SiSEC: 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.
SiSEC
Largest movements
- Tangible fixed assets -€66,680
down €66,680 (-5.2%), from €1.3m to €1.2m
of which Land and buildings: -€69,686
- Cash +€16,307
up €16,307 (+17.2%), from €95,000 to €111,307
mainly Depreciation (+€69,920) and Net result for the year (+€48,630)
- Debts after one year -€114,447
down €114,447 (-27.5%), from €415,968 to €301,522
- Profit (loss) carried forward +€43,630
up €43,630 (+8.1%), from €536,787 to €580,417
- Current portion of long-term debt +€27,991
up €27,991 (+46.4%), from €60,286 to €88,278
- Turnover +€176,820
new in 2025: €176,820
- Purchases and services +€74,140
new in 2025: €74,140
- Depreciation +€20,052
up €20,052 (+40.2%), from €49,868 to €69,920
- Gross operating margin -€18,023
down €18,023 (-9.1%), from €198,388 to €180,366
- Taxes -€10,238
down €10,238 (-47.6%), from €21,494 to €11,256
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 | €1,432,807 | €1,385,612 | -€47,195 | -3.3% |
| Fixed assets | 21/28 | €1,291,277 | €1,224,597 | -€66,680 | -5.2% |
| Tangible fixed assets | 22/27 | €1,291,277 | €1,224,597 | -€66,680 | -5.2% |
| Land and buildings | 22 | €1,291,277 | €1,221,592 | -€69,686 | -5.4% |
| Furniture and vehicles | 24 | €0 | €3,006 | +€3,006 | |
| Current assets | 29/58 | €141,530 | €161,014 | +€19,485 | +13.8% |
| Amounts receivable within one year | 40/41 | €44,970 | €45,256 | +€286 | +0.6% |
| Trade receivables | 40 | €41,470 | €31,556 | -€9,914 | -23.9% |
| Other amounts receivable | 41 | €3,500 | €13,700 | +€10,200 | +291% |
| Cash at bank and in hand | 54/58 | €95,000 | €111,307 | +€16,307 | +17.2% |
| Deferred charges and accrued income | 490/1 | €1,559 | €4,451 | +€2,892 | +185% |
| Total equity and liabilities | 10/49 | €1,432,807 | €1,385,612 | -€47,195 | -3.3% |
| Equity | 10/15 | €544,965 | €588,595 | +€43,630 | +8.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,978 | €1,978 | = | 0.0% |
| Tax-exempt reserves | 132 | €118 | €118 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €536,787 | €580,417 | +€43,630 | +8.1% |
| Amounts payable | 17/49 | €887,841 | €797,016 | -€90,825 | -10.2% |
| Amounts payable after more than one year | 17 | €415,968 | €301,522 | -€114,447 | -27.5% |
| Financial debts | 170/4 | €415,968 | €301,522 | -€114,447 | -27.5% |
| Amounts payable within one year | 42/48 | €470,023 | €494,244 | +€24,222 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €60,286 | €88,278 | +€27,991 | +46.4% |
| Financial debts | 43 | €102 | €0 | -€102 | -100% |
| Other loans | 439 | €102 | €0 | -€102 | -100% |
| Trade debts | 44 | €9,323 | €1,612 | -€7,711 | -82.7% |
| Suppliers | 440/4 | €9,323 | €1,612 | -€7,711 | -82.7% |
| Taxes, remuneration and social security | 45 | €9,136 | €8,300 | -€836 | -9.1% |
| Taxes | 450/3 | €9,136 | €8,300 | -€836 | -9.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €391,176 | €396,055 | +€4,879 | +1.2% |
| Accrued charges and deferred income | 492/3 | €1,850 | €1,250 | -€600 | -32.4% |
| Turnover | 70 | - | €176,820 | +€176,820 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €74,140 | +€74,140 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,868 | €69,920 | +€20,052 | +40.2% |
| Other operating charges | 640/8 | €7,109 | €9,700 | +€2,591 | +36.4% |
| Gross operating margin | 9900 | €198,388 | €180,366 | -€18,023 | -9.1% |
| Operating profit (loss) | 9901 | €141,411 | €100,746 | -€40,665 | -28.8% |
| Financial income | 75/76B | €0 | €1 | +€0 | +73.5% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +73.5% |
| Financial charges | 65/66B | €38,114 | €40,860 | +€2,747 | +7.2% |
| Recurring financial charges | 65 | €38,114 | €40,860 | +€2,747 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €103,298 | €59,886 | -€43,412 | -42.0% |
| Income taxes | 67/77 | €21,494 | €11,256 | -€10,238 | -47.6% |
| Profit (loss) for the period | 9904 | €81,804 | €48,630 | -€33,174 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €81,804 | €48,630 | -€33,174 | -40.6% |
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 30 October 2026 via checked.be.