Management SIEM: 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.
Management SIEM
Largest movements
- Cash +€383,552
up €383,552 (+210%), from €182,427 to €565,979
mainly Current investments (+€250,000) and Net result for the year (+€136,208)
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Reserves +€136,208
up €136,208 (+21.0%), from €647,259 to €783,466
- Gross operating margin +€21,412
up €21,412 (+11.9%), from €179,621 to €201,033
- Taxes +€9,297
up €9,297 (+17.7%), from €52,428 to €61,725
- Depreciation -€2,290
down €2,290 (-55.5%), from €4,129 to €1,839
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 | €712,380 | €851,046 | +€138,666 | +19.5% |
| Fixed assets | 21/28 | €278,833 | €283,776 | +€4,942 | +1.8% |
| Tangible fixed assets | 22/27 | €14,214 | €13,475 | -€739 | -5.2% |
| Plant, machinery and equipment | 23 | €940 | €1,836 | +€896 | +95.3% |
| Furniture and vehicles | 24 | €2,635 | €1,894 | -€741 | -28.1% |
| Other tangible fixed assets | 26 | €10,639 | €9,745 | -€895 | -8.4% |
| Financial fixed assets | 28 | €264,619 | €270,300 | +€5,681 | +2.1% |
| Current assets | 29/58 | €433,546 | €567,270 | +€133,724 | +30.8% |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €182,427 | €565,979 | +€383,552 | +210% |
| Deferred charges and accrued income | 490/1 | €1,119 | €1,291 | +€172 | +15.4% |
| Total equity and liabilities | 10/49 | €712,380 | €851,046 | +€138,666 | +19.5% |
| Equity | 10/15 | €672,259 | €808,466 | +€136,208 | +20.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €647,259 | €783,466 | +€136,208 | +21.0% |
| Distributable reserves | 133 | €647,259 | €783,466 | +€136,208 | +21.0% |
| Amounts payable | 17/49 | €40,121 | €42,579 | +€2,458 | +6.1% |
| Amounts payable within one year | 42/48 | €34,883 | €37,935 | +€3,052 | +8.7% |
| Trade debts | 44 | €633 | €4,089 | +€3,456 | +546% |
| Suppliers | 440/4 | €633 | €4,089 | +€3,456 | +546% |
| Taxes, remuneration and social security | 45 | €8,553 | €7,323 | -€1,230 | -14.4% |
| Taxes | 450/3 | €8,553 | €7,323 | -€1,230 | -14.4% |
| Other amounts payable | 47/48 | €25,696 | €26,523 | +€827 | +3.2% |
| Accrued charges and deferred income | 492/3 | €5,238 | €4,644 | -€594 | -11.3% |
| Non-recurring operating income | 76A | - | €11,417 | +€11,417 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,129 | €1,839 | -€2,290 | -55.5% |
| Other operating charges | 640/8 | €955 | €772 | -€183 | -19.2% |
| Gross operating margin | 9900 | €179,621 | €201,033 | +€21,412 | +11.9% |
| Operating profit (loss) | 9901 | €174,538 | €198,422 | +€23,885 | +13.7% |
| Financial income | 75/76B | €0 | €1,757 | +€1,757 | +17,569,300% |
| Recurring financial income | 75 | €0 | €1,757 | +€1,757 | +17,569,300% |
| Financial charges | 65/66B | €1,086 | €2,247 | +€1,162 | +107% |
| Recurring financial charges | 65 | €1,086 | €2,247 | +€1,162 | +107% |
| Profit (loss) for the period before taxes | 9903 | €173,452 | €197,932 | +€24,480 | +14.1% |
| Income taxes | 67/77 | €52,428 | €61,725 | +€9,297 | +17.7% |
| Profit (loss) for the period | 9904 | €121,024 | €136,208 | +€15,184 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €121,024 | €136,208 | +€15,184 | +12.5% |
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 31 October 2026 via checked.be.