VI-SENDI: 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.
VI-SENDI
Largest movements
- Receivables within one year -€73,485
down €73,485 (-93.5%), from €78,586 to €5,101
of which Trade receivables: -€58,770
- Tangible fixed assets -€30,635
down €30,635 (-5.9%), from €522,214 to €491,579
of which Furniture and vehicles: -€30,967
- Cash +€11,217
up €11,217 (+127.0%), from €8,833 to €20,049
mainly Receivables within one year (+€73,485) and Depreciation (+€57,635)
- Short-term financial debts -€75,000
no longer reported in 2025 (was €75,000)
- Debts after one year -€56,557
down €56,557 (-16.5%), from €343,041 to €286,483
of which Financial debts: -€43,793
- Reserves +€45,600
up €45,600 (+32.5%), from €140,400 to €186,000
- Trade debts -€9,259
down €9,259 (-76.1%), from €12,167 to €2,908
- Gross operating margin +€62,788
up €62,788 (+40.3%), from €155,891 to €218,679
- Taxes +€15,316
up €15,316 (+549.7%), from €2,786 to €18,102
- Depreciation +€9,523
up €9,523 (+19.8%), from €48,111 to €57,635
- Staff costs -€2,969
down €2,969 (-3.9%), from €75,195 to €72,226
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 | €634,593 | €542,175 | -€92,418 | -14.6% |
| Fixed assets | 21/28 | €522,214 | €491,579 | -€30,635 | -5.9% |
| Tangible fixed assets | 22/27 | €522,214 | €491,579 | -€30,635 | -5.9% |
| Land and buildings | 22 | €340,726 | €324,129 | -€16,597 | -4.9% |
| Plant, machinery and equipment | 23 | €52,760 | €69,690 | +€16,930 | +32.1% |
| Furniture and vehicles | 24 | €128,728 | €97,760 | -€30,967 | -24.1% |
| Current assets | 29/58 | €112,379 | €50,596 | -€61,783 | -55.0% |
| Stocks and contracts in progress | 3 | €18,794 | €19,101 | +€307 | +1.6% |
| Stocks | 30/36 | €18,794 | €19,101 | +€307 | +1.6% |
| Amounts receivable within one year | 40/41 | €78,586 | €5,101 | -€73,485 | -93.5% |
| Trade receivables | 40 | €60,048 | €1,278 | -€58,770 | -97.9% |
| Other amounts receivable | 41 | €18,537 | €3,823 | -€14,714 | -79.4% |
| Cash at bank and in hand | 54/58 | €8,833 | €20,049 | +€11,217 | +127.0% |
| Deferred charges and accrued income | 490/1 | €6,167 | €6,345 | +€178 | +2.9% |
| Total equity and liabilities | 10/49 | €634,593 | €542,175 | -€92,418 | -14.6% |
| Equity | 10/15 | €160,264 | €205,600 | +€45,336 | +28.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €140,400 | €186,000 | +€45,600 | +32.5% |
| Distributable reserves | 133 | €140,400 | €186,000 | +€45,600 | +32.5% |
| Profit (loss) carried forward | 14 | €1,264 | €1,000 | -€264 | -20.9% |
| Amounts payable | 17/49 | €474,329 | €336,575 | -€137,754 | -29.0% |
| Amounts payable after more than one year | 17 | €343,041 | €286,483 | -€56,557 | -16.5% |
| Financial debts | 170/4 | €282,161 | €238,367 | -€43,793 | -15.5% |
| Other amounts payable | 178/9 | €60,880 | €48,116 | -€12,764 | -21.0% |
| Amounts payable within one year | 42/48 | €131,288 | €49,469 | -€81,819 | -62.3% |
| Current portion of amounts payable after more than one year | 42 | €42,404 | €43,793 | +€1,390 | +3.3% |
| Financial debts | 43 | €75,000 | - | -€75,000 | |
| Credit institutions | 430/8 | €75,000 | - | -€75,000 | |
| Trade debts | 44 | €12,167 | €2,908 | -€9,259 | -76.1% |
| Suppliers | 440/4 | €12,167 | €2,908 | -€9,259 | -76.1% |
| Taxes, remuneration and social security | 45 | - | €1,102 | +€1,102 | |
| Taxes | 450/3 | - | €1,102 | +€1,102 | |
| Other amounts payable | 47/48 | €1,718 | €1,666 | -€52 | -3.0% |
| Accrued charges and deferred income | 492/3 | - | €622 | +€622 | |
| Remuneration, social security and pensions | 62 | €75,195 | €72,226 | -€2,969 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,111 | €57,635 | +€9,523 | +19.8% |
| Other operating charges | 640/8 | €5,412 | €5,156 | -€256 | -4.7% |
| Gross operating margin | 9900 | €155,891 | €218,679 | +€62,788 | +40.3% |
| Operating profit (loss) | 9901 | €27,172 | €83,662 | +€56,489 | +207.9% |
| Financial income | 75/76B | €43 | €76 | +€34 | +78.8% |
| Recurring financial income | 75 | €43 | €76 | +€34 | +78.8% |
| Financial charges | 65/66B | €19,984 | €18,633 | -€1,350 | -6.8% |
| Recurring financial charges | 65 | €19,427 | €18,633 | -€793 | -4.1% |
| Non-recurring financial charges | 66B | €557 | - | -€557 | |
| Profit (loss) for the period before taxes | 9903 | €7,231 | €65,104 | +€57,873 | +800.3% |
| Income taxes | 67/77 | €2,786 | €18,102 | +€15,316 | +549.7% |
| Profit (loss) for the period | 9904 | €4,445 | €47,002 | +€42,557 | +957.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,445 | €47,002 | +€42,557 | +957.4% |
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 4 October 2026 via checked.be.