SYSCADE: 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.
SYSCADE
Largest movements
- Intangible fixed assets +€370,189
up €370,189 (+371.4%), from €99,662 to €469,851
- Tangible fixed assets -€189,991
down €189,991 (-11.8%), from €1.6m to €1.4m
of which Plant, machinery and equipment: -€204,160
- Cash -€43,417
down €43,417 (-27.9%), from €155,809 to €112,392
mainly Investment in fixed assets (net) (-€462,814) and Net result for the year (-€94,079)
- Stocks and contracts -€25,394
down €25,394 (-20.3%), from €125,208 to €99,814
- Short-term financial debts +€100,000
new in 2025: €100,000
- Profit (loss) carried forward -€94,079
down €94,079 (-12.3%), from -€764,370 to -€858,448
- Investment grants +€93,473
up €93,473 (+134.9%), from €69,300 to €162,773
- Gross operating margin +€334,177
up €334,177 (+935.8%), from €35,712 to €369,889
- Staff costs +€62,215
up €62,215 (+45.5%), from €136,842 to €199,057
- Depreciation +€57,011
up €57,011 (+25.4%), from €224,504 to €281,515
- Financial income -€14,398
down €14,398 (-32.8%), from €43,927 to €29,528
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 | €2,170,261 | €2,261,964 | +€91,703 | +4.2% |
| Fixed assets | 21/28 | €1,706,786 | €1,888,085 | +€181,299 | +10.6% |
| Intangible fixed assets | 21 | €99,662 | €469,851 | +€370,189 | +371.4% |
| Tangible fixed assets | 22/27 | €1,606,719 | €1,416,728 | -€189,991 | -11.8% |
| Plant, machinery and equipment | 23 | €1,601,825 | €1,397,665 | -€204,160 | -12.7% |
| Furniture and vehicles | 24 | €4,894 | €19,063 | +€14,169 | +289.5% |
| Financial fixed assets | 28 | €405 | €1,505 | +€1,100 | +271.5% |
| Current assets | 29/58 | €463,475 | €373,879 | -€89,596 | -19.3% |
| Stocks and contracts in progress | 3 | €125,208 | €99,814 | -€25,394 | -20.3% |
| Stocks | 30/36 | €125,208 | €99,814 | -€25,394 | -20.3% |
| Amounts receivable within one year | 40/41 | €80,649 | €58,900 | -€21,749 | -27.0% |
| Trade receivables | 40 | €80,649 | €58,900 | -€21,749 | -27.0% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €155,809 | €112,392 | -€43,417 | -27.9% |
| Deferred charges and accrued income | 490/1 | €1,809 | €2,773 | +€964 | +53.3% |
| Total equity and liabilities | 10/49 | €2,170,261 | €2,261,964 | +€91,703 | +4.2% |
| Equity | 10/15 | €1,804,930 | €1,804,324 | -€606 | 0.0% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | - | €2,500,000 | +€2.5m | |
| Issued capital | 100 | - | €2,500,000 | +€2.5m | |
| Profit (loss) carried forward | 14 | -€764,370 | -€858,448 | -€94,079 | -12.3% |
| Investment grants | 15 | €69,300 | €162,773 | +€93,473 | +134.9% |
| Amounts payable | 17/49 | €365,331 | €457,640 | +€92,309 | +25.3% |
| Amounts payable after more than one year | 17 | €215,950 | €207,011 | -€8,939 | -4.1% |
| Financial debts | 170/4 | €215,950 | €207,011 | -€8,939 | -4.1% |
| Amounts payable within one year | 42/48 | €147,981 | €249,229 | +€101,248 | +68.4% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | €81,602 | +€6,602 | +8.8% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €42,604 | €36,412 | -€6,191 | -14.5% |
| Suppliers | 440/4 | €42,604 | €36,412 | -€6,191 | -14.5% |
| Advances received on contracts in progress | 46 | €3,250 | - | -€3,250 | |
| Taxes, remuneration and social security | 45 | €25,747 | €29,719 | +€3,972 | +15.4% |
| Taxes | 450/3 | €9,010 | €9,745 | +€736 | +8.2% |
| Remuneration and social security | 454/9 | €16,738 | €19,974 | +€3,236 | +19.3% |
| Other amounts payable | 47/48 | €1,380 | €1,495 | +€115 | +8.3% |
| Accrued charges and deferred income | 492/3 | €1,400 | €1,400 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €136,842 | €199,057 | +€62,215 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,504 | €281,515 | +€57,011 | +25.4% |
| Other operating charges | 640/8 | €1,171 | €1,779 | +€607 | +51.8% |
| Non-recurring operating charges | 66A | €3,799 | €1,362 | -€2,437 | -64.1% |
| Gross operating margin | 9900 | €35,712 | €369,889 | +€334,177 | +935.8% |
| Operating profit (loss) | 9901 | -€330,605 | -€113,824 | +€216,781 | +65.6% |
| Financial income | 75/76B | €43,927 | €29,528 | -€14,398 | -32.8% |
| Recurring financial income | 75 | €43,927 | €29,528 | -€14,398 | -32.8% |
| Financial charges | 65/66B | €11,830 | €9,779 | -€2,050 | -17.3% |
| Recurring financial charges | 65 | €11,830 | €9,779 | -€2,050 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | -€298,508 | -€94,075 | +€204,433 | +68.5% |
| Income taxes | 67/77 | €110 | €4 | -€106 | -96.7% |
| Profit (loss) for the period | 9904 | -€298,618 | -€94,079 | +€204,539 | +68.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€298,618 | -€94,079 | +€204,539 | +68.5% |
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 30 September 2026 via checked.be.