SEIRES: 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.
SEIRES
Largest movements
- Financial fixed assets +€23,364
up €23,364 (+11.2%), from €208,600 to €231,964
- Tangible fixed assets -€9,215
down €9,215 (-6.3%), from €146,067 to €136,853
of which Land and buildings: -€7,828
- Cash +€7,544
up €7,544 (+230.9%), from €3,267 to €10,811
mainly Provisions (+€85,528) and Net result for the year (+€37,745)
- Reserves -€119,432
down €119,432 (-100.0%), from €119,432 to €0
- Provisions +€85,528
up €85,528 (+86.7%), from €98,674 to €184,202
of which Provisions for liabilities and charges: +€125,339
- Profit (loss) carried forward +€37,745
up €37,745, from -€9,338 to €28,407
- Tax, wage and social debts +€12,264
up €12,264 (+8200.9%), from €150 to €12,414
- Trade debts +€11,196
up €11,196 (+2912.4%), from €384 to €11,581
- Gross operating margin +€159,541
up €159,541 (+1429.2%), from €11,163 to €170,704
- Provisions +€125,339
new in 2025: €125,339
- Financial income +€18,714
new in 2025: €18,714
- Taxes +€12,264
up €12,264 (+8200.9%), from €150 to €12,414
- Other operating charges -€1,780
down €1,780 (-28.4%), from €6,278 to €4,498
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 | €357,935 | €379,628 | +€21,693 | +6.1% |
| Fixed assets | 21/28 | €354,667 | €368,817 | +€14,149 | +4.0% |
| Tangible fixed assets | 22/27 | €146,067 | €136,853 | -€9,215 | -6.3% |
| Land and buildings | 22 | €142,122 | €134,294 | -€7,828 | -5.5% |
| Furniture and vehicles | 24 | €3,944 | €2,557 | -€1,387 | -35.2% |
| Other tangible fixed assets | 26 | €1 | €1 | = | 0.0% |
| Financial fixed assets | 28 | €208,600 | €231,964 | +€23,364 | +11.2% |
| Current assets | 29/58 | €3,267 | €10,811 | +€7,544 | +230.9% |
| Cash at bank and in hand | 54/58 | €3,267 | €10,811 | +€7,544 | +230.9% |
| Total equity and liabilities | 10/49 | €357,935 | €379,628 | +€21,693 | +6.1% |
| Equity | 10/15 | €172,094 | €90,407 | -€81,687 | -47.5% |
| 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 | €119,432 | €0 | -€119,432 | -100.0% |
| Tax-exempt reserves | 132 | €119,432 | €0 | -€119,432 | -100.0% |
| Profit (loss) carried forward | 14 | -€9,338 | €28,407 | +€37,745 | |
| Provisions and deferred taxes | 16 | €98,674 | €184,202 | +€85,528 | +86.7% |
| Provisions for liabilities and charges | 160/5 | €58,863 | €184,202 | +€125,339 | +212.9% |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €58,863 | €184,202 | +€125,339 | +212.9% |
| Deferred taxes | 168 | €39,811 | €0 | -€39,811 | -100.0% |
| Amounts payable | 17/49 | €87,166 | €105,019 | +€17,852 | +20.5% |
| Amounts payable after more than one year | 17 | €72,122 | €68,184 | -€3,938 | -5.5% |
| Other amounts payable | 178/9 | €72,122 | €68,184 | -€3,938 | -5.5% |
| Amounts payable within one year | 42/48 | €5,740 | €27,051 | +€21,311 | +371.3% |
| Trade debts | 44 | €384 | €11,581 | +€11,196 | +2912.4% |
| Suppliers | 440/4 | €384 | €11,581 | +€11,196 | +2912.4% |
| Taxes, remuneration and social security | 45 | €150 | €12,414 | +€12,264 | +8200.9% |
| Taxes | 450/3 | €150 | €12,414 | +€12,264 | +8200.9% |
| Other amounts payable | 47/48 | €5,206 | €3,056 | -€2,150 | -41.3% |
| Accrued charges and deferred income | 492/3 | €9,304 | €9,784 | +€480 | +5.2% |
| Non-recurring operating income | 76A | - | €159,243 | +€159,243 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,215 | €9,215 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €125,339 | +€125,339 | |
| Other operating charges | 640/8 | €6,278 | €4,498 | -€1,780 | -28.4% |
| Gross operating margin | 9900 | €11,163 | €170,704 | +€159,541 | +1429.2% |
| Operating profit (loss) | 9901 | -€4,329 | €31,653 | +€35,982 | |
| Financial income | 75/76B | - | €18,714 | +€18,714 | |
| Recurring financial income | 75 | - | €18,714 | +€18,714 | |
| Financial charges | 65/66B | €145 | €208 | +€63 | +43.5% |
| Recurring financial charges | 65 | €145 | €208 | +€63 | +43.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,474 | €50,159 | +€54,633 | |
| Income taxes | 67/77 | €150 | €12,414 | +€12,264 | +8200.9% |
| Profit (loss) for the period | 9904 | -€4,624 | €37,745 | +€42,368 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,624 | €37,745 | +€42,368 |
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 2 October 2026 via checked.be.