S.I.A.M.: 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.
S.I.A.M.
Largest movements
- Receivables within one year +€151,842
up €151,842 (+68.6%), from €221,332 to €373,174
of which Trade receivables: +€111,290
- Financial fixed assets -€138,265
down €138,265 (-8.4%), from €1.6m to €1.5m
- Tangible fixed assets -€80,475
down €80,475 (-5.9%), from €1.4m to €1.3m
- Stocks and contracts +€60,000
up €60,000 (+2.4%), from €2.5m to €2.6m
- Debts after one year +€261,530
up €261,530 (+15.7%), from €1.7m to €1.9m
of which Other amounts payable: +€300,000
- Profit (loss) carried forward -€193,326
down €193,326 (-17.3%), from €1.1m to €922,405
- Trade debts -€61,899
down €61,899 (-44.5%), from €139,126 to €77,227
of which Suppliers: -€63,899
- Gross operating margin -€1.2m
down €1.2m (-97.8%), from €1.2m to €27,074
- Financial charges +€47,948
up €47,948 (+386%), from €12,413 to €60,361
of which Non-recurring financial charges: +€48,766
- Financial income +€17,918
up €17,918 (+1,168%), from €1,534 to €19,452
- Depreciation +€17,581
up €17,581 (+24.9%), from €70,568 to €88,149
- Other operating charges -€12,879
down €12,879 (-46.8%), from €27,496 to €14,618
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 | €5,822,668 | €5,812,599 | -€10,069 | -0.2% |
| Fixed assets | 21/28 | €2,993,341 | €2,774,602 | -€218,739 | -7.3% |
| Tangible fixed assets | 22/27 | €1,353,943 | €1,273,469 | -€80,475 | -5.9% |
| Land and buildings | 22 | €1,198,242 | €1,159,261 | -€38,981 | -3.3% |
| Plant, machinery and equipment | 23 | €28,748 | €17,581 | -€11,167 | -38.8% |
| Furniture and vehicles | 24 | €6,053 | €3,027 | -€3,027 | -50.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €120,900 | €93,600 | -€27,300 | -22.6% |
| Financial fixed assets | 28 | €1,639,398 | €1,501,133 | -€138,265 | -8.4% |
| Current assets | 29/58 | €2,829,327 | €3,037,997 | +€208,671 | +7.4% |
| Amounts receivable after more than one year | 29 | €16,667 | €16,667 | = | 0.0% |
| Trade receivables | 290 | - | €16,667 | +€16,667 | |
| Other amounts receivable | 291 | €16,667 | - | -€16,667 | |
| Stocks and contracts in progress | 3 | €2,535,835 | €2,595,835 | +€60,000 | +2.4% |
| Stocks | 30/36 | €2,535,835 | €2,595,835 | +€60,000 | +2.4% |
| Amounts receivable within one year | 40/41 | €221,332 | €373,174 | +€151,842 | +68.6% |
| Trade receivables | 40 | €33,663 | €144,953 | +€111,290 | +331% |
| Other amounts receivable | 41 | €187,669 | €228,221 | +€40,552 | +21.6% |
| Cash at bank and in hand | 54/58 | €36,307 | €28,255 | -€8,052 | -22.2% |
| Deferred charges and accrued income | 490/1 | €19,186 | €24,067 | +€4,881 | +25.4% |
| Total equity and liabilities | 10/49 | €5,822,668 | €5,812,599 | -€10,069 | -0.2% |
| Equity | 10/15 | €1,188,289 | €994,963 | -€193,326 | -16.3% |
| Contributions | 10/11 | €55,510 | €55,510 | = | 0.0% |
| Reserves | 13 | €17,048 | €17,048 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,587 | €11,587 | = | 0.0% |
| Distributable reserves | 133 | €5,461 | €5,461 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,115,731 | €922,405 | -€193,326 | -17.3% |
| Amounts payable | 17/49 | €4,634,379 | €4,817,636 | +€183,257 | +4.0% |
| Amounts payable after more than one year | 17 | €1,667,795 | €1,929,325 | +€261,530 | +15.7% |
| Financial debts | 170/4 | €290,061 | €251,591 | -€38,470 | -13.3% |
| Other amounts payable | 178/9 | €1,377,734 | €1,677,734 | +€300,000 | +21.8% |
| Amounts payable within one year | 42/48 | €2,966,585 | €2,888,311 | -€78,273 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €47,741 | €41,633 | -€6,107 | -12.8% |
| Trade debts | 44 | €139,126 | €77,227 | -€61,899 | -44.5% |
| Suppliers | 440/4 | €139,126 | €75,227 | -€63,899 | -45.9% |
| Bills of exchange payable | 441 | - | €2,000 | +€2,000 | |
| Advances received on contracts in progress | 46 | €14,000 | €21,500 | +€7,500 | +53.6% |
| Taxes, remuneration and social security | 45 | €5,582 | €6,414 | +€832 | +14.9% |
| Taxes | 450/3 | €2,531 | €4,124 | +€1,593 | +62.9% |
| Remuneration and social security | 454/9 | €3,051 | €2,290 | -€761 | -25.0% |
| Other amounts payable | 47/48 | €2,760,135 | €2,741,537 | -€18,598 | -0.7% |
| Remuneration, social security and pensions | 62 | €78,236 | €70,121 | -€8,115 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,568 | €88,149 | +€17,581 | +24.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,527 | +€4,527 | |
| Other operating charges | 640/8 | €27,496 | €14,618 | -€12,879 | -46.8% |
| Gross operating margin | 9900 | €1,209,732 | €27,074 | -€1.2m | -97.8% |
| Operating profit (loss) | 9901 | €1,033,432 | -€150,340 | -€1.2m | |
| Financial income | 75/76B | €1,534 | €19,452 | +€17,918 | +1,168% |
| Recurring financial income | 75 | €1,534 | €19,452 | +€17,918 | +1,168% |
| Financial charges | 65/66B | €12,413 | €60,361 | +€47,948 | +386% |
| Recurring financial charges | 65 | €12,413 | €11,595 | -€818 | -6.6% |
| Non-recurring financial charges | 66B | - | €48,766 | +€48,766 | |
| Profit (loss) for the period before taxes | 9903 | €1,022,553 | -€191,249 | -€1.2m | |
| Income taxes | 67/77 | €535 | €2,076 | +€1,541 | +288% |
| Profit (loss) for the period | 9904 | €1,022,018 | -€193,326 | -€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,022,018 | -€193,326 | -€1.2m |
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 20 October 2026 via checked.be.