S.I.E.S.: 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.S.
Largest movements
- Receivables within one year -€6,822
down €6,822 (-3.8%), from €181,221 to €174,399
of which Other amounts receivable: -€29,512
- Trade debts -€51,908
down €51,908 (-60.7%), from €85,536 to €33,628
- Profit (loss) carried forward +€51,770
up €51,770, from -€47,766 to €4,004
- Tax, wage and social debts -€9,310
down €9,310 (-27.3%), from €34,083 to €24,774
- Gross operating margin +€46,973
up €46,973 (+54.3%), from €86,482 to €133,456
- Financial charges -€5,199
down €5,199 (-16.2%), from €31,993 to €26,794
- Staff costs +€2,335
up €2,335 (+4.4%), from €53,265 to €55,600
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 | €540,579 | €529,277 | -€11,302 | -2.1% |
| Fixed assets | 21/28 | €1,281 | €1,281 | = | 0.0% |
| Financial fixed assets | 28 | €1,281 | €1,281 | = | 0.0% |
| Current assets | 29/58 | €539,298 | €527,996 | -€11,302 | -2.1% |
| Amounts receivable within one year | 40/41 | €181,221 | €174,399 | -€6,822 | -3.8% |
| Trade receivables | 40 | €147,150 | €169,840 | +€22,690 | +15.4% |
| Other amounts receivable | 41 | €34,071 | €4,559 | -€29,512 | -86.6% |
| Cash at bank and in hand | 54/58 | €356,593 | €351,595 | -€4,998 | -1.4% |
| Deferred charges and accrued income | 490/1 | €1,484 | €2,002 | +€518 | +34.9% |
| Total equity and liabilities | 10/49 | €540,579 | €529,277 | -€11,302 | -2.1% |
| Equity | 10/15 | €20,434 | €72,204 | +€51,770 | +253% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,766 | €4,004 | +€51,770 | |
| Amounts payable | 17/49 | €520,146 | €457,074 | -€63,072 | -12.1% |
| Amounts payable within one year | 42/48 | €520,146 | €457,074 | -€63,072 | -12.1% |
| Trade debts | 44 | €85,536 | €33,628 | -€51,908 | -60.7% |
| Suppliers | 440/4 | €85,536 | €33,628 | -€51,908 | -60.7% |
| Taxes, remuneration and social security | 45 | €34,083 | €24,774 | -€9,310 | -27.3% |
| Remuneration and social security | 454/9 | €34,083 | €24,774 | -€9,310 | -27.3% |
| Other amounts payable | 47/48 | €400,526 | €398,672 | -€1,854 | -0.5% |
| Remuneration, social security and pensions | 62 | €53,265 | €55,600 | +€2,335 | +4.4% |
| Other operating charges | 640/8 | €143 | €162 | +€18 | +12.8% |
| Gross operating margin | 9900 | €86,482 | €133,456 | +€46,973 | +54.3% |
| Operating profit (loss) | 9901 | €33,074 | €77,694 | +€44,619 | +135% |
| Financial income | 75/76B | €347 | €871 | +€524 | +151% |
| Recurring financial income | 75 | €347 | €871 | +€524 | +151% |
| Financial charges | 65/66B | €31,993 | €26,794 | -€5,199 | -16.2% |
| Recurring financial charges | 65 | €31,993 | €26,794 | -€5,199 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €1,428 | €51,770 | +€50,342 | +3,525% |
| Profit (loss) for the period | 9904 | €1,428 | €51,770 | +€50,342 | +3,525% |
| Profit (loss) for the period to be appropriated | 9905 | €1,428 | €51,770 | +€50,342 | +3,525% |
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 14 October 2026 via checked.be.