SIRES: 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.
SIRES
Largest movements
- Tangible fixed assets +€2.9m
up €2.9m (+19.6%), from €14.8m to €17.7m
of which Land and buildings: +€2.9m
- Stocks and contracts -€1.1m
down €1.1m (-100.0%), from €1.1m to €0
- Current investments -€386,741
down €386,741 (-18.8%), from €2.1m to €1.7m
- Cash +€350,187
up €350,187 (+228.9%), from €152,988 to €503,176
mainly Debts after one year (+€2.3m) and Stocks and contracts (+€1.1m)
- Debts after one year +€2.3m
up €2.3m (+24.2%), from €9.6m to €11.9m
of which Financial debts: +€2.3m
- Short-term financial debts -€912,323
down €912,323 (-75.7%), from €1.2m to €292,882
- Trade debts +€223,558
up €223,558 (+137.8%), from €162,244 to €385,802
- Revaluation surpluses -€207,060
down €207,060 (-9.3%), from €2.2m to €2.0m
- Other debts +€204,390
up €204,390 (+92.6%), from €220,706 to €425,096
- Gross operating margin +€230,794
up €230,794 (+33.6%), from €687,102 to €917,896
- Financial income +€226,182
up €226,182 (+234.2%), from €96,590 to €322,772
- Write-downs +€156,489
up €156,489, from -€55,827 to €100,662
- Financial charges +€125,252
up €125,252 (+40.6%), from €308,314 to €433,566
- Other operating charges +€104,678
up €104,678 (+129.5%), from €80,830 to €185,508
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 | €18,428,864 | €20,302,665 | +€1.9m | +10.2% |
| Fixed assets | 21/28 | €14,814,615 | €17,722,752 | +€2.9m | +19.6% |
| Tangible fixed assets | 22/27 | €14,814,615 | €17,722,752 | +€2.9m | +19.6% |
| Land and buildings | 22 | €14,720,162 | €17,636,973 | +€2.9m | +19.8% |
| Plant, machinery and equipment | 23 | €83,568 | €85,181 | +€1,613 | +1.9% |
| Furniture and vehicles | 24 | €10,885 | €598 | -€10,287 | -94.5% |
| Current assets | 29/58 | €3,614,249 | €2,579,914 | -€1.0m | -28.6% |
| Stocks and contracts in progress | 3 | €1,055,494 | €0 | -€1.1m | -100.0% |
| Contracts in progress | 37 | €1,055,494 | €0 | -€1.1m | -100.0% |
| Amounts receivable within one year | 40/41 | €337,128 | €393,965 | +€56,837 | +16.9% |
| Trade receivables | 40 | €139,390 | €163,406 | +€24,015 | +17.2% |
| Other amounts receivable | 41 | €197,738 | €230,559 | +€32,821 | +16.6% |
| Current investments | 50/53 | €2,059,594 | €1,672,853 | -€386,741 | -18.8% |
| Cash at bank and in hand | 54/58 | €152,988 | €503,176 | +€350,187 | +228.9% |
| Deferred charges and accrued income | 490/1 | €9,045 | €9,920 | +€875 | +9.7% |
| Total equity and liabilities | 10/49 | €18,428,864 | €20,302,665 | +€1.9m | +10.2% |
| Equity | 10/15 | €5,674,297 | €5,478,143 | -€196,154 | -3.5% |
| Contributions | 10/11 | €311,644 | €311,644 | = | 0.0% |
| Capital | 10 | €311,644 | €311,644 | = | 0.0% |
| Issued capital | 100 | €311,644 | €311,644 | = | 0.0% |
| Revaluation surpluses | 12 | €2,227,197 | €2,020,137 | -€207,060 | -9.3% |
| Reserves | 13 | €3,135,365 | €3,146,359 | +€10,995 | +0.4% |
| Non-distributable reserves | 130/1 | €31,164 | €31,164 | = | 0.0% |
| Legal reserve | 130 | €31,164 | €31,164 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,403,100 | €2,262,795 | -€140,305 | -5.8% |
| Distributable reserves | 133 | €701,100 | €852,400 | +€151,300 | +21.6% |
| Profit (loss) carried forward | 14 | €92 | €4 | -€88 | -96.0% |
| Provisions and deferred taxes | 16 | €799,583 | €752,815 | -€46,768 | -5.8% |
| Deferred taxes | 168 | €799,583 | €752,815 | -€46,768 | -5.8% |
| Amounts payable | 17/49 | €11,954,983 | €14,071,707 | +€2.1m | +17.7% |
| Amounts payable after more than one year | 17 | €9,614,720 | €11,942,718 | +€2.3m | +24.2% |
| Financial debts | 170/4 | €9,504,177 | €11,755,744 | +€2.3m | +23.7% |
| Other amounts payable | 178/9 | €110,543 | €186,974 | +€76,431 | +69.1% |
| Amounts payable within one year | 42/48 | €2,332,940 | €2,128,091 | -€204,849 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €707,538 | €887,943 | +€180,405 | +25.5% |
| Financial debts | 43 | €1,205,205 | €292,882 | -€912,323 | -75.7% |
| Credit institutions | 430/8 | €1,205,205 | €292,882 | -€912,323 | -75.7% |
| Trade debts | 44 | €162,244 | €385,802 | +€223,558 | +137.8% |
| Suppliers | 440/4 | €162,244 | €385,802 | +€223,558 | +137.8% |
| Taxes, remuneration and social security | 45 | €37,247 | €136,368 | +€99,121 | +266.1% |
| Taxes | 450/3 | €37,247 | €136,368 | +€99,121 | +266.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €220,706 | €425,096 | +€204,390 | +92.6% |
| Accrued charges and deferred income | 492/3 | €7,323 | €898 | -€6,425 | -87.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €678,321 | €711,043 | +€32,722 | +4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€55,827 | €100,662 | +€156,489 | |
| Other operating charges | 640/8 | €80,830 | €185,508 | +€104,678 | +129.5% |
| Gross operating margin | 9900 | €687,102 | €917,896 | +€230,794 | +33.6% |
| Operating profit (loss) | 9901 | -€16,222 | -€79,317 | -€63,094 | -388.9% |
| Financial income | 75/76B | €96,590 | €322,772 | +€226,182 | +234.2% |
| Recurring financial income | 75 | €96,590 | €322,772 | +€226,182 | +234.2% |
| Financial charges | 65/66B | €308,314 | €433,566 | +€125,252 | +40.6% |
| Recurring financial charges | 65 | €308,314 | €433,566 | +€125,252 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | -€227,946 | -€190,110 | +€37,836 | +16.6% |
| Transfer from deferred taxes | 780 | €42,031 | €46,768 | +€4,737 | +11.3% |
| Income taxes | 67/77 | €7,070 | €52,812 | +€45,742 | +647.0% |
| Profit (loss) for the period | 9904 | -€192,985 | -€196,154 | -€3,169 | -1.6% |
| Transfer from tax-exempt reserves | 789 | €126,094 | €140,305 | +€14,211 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€66,891 | -€55,848 | +€11,042 | +16.5% |
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 10 October 2026 via checked.be.