SysOp Management: 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.
SysOp Management
Largest movements
- Receivables after one year -€57,750
no longer reported in 2025 (was €57,750)
- Current investments +€50,373
up €50,373 (+100.7%), from €50,000 to €100,373
- Receivables within one year +€30,449
up €30,449 (+131.2%), from €23,206 to €53,656
of which Trade receivables: +€36,532
- Cash -€25,533
down €25,533 (-76.8%), from €33,259 to €7,726
mainly Contributions, distributions and other (-€68,683) and Investment in fixed assets (net) (-€55,314)
- Tangible fixed assets +€19,145
up €19,145 (+4.0%), from €474,609 to €493,753
of which Furniture and vehicles: +€31,189
- Accrued charges and deferred income +€48,264
new in 2025: €48,264
- Reserves -€33,683
down €33,683 (-44.4%), from €75,783 to €42,100
of which Distributable reserves: -€33,683
- Other debts -€12,821
down €12,821 (-15.0%), from €85,562 to €72,741
- Tax, wage and social debts -€11,058
down €11,058 (-40.6%), from €27,232 to €16,175
- Current portion of long-term debt +€10,545
up €10,545 (+56.7%), from €18,585 to €29,131
- Gross operating margin -€131,156
down €131,156 (-53.5%), from €245,282 to €114,126
- Write-downs -€43,904
no longer reported in 2025 (was €43,904)
- Taxes -€24,055
down €24,055 (-55.4%), from €43,436 to €19,382
- Depreciation +€12,281
up €12,281 (+51.4%), from €23,888 to €36,170
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 | €642,932 | €658,862 | +€15,930 | +2.5% |
| Fixed assets | 21/28 | €474,609 | €493,753 | +€19,145 | +4.0% |
| Tangible fixed assets | 22/27 | €474,609 | €493,753 | +€19,145 | +4.0% |
| Land and buildings | 22 | €8,248 | €7,321 | -€927 | -11.2% |
| Plant, machinery and equipment | 23 | €3,987 | €3,220 | -€768 | -19.3% |
| Furniture and vehicles | 24 | €11,160 | €42,349 | +€31,189 | +279.5% |
| Other tangible fixed assets | 26 | €451,213 | €440,864 | -€10,350 | -2.3% |
| Current assets | 29/58 | €168,323 | €165,108 | -€3,215 | -1.9% |
| Amounts receivable after more than one year | 29 | €57,750 | - | -€57,750 | |
| Other amounts receivable | 291 | €57,750 | - | -€57,750 | |
| Amounts receivable within one year | 40/41 | €23,206 | €53,656 | +€30,449 | +131.2% |
| Trade receivables | 40 | €16,720 | €53,252 | +€36,532 | +218.5% |
| Other amounts receivable | 41 | €6,486 | €404 | -€6,082 | -93.8% |
| Current investments | 50/53 | €50,000 | €100,373 | +€50,373 | +100.7% |
| Cash at bank and in hand | 54/58 | €33,259 | €7,726 | -€25,533 | -76.8% |
| Deferred charges and accrued income | 490/1 | €4,107 | €3,353 | -€754 | -18.4% |
| Total equity and liabilities | 10/49 | €642,932 | €658,862 | +€15,930 | +2.5% |
| Equity | 10/15 | €80,783 | €52,208 | -€28,576 | -35.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €75,783 | €42,100 | -€33,683 | -44.4% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €33,683 | - | -€33,683 | |
| Profit (loss) carried forward | 14 | - | €5,108 | +€5,108 | |
| Amounts payable | 17/49 | €562,148 | €606,654 | +€44,506 | +7.9% |
| Amounts payable after more than one year | 17 | €423,171 | €428,604 | +€5,433 | +1.3% |
| Financial debts | 170/4 | €423,171 | €428,604 | +€5,433 | +1.3% |
| Amounts payable within one year | 42/48 | €138,978 | €129,786 | -€9,192 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €18,585 | €29,131 | +€10,545 | +56.7% |
| Trade debts | 44 | €7,597 | €11,589 | +€3,992 | +52.5% |
| Suppliers | 440/4 | €7,597 | €11,589 | +€3,992 | +52.5% |
| Advances received on contracts in progress | 46 | - | €150 | +€150 | |
| Taxes, remuneration and social security | 45 | €27,232 | €16,175 | -€11,058 | -40.6% |
| Taxes | 450/3 | €27,232 | €16,175 | -€11,058 | -40.6% |
| Other amounts payable | 47/48 | €85,562 | €72,741 | -€12,821 | -15.0% |
| Accrued charges and deferred income | 492/3 | - | €48,264 | +€48,264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,888 | €36,170 | +€12,281 | +51.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €43,904 | - | -€43,904 | |
| Other operating charges | 640/8 | €4,396 | €4,697 | +€301 | +6.8% |
| Gross operating margin | 9900 | €245,282 | €114,126 | -€131,156 | -53.5% |
| Operating profit (loss) | 9901 | €173,093 | €73,259 | -€99,834 | -57.7% |
| Financial income | 75/76B | €16 | €384 | +€368 | +2303.3% |
| Recurring financial income | 75 | €16 | €384 | +€368 | +2303.3% |
| Financial charges | 65/66B | €14,439 | €14,154 | -€285 | -2.0% |
| Recurring financial charges | 65 | €14,439 | €14,154 | -€285 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €158,671 | €59,489 | -€99,181 | -62.5% |
| Income taxes | 67/77 | €43,436 | €19,382 | -€24,055 | -55.4% |
| Profit (loss) for the period | 9904 | €115,234 | €40,108 | -€75,126 | -65.2% |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €73,134 | €40,108 | -€33,026 | -45.2% |
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 5 October 2026 via checked.be.