 via checked.be.