SIRAD: 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.
SIRAD
Largest movements
- Cash +€223,462
up €223,462 (+85.8%), from €260,374 to €483,836
mainly Net result for the year (+€265,336) and Deferred charges and accrued income (+€47,711)
- Deferred charges and accrued income -€47,711
down €47,711 (-28.5%), from €167,624 to €119,913
- Current investments +€41,895
up €41,895 (+99.8%), from €42,000 to €83,895
- Receivables within one year +€40,983
up €40,983 (+307.0%), from €13,349 to €54,333
- Tangible fixed assets +€20,212
up €20,212 (+26.0%), from €77,644 to €97,856
of which Plant, machinery and equipment: +€35,862
- Reserves +€265,336
up €265,336 (+89.0%), from €298,222 to €563,558
- Trade debts +€19,583
up €19,583 (+584.1%), from €3,352 to €22,935
- Debts after one year -€16,280
down €16,280 (-27.8%), from €58,595 to €42,315
- Tax, wage and social debts +€11,329
up €11,329 (+11.6%), from €97,860 to €109,189
- Provisions -€84,580
down €84,580, from €83,000 to -€1,580
- Gross operating margin -€76,053
down €76,053 (-17.2%), from €442,585 to €366,532
- Taxes -€19,367
down €19,367 (-18.7%), from €103,800 to €84,434
- Depreciation +€7,440
up €7,440 (+65.8%), from €11,298 to €18,737
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 | €560,992 | €839,833 | +€278,841 | +49.7% |
| Fixed assets | 21/28 | €77,644 | €97,856 | +€20,212 | +26.0% |
| Tangible fixed assets | 22/27 | €77,644 | €97,856 | +€20,212 | +26.0% |
| Plant, machinery and equipment | 23 | - | €35,862 | +€35,862 | |
| Furniture and vehicles | 24 | €77,644 | €61,994 | -€15,650 | -20.2% |
| Current assets | 29/58 | €483,348 | €741,977 | +€258,630 | +53.5% |
| Amounts receivable within one year | 40/41 | €13,349 | €54,333 | +€40,983 | +307.0% |
| Other amounts receivable | 41 | €13,349 | €54,333 | +€40,983 | +307.0% |
| Current investments | 50/53 | €42,000 | €83,895 | +€41,895 | +99.8% |
| Cash at bank and in hand | 54/58 | €260,374 | €483,836 | +€223,462 | +85.8% |
| Deferred charges and accrued income | 490/1 | €167,624 | €119,913 | -€47,711 | -28.5% |
| Total equity and liabilities | 10/49 | €560,992 | €839,833 | +€278,841 | +49.7% |
| Equity | 10/15 | €301,722 | €567,058 | +€265,336 | +87.9% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €298,222 | €563,558 | +€265,336 | +89.0% |
| Distributable reserves | 133 | €298,222 | €563,558 | +€265,336 | +89.0% |
| Provisions and deferred taxes | 16 | €83,000 | €81,420 | -€1,580 | -1.9% |
| Provisions for liabilities and charges | 160/5 | €83,000 | €81,420 | -€1,580 | -1.9% |
| Other liabilities and charges | 164/5 | €83,000 | €81,420 | -€1,580 | -1.9% |
| Amounts payable | 17/49 | €176,270 | €191,355 | +€15,085 | +8.6% |
| Amounts payable after more than one year | 17 | €58,595 | €42,315 | -€16,280 | -27.8% |
| Financial debts | 170/4 | €58,595 | €42,315 | -€16,280 | -27.8% |
| Amounts payable within one year | 42/48 | €117,675 | €148,405 | +€30,729 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €15,604 | €16,280 | +€676 | +4.3% |
| Trade debts | 44 | €3,352 | €22,935 | +€19,583 | +584.1% |
| Suppliers | 440/4 | €3,352 | €22,935 | +€19,583 | +584.1% |
| Taxes, remuneration and social security | 45 | €97,860 | €109,189 | +€11,329 | +11.6% |
| Taxes | 450/3 | €97,860 | €109,189 | +€11,329 | +11.6% |
| Other amounts payable | 47/48 | €859 | - | -€859 | |
| Accrued charges and deferred income | 492/3 | - | €636 | +€636 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,298 | €18,737 | +€7,440 | +65.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €83,000 | -€1,580 | -€84,580 | |
| Other operating charges | 640/8 | €2,819 | €523 | -€2,296 | -81.5% |
| Gross operating margin | 9900 | €442,585 | €366,532 | -€76,053 | -17.2% |
| Operating profit (loss) | 9901 | €345,468 | €348,852 | +€3,384 | +1.0% |
| Financial income | 75/76B | €348 | €4,072 | +€3,724 | +1068.9% |
| Recurring financial income | 75 | €348 | €4,072 | +€3,724 | +1068.9% |
| Financial charges | 65/66B | €3,619 | €3,154 | -€466 | -12.9% |
| Recurring financial charges | 65 | €3,619 | €3,154 | -€466 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €342,197 | €349,770 | +€7,573 | +2.2% |
| Income taxes | 67/77 | €103,800 | €84,434 | -€19,367 | -18.7% |
| Profit (loss) for the period | 9904 | €238,397 | €265,336 | +€26,940 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €238,397 | €265,336 | +€26,940 | +11.3% |
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 29 September 2026 via checked.be.