SIERENS: 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.
SIERENS
Largest movements
- Tangible fixed assets -€17,501
down €17,501 (-4.6%), from €377,492 to €359,991
of which Land and buildings: -€16,663
- Current investments -€15,000
down €15,000 (-8.8%), from €170,000 to €155,000
- Other debts -€15,900
down €15,900 (-14.3%), from €111,122 to €95,222
- Reserves -€10,245
down €10,245 (-2.9%), from €357,028 to €346,784
of which Tax-exempt reserves: -€7,637
- Gross operating margin +€2,429
up €2,429 (+38.4%), from €6,325 to €8,753
- Depreciation -€1,599
down €1,599 (-7.4%), from €21,698 to €20,099
- Other operating charges -€158
down €158 (-4.2%), from €3,772 to €3,614
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 | €559,510 | €531,888 | -€27,622 | -4.9% |
| Fixed assets | 21/28 | €377,492 | €359,991 | -€17,501 | -4.6% |
| Tangible fixed assets | 22/27 | €377,492 | €359,991 | -€17,501 | -4.6% |
| Land and buildings | 22 | €366,312 | €349,649 | -€16,663 | -4.5% |
| Plant, machinery and equipment | 23 | €983 | €2,677 | +€1,694 | +172% |
| Furniture and vehicles | 24 | €10,198 | €7,666 | -€2,532 | -24.8% |
| Current assets | 29/58 | €182,018 | €171,897 | -€10,121 | -5.6% |
| Amounts receivable within one year | 40/41 | €996 | €972 | -€24 | -2.4% |
| Other amounts receivable | 41 | €996 | €972 | -€24 | -2.4% |
| Current investments | 50/53 | €170,000 | €155,000 | -€15,000 | -8.8% |
| Cash at bank and in hand | 54/58 | €10,874 | €15,770 | +€4,896 | +45.0% |
| Deferred charges and accrued income | 490/1 | €148 | €154 | +€6 | +3.9% |
| Total equity and liabilities | 10/49 | €559,510 | €531,888 | -€27,622 | -4.9% |
| Equity | 10/15 | €432,028 | €421,784 | -€10,245 | -2.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €357,028 | €346,784 | -€10,245 | -2.9% |
| Tax-exempt reserves | 132 | €193,591 | €185,953 | -€7,637 | -3.9% |
| Distributable reserves | 133 | €163,438 | €160,830 | -€2,607 | -1.6% |
| Provisions and deferred taxes | 16 | €16,360 | €14,882 | -€1,478 | -9.0% |
| Deferred taxes | 168 | €16,360 | €14,882 | -€1,478 | -9.0% |
| Amounts payable | 17/49 | €111,122 | €95,222 | -€15,900 | -14.3% |
| Amounts payable within one year | 42/48 | €111,122 | €95,222 | -€15,900 | -14.3% |
| Other amounts payable | 47/48 | €111,122 | €95,222 | -€15,900 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,698 | €20,099 | -€1,599 | -7.4% |
| Other operating charges | 640/8 | €3,772 | €3,614 | -€158 | -4.2% |
| Gross operating margin | 9900 | €6,325 | €8,753 | +€2,429 | +38.4% |
| Operating profit (loss) | 9901 | -€19,145 | -€14,959 | +€4,186 | +21.9% |
| Financial income | 75/76B | €3,319 | €3,241 | -€78 | -2.4% |
| Recurring financial income | 75 | €3,319 | €3,241 | -€78 | -2.4% |
| Financial charges | 65/66B | €4 | €4 | = | 0.0% |
| Recurring financial charges | 65 | €4 | €4 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€15,830 | -€11,722 | +€4,108 | +25.9% |
| Transfer from deferred taxes | 780 | €1,537 | €1,478 | -€59 | -3.8% |
| Profit (loss) for the period | 9904 | -€14,293 | -€10,245 | +€4,049 | +28.3% |
| Transfer from tax-exempt reserves | 789 | €7,578 | €7,637 | +€59 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,715 | -€2,607 | +€4,108 | +61.2% |
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 16 October 2026 via checked.be.