SIECOM: 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.
SIECOM
Largest movements
- Financial fixed assets +€985,962
up €985,962 (+17.5%), from €5.6m to €6.6m
- Receivables within one year +€390,848
up €390,848 (+11.4%), from €3.4m to €3.8m
- Deferred charges and accrued income +€110,042
up €110,042 (+282.4%), from €38,970 to €149,013
- Short-term financial debts +€1.4m
up €1.4m (+11.4%), from €12.0m to €13.4m
- Profit (loss) carried forward +€187,307
up €187,307 (+6.5%), from -€2.9m to -€2.7m
- Financial income +€102,882
up €102,882 (+54.9%), from €187,401 to €290,284
- Gross operating margin -€52,086
down €52,086 (-295.9%), from -€17,603 to -€69,689
- Financial charges +€10,990
up €10,990 (+83.6%), from €13,140 to €24,130
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 | €9,316,300 | €10,904,431 | +€1.6m | +17.0% |
| Fixed assets | 21/28 | €5,646,520 | €6,624,473 | +€977,953 | +17.3% |
| Tangible fixed assets | 22/27 | €17,326 | €9,317 | -€8,009 | -46.2% |
| Other tangible fixed assets | 26 | €17,326 | €9,317 | -€8,009 | -46.2% |
| Financial fixed assets | 28 | €5,629,194 | €6,615,155 | +€985,962 | +17.5% |
| Current assets | 29/58 | €3,669,780 | €4,279,959 | +€610,179 | +16.6% |
| Amounts receivable after more than one year | 29 | €200,881 | €213,207 | +€12,327 | +6.1% |
| Other amounts receivable | 291 | €200,881 | €213,207 | +€12,327 | +6.1% |
| Amounts receivable within one year | 40/41 | €3,422,206 | €3,813,054 | +€390,848 | +11.4% |
| Other amounts receivable | 41 | €3,422,206 | €3,813,054 | +€390,848 | +11.4% |
| Cash at bank and in hand | 54/58 | €7,723 | €104,684 | +€96,962 | +1255.6% |
| Deferred charges and accrued income | 490/1 | €38,970 | €149,013 | +€110,042 | +282.4% |
| Total equity and liabilities | 10/49 | €9,316,300 | €10,904,431 | +€1.6m | +17.0% |
| Equity | 10/15 | -€2,745,177 | -€2,557,870 | +€187,307 | +6.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,882,677 | -€2,695,370 | +€187,307 | +6.5% |
| Amounts payable | 17/49 | €12,061,477 | €13,462,301 | +€1.4m | +11.6% |
| Amounts payable within one year | 42/48 | €12,057,441 | €13,444,474 | +€1.4m | +11.5% |
| Financial debts | 43 | €11,998,173 | €13,368,245 | +€1.4m | +11.4% |
| Other loans | 439 | €11,998,173 | €13,368,245 | +€1.4m | +11.4% |
| Trade debts | 44 | €59,267 | €76,229 | +€16,961 | +28.6% |
| Suppliers | 440/4 | €59,267 | €76,229 | +€16,961 | +28.6% |
| Accrued charges and deferred income | 492/3 | €4,037 | €17,827 | +€13,791 | +341.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,009 | €8,009 | = | 0.0% |
| Other operating charges | 640/8 | €1,116 | €1,148 | +€33 | +3.0% |
| Non-recurring operating charges | 66A | €1,120,109 | €0 | -€1.1m | -100.0% |
| Gross operating margin | 9900 | -€17,603 | -€69,689 | -€52,086 | -295.9% |
| Operating profit (loss) | 9901 | -€1,146,836 | -€78,846 | +€1.1m | +93.1% |
| Financial income | 75/76B | €187,401 | €290,284 | +€102,882 | +54.9% |
| Recurring financial income | 75 | €187,401 | €290,284 | +€102,882 | +54.9% |
| Financial charges | 65/66B | €13,140 | €24,130 | +€10,990 | +83.6% |
| Recurring financial charges | 65 | €13,140 | €24,130 | +€10,990 | +83.6% |
| Profit (loss) for the period before taxes | 9903 | -€972,575 | €187,307 | +€1.2m | |
| Profit (loss) for the period | 9904 | -€972,575 | €187,307 | +€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€972,575 | €187,307 | +€1.2m |
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 10 October 2026 via checked.be.