SYDES: 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.
SYDES
Largest movements
- Financial fixed assets +€2.3m
up €2.3m (+58.3%), from €4.0m to €6.4m
- Current investments -€585,245
down €585,245 (-28.2%), from €2.1m to €1.5m
- Cash -€130,100
down €130,100 (-62.9%), from €206,806 to €76,706
mainly Investment in fixed assets (net) (-€2.3m)
- Profit (loss) carried forward +€1.1m
up €1.1m (+22.9%), from -€4.9m to -€3.8m
- Short-term financial debts +€403,181
new in 2025: €403,181
- Financial income +€773,964
up €773,964 (+135.0%), from €573,192 to €1.3m
of which Non-recurring financial income: +€838,200
- Financial charges +€66,217
up €66,217 (+79.5%), from €83,304 to €149,520
- Gross operating margin -€18,756
down €18,756 (-176.0%), from -€10,656 to -€29,412
- Depreciation +€7,016
up €7,016 (+31.7%), from €22,121 to €29,137
- Other operating charges +€2,548
up €2,548 (+36.3%), from €7,022 to €9,569
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 | €6,533,269 | €8,090,024 | +€1.6m | +23.8% |
| Fixed assets | 21/28 | €4,192,392 | €6,511,650 | +€2.3m | +55.3% |
| Tangible fixed assets | 22/27 | €167,792 | €140,115 | -€27,676 | -16.5% |
| Furniture and vehicles | 24 | €167,792 | €140,115 | -€27,676 | -16.5% |
| Financial fixed assets | 28 | €4,024,600 | €6,371,535 | +€2.3m | +58.3% |
| Current assets | 29/58 | €2,340,877 | €1,578,374 | -€762,503 | -32.6% |
| Amounts receivable within one year | 40/41 | €54,813 | €9,079 | -€45,734 | -83.4% |
| Trade receivables | 40 | €26,380 | €1,778 | -€24,602 | -93.3% |
| Other amounts receivable | 41 | €28,432 | €7,301 | -€21,132 | -74.3% |
| Current investments | 50/53 | €2,077,671 | €1,492,425 | -€585,245 | -28.2% |
| Cash at bank and in hand | 54/58 | €206,806 | €76,706 | -€130,100 | -62.9% |
| Deferred charges and accrued income | 490/1 | €1,588 | €164 | -€1,424 | -89.7% |
| Total equity and liabilities | 10/49 | €6,533,269 | €8,090,024 | +€1.6m | +23.8% |
| Equity | 10/15 | €4,117,973 | €5,246,966 | +€1.1m | +27.4% |
| Contributions | 10/11 | €7,516,963 | €7,516,963 | = | 0.0% |
| Capital | 10 | €7,516,963 | €7,516,963 | = | 0.0% |
| Issued capital | 100 | €7,516,963 | €7,516,963 | = | 0.0% |
| Reserves | 13 | €1,523,683 | €1,523,683 | = | 0.0% |
| Non-distributable reserves | 130/1 | €78,883 | €54,183 | -€24,700 | -31.3% |
| Legal reserve | 130 | €78,883 | €54,183 | -€24,700 | -31.3% |
| Distributable reserves | 133 | €1,444,800 | €1,469,500 | +€24,700 | +1.7% |
| Profit (loss) carried forward | 14 | -€4,922,673 | -€3,793,680 | +€1.1m | +22.9% |
| Amounts payable | 17/49 | €2,415,296 | €2,843,058 | +€427,762 | +17.7% |
| Amounts payable after more than one year | 17 | €2,400,000 | €2,400,000 | = | 0.0% |
| Financial debts | 170/4 | €2,400,000 | €2,400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | - | €404,740 | +€404,740 | |
| Financial debts | 43 | - | €403,181 | +€403,181 | |
| Credit institutions | 430/8 | - | €403,181 | +€403,181 | |
| Trade debts | 44 | - | €1,559 | +€1,559 | |
| Suppliers | 440/4 | - | €1,559 | +€1,559 | |
| Accrued charges and deferred income | 492/3 | €15,296 | €38,318 | +€23,021 | +150.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,121 | €29,137 | +€7,016 | +31.7% |
| Other operating charges | 640/8 | €7,022 | €9,569 | +€2,548 | +36.3% |
| Gross operating margin | 9900 | -€10,656 | -€29,412 | -€18,756 | -176.0% |
| Operating profit (loss) | 9901 | -€39,799 | -€68,118 | -€28,319 | -71.2% |
| Financial income | 75/76B | €573,192 | €1,347,156 | +€773,964 | +135.0% |
| Recurring financial income | 75 | €116,692 | €52,456 | -€64,236 | -55.0% |
| Non-recurring financial income | 76B | €456,500 | €1,294,700 | +€838,200 | +183.6% |
| Financial charges | 65/66B | €83,304 | €149,520 | +€66,217 | +79.5% |
| Recurring financial charges | 65 | €83,304 | €149,520 | +€66,217 | +79.5% |
| Profit (loss) for the period before taxes | 9903 | €450,090 | €1,129,518 | +€679,428 | +151.0% |
| Income taxes | 67/77 | €430 | €524 | +€94 | +22.0% |
| Profit (loss) for the period | 9904 | €449,661 | €1,128,994 | +€679,333 | +151.1% |
| Profit (loss) for the period to be appropriated | 9905 | €449,661 | €1,128,994 | +€679,333 | +151.1% |
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.