SIRAS: 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.
SIRAS
Largest movements
- Cash -€635,865
down €635,865 (-72.5%), from €877,226 to €241,361
mainly Receivables within one year (-€455,755) and Current investments (-€427,355)
- Receivables within one year +€455,755
up €455,755 (+1,017%), from €44,802 to €500,557
of which Other amounts receivable: +€466,060
- Current investments +€427,355
new in 2025: €427,355
- Other debts +€352,413
up €352,413 (+64,347%), from €548 to €352,961
- Accrued charges and deferred income -€210,710
no longer reported in 2025 (was €210,710)
- Financial income -€4.0m
down €4.0m (-98.9%), from €4.0m to €45,360
- Taxes -€344,448
down €344,448 (-94.0%), from €366,273 to €21,825
- Financial charges -€91,697
down €91,697 (-43.4%), from €211,192 to €119,495
- Gross operating margin -€35,268
down €35,268 (-17.1%), from €206,168 to €170,900
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 | €14,566,958 | €14,801,488 | +€234,530 | +1.6% |
| Fixed assets | 21/28 | €13,628,225 | €13,627,175 | -€1,050 | 0.0% |
| Tangible fixed assets | 22/27 | €4,516 | €3,466 | -€1,050 | -23.2% |
| Plant, machinery and equipment | 23 | €3,701 | €2,838 | -€863 | -23.3% |
| Furniture and vehicles | 24 | €815 | €628 | -€187 | -22.9% |
| Financial fixed assets | 28 | €13,623,709 | €13,623,709 | = | 0.0% |
| Current assets | 29/58 | €938,733 | €1,174,313 | +€235,580 | +25.1% |
| Amounts receivable after more than one year | 29 | €2,714 | €2,714 | = | 0.0% |
| Other amounts receivable | 291 | €2,714 | €2,714 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €44,802 | €500,557 | +€455,755 | +1,017% |
| Trade receivables | 40 | €35,093 | €24,787 | -€10,305 | -29.4% |
| Other amounts receivable | 41 | €9,709 | €475,770 | +€466,060 | +4,800% |
| Current investments | 50/53 | - | €427,355 | +€427,355 | |
| Cash at bank and in hand | 54/58 | €877,226 | €241,361 | -€635,865 | -72.5% |
| Deferred charges and accrued income | 490/1 | €13,991 | €2,326 | -€11,665 | -83.4% |
| Total equity and liabilities | 10/49 | €14,566,958 | €14,801,488 | +€234,530 | +1.6% |
| Equity | 10/15 | €11,712,920 | €11,785,262 | +€72,343 | +0.6% |
| Contributions | 10/11 | €7,245,476 | €7,245,476 | = | 0.0% |
| Reserves | 13 | €3,640,364 | €3,712,707 | +€72,343 | +2.0% |
| Distributable reserves | 133 | €3,640,364 | €3,712,707 | +€72,343 | +2.0% |
| Profit (loss) carried forward | 14 | €827,080 | €827,080 | = | 0.0% |
| Amounts payable | 17/49 | €2,854,038 | €3,016,226 | +€162,187 | +5.7% |
| Amounts payable after more than one year | 17 | €2,230,000 | €2,313,001 | +€83,001 | +3.7% |
| Financial debts | 170/4 | €2,230,000 | €2,313,001 | +€83,001 | +3.7% |
| Amounts payable within one year | 42/48 | €413,329 | €703,225 | +€289,896 | +70.1% |
| Trade debts | 44 | €454 | €7,799 | +€7,346 | +1,619% |
| Suppliers | 440/4 | €454 | €7,799 | +€7,346 | +1,619% |
| Taxes, remuneration and social security | 45 | €412,327 | €342,465 | -€69,862 | -16.9% |
| Taxes | 450/3 | €412,327 | €342,465 | -€69,862 | -16.9% |
| Other amounts payable | 47/48 | €548 | €352,961 | +€352,413 | +64,347% |
| Accrued charges and deferred income | 492/3 | €210,710 | - | -€210,710 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €732 | €1,050 | +€317 | +43.3% |
| Other operating charges | 640/8 | €1,453 | €1,548 | +€95 | +6.5% |
| Gross operating margin | 9900 | €206,168 | €170,900 | -€35,268 | -17.1% |
| Operating profit (loss) | 9901 | €203,983 | €168,302 | -€35,680 | -17.5% |
| Financial income | 75/76B | €4,013,846 | €45,360 | -€4.0m | -98.9% |
| Recurring financial income | 75 | €4,013,846 | €45,360 | -€4.0m | -98.9% |
| Financial charges | 65/66B | €211,192 | €119,495 | -€91,697 | -43.4% |
| Recurring financial charges | 65 | €211,192 | €119,495 | -€91,697 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €4,006,636 | €94,168 | -€3.9m | -97.6% |
| Income taxes | 67/77 | €366,273 | €21,825 | -€344,448 | -94.0% |
| Profit (loss) for the period | 9904 | €3,640,364 | €72,343 | -€3.6m | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,640,364 | €72,343 | -€3.6m | -98.0% |
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 18 October 2026 via checked.be.