De Sierk: 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.
De Sierk
Largest movements
- Cash -€83,806
down €83,806 (-53.6%), from €156,394 to €72,588
mainly Investment in fixed assets (net) (-€80,129) and Debts after one year (-€36,239)
- Tangible fixed assets +€36,917
up €36,917 (+6.3%), from €583,559 to €620,476
of which Land and buildings: +€46,759
- Debts after one year -€36,239
down €36,239 (-12.9%), from €280,703 to €244,464
- Reserves +€30,552
up €30,552 (+9.3%), from €329,142 to €359,694
of which Distributable reserves: +€30,552
- Tax, wage and social debts -€26,853
down €26,853 (-68.9%), from €38,994 to €12,141
- Gross operating margin -€26,058
down €26,058 (-17.3%), from €150,626 to €124,567
- Taxes -€10,024
down €10,024 (-48.2%), from €20,784 to €10,759
- Depreciation +€9,013
up €9,013 (+26.4%), from €34,198 to €43,212
- Staff costs -€2,883
down €2,883 (-10.6%), from €27,151 to €24,267
- Financial charges -€1,636
down €1,636 (-11.8%), from €13,839 to €12,203
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 | €742,750 | €705,590 | -€37,161 | -5.0% |
| Fixed assets | 21/28 | €583,559 | €620,476 | +€36,917 | +6.3% |
| Tangible fixed assets | 22/27 | €583,559 | €620,476 | +€36,917 | +6.3% |
| Land and buildings | 22 | €538,813 | €585,572 | +€46,759 | +8.7% |
| Plant, machinery and equipment | 23 | €39,361 | €32,460 | -€6,901 | -17.5% |
| Furniture and vehicles | 24 | €5,385 | €2,444 | -€2,941 | -54.6% |
| Current assets | 29/58 | €159,192 | €85,114 | -€74,078 | -46.5% |
| Amounts receivable within one year | 40/41 | €2,798 | €8,537 | +€5,740 | +205.2% |
| Trade receivables | 40 | €722 | €5,068 | +€4,346 | +601.9% |
| Other amounts receivable | 41 | €2,076 | €3,469 | +€1,394 | +67.1% |
| Cash at bank and in hand | 54/58 | €156,394 | €72,588 | -€83,806 | -53.6% |
| Deferred charges and accrued income | 490/1 | - | €3,989 | +€3,989 | |
| Total equity and liabilities | 10/49 | €742,750 | €705,590 | -€37,161 | -5.0% |
| Equity | 10/15 | €379,142 | €409,694 | +€30,552 | +8.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €329,142 | €359,694 | +€30,552 | +9.3% |
| Tax-exempt reserves | 132 | €374 | €374 | = | 0.0% |
| Distributable reserves | 133 | €328,768 | €359,320 | +€30,552 | +9.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €363,608 | €295,895 | -€67,713 | -18.6% |
| Amounts payable after more than one year | 17 | €280,703 | €244,464 | -€36,239 | -12.9% |
| Financial debts | 170/4 | €280,703 | €244,464 | -€36,239 | -12.9% |
| Amounts payable within one year | 42/48 | €82,906 | €51,431 | -€31,475 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €36,851 | €36,239 | -€612 | -1.7% |
| Trade debts | 44 | €6,220 | €2,210 | -€4,010 | -64.5% |
| Suppliers | 440/4 | €6,220 | €2,210 | -€4,010 | -64.5% |
| Taxes, remuneration and social security | 45 | €38,994 | €12,141 | -€26,853 | -68.9% |
| Taxes | 450/3 | €38,994 | €12,141 | -€26,853 | -68.9% |
| Other amounts payable | 47/48 | €841 | €841 | +€1 | +0.1% |
| Remuneration, social security and pensions | 62 | €27,151 | €24,267 | -€2,883 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,198 | €43,212 | +€9,013 | +26.4% |
| Other operating charges | 640/8 | €4,373 | €3,419 | -€953 | -21.8% |
| Gross operating margin | 9900 | €150,626 | €124,567 | -€26,058 | -17.3% |
| Operating profit (loss) | 9901 | €84,904 | €53,669 | -€31,235 | -36.8% |
| Financial income | 75/76B | €269 | €696 | +€427 | +158.7% |
| Recurring financial income | 75 | €269 | €696 | +€427 | +158.7% |
| Financial charges | 65/66B | €13,839 | €12,203 | -€1,636 | -11.8% |
| Recurring financial charges | 65 | €13,839 | €12,203 | -€1,636 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €71,334 | €42,162 | -€29,172 | -40.9% |
| Income taxes | 67/77 | €20,784 | €10,759 | -€10,024 | -48.2% |
| Profit (loss) for the period | 9904 | €50,550 | €31,402 | -€19,148 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,550 | €31,402 | -€19,148 | -37.9% |
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 7 October 2026 via checked.be.