Sierens - Declercq: 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 - Declercq
Largest movements
- Cash +€849,758
up €849,758 (+218%), from €388,959 to €1.2m
mainly Receivables within one year (+€493,624) and Investment in fixed assets (net) (+€208,968)
- Receivables within one year -€493,624
down €493,624 (-68.6%), from €719,930 to €226,306
- Tangible fixed assets -€279,968
down €279,968 (-16.5%), from €1.7m to €1.4m
of which Land and buildings: -€270,362
- Stocks and contracts +€74,171
up €74,171 (+23.2%), from €319,250 to €393,421
- Profit (loss) carried forward +€130,912
up €130,912 (+62.3%), from €210,285 to €341,197
- Financial charges +€43,131
up €43,131 (+1,107%), from €3,896 to €47,027
- Taxes -€14,256
down €14,256 (-24.0%), from €59,292 to €45,036
- Other operating charges -€8,767
down €8,767 (-40.7%), from €21,540 to €12,773
- Gross operating margin -€6,128
down €6,128 (-2.0%), from €306,876 to €300,748
- Financial income +€6,000
new in 2025: €6,000
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 | €3,126,038 | €3,276,375 | +€150,337 | +4.8% |
| Fixed assets | 21/28 | €1,697,899 | €1,417,931 | -€279,968 | -16.5% |
| Tangible fixed assets | 22/27 | €1,697,899 | €1,417,931 | -€279,968 | -16.5% |
| Land and buildings | 22 | €1,668,099 | €1,397,737 | -€270,362 | -16.2% |
| Plant, machinery and equipment | 23 | €3,116 | €2,742 | -€374 | -12.0% |
| Furniture and vehicles | 24 | €26,684 | €17,452 | -€9,232 | -34.6% |
| Current assets | 29/58 | €1,428,139 | €1,858,444 | +€430,305 | +30.1% |
| Stocks and contracts in progress | 3 | €319,250 | €393,421 | +€74,171 | +23.2% |
| Contracts in progress | 37 | €319,250 | €393,421 | +€74,171 | +23.2% |
| Amounts receivable within one year | 40/41 | €719,930 | €226,306 | -€493,624 | -68.6% |
| Other amounts receivable | 41 | €719,930 | €226,306 | -€493,624 | -68.6% |
| Cash at bank and in hand | 54/58 | €388,959 | €1,238,717 | +€849,758 | +218% |
| Total equity and liabilities | 10/49 | €3,126,038 | €3,276,375 | +€150,337 | +4.8% |
| Equity | 10/15 | €1,666,784 | €1,797,696 | +€130,912 | +7.9% |
| Contributions | 10/11 | €102,200 | €102,200 | = | 0.0% |
| Reserves | 13 | €1,354,299 | €1,354,299 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,213 | €10,213 | = | 0.0% |
| Other | 1319 | €10,213 | €10,213 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,975 | €2,975 | = | 0.0% |
| Distributable reserves | 133 | €1,341,111 | €1,341,111 | = | 0.0% |
| Profit (loss) carried forward | 14 | €210,285 | €341,197 | +€130,912 | +62.3% |
| Amounts payable | 17/49 | €1,459,254 | €1,478,679 | +€19,425 | +1.3% |
| Amounts payable within one year | 42/48 | €1,459,254 | €1,478,679 | +€19,425 | +1.3% |
| Trade debts | 44 | €19,506 | €13,787 | -€5,719 | -29.3% |
| Suppliers | 440/4 | €19,506 | €13,787 | -€5,719 | -29.3% |
| Taxes, remuneration and social security | 45 | €60,237 | €72,995 | +€12,758 | +21.2% |
| Taxes | 450/3 | €60,237 | €72,995 | +€12,758 | +21.2% |
| Other amounts payable | 47/48 | €1,379,511 | €1,391,897 | +€12,386 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,633 | €71,000 | +€5,367 | +8.2% |
| Other operating charges | 640/8 | €21,540 | €12,773 | -€8,767 | -40.7% |
| Gross operating margin | 9900 | €306,876 | €300,748 | -€6,128 | -2.0% |
| Operating profit (loss) | 9901 | €219,703 | €216,975 | -€2,728 | -1.2% |
| Financial income | 75/76B | - | €6,000 | +€6,000 | |
| Recurring financial income | 75 | - | €6,000 | +€6,000 | |
| Financial charges | 65/66B | €3,896 | €47,027 | +€43,131 | +1,107% |
| Recurring financial charges | 65 | €3,896 | €47,027 | +€43,131 | +1,107% |
| Profit (loss) for the period before taxes | 9903 | €215,807 | €175,948 | -€39,859 | -18.5% |
| Income taxes | 67/77 | €59,292 | €45,036 | -€14,256 | -24.0% |
| Profit (loss) for the period | 9904 | €156,515 | €130,912 | -€25,603 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €156,515 | €130,912 | -€25,603 | -16.4% |
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 17 October 2026 via checked.be.