S.I.E.: 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.E.
Largest movements
- Cash -€155,802
down €155,802 (-45.9%), from €339,786 to €183,984
mainly Trade debts (-€280,361) and Investment in fixed assets (net) (-€135,166)
- Receivables within one year -€79,751
down €79,751 (-22.9%), from €348,288 to €268,537
- Tangible fixed assets +€28,358
up €28,358 (+9.6%), from €294,628 to €322,986
of which Plant, machinery and equipment: +€24,648
- Stocks and contracts -€22,455
down €22,455 (-5.3%), from €426,962 to €404,507
- Trade debts -€280,361
down €280,361 (-81.1%), from €345,578 to €65,217
- Other debts +€120,200
up €120,200 (+52.1%), from €230,700 to €350,900
- Current portion of long-term debt -€33,653
down €33,653 (-58.0%), from €58,026 to €24,372
- Debts after one year -€24,372
no longer reported in 2025 (was €24,372)
- Tax, wage and social debts -€23,779
down €23,779 (-80.9%), from €29,388 to €5,609
of which Taxes: -€22,481
- Gross operating margin -€96,351
down €96,351 (-37.4%), from €257,550 to €161,199
- Provisions -€23,451
no longer reported in 2025 (was €23,451)
- Depreciation +€15,610
up €15,610 (+17.1%), from €91,197 to €106,808
- Financial income -€9,413
down €9,413 (-51.4%), from €18,304 to €8,890
- Other operating charges +€3,900
up €3,900 (+403%), from €968 to €4,868
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 | €1,409,664 | €1,180,014 | -€229,650 | -16.3% |
| Fixed assets | 21/28 | €294,628 | €322,986 | +€28,358 | +9.6% |
| Tangible fixed assets | 22/27 | €294,628 | €322,986 | +€28,358 | +9.6% |
| Plant, machinery and equipment | 23 | €294,628 | €319,275 | +€24,648 | +8.4% |
| Furniture and vehicles | 24 | - | €3,711 | +€3,711 | |
| Current assets | 29/58 | €1,115,036 | €857,028 | -€258,008 | -23.1% |
| Stocks and contracts in progress | 3 | €426,962 | €404,507 | -€22,455 | -5.3% |
| Stocks | 30/36 | €426,962 | €404,507 | -€22,455 | -5.3% |
| Amounts receivable within one year | 40/41 | €348,288 | €268,537 | -€79,751 | -22.9% |
| Trade receivables | 40 | €348,288 | €268,537 | -€79,751 | -22.9% |
| Cash at bank and in hand | 54/58 | €339,786 | €183,984 | -€155,802 | -45.9% |
| Total equity and liabilities | 10/49 | €1,409,664 | €1,180,014 | -€229,650 | -16.3% |
| Equity | 10/15 | €681,082 | €693,441 | +€12,359 | +1.8% |
| 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 | €99,037 | €99,037 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,037 | €24,037 | = | 0.0% |
| Legal reserve | 130 | €24,037 | €24,037 | = | 0.0% |
| Distributable reserves | 133 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €520,545 | €532,904 | +€12,359 | +2.4% |
| Provisions and deferred taxes | 16 | €40,474 | €40,474 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,474 | €40,474 | = | 0.0% |
| Other liabilities and charges | 164/5 | €40,474 | €40,474 | = | 0.0% |
| Amounts payable | 17/49 | €688,107 | €446,098 | -€242,009 | -35.2% |
| Amounts payable after more than one year | 17 | €24,372 | - | -€24,372 | |
| Financial debts | 170/4 | €24,372 | - | -€24,372 | |
| Amounts payable within one year | 42/48 | €663,691 | €446,098 | -€217,593 | -32.8% |
| Current portion of amounts payable after more than one year | 42 | €58,026 | €24,372 | -€33,653 | -58.0% |
| Trade debts | 44 | €345,578 | €65,217 | -€280,361 | -81.1% |
| Suppliers | 440/4 | €345,578 | €65,217 | -€280,361 | -81.1% |
| Taxes, remuneration and social security | 45 | €29,388 | €5,609 | -€23,779 | -80.9% |
| Taxes | 450/3 | €24,243 | €1,762 | -€22,481 | -92.7% |
| Remuneration and social security | 454/9 | €5,145 | €3,847 | -€1,298 | -25.2% |
| Other amounts payable | 47/48 | €230,700 | €350,900 | +€120,200 | +52.1% |
| Accrued charges and deferred income | 492/3 | €44 | - | -€44 | |
| Remuneration, social security and pensions | 62 | €41,431 | €44,121 | +€2,689 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,197 | €106,808 | +€15,610 | +17.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €23,451 | - | -€23,451 | |
| Other operating charges | 640/8 | €968 | €4,868 | +€3,900 | +403% |
| Gross operating margin | 9900 | €257,550 | €161,199 | -€96,351 | -37.4% |
| Operating profit (loss) | 9901 | €100,503 | €5,403 | -€95,100 | -94.6% |
| Financial income | 75/76B | €18,304 | €8,890 | -€9,413 | -51.4% |
| Recurring financial income | 75 | €18,304 | €8,890 | -€9,413 | -51.4% |
| Financial charges | 65/66B | €2,508 | €1,934 | -€573 | -22.9% |
| Recurring financial charges | 65 | €2,508 | €1,934 | -€573 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €116,299 | €12,359 | -€103,940 | -89.4% |
| Profit (loss) for the period | 9904 | €116,299 | €12,359 | -€103,940 | -89.4% |
| Profit (loss) for the period to be appropriated | 9905 | €116,299 | €12,359 | -€103,940 | -89.4% |
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 30 October 2026 via checked.be.