SIERAN: 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.
SIERAN
Largest movements
- Current investments +€224,290
up €224,290 (+32.9%), from €682,636 to €906,926
- Deferred charges and accrued income -€204,890
down €204,890 (-97.1%), from €210,905 to €6,015
- Receivables within one year +€92,721
up €92,721 (+1176.0%), from €7,885 to €100,606
- Tangible fixed assets -€28,988
down €28,988 (-8.8%), from €330,037 to €301,049
of which Land and buildings: -€34,500
- Cash +€23,067
up €23,067 (+3.7%), from €622,170 to €645,237
mainly Net result for the year (+€267,431) and Deferred charges and accrued income (+€204,890)
- Reserves +€221,775
up €221,775 (+12.9%), from €1.7m to €1.9m
- Tax, wage and social debts -€114,623
no longer reported in 2025 (was €114,623)
- Gross operating margin -€374,599
down €374,599 (-46.7%), from €802,901 to €428,302
- Taxes -€114,212
down €114,212 (-48.8%), from €234,184 to €119,972
- Other operating charges -€42,580
down €42,580 (-96.2%), from €44,279 to €1,699
- Depreciation +€15,247
up €15,247 (+54.5%), from €27,956 to €43,204
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 | €1,853,632 | €1,959,833 | +€106,201 | +5.7% |
| Fixed assets | 21/28 | €330,037 | €301,049 | -€28,988 | -8.8% |
| Tangible fixed assets | 22/27 | €330,037 | €301,049 | -€28,988 | -8.8% |
| Land and buildings | 22 | €322,094 | €287,594 | -€34,500 | -10.7% |
| Furniture and vehicles | 24 | €2,665 | €10,737 | +€8,072 | +302.9% |
| Other tangible fixed assets | 26 | €5,278 | €2,718 | -€2,560 | -48.5% |
| Current assets | 29/58 | €1,523,595 | €1,658,783 | +€135,189 | +8.9% |
| Amounts receivable within one year | 40/41 | €7,885 | €100,606 | +€92,721 | +1176.0% |
| Other amounts receivable | 41 | €7,885 | €100,606 | +€92,721 | +1176.0% |
| Current investments | 50/53 | €682,636 | €906,926 | +€224,290 | +32.9% |
| Cash at bank and in hand | 54/58 | €622,170 | €645,237 | +€23,067 | +3.7% |
| Deferred charges and accrued income | 490/1 | €210,905 | €6,015 | -€204,890 | -97.1% |
| Total equity and liabilities | 10/49 | €1,853,632 | €1,959,833 | +€106,201 | +5.7% |
| Equity | 10/15 | €1,732,410 | €1,954,184 | +€221,775 | +12.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,720,010 | €1,941,784 | +€221,775 | +12.9% |
| Distributable reserves | 133 | €1,720,010 | €1,941,784 | +€221,775 | +12.9% |
| Amounts payable | 17/49 | €121,222 | €5,648 | -€115,574 | -95.3% |
| Amounts payable within one year | 42/48 | €121,222 | €5,648 | -€115,574 | -95.3% |
| Trade debts | 44 | - | €77 | +€77 | |
| Suppliers | 440/4 | - | €77 | +€77 | |
| Taxes, remuneration and social security | 45 | €114,623 | - | -€114,623 | |
| Taxes | 450/3 | €114,623 | - | -€114,623 | |
| Other amounts payable | 47/48 | €6,599 | €5,572 | -€1,028 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,956 | €43,204 | +€15,247 | +54.5% |
| Other operating charges | 640/8 | €44,279 | €1,699 | -€42,580 | -96.2% |
| Gross operating margin | 9900 | €802,901 | €428,302 | -€374,599 | -46.7% |
| Operating profit (loss) | 9901 | €730,666 | €383,399 | -€347,266 | -47.5% |
| Financial income | 75/76B | €8,804 | €4,201 | -€4,603 | -52.3% |
| Recurring financial income | 75 | €8,804 | €4,201 | -€4,603 | -52.3% |
| Financial charges | 65/66B | €589 | €198 | -€392 | -66.4% |
| Recurring financial charges | 65 | €589 | €198 | -€392 | -66.4% |
| Profit (loss) for the period before taxes | 9903 | €738,880 | €387,403 | -€351,478 | -47.6% |
| Income taxes | 67/77 | €234,184 | €119,972 | -€114,212 | -48.8% |
| Profit (loss) for the period | 9904 | €504,697 | €267,431 | -€237,266 | -47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €504,697 | €267,431 | -€237,266 | -47.0% |
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 5 October 2026 via checked.be.