SIAT: 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
SIAT
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€31.4m
2024 · €20.8m+€10.6m
Equity
€181.6m
2024 · €220.1m-€38.6m
Cash
€1.5m
2024 · €4.1m-€2.6m
Balance sheet total
€301.9m
2024 · €242.2m+€59.8m
Largest movements
Assets
- Receivables within one year +€33.8m
up €33.8m (+36.7%), from €92.3m to €126.1m
of which Other amounts receivable: +€52.1m
- Financial fixed assets +€32.6m
up €32.6m (+23.4%), from €139.4m to €172.0m
of which Affiliated companies: +€32.6m
Equity and liabilities
- Other debts +€106.0m
up €106.0m (+3,041%), from €3.5m to €109.5m
- Contributions -€70.0m
down €70.0m (-56.8%), from €123.3m to €53.3m
of which Contributions outside capital: -€70.0m
- Profit (loss) carried forward +€31.4m
up €31.4m (+121%), from €25.9m to €57.3m
- Advances received -€5.5m
no longer reported in 2025 (was €5.5m)
Income statement
- Financial income +€15.0m
up €15.0m (+40.6%), from €36.9m to €51.9m
of which Non-recurring financial income: +€7.6m
- Turnover +€9.9m
up €9.9m (+42.3%), from €23.3m to €33.2m
- Write-downs +€6.1m
up €6.1m (+91.8%), from -€6.6m to -€544,149
- Goods and materials +€5.6m
up €5.6m (+45.9%), from €12.2m to €17.8m
of which Purchases: +€5.6m
- Other operating charges +€2.2m
up €2.2m (+64.5%), from €3.3m to €5.5m
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
€20.8m
Turnover
+€9.9m
Other operating income
-€34,226
Goods and materials
-€5.6m
Services and other goods
+€439,224
Staff costs
+€208,162
Depreciation
-€1,665
Write-downs
-€6.1m
Other operating charges
-€2.2m
Financial income
+€15.0m
Financial charges
+€119,264
Taxes
-€1.1m
Result 2025
€31.4m
raises the resultlowers the result
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
+€98.2m
Investment
-€30.0m
Financing
-€70.7m
Cash 2024
€4.1m
From operations (derived)
+€98.2m
Net result for the year
+€31.4m
Depreciation
+€593,225
Stocks and contracts
+€296,630
Receivables within one year
-€33.8m
Deferred charges and accrued income
+€625,421
Trade debts
-€1.5m
Tax, wage and social debts
-€20,136
Advances received
-€5.5m
Other debts
+€106.0m
Investment (derived)
-€30.0m
Investment in fixed assets (net)
-€32.6m
Current investments
+€2.6m
Financing
-€70.7m
Debts after one year
-€756,727
Current portion of long-term debt
+€52,768
Contributions, distributions and other
-€70.0m
Cash 2025
€1.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €242,153,451 | €301,949,699 | +€59.8m | +24.7% |
| Fixed assets | 21/28 | €141,658,129 | €173,653,107 | +€32.0m | +22.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €2,282,925 | €1,696,158 | -€586,767 | -25.7% |
| Furniture and vehicles | 24 | €23,883 | €24,006 | +€123 | +0.5% |
| Leasing and similar rights | 25 | €2,259,042 | €1,672,153 | -€586,889 | -26.0% |
| Financial fixed assets | 28 | €139,375,204 | €171,956,948 | +€32.6m | +23.4% |
| Affiliated companies | 280/1 | €139,364,874 | €171,946,619 | +€32.6m | +23.4% |
| Participating interests | 280 | €139,364,874 | €171,946,619 | +€32.6m | +23.4% |
| Other financial fixed assets | 284/8 | €10,330 | €10,330 | = | 0.0% |
| Shares | 284 | €9,287 | €9,287 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,043 | €1,043 | = | 0.0% |
| Current assets | 29/58 | €100,495,322 | €128,296,592 | +€27.8m | +27.7% |
| Stocks and contracts in progress | 3 | €840,728 | €544,097 | -€296,630 | -35.3% |
| Stocks | 30/36 | €840,728 | €544,097 | -€296,630 | -35.3% |
| Goods purchased for resale | 34 | €840,728 | €544,097 | -€296,630 | -35.3% |
| Amounts receivable within one year | 40/41 | €92,264,165 | €126,113,361 | +€33.8m | +36.7% |
| Trade receivables | 40 | €25,777,650 | €7,530,980 | -€18.2m | -70.8% |
| Other amounts receivable | 41 | €66,486,516 | €118,582,381 | +€52.1m | +78.4% |
| Current investments | 50/53 | €2,562,723 | €397 | -€2.6m | -100.0% |
| Other investments | 51/53 | €2,562,723 | €397 | -€2.6m | -100.0% |
| Cash at bank and in hand | 54/58 | €4,098,420 | €1,534,871 | -€2.6m | -62.5% |
| Deferred charges and accrued income | 490/1 | €729,286 | €103,865 | -€625,421 | -85.8% |
| Total equity and liabilities | 10/49 | €242,153,451 | €301,949,699 | +€59.8m | +24.7% |
| Equity | 10/15 | €220,141,145 | €181,578,391 | -€38.6m | -17.5% |
| Contributions | 10/11 | €123,264,459 | €53,264,459 | -€70.0m | -56.8% |
| Capital | 10 | €31,000,000 | €31,000,000 | = | 0.0% |
| Issued capital | 100 | €31,000,000 | €31,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €92,264,459 | €22,264,459 | -€70.0m | -75.9% |
| Share premium | 1100/10 | €92,264,459 | €22,264,459 | -€70.0m | -75.9% |
| Revaluation surpluses | 12 | €67,890,334 | €67,890,334 | = | 0.0% |
| Reserves | 13 | €3,100,000 | €3,100,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,100,000 | €3,100,000 | = | 0.0% |
| Legal reserve | 130 | €3,100,000 | €3,100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,886,353 | €57,323,598 | +€31.4m | +121% |
| Amounts payable | 17/49 | €22,012,306 | €120,371,307 | +€98.4m | +447% |
| Amounts payable after more than one year | 17 | €2,220,036 | €1,463,309 | -€756,727 | -34.1% |
| Financial debts | 170/4 | €2,220,036 | €1,463,309 | -€756,727 | -34.1% |
| Leasing and similar obligations | 172 | €2,220,036 | €1,463,309 | -€756,727 | -34.1% |
| Amounts payable within one year | 42/48 | €19,792,270 | €118,907,999 | +€99.1m | +501% |
| Current portion of amounts payable after more than one year | 42 | €703,960 | €756,727 | +€52,768 | +7.5% |
| Trade debts | 44 | €10,016,855 | €8,535,543 | -€1.5m | -14.8% |
| Suppliers | 440/4 | €10,016,855 | €8,535,543 | -€1.5m | -14.8% |
| Advances received on contracts in progress | 46 | €5,481,875 | - | -€5.5m | |
| Taxes, remuneration and social security | 45 | €102,594 | €82,458 | -€20,136 | -19.6% |
| Taxes | 450/3 | €2,473 | - | -€2,473 | |
| Remuneration and social security | 454/9 | €100,121 | €82,458 | -€17,663 | -17.6% |
| Other amounts payable | 47/48 | €3,486,986 | €109,533,271 | +€106.0m | +3,041% |
| Operating income | 70/76A | €23,367,220 | €33,183,567 | +€9.8m | +42.0% |
| Turnover | 70 | €23,304,253 | €33,154,825 | +€9.9m | +42.3% |
| Other operating income | 74 | €62,968 | €28,742 | -€34,226 | -54.4% |
| Operating charges | 60/66A | €19,705,900 | €32,866,341 | +€13.2m | +66.8% |
| Goods for resale, raw materials and consumables | 60 | €12,169,462 | €17,753,316 | +€5.6m | +45.9% |
| Purchases | 600/8 | €11,864,695 | €17,456,685 | +€5.6m | +47.1% |
| Change in stocks: decrease (increase) | 609 | €304,767 | €296,630 | -€8,137 | -2.7% |
| Services and other goods | 61 | €9,011,661 | €8,572,437 | -€439,224 | -4.9% |
| Remuneration, social security and pensions | 62 | €1,195,965 | €987,804 | -€208,162 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €591,560 | €593,225 | +€1,665 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,608,588 | -€544,149 | +€6.1m | +91.8% |
| Other operating charges | 640/8 | €3,345,839 | €5,503,709 | +€2.2m | +64.5% |
| Operating profit (loss) | 9901 | €3,661,320 | €317,226 | -€3.3m | -91.3% |
| Financial income | 75/76B | €36,895,461 | €51,883,115 | +€15.0m | +40.6% |
| Recurring financial income | 75 | €28,928,325 | €36,286,946 | +€7.4m | +25.4% |
| Income from financial fixed assets | 750 | €22,406,213 | €25,290,693 | +€2.9m | +12.9% |
| Income from current assets | 751 | €2,616,489 | €10,379,672 | +€7.8m | +297% |
| Other financial income | 752/9 | €3,905,623 | €616,581 | -€3.3m | -84.2% |
| Non-recurring financial income | 76B | €7,967,136 | €15,596,169 | +€7.6m | +95.8% |
| Financial charges | 65/66B | €17,446,771 | €17,327,507 | -€119,264 | -0.7% |
| Recurring financial charges | 65 | €655,369 | €10,367,165 | +€9.7m | +1,482% |
| Debt charges | 650 | €458,732 | €1,460,930 | +€1.0m | +218% |
| Other financial charges | 652/9 | €196,636 | €8,906,234 | +€8.7m | +4,429% |
| Non-recurring financial charges | 66B | €16,791,402 | €6,960,342 | -€9.8m | -58.5% |
| Profit (loss) for the period before taxes | 9903 | €23,110,010 | €34,872,834 | +€11.8m | +50.9% |
| Income taxes | 67/77 | €2,291,764 | €3,435,588 | +€1.1m | +49.9% |
| Taxes | 670/3 | €2,627,523 | €3,965,010 | +€1.3m | +50.9% |
| Tax adjustments and reversals of tax provisions | 77 | €335,759 | €529,421 | +€193,662 | +57.7% |
| Profit (loss) for the period | 9904 | €20,818,246 | €31,437,246 | +€10.6m | +51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,818,246 | €31,437,246 | +€10.6m | +51.0% |
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 17 October 2026 via checked.be.