SIRO: 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.
What changed
SIRO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€307,094
2024 · €280,287+€26,807
Equity
€4.8m
2024 · €4.5m+€307,094
Cash
€16,642
2024 · €19,814-€3,173
Balance sheet total
€5.0m
2024 · €4.7m+€303,249
Largest movements
Assets
- Current investments +€338,284
up €338,284 (+11.7%), from €2.9m to €3.2m
Equity and liabilities
- Profit (loss) carried forward +€328,344
up €328,344 (+14.1%), from €2.3m to €2.7m
Income statement
- Gross operating margin +€95,886
up €95,886 (+31.0%), from €308,831 to €404,717
- Taxes -€84,088
down €84,088 (-44.0%), from €190,907 to €106,819
- Financial income -€41,182
down €41,182 (-47.1%), from €87,438 to €46,257
- Depreciation +€20,332
up €20,332 (+109%), from €18,588 to €38,919
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.
Result 2024
€280,287
Gross operating margin
+€95,886
Depreciation
-€20,332
Other operating charges
-€158
Financial income
-€41,182
Financial charges
+€30
Taxes
+€84,088
Deferred taxes and other
-€91,526
Result 2025
€307,094
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€335,111
Investment
-€338,284
Financing
€0
Cash 2024
€19,814
From operations (derived)
+€335,111
Net result for the year
+€307,094
Depreciation
+€38,919
Receivables within one year
-€7,058
Provisions
-€7,083
Trade debts
+€3,131
Accrued charges and deferred income
+€109
Investment (derived)
-€338,284
Current investments
-€338,284
Cash 2025
€16,642
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,744,914 | €5,048,163 | +€303,249 | +6.4% |
| Fixed assets | 21/28 | €1,837,059 | €1,798,140 | -€38,919 | -2.1% |
| Tangible fixed assets | 22/27 | €1,837,059 | €1,798,140 | -€38,919 | -2.1% |
| Land and buildings | 22 | €1,835,658 | €1,797,023 | -€38,635 | -2.1% |
| Plant, machinery and equipment | 23 | €1,401 | €1,117 | -€284 | -20.3% |
| Current assets | 29/58 | €2,907,855 | €3,250,023 | +€342,169 | +11.8% |
| Amounts receivable within one year | 40/41 | €5,324 | €12,382 | +€7,058 | +133% |
| Other amounts receivable | 41 | €5,324 | €12,382 | +€7,058 | +133% |
| Current investments | 50/53 | €2,882,716 | €3,221,000 | +€338,284 | +11.7% |
| Cash at bank and in hand | 54/58 | €19,814 | €16,642 | -€3,173 | -16.0% |
| Total equity and liabilities | 10/49 | €4,744,914 | €5,048,163 | +€303,249 | +6.4% |
| Equity | 10/15 | €4,523,182 | €4,830,276 | +€307,094 | +6.8% |
| Contributions | 10/11 | €720,000 | €720,000 | = | 0.0% |
| Reserves | 13 | €1,470,208 | €1,448,958 | -€21,250 | -1.4% |
| Tax-exempt reserves | 132 | €653,011 | €631,760 | -€21,250 | -3.3% |
| Distributable reserves | 133 | €817,197 | €817,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,332,974 | €2,661,318 | +€328,344 | +14.1% |
| Provisions and deferred taxes | 16 | €217,670 | €210,587 | -€7,083 | -3.3% |
| Deferred taxes | 168 | €217,670 | €210,587 | -€7,083 | -3.3% |
| Amounts payable | 17/49 | €4,062 | €7,301 | +€3,239 | +79.8% |
| Amounts payable within one year | 42/48 | €2,861 | €5,992 | +€3,131 | +109% |
| Trade debts | 44 | €2,861 | €5,992 | +€3,131 | +109% |
| Suppliers | 440/4 | €2,861 | €5,992 | +€3,131 | +109% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,201 | €1,309 | +€109 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,588 | €38,919 | +€20,332 | +109% |
| Other operating charges | 640/8 | €5,066 | €5,224 | +€158 | +3.1% |
| Gross operating margin | 9900 | €308,831 | €404,717 | +€95,886 | +31.0% |
| Operating profit (loss) | 9901 | €285,178 | €360,574 | +€75,396 | +26.4% |
| Financial income | 75/76B | €87,438 | €46,257 | -€41,182 | -47.1% |
| Recurring financial income | 75 | €87,438 | €46,257 | -€41,182 | -47.1% |
| Financial charges | 65/66B | €31 | €1 | -€30 | -97.1% |
| Recurring financial charges | 65 | €31 | €1 | -€30 | -97.1% |
| Profit (loss) for the period before taxes | 9903 | €372,585 | €406,829 | +€34,244 | +9.2% |
| Transfer from deferred taxes | 780 | €98,609 | €7,083 | -€91,526 | -92.8% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €190,907 | €106,819 | -€84,088 | -44.0% |
| Profit (loss) for the period | 9904 | €280,287 | €307,094 | +€26,807 | +9.6% |
| Transfer from tax-exempt reserves | 789 | €295,828 | €21,250 | -€274,577 | -92.8% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €576,115 | €328,344 | -€247,771 | -43.0% |
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 14 October 2026 via checked.be.