CHRISTIEN SIERENS: 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.
CHRISTIEN SIERENS
Largest movements
- Tangible fixed assets +€471,683
new in 2025: €471,683
of which Land and buildings: +€455,610
- Cash -€260,413
down €260,413 (-91.3%), from €285,126 to €24,713
mainly Investment in fixed assets (net) (-€544,660) and Current investments (-€58,952)
- Current investments +€58,952
new in 2025: €58,952
- Receivables within one year -€6,429
down €6,429 (-31.6%), from €20,329 to €13,900
of which Trade receivables: -€8,943
- Debts after one year +€291,556
new in 2025: €291,556
- Profit (loss) carried forward -€32,269
new in 2025: -€32,269
- Current portion of long-term debt +€21,333
new in 2025: €21,333
- Tax, wage and social debts -€17,780
down €17,780 (-79.8%), from €22,293 to €4,513
- Depreciation +€72,977
new in 2025: €72,977
- Gross operating margin +€24,476
up €24,476 (+117%), from €20,977 to €45,454
- Taxes -€5,822
down €5,822 (-96.9%), from €6,010 to €188
- Financial charges +€3,277
up €3,277 (+217%), from €1,510 to €4,786
- Other operating charges +€977
up €977 (+186%), from €525 to €1,502
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 | €308,234 | €570,416 | +€262,183 | +85.1% |
| Fixed assets | 21/28 | - | €471,683 | +€471,683 | |
| Tangible fixed assets | 22/27 | - | €471,683 | +€471,683 | |
| Land and buildings | 22 | - | €455,610 | +€455,610 | |
| Furniture and vehicles | 24 | - | €16,073 | +€16,073 | |
| Current assets | 29/58 | €308,234 | €98,733 | -€209,500 | -68.0% |
| Amounts receivable within one year | 40/41 | €20,329 | €13,900 | -€6,429 | -31.6% |
| Trade receivables | 40 | €20,329 | €11,386 | -€8,943 | -44.0% |
| Other amounts receivable | 41 | - | €2,514 | +€2,514 | |
| Current investments | 50/53 | - | €58,952 | +€58,952 | |
| Cash at bank and in hand | 54/58 | €285,126 | €24,713 | -€260,413 | -91.3% |
| Deferred charges and accrued income | 490/1 | €2,779 | €1,168 | -€1,610 | -58.0% |
| Total equity and liabilities | 10/49 | €308,234 | €570,416 | +€262,183 | +85.1% |
| Equity | 10/15 | €266,275 | €234,006 | -€32,269 | -12.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €253,875 | €253,875 | = | 0.0% |
| Distributable reserves | 133 | €253,875 | €253,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€32,269 | -€32,269 | |
| Amounts payable | 17/49 | €41,959 | €336,410 | +€294,451 | +702% |
| Amounts payable after more than one year | 17 | - | €291,556 | +€291,556 | |
| Financial debts | 170/4 | - | €291,556 | +€291,556 | |
| Amounts payable within one year | 42/48 | €41,959 | €44,855 | +€2,896 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | - | €21,333 | +€21,333 | |
| Trade debts | 44 | €1,111 | €2,537 | +€1,426 | +128% |
| Suppliers | 440/4 | €1,111 | €2,537 | +€1,426 | +128% |
| Taxes, remuneration and social security | 45 | €22,293 | €4,513 | -€17,780 | -79.8% |
| Taxes | 450/3 | €22,293 | €4,513 | -€17,780 | -79.8% |
| Other amounts payable | 47/48 | €18,555 | €16,471 | -€2,084 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €72,977 | +€72,977 | |
| Other operating charges | 640/8 | €525 | €1,502 | +€977 | +186% |
| Gross operating margin | 9900 | €20,977 | €45,454 | +€24,476 | +117% |
| Operating profit (loss) | 9901 | €20,453 | -€29,025 | -€49,478 | |
| Financial income | 75/76B | €1,640 | €1,731 | +€92 | +5.6% |
| Recurring financial income | 75 | €1,640 | €1,731 | +€92 | +5.6% |
| Financial charges | 65/66B | €1,510 | €4,786 | +€3,277 | +217% |
| Recurring financial charges | 65 | €1,510 | €4,786 | +€3,277 | +217% |
| Profit (loss) for the period before taxes | 9903 | €20,583 | -€32,080 | -€52,663 | |
| Income taxes | 67/77 | €6,010 | €188 | -€5,822 | -96.9% |
| Profit (loss) for the period | 9904 | €14,573 | -€32,269 | -€46,841 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,573 | -€32,269 | -€46,841 |
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 26 October 2026 via checked.be.