SYGMA-D: 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.
SYGMA-D
Largest movements
- Receivables within one year -€34,078
down €34,078 (-18.8%), from €181,352 to €147,274
of which Trade receivables: -€39,794
- Cash +€13,995
new in 2025: €13,995
mainly Net result for the year (+€41,094) and Receivables within one year (+€34,078)
- Short-term financial debts -€55,780
no longer reported in 2025 (was €55,780)
- Profit (loss) carried forward +€41,094
up €41,094 (+50.1%), from -€82,083 to -€40,989
- Trade debts -€5,144
down €5,144 (-5.0%), from €103,552 to €98,408
- Debts after one year -€3,279
down €3,279 (-25.2%), from €13,022 to €9,742
- Gross operating margin +€132,179
up €132,179 (+95.5%), from €138,395 to €270,574
- Staff costs +€11,767
up €11,767 (+6.2%), from €190,486 to €202,253
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 | €258,335 | €238,456 | -€19,878 | -7.7% |
| Fixed assets | 21/28 | €74,349 | €74,176 | -€173 | -0.2% |
| Intangible fixed assets | 21 | €10,768 | €9,331 | -€1,437 | -13.3% |
| Tangible fixed assets | 22/27 | €51,259 | €50,312 | -€947 | -1.8% |
| Plant, machinery and equipment | 23 | €17,629 | €15,470 | -€2,159 | -12.2% |
| Furniture and vehicles | 24 | €32,614 | €34,202 | +€1,588 | +4.9% |
| Other tangible fixed assets | 26 | €1,016 | €640 | -€376 | -37.0% |
| Financial fixed assets | 28 | €12,322 | €14,533 | +€2,212 | +17.9% |
| Current assets | 29/58 | €183,986 | €164,281 | -€19,705 | -10.7% |
| Amounts receivable within one year | 40/41 | €181,352 | €147,274 | -€34,078 | -18.8% |
| Trade receivables | 40 | €171,557 | €131,763 | -€39,794 | -23.2% |
| Other amounts receivable | 41 | €9,795 | €15,511 | +€5,716 | +58.4% |
| Cash at bank and in hand | 54/58 | - | €13,995 | +€13,995 | |
| Deferred charges and accrued income | 490/1 | €2,634 | €3,012 | +€378 | +14.4% |
| Total equity and liabilities | 10/49 | €258,335 | €238,456 | -€19,878 | -7.7% |
| Equity | 10/15 | -€59,955 | -€18,862 | +€41,094 | +68.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €15,927 | €15,927 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,067 | €14,067 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€82,083 | -€40,989 | +€41,094 | +50.1% |
| Amounts payable | 17/49 | €318,290 | €257,318 | -€60,972 | -19.2% |
| Amounts payable after more than one year | 17 | €13,022 | €9,742 | -€3,279 | -25.2% |
| Financial debts | 170/4 | €13,022 | €9,742 | -€3,279 | -25.2% |
| Amounts payable within one year | 42/48 | €305,269 | €247,576 | -€57,692 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €13,200 | €13,279 | +€80 | +0.6% |
| Financial debts | 43 | €55,780 | - | -€55,780 | |
| Credit institutions | 430/8 | €55,780 | - | -€55,780 | |
| Trade debts | 44 | €103,552 | €98,408 | -€5,144 | -5.0% |
| Suppliers | 440/4 | €103,552 | €98,408 | -€5,144 | -5.0% |
| Taxes, remuneration and social security | 45 | €61,817 | €63,376 | +€1,559 | +2.5% |
| Taxes | 450/3 | €38,698 | €41,664 | +€2,966 | +7.7% |
| Remuneration and social security | 454/9 | €23,119 | €21,712 | -€1,407 | -6.1% |
| Other amounts payable | 47/48 | €70,919 | €72,512 | +€1,593 | +2.2% |
| Remuneration, social security and pensions | 62 | €190,486 | €202,253 | +€11,767 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,834 | €19,119 | -€715 | -3.6% |
| Other operating charges | 640/8 | €1,093 | €2,421 | +€1,329 | +122% |
| Gross operating margin | 9900 | €138,395 | €270,574 | +€132,179 | +95.5% |
| Operating profit (loss) | 9901 | -€73,017 | €46,782 | +€119,799 | |
| Financial income | 75/76B | - | €1,430 | +€1,430 | |
| Recurring financial income | 75 | - | €1,430 | +€1,430 | |
| Financial charges | 65/66B | €6,713 | €6,841 | +€128 | +1.9% |
| Recurring financial charges | 65 | €6,713 | €6,841 | +€128 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | -€79,730 | €41,371 | +€121,102 | |
| Income taxes | 67/77 | €260 | €278 | +€17 | +6.6% |
| Profit (loss) for the period | 9904 | -€79,991 | €41,094 | +€121,084 | |
| Profit (loss) for the period to be appropriated | 9905 | -€79,991 | €41,094 | +€121,084 |
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 25 October 2026 via checked.be.