SIAD MURDOC: what changed
What changed
SIAD MURDOC
filed annual accounts (NBB)
Net result for the year
-€107,835
2024 · €13,085-€120,921
Equity
€40,267
2024 · €148,103-€107,835
Cash
€2,409
2024 · €1,377+€1,032
Balance sheet total
€77,714
2024 · €532,796-€455,082
Largest movements
Assets
- Tangible fixed assets -€469,735
down €469,735 (-99.9%), from €470,009 to €275
of which Land and buildings: -€375,214
- Receivables after one year +€34,625
up €34,625 (+91.1%), from €38,000 to €72,625
- Receivables within one year -€18,441
down €18,441 (-88.6%), from €20,822 to €2,381
of which Trade receivables: -€20,822
Equity and liabilities
- Debts after one year -€258,423
no longer reported in 2025 (was €258,423)
- Profit (loss) carried forward -€107,835
down €107,835, from €94,703 to -€13,133
- Tax, wage and social debts -€64,695
down €64,695 (-76.4%), from €84,700 to €20,005
- Current portion of long-term debt -€26,279
no longer reported in 2025 (was €26,279)
- Trade debts +€8,796
up €8,796 (+430%), from €2,044 to €10,840
Income statement
- Gross operating margin -€144,398
down €144,398, from €66,890 to -€77,507
- Depreciation -€23,384
down €23,384 (-95.3%), from €24,543 to €1,159
- Other operating charges +€9,674
up €9,674 (+113%), from €8,525 to €18,199
- Financial charges -€4,930
down €4,930 (-48.7%), from €10,121 to €5,191
- Financial income +€1,407
up €1,407 (+82.4%), from €1,708 to €3,115
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€13,085
Gross operating margin
-€144,398
Staff costs
+€169
Depreciation
+€23,384
Other operating charges
-€9,674
Other operating items
+€2,400
Financial income
+€1,407
Financial charges
+€4,930
Taxes
+€861
Result 2025
-€107,835
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€176,583
Investment
+€468,575
Financing
-€290,960
Cash 2024
€1,377
From operations (derived)
-€176,583
Net result for the year
-€107,835
Depreciation
+€1,159
Receivables after one year
-€34,625
Receivables within one year
+€18,441
Deferred charges and accrued income
+€2,563
Trade debts
+€8,796
Tax, wage and social debts
-€64,695
Other debts
-€388
Investment (derived)
+€468,575
Investment in fixed assets (net)
+€468,575
Financing
-€290,960
Debts after one year
-€258,423
Current portion of long-term debt
-€26,279
Short-term financial debts
-€6,258
Cash 2025
€2,409
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €532,796 | €77,714 | -€455,082 | -85.4% |
| Fixed assets | 21/28 | €470,034 | €300 | -€469,735 | -99.9% |
| Tangible fixed assets | 22/27 | €470,009 | €275 | -€469,735 | -99.9% |
| Land and buildings | 22 | €375,214 | - | -€375,214 | |
| Plant, machinery and equipment | 23 | €94,698 | €275 | -€94,423 | -99.7% |
| Furniture and vehicles | 24 | €98 | - | -€98 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €62,762 | €77,414 | +€14,652 | +23.3% |
| Amounts receivable after more than one year | 29 | €38,000 | €72,625 | +€34,625 | +91.1% |
| Other amounts receivable | 291 | €38,000 | €72,625 | +€34,625 | +91.1% |
| Amounts receivable within one year | 40/41 | €20,822 | €2,381 | -€18,441 | -88.6% |
| Trade receivables | 40 | €20,822 | - | -€20,822 | |
| Other amounts receivable | 41 | - | €2,381 | +€2,381 | |
| Cash at bank and in hand | 54/58 | €1,377 | €2,409 | +€1,032 | +75.0% |
| Deferred charges and accrued income | 490/1 | €2,563 | - | -€2,563 | |
| Total equity and liabilities | 10/49 | €532,796 | €77,714 | -€455,082 | -85.4% |
| Equity | 10/15 | €148,103 | €40,267 | -€107,835 | -72.8% |
| Contributions | 10/11 | €15,400 | €15,400 | = | 0.0% |
| Reserves | 13 | €38,000 | €38,000 | = | 0.0% |
| Distributable reserves | 133 | €38,000 | €38,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,703 | -€13,133 | -€107,835 | |
| Amounts payable | 17/49 | €384,694 | €37,447 | -€347,247 | -90.3% |
| Amounts payable after more than one year | 17 | €258,423 | - | -€258,423 | |
| Financial debts | 170/4 | €258,423 | - | -€258,423 | |
| Amounts payable within one year | 42/48 | €126,271 | €37,447 | -€88,824 | -70.3% |
| Current portion of amounts payable after more than one year | 42 | €26,279 | - | -€26,279 | |
| Financial debts | 43 | €12,858 | €6,601 | -€6,258 | -48.7% |
| Credit institutions | 430/8 | €12,858 | €6,601 | -€6,258 | -48.7% |
| Trade debts | 44 | €2,044 | €10,840 | +€8,796 | +430% |
| Suppliers | 440/4 | €2,044 | €10,840 | +€8,796 | +430% |
| Taxes, remuneration and social security | 45 | €84,700 | €20,005 | -€64,695 | -76.4% |
| Taxes | 450/3 | €84,700 | €20,005 | -€64,695 | -76.4% |
| Other amounts payable | 47/48 | €388 | - | -€388 | |
| Non-recurring operating income | 76A | €5,900 | - | -€5,900 | |
| Remuneration, social security and pensions | 62 | €410 | €241 | -€169 | -41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,543 | €1,159 | -€23,384 | -95.3% |
| Other operating charges | 640/8 | €8,525 | €18,199 | +€9,674 | +113% |
| Non-recurring operating charges | 66A | €2,400 | - | -€2,400 | |
| Gross operating margin | 9900 | €66,890 | -€77,507 | -€144,398 | |
| Operating profit (loss) | 9901 | €31,011 | -€97,107 | -€128,119 | |
| Financial income | 75/76B | €1,708 | €3,115 | +€1,407 | +82.4% |
| Recurring financial income | 75 | €1,708 | €3,115 | +€1,407 | +82.4% |
| Financial charges | 65/66B | €10,121 | €5,191 | -€4,930 | -48.7% |
| Recurring financial charges | 65 | €10,121 | €5,191 | -€4,930 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €22,598 | -€99,183 | -€121,781 | |
| Income taxes | 67/77 | €9,513 | €8,652 | -€861 | -9.0% |
| Profit (loss) for the period | 9904 | €13,085 | -€107,835 | -€120,921 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,085 | -€107,835 | -€120,921 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.