SIRIEN: 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.
SIRIEN
Largest movements
- Stocks and contracts -€337,157
no longer reported in 2025 (was €337,157)
- Financial fixed assets +€233,066
up €233,066 (+130%), from €179,147 to €412,213
- Receivables within one year +€64,084
up €64,084 (+9.6%), from €668,327 to €732,411
of which Trade receivables: +€67,688
- Deferred charges and accrued income -€55,864
no longer reported in 2025 (was €55,864)
- Current investments -€35,449
down €35,449 (-31.5%), from €112,592 to €77,142
- Short-term financial debts -€348,210
down €348,210 (-56.8%), from €612,710 to €264,500
- Trade debts -€321,017
down €321,017 (-69.3%), from €463,181 to €142,164
- Reserves +€293,254
up €293,254 (+130%), from €224,847 to €518,101
of which Distributable reserves: +€293,254
- Profit (loss) carried forward +€233,173
no longer reported in 2025 (was -€233,173)
- Gross operating margin +€1.4m
up €1.4m, from -€789,232 to €624,241
- Financial income -€202,334
down €202,334 (-98.5%), from €205,369 to €3,035
- Financial charges +€11,266
up €11,266 (+14.1%), from €79,803 to €91,070
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 | €1,432,709 | €1,287,388 | -€145,322 | -10.1% |
| Fixed assets | 21/28 | €211,571 | €435,855 | +€224,284 | +106% |
| Intangible fixed assets | 21 | €2,860 | €610 | -€2,250 | -78.7% |
| Tangible fixed assets | 22/27 | €29,563 | €23,032 | -€6,532 | -22.1% |
| Plant, machinery and equipment | 23 | €10,289 | €7,590 | -€2,699 | -26.2% |
| Other tangible fixed assets | 26 | €19,274 | €15,442 | -€3,832 | -19.9% |
| Financial fixed assets | 28 | €179,147 | €412,213 | +€233,066 | +130% |
| Current assets | 29/58 | €1,221,139 | €851,533 | -€369,606 | -30.3% |
| Stocks and contracts in progress | 3 | €337,157 | - | -€337,157 | |
| Stocks | 30/36 | €337,157 | - | -€337,157 | |
| Amounts receivable within one year | 40/41 | €668,327 | €732,411 | +€64,084 | +9.6% |
| Trade receivables | 40 | €587,389 | €655,076 | +€67,688 | +11.5% |
| Other amounts receivable | 41 | €80,938 | €77,335 | -€3,603 | -4.5% |
| Current investments | 50/53 | €112,592 | €77,142 | -€35,449 | -31.5% |
| Cash at bank and in hand | 54/58 | €47,199 | €41,979 | -€5,219 | -11.1% |
| Deferred charges and accrued income | 490/1 | €55,864 | - | -€55,864 | |
| Total equity and liabilities | 10/49 | €1,432,709 | €1,287,388 | -€145,322 | -10.1% |
| Equity | 10/15 | €348,641 | €875,067 | +€526,426 | +151% |
| Contributions | 10/11 | €356,967 | €356,967 | = | 0.0% |
| Capital | 10 | €356,967 | €356,967 | = | 0.0% |
| Issued capital | 100 | €356,967 | €356,967 | = | 0.0% |
| Reserves | 13 | €224,847 | €518,101 | +€293,254 | +130% |
| Non-distributable reserves | 130/1 | €35,697 | €35,697 | = | 0.0% |
| Legal reserve | 130 | €35,697 | €35,697 | = | 0.0% |
| Tax-exempt reserves | 132 | €189,150 | €189,150 | = | 0.0% |
| Distributable reserves | 133 | - | €293,254 | +€293,254 | |
| Profit (loss) carried forward | 14 | -€233,173 | - | +€233,173 | |
| Amounts payable | 17/49 | €1,084,068 | €412,320 | -€671,748 | -62.0% |
| Amounts payable within one year | 42/48 | €1,084,068 | €412,320 | -€671,748 | -62.0% |
| Financial debts | 43 | €612,710 | €264,500 | -€348,210 | -56.8% |
| Credit institutions | 430/8 | €612,710 | €264,500 | -€348,210 | -56.8% |
| Trade debts | 44 | €463,181 | €142,164 | -€321,017 | -69.3% |
| Suppliers | 440/4 | €463,181 | €142,164 | -€321,017 | -69.3% |
| Taxes, remuneration and social security | 45 | €978 | - | -€978 | |
| Taxes | 450/3 | €978 | - | -€978 | |
| Other amounts payable | 47/48 | €7,200 | €5,656 | -€1,544 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,181 | €8,782 | +€600 | +7.3% |
| Other operating charges | 640/8 | €2,009 | €998 | -€1,010 | -50.3% |
| Gross operating margin | 9900 | -€789,232 | €624,241 | +€1.4m | |
| Operating profit (loss) | 9901 | -€799,422 | €614,461 | +€1.4m | |
| Financial income | 75/76B | €205,369 | €3,035 | -€202,334 | -98.5% |
| Recurring financial income | 75 | €205,369 | €3,035 | -€202,334 | -98.5% |
| Financial charges | 65/66B | €79,803 | €91,070 | +€11,266 | +14.1% |
| Recurring financial charges | 65 | €79,803 | €91,070 | +€11,266 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | -€673,856 | €526,426 | +€1.2m | |
| Income taxes | 67/77 | €3,055 | - | -€3,055 | |
| Profit (loss) for the period | 9904 | -€676,911 | €526,426 | +€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€676,911 | €526,426 | +€1.2m |
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 23 October 2026 via checked.be.