SIECO: 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.
SIECO
Largest movements
- Tangible fixed assets -€140,619
down €140,619 (-3.0%), from €4.7m to €4.6m
- Debts after one year -€136,466
down €136,466 (-6.9%), from €2.0m to €1.8m
of which Financial debts: -€148,466
- Other debts -€105,968
down €105,968 (-2.5%), from €4.3m to €4.2m
- Profit (loss) carried forward +€96,719
up €96,719 (+46.8%), from -€206,655 to -€109,936
- Gross operating margin +€170,364
up €170,364 (+378.7%), from €44,986 to €215,350
- Financial income +€121,470
up €121,470 (+3191.5%), from €3,806 to €125,276
- Depreciation +€29,812
up €29,812 (+20.6%), from €144,467 to €174,279
- Financial charges -€7,318
down €7,318 (-9.5%), from €76,796 to €69,479
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 | €6,256,641 | €6,098,926 | -€157,714 | -2.5% |
| Fixed assets | 21/28 | €6,192,841 | €6,052,223 | -€140,619 | -2.3% |
| Tangible fixed assets | 22/27 | €4,748,822 | €4,608,203 | -€140,619 | -3.0% |
| Land and buildings | 22 | €4,748,822 | €4,608,203 | -€140,619 | -3.0% |
| Financial fixed assets | 28 | €1,444,019 | €1,444,019 | = | 0.0% |
| Current assets | 29/58 | €63,799 | €46,704 | -€17,096 | -26.8% |
| Amounts receivable within one year | 40/41 | €2,296 | €22,110 | +€19,814 | +863.0% |
| Other amounts receivable | 41 | €2,296 | €22,110 | +€19,814 | +863.0% |
| Cash at bank and in hand | 54/58 | €59,175 | €24,594 | -€34,581 | -58.4% |
| Deferred charges and accrued income | 490/1 | €2,328 | - | -€2,328 | |
| Total equity and liabilities | 10/49 | €6,256,641 | €6,098,926 | -€157,714 | -2.5% |
| Equity | 10/15 | -€188,055 | -€91,336 | +€96,719 | +51.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€206,655 | -€109,936 | +€96,719 | +46.8% |
| Amounts payable | 17/49 | €6,444,696 | €6,190,263 | -€254,433 | -3.9% |
| Amounts payable after more than one year | 17 | €1,963,737 | €1,827,271 | -€136,466 | -6.9% |
| Financial debts | 170/4 | €1,959,237 | €1,810,771 | -€148,466 | -7.6% |
| Other amounts payable | 178/9 | €4,500 | €16,500 | +€12,000 | +266.7% |
| Amounts payable within one year | 42/48 | €4,480,959 | €4,362,991 | -€117,967 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €147,060 | €148,466 | +€1,406 | +1.0% |
| Trade debts | 44 | €15,905 | €2,501 | -€13,405 | -84.3% |
| Suppliers | 440/4 | €15,905 | €2,501 | -€13,405 | -84.3% |
| Other amounts payable | 47/48 | €4,317,993 | €4,212,025 | -€105,968 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,467 | €174,279 | +€29,812 | +20.6% |
| Other operating charges | 640/8 | €148 | €150 | +€2 | +1.4% |
| Gross operating margin | 9900 | €44,986 | €215,350 | +€170,364 | +378.7% |
| Operating profit (loss) | 9901 | -€99,629 | €40,921 | +€140,550 | |
| Financial income | 75/76B | €3,806 | €125,276 | +€121,470 | +3191.5% |
| Recurring financial income | 75 | €3,806 | €125,276 | +€121,470 | +3191.5% |
| Financial charges | 65/66B | €76,796 | €69,479 | -€7,318 | -9.5% |
| Recurring financial charges | 65 | €76,796 | €69,479 | -€7,318 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€172,620 | €96,719 | +€269,338 | |
| Profit (loss) for the period | 9904 | -€172,620 | €96,719 | +€269,338 | |
| Profit (loss) for the period to be appropriated | 9905 | -€172,620 | €96,719 | +€269,338 |
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 28 September 2026 via checked.be.