SIROWA: 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.
SIROWA
Largest movements
- Receivables after one year +€54,888
up €54,888 (+361%), from €15,186 to €70,073
- Receivables within one year -€49,901
down €49,901 (-78.7%), from €63,433 to €13,532
of which Other amounts receivable: -€50,795
- Tangible fixed assets -€7,780
down €7,780 (-22.1%), from €35,236 to €27,456
- Cash +€4,084
up €4,084 (+16.8%), from €24,274 to €28,357
mainly Receivables within one year (+€49,901) and Current portion of long-term debt (+€11,057)
- Current portion of long-term debt +€11,057
up €11,057 (+198%), from €5,596 to €16,653
- Tax, wage and social debts -€9,385
down €9,385 (-53.6%), from €17,512 to €8,127
of which Taxes: -€9,051
- Reserves +€6,968
up €6,968 (+17.2%), from €40,510 to €47,478
- Debts after one year -€5,808
down €5,808 (-24.7%), from €23,492 to €17,684
- Trade debts -€2,871
no longer reported in 2025 (was €2,871)
- Gross operating margin -€41,633
down €41,633 (-63.3%), from €65,730 to €24,097
- Taxes -€11,483
down €11,483 (-72.1%), from €15,934 to €4,450
- Financial charges -€1,447
down €1,447 (-96.6%), from €1,498 to €51
- Depreciation +€1,370
up €1,370 (+21.4%), from €6,410 to €7,780
- Other operating charges -€856
down €856 (-43.9%), from €1,947 to €1,091
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 | €139,528 | €139,488 | -€39 | 0.0% |
| Fixed assets | 21/28 | €35,305 | €27,526 | -€7,780 | -22.0% |
| Tangible fixed assets | 22/27 | €35,236 | €27,456 | -€7,780 | -22.1% |
| Furniture and vehicles | 24 | €35,236 | €27,456 | -€7,780 | -22.1% |
| Financial fixed assets | 28 | €69 | €69 | = | 0.0% |
| Current assets | 29/58 | €104,222 | €111,963 | +€7,740 | +7.4% |
| Amounts receivable after more than one year | 29 | €15,186 | €70,073 | +€54,888 | +361% |
| Other amounts receivable | 291 | €15,186 | €70,073 | +€54,888 | +361% |
| Amounts receivable within one year | 40/41 | €63,433 | €13,532 | -€49,901 | -78.7% |
| Trade receivables | 40 | €8,749 | €9,642 | +€893 | +10.2% |
| Other amounts receivable | 41 | €54,684 | €3,890 | -€50,795 | -92.9% |
| Cash at bank and in hand | 54/58 | €24,274 | €28,357 | +€4,084 | +16.8% |
| Deferred charges and accrued income | 490/1 | €1,330 | - | -€1,330 | |
| Total equity and liabilities | 10/49 | €139,528 | €139,488 | -€39 | 0.0% |
| Equity | 10/15 | €90,057 | €97,025 | +€6,968 | +7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,510 | €47,478 | +€6,968 | +17.2% |
| Distributable reserves | 133 | €40,510 | €47,478 | +€6,968 | +17.2% |
| Profit (loss) carried forward | 14 | €30,947 | €30,947 | = | 0.0% |
| Amounts payable | 17/49 | €49,471 | €42,463 | -€7,007 | -14.2% |
| Amounts payable after more than one year | 17 | €23,492 | €17,684 | -€5,808 | -24.7% |
| Financial debts | 170/4 | €23,492 | €17,684 | -€5,808 | -24.7% |
| Amounts payable within one year | 42/48 | €25,979 | €24,780 | -€1,199 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €5,596 | €16,653 | +€11,057 | +198% |
| Trade debts | 44 | €2,871 | - | -€2,871 | |
| Suppliers | 440/4 | €2,871 | - | -€2,871 | |
| Taxes, remuneration and social security | 45 | €17,512 | €8,127 | -€9,385 | -53.6% |
| Taxes | 450/3 | €14,434 | €5,383 | -€9,051 | -62.7% |
| Remuneration and social security | 454/9 | €3,079 | €2,744 | -€335 | -10.9% |
| Remuneration, social security and pensions | 62 | €4,367 | €3,756 | -€611 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,410 | €7,780 | +€1,370 | +21.4% |
| Other operating charges | 640/8 | €1,947 | €1,091 | -€856 | -43.9% |
| Gross operating margin | 9900 | €65,730 | €24,097 | -€41,633 | -63.3% |
| Operating profit (loss) | 9901 | €53,006 | €11,469 | -€41,536 | -78.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,498 | €51 | -€1,447 | -96.6% |
| Recurring financial charges | 65 | €1,498 | €51 | -€1,447 | -96.6% |
| Profit (loss) for the period before taxes | 9903 | €51,508 | €11,418 | -€40,090 | -77.8% |
| Income taxes | 67/77 | €15,934 | €4,450 | -€11,483 | -72.1% |
| Profit (loss) for the period | 9904 | €35,574 | €6,968 | -€28,606 | -80.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,574 | €6,968 | -€28,606 | -80.4% |
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 24 October 2026 via checked.be.