Bart Sioen: 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.
Bart Sioen
Largest movements
- Tangible fixed assets -€32,053
down €32,053 (-10.3%), from €310,799 to €278,746
- Debts after one year -€24,780
down €24,780 (-14.2%), from €174,329 to €149,550
of which Financial debts: -€24,780
- Trade debts -€22,275
down €22,275 (-95.1%), from €23,427 to €1,152
- Other debts +€15,575
up €15,575 (+51.3%), from €30,337 to €45,911
- Gross operating margin -€12,232
down €12,232 (-19.3%), from €63,455 to €51,223
- Depreciation -€2,959
down €2,959 (-8.0%), from €36,978 to €34,019
- Taxes -€2,409
down €2,409 (-51.5%), from €4,682 to €2,273
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 | €513,087 | €485,525 | -€27,562 | -5.4% |
| Fixed assets | 21/28 | €310,799 | €278,746 | -€32,053 | -10.3% |
| Tangible fixed assets | 22/27 | €310,799 | €278,746 | -€32,053 | -10.3% |
| Land and buildings | 22 | €244,058 | €228,688 | -€15,370 | -6.3% |
| Plant, machinery and equipment | 23 | €11,388 | €7,986 | -€3,402 | -29.9% |
| Furniture and vehicles | 24 | €55,353 | €42,072 | -€13,281 | -24.0% |
| Current assets | 29/58 | €202,288 | €206,780 | +€4,492 | +2.2% |
| Stocks and contracts in progress | 3 | €5,899 | €4,853 | -€1,045 | -17.7% |
| Stocks | 30/36 | €5,899 | €4,853 | -€1,045 | -17.7% |
| Amounts receivable within one year | 40/41 | €69,867 | €73,176 | +€3,309 | +4.7% |
| Trade receivables | 40 | €60,224 | €65,631 | +€5,407 | +9.0% |
| Other amounts receivable | 41 | €9,643 | €7,545 | -€2,098 | -21.8% |
| Cash at bank and in hand | 54/58 | €125,977 | €125,647 | -€329 | -0.3% |
| Deferred charges and accrued income | 490/1 | €546 | €3,103 | +€2,557 | +469% |
| Total equity and liabilities | 10/49 | €513,087 | €485,525 | -€27,562 | -5.4% |
| Equity | 10/15 | €257,831 | €261,285 | +€3,453 | +1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €239,231 | €242,685 | +€3,453 | +1.4% |
| Distributable reserves | 133 | €239,231 | €242,685 | +€3,453 | +1.4% |
| Amounts payable | 17/49 | €255,256 | €224,241 | -€31,015 | -12.2% |
| Amounts payable after more than one year | 17 | €174,329 | €149,550 | -€24,780 | -14.2% |
| Financial debts | 170/4 | €64,329 | €39,550 | -€24,780 | -38.5% |
| Other amounts payable | 178/9 | €110,000 | €110,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €80,926 | €74,691 | -€6,235 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €24,559 | €24,780 | +€220 | +0.9% |
| Trade debts | 44 | €23,427 | €1,152 | -€22,275 | -95.1% |
| Suppliers | 440/4 | €23,427 | €1,152 | -€22,275 | -95.1% |
| Taxes, remuneration and social security | 45 | €2,603 | €2,847 | +€245 | +9.4% |
| Taxes | 450/3 | €2,603 | €2,847 | +€245 | +9.4% |
| Other amounts payable | 47/48 | €30,337 | €45,911 | +€15,575 | +51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,978 | €34,019 | -€2,959 | -8.0% |
| Other operating charges | 640/8 | €2,638 | €2,810 | +€172 | +6.5% |
| Gross operating margin | 9900 | €63,455 | €51,223 | -€12,232 | -19.3% |
| Operating profit (loss) | 9901 | €23,839 | €14,394 | -€9,444 | -39.6% |
| Financial income | 75/76B | €595 | €643 | +€48 | +8.0% |
| Recurring financial income | 75 | €595 | €643 | +€48 | +8.0% |
| Financial charges | 65/66B | €8,044 | €7,645 | -€399 | -5.0% |
| Recurring financial charges | 65 | €8,044 | €7,645 | -€399 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €16,390 | €7,392 | -€8,998 | -54.9% |
| Income taxes | 67/77 | €4,682 | €2,273 | -€2,409 | -51.5% |
| Profit (loss) for the period | 9904 | €11,708 | €5,119 | -€6,588 | -56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,708 | €5,119 | -€6,588 | -56.3% |
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 16 October 2026 via checked.be.