ETIENNE SIEBENS: 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.
ETIENNE SIEBENS
Largest movements
- Cash -€103,251
down €103,251 (-80.5%), from €128,231 to €24,980
mainly Contributions, distributions and other (-€100,000) and Other debts (-€8,992)
- Tangible fixed assets -€7,841
down €7,841 (-3.1%), from €251,436 to €243,595
of which Furniture and vehicles: -€6,725
- Receivables within one year -€7,825
down €7,825 (-92.9%), from €8,423 to €597
of which Trade receivables: -€7,850
- Contributions -€100,000
down €100,000 (-92.1%), from €108,600 to €8,600
- Other debts -€8,992
down €8,992 (-10.9%), from €82,661 to €73,669
- Reserves -€8,867
down €8,867 (-4.5%), from €194,927 to €186,060
- Gross operating margin -€24,531
down €24,531 (-87.4%), from €28,063 to €3,532
- Depreciation -€15,380
down €15,380 (-66.2%), from €23,221 to €7,841
- Other operating charges -€350
down €350 (-8.7%), from €4,025 to €3,675
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 | €388,696 | €269,726 | -€118,970 | -30.6% |
| Fixed assets | 21/28 | €251,436 | €243,595 | -€7,841 | -3.1% |
| Tangible fixed assets | 22/27 | €251,436 | €243,595 | -€7,841 | -3.1% |
| Land and buildings | 22 | €222,821 | €221,704 | -€1,116 | -0.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €28,615 | €21,890 | -€6,725 | -23.5% |
| Current assets | 29/58 | €137,260 | €26,131 | -€111,129 | -81.0% |
| Amounts receivable within one year | 40/41 | €8,423 | €597 | -€7,825 | -92.9% |
| Trade receivables | 40 | €7,850 | - | -€7,850 | |
| Other amounts receivable | 41 | €573 | €597 | +€25 | +4.3% |
| Current investments | 50/53 | €0 | - | -€0 | |
| Cash at bank and in hand | 54/58 | €128,231 | €24,980 | -€103,251 | -80.5% |
| Deferred charges and accrued income | 490/1 | €607 | €554 | -€53 | -8.8% |
| Total equity and liabilities | 10/49 | €388,696 | €269,726 | -€118,970 | -30.6% |
| Equity | 10/15 | €303,527 | €194,660 | -€108,867 | -35.9% |
| Contributions | 10/11 | €108,600 | €8,600 | -€100,000 | -92.1% |
| Reserves | 13 | €194,927 | €186,060 | -€8,867 | -4.5% |
| Distributable reserves | 133 | €194,927 | €186,060 | -€8,867 | -4.5% |
| Amounts payable | 17/49 | €85,169 | €75,065 | -€10,104 | -11.9% |
| Amounts payable within one year | 42/48 | €85,169 | €75,065 | -€10,104 | -11.9% |
| Trade debts | 44 | €2,123 | €1,396 | -€727 | -34.2% |
| Suppliers | 440/4 | €2,123 | €1,396 | -€727 | -34.2% |
| Taxes, remuneration and social security | 45 | €384 | - | -€384 | |
| Taxes | 450/3 | €384 | - | -€384 | |
| Other amounts payable | 47/48 | €82,661 | €73,669 | -€8,992 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,221 | €7,841 | -€15,380 | -66.2% |
| Other operating charges | 640/8 | €4,025 | €3,675 | -€350 | -8.7% |
| Gross operating margin | 9900 | €28,063 | €3,532 | -€24,531 | -87.4% |
| Operating profit (loss) | 9901 | €817 | -€7,984 | -€8,801 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +458% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +458% |
| Financial charges | 65/66B | €383 | €511 | +€127 | +33.2% |
| Recurring financial charges | 65 | €383 | €511 | +€127 | +33.2% |
| Profit (loss) for the period before taxes | 9903 | €434 | -€8,494 | -€8,928 | |
| Income taxes | 67/77 | €384 | €373 | -€12 | -3.0% |
| Profit (loss) for the period | 9904 | €49 | -€8,867 | -€8,916 | |
| Profit (loss) for the period to be appropriated | 9905 | €49 | -€8,867 | -€8,916 |
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.