SIEMKA: 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.
SIEMKA
Largest movements
- Stocks and contracts -€1.0m
down €1.0m (-90.2%), from €1.1m to €108,144
of which Contracts in progress: -€569,927
- Tangible fixed assets +€943,483
up €943,483 (+418%), from €225,676 to €1.2m
of which Other tangible fixed assets: +€564,592
- Receivables within one year +€798,430
up €798,430 (+67.3%), from €1.2m to €2.0m
of which Other amounts receivable: +€462,224
- Cash -€232,339
down €232,339 (-84.3%), from €275,684 to €43,345
mainly Investment in fixed assets (net) (-€1.0m) and Receivables within one year (-€798,430)
- Reserves +€342,279
up €342,279 (+50.8%), from €674,092 to €1.0m
of which Distributable reserves: +€342,279
- Short-term financial debts -€280,000
down €280,000 (-40.2%), from €695,732 to €415,732
- Other debts +€169,180
up €169,180 (+229%), from €73,801 to €242,981
- Debts after one year +€155,338
up €155,338 (+23.2%), from €670,188 to €825,527
of which Financial debts: +€166,661
- Trade debts +€117,723
up €117,723 (+29.4%), from €399,893 to €517,617
- Other operating charges -€102,948
down €102,948 (-87.1%), from €118,254 to €15,306
- Gross operating margin -€80,462
down €80,462 (-7.8%), from €1.0m to €949,384
- Financial charges -€67,659
down €67,659 (-37.0%), from €183,094 to €115,435
- Depreciation +€34,328
up €34,328 (+48.1%), from €71,374 to €105,702
- Staff costs +€29,582
up €29,582 (+30.6%), from €96,679 to €126,261
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.
Derived cash bridge
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 | €2,799,838 | €3,321,101 | +€521,263 | +18.6% |
| Fixed assets | 21/28 | €225,676 | €1,169,159 | +€943,483 | +418% |
| Tangible fixed assets | 22/27 | €225,676 | €1,169,159 | +€943,483 | +418% |
| Land and buildings | 22 | - | €234,026 | +€234,026 | |
| Plant, machinery and equipment | 23 | €26,869 | €36,949 | +€10,080 | +37.5% |
| Furniture and vehicles | 24 | €195,971 | €330,757 | +€134,785 | +68.8% |
| Other tangible fixed assets | 26 | €2,835 | €567,427 | +€564,592 | +19,915% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €2,574,162 | €2,151,942 | -€422,220 | -16.4% |
| Stocks and contracts in progress | 3 | €1,108,927 | €108,144 | -€1.0m | -90.2% |
| Stocks | 30/36 | €539,000 | €108,144 | -€430,856 | -79.9% |
| Contracts in progress | 37 | €569,927 | - | -€569,927 | |
| Amounts receivable within one year | 40/41 | €1,186,764 | €1,985,194 | +€798,430 | +67.3% |
| Trade receivables | 40 | €598,990 | €935,196 | +€336,206 | +56.1% |
| Other amounts receivable | 41 | €587,774 | €1,049,998 | +€462,224 | +78.6% |
| Cash at bank and in hand | 54/58 | €275,684 | €43,345 | -€232,339 | -84.3% |
| Deferred charges and accrued income | 490/1 | €2,787 | €15,260 | +€12,472 | +447% |
| Total equity and liabilities | 10/49 | €2,799,838 | €3,321,101 | +€521,263 | +18.6% |
| Equity | 10/15 | €682,635 | €1,024,914 | +€342,279 | +50.1% |
| Contributions | 10/11 | €8,544 | €8,544 | = | 0.0% |
| Reserves | 13 | €674,092 | €1,016,370 | +€342,279 | +50.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €674,092 | €1,016,370 | +€342,279 | +50.8% |
| Amounts payable | 17/49 | €2,117,203 | €2,296,187 | +€178,984 | +8.5% |
| Amounts payable after more than one year | 17 | €670,188 | €825,527 | +€155,338 | +23.2% |
| Financial debts | 170/4 | €649,355 | €816,016 | +€166,661 | +25.7% |
| Other amounts payable | 178/9 | €20,833 | €9,511 | -€11,323 | -54.3% |
| Amounts payable within one year | 42/48 | €1,447,014 | €1,467,694 | +€20,680 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €146,430 | €246,467 | +€100,037 | +68.3% |
| Financial debts | 43 | €695,732 | €415,732 | -€280,000 | -40.2% |
| Credit institutions | 430/8 | €695,732 | €415,732 | -€280,000 | -40.2% |
| Trade debts | 44 | €399,893 | €517,617 | +€117,723 | +29.4% |
| Suppliers | 440/4 | €399,893 | €517,617 | +€117,723 | +29.4% |
| Taxes, remuneration and social security | 45 | €131,157 | €44,898 | -€86,260 | -65.8% |
| Taxes | 450/3 | €111,628 | €22,427 | -€89,200 | -79.9% |
| Remuneration and social security | 454/9 | €19,530 | €22,470 | +€2,941 | +15.1% |
| Other amounts payable | 47/48 | €73,801 | €242,981 | +€169,180 | +229% |
| Accrued charges and deferred income | 492/3 | €0 | €2,966 | +€2,966 | |
| Non-recurring operating income | 76A | €27,101 | €5,120 | -€21,981 | -81.1% |
| Remuneration, social security and pensions | 62 | €96,679 | €126,261 | +€29,582 | +30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,374 | €105,702 | +€34,328 | +48.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,502 | - | +€15,502 | |
| Other operating charges | 640/8 | €118,254 | €15,306 | -€102,948 | -87.1% |
| Non-recurring operating charges | 66A | €37,202 | €17,238 | -€19,964 | -53.7% |
| Gross operating margin | 9900 | €1,029,846 | €949,384 | -€80,462 | -7.8% |
| Operating profit (loss) | 9901 | €721,840 | €684,878 | -€36,962 | -5.1% |
| Financial income | 75/76B | €21,579 | €3,422 | -€18,157 | -84.1% |
| Recurring financial income | 75 | €21,579 | €3,422 | -€18,157 | -84.1% |
| Financial charges | 65/66B | €183,094 | €115,435 | -€67,659 | -37.0% |
| Recurring financial charges | 65 | €183,094 | €115,435 | -€67,659 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €560,324 | €572,865 | +€12,541 | +2.2% |
| Income taxes | 67/77 | €202,108 | €184,123 | -€17,985 | -8.9% |
| Profit (loss) for the period | 9904 | €358,217 | €388,742 | +€30,525 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €358,217 | €388,742 | +€30,525 | +8.5% |
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 18 October 2026 via checked.be.