SIERKO: 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.
SIERKO
Largest movements
- Receivables within one year -€30,566
down €30,566 (-33.7%), from €90,574 to €60,007
of which Trade receivables: -€53,462
- Tangible fixed assets -€9,468
down €9,468 (-2.9%), from €323,854 to €314,386
of which Furniture and vehicles: -€27,468
- Deferred charges and accrued income +€7,241
up €7,241 (+90.1%), from €8,039 to €15,280
- Cash +€6,842
up €6,842 (+16.0%), from €42,633 to €49,475
mainly Depreciation (+€64,063) and Other debts (+€37,728)
- Reserves -€50,258
down €50,258 (-22.9%), from €219,569 to €169,311
- Other debts +€37,728
up €37,728 (+832.8%), from €4,530 to €42,258
- Debts after one year -€19,152
down €19,152 (-13.2%), from €145,607 to €126,455
- Trade debts -€12,972
down €12,972 (-33.6%), from €38,562 to €25,591
- Current portion of long-term debt +€11,216
up €11,216 (+22.1%), from €50,719 to €61,934
- Provisions +€23,137
no longer reported in 2025 (was -€23,137)
- Depreciation +€10,605
up €10,605 (+19.8%), from €53,458 to €64,063
- Taxes -€9,479
down €9,479 (-95.5%), from €9,924 to €445
- Staff costs +€6,772
up €6,772 (+14.2%), from €47,718 to €54,490
- Gross operating margin -€6,275
down €6,275 (-4.7%), from €133,378 to €127,103
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 | €495,600 | €469,148 | -€26,452 | -5.3% |
| Fixed assets | 21/28 | €323,854 | €314,386 | -€9,468 | -2.9% |
| Tangible fixed assets | 22/27 | €323,854 | €314,386 | -€9,468 | -2.9% |
| Land and buildings | 22 | €172,461 | €156,200 | -€16,262 | -9.4% |
| Plant, machinery and equipment | 23 | €18,637 | €52,898 | +€34,261 | +183.8% |
| Furniture and vehicles | 24 | €132,756 | €105,288 | -€27,468 | -20.7% |
| Current assets | 29/58 | €171,746 | €154,762 | -€16,984 | -9.9% |
| Stocks and contracts in progress | 3 | €30,500 | €30,000 | -€500 | -1.6% |
| Stocks | 30/36 | €30,500 | €30,000 | -€500 | -1.6% |
| Amounts receivable within one year | 40/41 | €90,574 | €60,007 | -€30,566 | -33.7% |
| Trade receivables | 40 | €73,002 | €19,540 | -€53,462 | -73.2% |
| Other amounts receivable | 41 | €17,572 | €40,467 | +€22,896 | +130.3% |
| Cash at bank and in hand | 54/58 | €42,633 | €49,475 | +€6,842 | +16.0% |
| Deferred charges and accrued income | 490/1 | €8,039 | €15,280 | +€7,241 | +90.1% |
| Total equity and liabilities | 10/49 | €495,600 | €469,148 | -€26,452 | -5.3% |
| Equity | 10/15 | €238,959 | €188,384 | -€50,575 | -21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €219,569 | €169,311 | -€50,258 | -22.9% |
| Distributable reserves | 133 | €219,569 | €169,311 | -€50,258 | -22.9% |
| Profit (loss) carried forward | 14 | €791 | €474 | -€317 | -40.1% |
| Amounts payable | 17/49 | €256,641 | €280,764 | +€24,123 | +9.4% |
| Amounts payable after more than one year | 17 | €145,607 | €126,455 | -€19,152 | -13.2% |
| Financial debts | 170/4 | €145,607 | €126,455 | -€19,152 | -13.2% |
| Amounts payable within one year | 42/48 | €109,471 | €154,309 | +€44,838 | +41.0% |
| Current portion of amounts payable after more than one year | 42 | €50,719 | €61,934 | +€11,216 | +22.1% |
| Financial debts | 43 | €5,071 | €5,048 | -€23 | -0.5% |
| Credit institutions | 430/8 | €5,071 | €5,048 | -€23 | -0.5% |
| Trade debts | 44 | €38,562 | €25,591 | -€12,972 | -33.6% |
| Suppliers | 440/4 | €38,562 | €25,591 | -€12,972 | -33.6% |
| Taxes, remuneration and social security | 45 | €10,588 | €19,478 | +€8,889 | +84.0% |
| Remuneration and social security | 454/9 | €10,588 | €19,478 | +€8,889 | +84.0% |
| Other amounts payable | 47/48 | €4,530 | €42,258 | +€37,728 | +832.8% |
| Accrued charges and deferred income | 492/3 | €1,563 | - | -€1,563 | |
| Non-recurring operating income | 76A | €28,099 | - | -€28,099 | |
| Remuneration, social security and pensions | 62 | €47,718 | €54,490 | +€6,772 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,458 | €64,063 | +€10,605 | +19.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€23,137 | - | +€23,137 | |
| Other operating charges | 640/8 | €3,513 | €5,999 | +€2,486 | +70.8% |
| Gross operating margin | 9900 | €133,378 | €127,103 | -€6,275 | -4.7% |
| Operating profit (loss) | 9901 | €51,826 | €2,551 | -€49,275 | -95.1% |
| Financial income | 75/76B | €5,531 | €242 | -€5,289 | -95.6% |
| Recurring financial income | 75 | €5,531 | €242 | -€5,289 | -95.6% |
| Financial charges | 65/66B | €15,026 | €10,665 | -€4,361 | -29.0% |
| Recurring financial charges | 65 | €15,026 | €10,665 | -€4,361 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €42,331 | -€7,872 | -€50,203 | |
| Income taxes | 67/77 | €9,924 | €445 | -€9,479 | -95.5% |
| Profit (loss) for the period | 9904 | €32,407 | -€8,317 | -€40,724 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,407 | -€8,317 | -€40,724 |
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 11 October 2026 via checked.be.