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.
SIACI UNDERWRITING
Largest movements
- Cash +€68,337
up €68,337 (+85.3%), from €80,119 to €148,456
mainly Net result for the year (+€51,565) and Trade debts (+€17,523)
- Profit (loss) carried forward +€48,540
up €48,540 (+498.6%), from €9,735 to €58,275
- Trade debts +€17,523
up €17,523 (+13.4%), from €130,945 to €148,468
- Accrued charges and deferred income -€11,216
down €11,216 (-72.2%), from €15,536 to €4,320
- Tax, wage and social debts +€6,324
up €6,324 (+42.3%), from €14,948 to €21,271
of which Taxes: +€4,361
- Financial charges +€13,125
up €13,125 (+1196.6%), from €1,097 to €14,222
- Gross operating margin +€7,563
up €7,563 (+4.7%), from €160,475 to €168,038
- Staff costs +€6,245
up €6,245 (+8.4%), from €74,581 to €80,825
- Taxes +€2,461
up €2,461 (+14.0%), from €17,565 to €20,027
- Financial income -€2,295
down €2,295 (-100.0%), from €2,296 to €0
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 | €285,905 | €349,984 | +€64,079 | +22.4% |
| Fixed assets | 21/28 | €1,126 | €247 | -€879 | -78.0% |
| Intangible fixed assets | 21 | €1,126 | €247 | -€879 | -78.0% |
| Current assets | 29/58 | €284,778 | €349,737 | +€64,958 | +22.8% |
| Amounts receivable within one year | 40/41 | €203,586 | €200,205 | -€3,381 | -1.7% |
| Trade receivables | 40 | €150,823 | €199,239 | +€48,416 | +32.1% |
| Other amounts receivable | 41 | €52,763 | €966 | -€51,797 | -98.2% |
| Cash at bank and in hand | 54/58 | €80,119 | €148,456 | +€68,337 | +85.3% |
| Deferred charges and accrued income | 490/1 | €1,073 | €1,076 | +€3 | +0.2% |
| Total equity and liabilities | 10/49 | €285,905 | €349,984 | +€64,079 | +22.4% |
| Equity | 10/15 | €74,360 | €125,925 | +€51,565 | +69.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,125 | €6,150 | +€3,025 | +96.8% |
| Non-distributable reserves | 130/1 | €3,125 | €6,150 | +€3,025 | +96.8% |
| Legal reserve | 130 | €3,125 | €6,150 | +€3,025 | +96.8% |
| Profit (loss) carried forward | 14 | €9,735 | €58,275 | +€48,540 | +498.6% |
| Amounts payable | 17/49 | €211,545 | €224,059 | +€12,514 | +5.9% |
| Amounts payable within one year | 42/48 | €196,009 | €219,739 | +€23,730 | +12.1% |
| Trade debts | 44 | €130,945 | €148,468 | +€17,523 | +13.4% |
| Suppliers | 440/4 | €130,945 | €148,468 | +€17,523 | +13.4% |
| Taxes, remuneration and social security | 45 | €14,948 | €21,271 | +€6,324 | +42.3% |
| Taxes | 450/3 | €4,841 | €9,202 | +€4,361 | +90.1% |
| Remuneration and social security | 454/9 | €10,106 | €12,069 | +€1,963 | +19.4% |
| Other amounts payable | 47/48 | €50,117 | €50,000 | -€117 | -0.2% |
| Accrued charges and deferred income | 492/3 | €15,536 | €4,320 | -€11,216 | -72.2% |
| Remuneration, social security and pensions | 62 | €74,581 | €80,825 | +€6,245 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €879 | €879 | -€0 | 0.0% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €160,475 | €168,038 | +€7,563 | +4.7% |
| Operating profit (loss) | 9901 | €84,510 | €85,814 | +€1,304 | +1.5% |
| Financial income | 75/76B | €2,296 | €0 | -€2,295 | -100.0% |
| Recurring financial income | 75 | €2,296 | €0 | -€2,295 | -100.0% |
| Financial charges | 65/66B | €1,097 | €14,222 | +€13,125 | +1196.6% |
| Recurring financial charges | 65 | €1,097 | €14,222 | +€13,125 | +1196.6% |
| Profit (loss) for the period before taxes | 9903 | €85,709 | €71,592 | -€14,117 | -16.5% |
| Income taxes | 67/77 | €17,565 | €20,027 | +€2,461 | +14.0% |
| Profit (loss) for the period | 9904 | €68,143 | €51,565 | -€16,578 | -24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,143 | €51,565 | -€16,578 | -24.3% |
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 27 September 2026 via checked.be.