SIAB: 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.
What changed
SIAB
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€16,852
2024 · €22,984-€39,836
Equity
€443,694
2024 · €460,546-€16,852
Cash
€13,807
2024 · €10,311+€3,496
Balance sheet total
€1.3m
2024 · €1.1m+€222,766
Largest movements
Assets
- Tangible fixed assets +€213,590
up €213,590 (+20.2%), from €1.1m to €1.3m
of which Plant, machinery and equipment: +€224,622
Equity and liabilities
- Debts after one year +€218,629
up €218,629 (+39.9%), from €548,028 to €766,658
- Trade debts +€31,866
up €31,866 (+7919.8%), from €402 to €32,268
Income statement
- Other operating charges +€25,956
up €25,956 (+132.0%), from €19,669 to €45,625
- Depreciation +€17,447
up €17,447 (+36.4%), from €47,933 to €65,380
- Taxes -€7,434
down €7,434 (-54.4%), from €13,670 to €6,236
- Gross operating margin -€6,777
down €6,777 (-6.3%), from €107,559 to €100,782
- Financial charges -€1,255
down €1,255 (-29.8%), from €4,214 to €2,960
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.
Result 2024
€22,984
Gross operating margin
-€6,777
Depreciation
-€17,447
Other operating charges
-€25,956
Other operating items
+€1,604
Financial income
+€51
Financial charges
+€1,255
Taxes
+€7,434
Result 2025
-€16,852
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.
From operations
+€65,091
Investment
-€278,971
Financing
+€217,376
Cash 2024
€10,311
From operations (derived)
+€65,091
Net result for the year
-€16,852
Depreciation
+€65,380
Receivables within one year
-€5,000
Deferred charges and accrued income
-€679
Provisions
-€2,516
Trade debts
+€31,866
Tax, wage and social debts
+€1,066
Other debts
-€8,174
Investment (derived)
-€278,971
Investment in fixed assets (net)
-€278,971
Financing
+€217,376
Debts after one year
+€218,629
Current portion of long-term debt
-€1,253
Cash 2025
€13,807
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,069,946 | €1,292,712 | +€222,766 | +20.8% |
| Fixed assets | 21/28 | €1,059,635 | €1,273,225 | +€213,590 | +20.2% |
| Tangible fixed assets | 22/27 | €1,059,635 | €1,273,225 | +€213,590 | +20.2% |
| Land and buildings | 22 | €334,981 | €323,949 | -€11,031 | -3.3% |
| Plant, machinery and equipment | 23 | €724,654 | €949,276 | +€224,622 | +31.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €10,311 | €19,487 | +€9,175 | +89.0% |
| Amounts receivable within one year | 40/41 | €0 | €5,000 | +€5,000 | |
| Other amounts receivable | 41 | €0 | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €10,311 | €13,807 | +€3,496 | +33.9% |
| Deferred charges and accrued income | 490/1 | €0 | €679 | +€679 | |
| Total equity and liabilities | 10/49 | €1,069,946 | €1,292,712 | +€222,766 | +20.8% |
| Equity | 10/15 | €460,546 | €443,694 | -€16,852 | -3.7% |
| Contributions | 10/11 | €138,820 | €138,820 | = | 0.0% |
| Capital | 10 | €138,820 | €138,820 | = | 0.0% |
| Issued capital | 100 | €138,820 | €138,820 | = | 0.0% |
| Reserves | 13 | €232,403 | €226,173 | -€6,230 | -2.7% |
| Non-distributable reserves | 130/1 | €13,882 | €13,882 | = | 0.0% |
| Legal reserve | 130 | €13,882 | €13,882 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,710 | €65,480 | -€6,230 | -8.7% |
| Distributable reserves | 133 | €146,811 | €146,811 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,322 | €78,701 | -€10,622 | -11.9% |
| Provisions and deferred taxes | 16 | €25,382 | €22,866 | -€2,516 | -9.9% |
| Deferred taxes | 168 | €25,382 | €22,866 | -€2,516 | -9.9% |
| Amounts payable | 17/49 | €584,019 | €826,153 | +€242,134 | +41.5% |
| Amounts payable after more than one year | 17 | €548,028 | €766,658 | +€218,629 | +39.9% |
| Financial debts | 170/4 | €548,028 | €766,658 | +€218,629 | +39.9% |
| Amounts payable within one year | 42/48 | €35,990 | €59,495 | +€23,505 | +65.3% |
| Current portion of amounts payable after more than one year | 42 | €18,221 | €16,967 | -€1,253 | -6.9% |
| Trade debts | 44 | €402 | €32,268 | +€31,866 | +7919.8% |
| Suppliers | 440/4 | €402 | €32,268 | +€31,866 | +7919.8% |
| Taxes, remuneration and social security | 45 | €1,670 | €2,736 | +€1,066 | +63.8% |
| Taxes | 450/3 | €1,670 | €2,736 | +€1,066 | +63.8% |
| Other amounts payable | 47/48 | €15,697 | €7,523 | -€8,174 | -52.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,933 | €65,380 | +€17,447 | +36.4% |
| Other operating charges | 640/8 | €19,669 | €45,625 | +€25,956 | +132.0% |
| Non-recurring operating charges | 66A | €1,604 | €0 | -€1,604 | -100.0% |
| Gross operating margin | 9900 | €107,559 | €100,782 | -€6,777 | -6.3% |
| Operating profit (loss) | 9901 | €38,352 | -€10,224 | -€48,576 | |
| Financial income | 75/76B | - | €51 | +€51 | |
| Recurring financial income | 75 | - | €51 | +€51 | |
| Financial charges | 65/66B | €4,214 | €2,960 | -€1,255 | -29.8% |
| Recurring financial charges | 65 | €4,214 | €2,960 | -€1,255 | -29.8% |
| Profit (loss) for the period before taxes | 9903 | €34,138 | -€13,132 | -€47,270 | |
| Transfer from deferred taxes | 780 | €2,516 | €2,516 | = | 0.0% |
| Income taxes | 67/77 | €13,670 | €6,236 | -€7,434 | -54.4% |
| Profit (loss) for the period | 9904 | €22,984 | -€16,852 | -€39,836 | |
| Transfer from tax-exempt reserves | 789 | €6,230 | €6,230 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,214 | -€10,622 | -€39,836 |
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.