SIR: 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.
SIR
Largest movements
- Tangible fixed assets +€27,057
up €27,057 (+16.2%), from €166,770 to €193,827
of which Furniture and vehicles: +€40,464
- Cash +€5,231
up €5,231 (+59.9%), from €8,733 to €13,964
mainly Depreciation (+€28,193) and Debts after one year (+€24,270)
- Debts after one year +€24,270
up €24,270 (+17.1%), from €142,169 to €166,440
- Current portion of long-term debt +€9,268
up €9,268 (+83.6%), from €11,090 to €20,359
- Other debts +€5,825
up €5,825 (+243.0%), from €2,397 to €8,222
- Reserves -€5,257
down €5,257 (-71.3%), from €7,373 to €2,116
- Depreciation +€12,233
up €12,233 (+76.6%), from €15,960 to €28,193
- Gross operating margin +€4,868
up €4,868 (+6.1%), from €80,034 to €84,901
- Staff costs -€4,345
down €4,345 (-8.6%), from €50,594 to €46,249
- Financial income +€860
up €860 (+1090.2%), from €79 to €939
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 | €181,829 | €216,292 | +€34,463 | +19.0% |
| Fixed assets | 21/28 | €166,770 | €193,827 | +€27,057 | +16.2% |
| Tangible fixed assets | 22/27 | €166,770 | €193,827 | +€27,057 | +16.2% |
| Land and buildings | 22 | €135,052 | €127,502 | -€7,550 | -5.6% |
| Plant, machinery and equipment | 23 | €21,671 | €15,815 | -€5,857 | -27.0% |
| Furniture and vehicles | 24 | €10,047 | €50,510 | +€40,464 | +402.8% |
| Current assets | 29/58 | €15,059 | €22,465 | +€7,406 | +49.2% |
| Stocks and contracts in progress | 3 | €4,632 | €5,047 | +€415 | +9.0% |
| Stocks | 30/36 | €4,632 | €5,047 | +€415 | +9.0% |
| Amounts receivable within one year | 40/41 | €1,694 | €2,589 | +€895 | +52.8% |
| Trade receivables | 40 | €448 | €321 | -€127 | -28.4% |
| Other amounts receivable | 41 | €1,246 | €2,268 | +€1,022 | +82.1% |
| Cash at bank and in hand | 54/58 | €8,733 | €13,964 | +€5,231 | +59.9% |
| Deferred charges and accrued income | 490/1 | - | €865 | +€865 | |
| Total equity and liabilities | 10/49 | €181,829 | €216,292 | +€34,463 | +19.0% |
| Equity | 10/15 | €13,373 | €8,116 | -€5,257 | -39.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €7,373 | €2,116 | -€5,257 | -71.3% |
| Distributable reserves | 133 | €7,373 | €2,116 | -€5,257 | -71.3% |
| Amounts payable | 17/49 | €168,456 | €208,177 | +€39,720 | +23.6% |
| Amounts payable after more than one year | 17 | €142,169 | €166,440 | +€24,270 | +17.1% |
| Financial debts | 170/4 | €142,169 | €166,440 | +€24,270 | +17.1% |
| Amounts payable within one year | 42/48 | €26,287 | €41,737 | +€15,450 | +58.8% |
| Current portion of amounts payable after more than one year | 42 | €11,090 | €20,359 | +€9,268 | +83.6% |
| Trade debts | 44 | €4,752 | €6,074 | +€1,323 | +27.8% |
| Suppliers | 440/4 | €4,752 | €6,074 | +€1,323 | +27.8% |
| Taxes, remuneration and social security | 45 | €8,048 | €7,082 | -€966 | -12.0% |
| Taxes | 450/3 | €4,088 | €3,603 | -€485 | -11.9% |
| Remuneration and social security | 454/9 | €3,960 | €3,478 | -€481 | -12.2% |
| Other amounts payable | 47/48 | €2,397 | €8,222 | +€5,825 | +243.0% |
| Remuneration, social security and pensions | 62 | €50,594 | €46,249 | -€4,345 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,960 | €28,193 | +€12,233 | +76.6% |
| Other operating charges | 640/8 | €1,750 | €1,858 | +€109 | +6.2% |
| Gross operating margin | 9900 | €80,034 | €84,901 | +€4,868 | +6.1% |
| Operating profit (loss) | 9901 | €11,730 | €8,601 | -€3,129 | -26.7% |
| Financial income | 75/76B | €79 | €939 | +€860 | +1090.2% |
| Recurring financial income | 75 | €79 | €939 | +€860 | +1090.2% |
| Financial charges | 65/66B | €6,215 | €6,319 | +€104 | +1.7% |
| Recurring financial charges | 65 | €6,215 | €6,319 | +€104 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €5,594 | €3,220 | -€2,373 | -42.4% |
| Income taxes | 67/77 | €2,254 | €2,478 | +€224 | +9.9% |
| Profit (loss) for the period | 9904 | €3,339 | €743 | -€2,597 | -77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,339 | €743 | -€2,597 | -77.8% |
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 7 October 2026 via checked.be.