SIKEM: 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.
SIKEM
Largest movements
- Cash +€204,927
up €204,927 (+337%), from €60,861 to €265,788
mainly Net result for the year (+€112,258) and Receivables within one year (+€99,529)
- Receivables within one year -€99,529
down €99,529 (-42.3%), from €235,074 to €135,545
of which Trade receivables: -€99,693
- Stocks and contracts +€31,130
up €31,130 (+30.4%), from €102,520 to €133,650
- Tangible fixed assets -€16,233
down €16,233 (-26.1%), from €62,308 to €46,075
- Reserves +€112,000
up €112,000 (+46.7%), from €239,579 to €351,579
- Tax, wage and social debts +€30,691
up €30,691 (+180%), from €17,069 to €47,760
- Debts after one year -€10,364
no longer reported in 2025 (was €10,364)
- Other debts -€9,927
down €9,927 (-8.7%), from €114,706 to €104,778
- Current portion of long-term debt -€6,852
down €6,852 (-39.8%), from €17,216 to €10,364
- Gross operating margin +€112,550
up €112,550 (+124%), from €90,974 to €203,523
- Taxes +€35,649
up €35,649 (+163%), from €21,884 to €57,533
- Other operating charges +€4,611
up €4,611 (+230%), from €2,001 to €6,612
- Financial charges -€2,975
down €2,975 (-21.5%), from €13,863 to €10,887
- Depreciation +€2,301
up €2,301 (+16.5%), from €13,931 to €16,233
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 | €475,091 | €591,849 | +€116,758 | +24.6% |
| Fixed assets | 21/28 | €62,518 | €46,285 | -€16,233 | -26.0% |
| Tangible fixed assets | 22/27 | €62,308 | €46,075 | -€16,233 | -26.1% |
| Furniture and vehicles | 24 | €62,308 | €46,075 | -€16,233 | -26.1% |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €412,573 | €545,564 | +€132,990 | +32.2% |
| Stocks and contracts in progress | 3 | €102,520 | €133,650 | +€31,130 | +30.4% |
| Stocks | 30/36 | €102,520 | €133,650 | +€31,130 | +30.4% |
| Amounts receivable within one year | 40/41 | €235,074 | €135,545 | -€99,529 | -42.3% |
| Trade receivables | 40 | €233,610 | €133,917 | -€99,693 | -42.7% |
| Other amounts receivable | 41 | €1,464 | €1,628 | +€164 | +11.2% |
| Cash at bank and in hand | 54/58 | €60,861 | €265,788 | +€204,927 | +337% |
| Deferred charges and accrued income | 490/1 | €14,118 | €10,581 | -€3,537 | -25.1% |
| Total equity and liabilities | 10/49 | €475,091 | €591,849 | +€116,758 | +24.6% |
| Equity | 10/15 | €261,481 | €373,739 | +€112,258 | +42.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €239,579 | €351,579 | +€112,000 | +46.7% |
| Distributable reserves | 133 | €239,579 | €351,579 | +€112,000 | +46.7% |
| Profit (loss) carried forward | 14 | €3,302 | €3,560 | +€258 | +7.8% |
| Amounts payable | 17/49 | €213,610 | €218,110 | +€4,500 | +2.1% |
| Amounts payable after more than one year | 17 | €10,364 | - | -€10,364 | |
| Financial debts | 170/4 | €10,364 | - | -€10,364 | |
| Amounts payable within one year | 42/48 | €192,528 | €209,394 | +€16,866 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €17,216 | €10,364 | -€6,852 | -39.8% |
| Financial debts | 43 | €3,152 | - | -€3,152 | |
| Credit institutions | 430/8 | €3,152 | - | -€3,152 | |
| Trade debts | 44 | €40,386 | €46,492 | +€6,106 | +15.1% |
| Suppliers | 440/4 | €40,386 | €46,492 | +€6,106 | +15.1% |
| Taxes, remuneration and social security | 45 | €17,069 | €47,760 | +€30,691 | +180% |
| Taxes | 450/3 | €17,069 | €47,760 | +€30,691 | +180% |
| Other amounts payable | 47/48 | €114,706 | €104,778 | -€9,927 | -8.7% |
| Accrued charges and deferred income | 492/3 | €10,718 | €8,716 | -€2,002 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,931 | €16,233 | +€2,301 | +16.5% |
| Other operating charges | 640/8 | €2,001 | €6,612 | +€4,611 | +230% |
| Gross operating margin | 9900 | €90,974 | €203,523 | +€112,550 | +124% |
| Operating profit (loss) | 9901 | €75,041 | €180,679 | +€105,638 | +141% |
| Financial income | 75/76B | €5 | €0 | -€5 | -99.6% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -99.6% |
| Financial charges | 65/66B | €13,863 | €10,887 | -€2,975 | -21.5% |
| Recurring financial charges | 65 | €13,863 | €10,887 | -€2,975 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €61,183 | €169,791 | +€108,608 | +178% |
| Income taxes | 67/77 | €21,884 | €57,533 | +€35,649 | +163% |
| Profit (loss) for the period | 9904 | €39,299 | €112,258 | +€72,959 | +186% |
| Profit (loss) for the period to be appropriated | 9905 | €39,299 | €112,258 | +€72,959 | +186% |
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 18 October 2026 via checked.be.