PAESEN SIEBE: 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.
PAESEN SIEBE
Largest movements
- Receivables within one year -€18,498
down €18,498 (-52.6%), from €35,194 to €16,696
of which Trade receivables: -€15,867
- Trade debts -€15,421
down €15,421 (-26.1%), from €59,124 to €43,703
- Reserves +€14,767
up €14,767 (+26.9%), from €54,929 to €69,697
- Current portion of long-term debt -€9,570
down €9,570 (-83.2%), from €11,508 to €1,938
- Tax, wage and social debts -€6,423
down €6,423 (-37.8%), from €16,980 to €10,557
of which Taxes: -€4,515
- Debts after one year -€1,938
no longer reported in 2025 (was €1,938)
- Gross operating margin -€7,738
down €7,738 (-10.8%), from €71,510 to €63,772
- Taxes -€2,162
down €2,162 (-23.9%), from €9,058 to €6,896
- Staff costs +€786
up €786 (+2.1%), from €37,201 to €37,987
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 | €164,704 | €146,103 | -€18,601 | -11.3% |
| Fixed assets | 21/28 | €3,354 | €2,287 | -€1,066 | -31.8% |
| Tangible fixed assets | 22/27 | €3,354 | €2,287 | -€1,066 | -31.8% |
| Furniture and vehicles | 24 | €3,354 | €2,287 | -€1,066 | -31.8% |
| Current assets | 29/58 | €161,350 | €143,816 | -€17,534 | -10.9% |
| Stocks and contracts in progress | 3 | €67,684 | €66,925 | -€759 | -1.1% |
| Stocks | 30/36 | €67,684 | €66,925 | -€759 | -1.1% |
| Amounts receivable within one year | 40/41 | €35,194 | €16,696 | -€18,498 | -52.6% |
| Trade receivables | 40 | €32,092 | €16,225 | -€15,867 | -49.4% |
| Other amounts receivable | 41 | €3,101 | €471 | -€2,631 | -84.8% |
| Cash at bank and in hand | 54/58 | €55,690 | €57,242 | +€1,552 | +2.8% |
| Deferred charges and accrued income | 490/1 | €2,783 | €2,954 | +€171 | +6.1% |
| Total equity and liabilities | 10/49 | €164,704 | €146,103 | -€18,601 | -11.3% |
| Equity | 10/15 | €74,929 | €89,697 | +€14,767 | +19.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €54,929 | €69,697 | +€14,767 | +26.9% |
| Distributable reserves | 133 | €54,929 | €69,697 | +€14,767 | +26.9% |
| Amounts payable | 17/49 | €89,775 | €56,407 | -€33,368 | -37.2% |
| Amounts payable after more than one year | 17 | €1,938 | - | -€1,938 | |
| Financial debts | 170/4 | €1,938 | - | -€1,938 | |
| Amounts payable within one year | 42/48 | €87,837 | €56,407 | -€31,430 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €11,508 | €1,938 | -€9,570 | -83.2% |
| Trade debts | 44 | €59,124 | €43,703 | -€15,421 | -26.1% |
| Suppliers | 440/4 | €59,124 | €43,703 | -€15,421 | -26.1% |
| Taxes, remuneration and social security | 45 | €16,980 | €10,557 | -€6,423 | -37.8% |
| Taxes | 450/3 | €11,879 | €7,364 | -€4,515 | -38.0% |
| Remuneration and social security | 454/9 | €5,101 | €3,193 | -€1,908 | -37.4% |
| Other amounts payable | 47/48 | €225 | €208 | -€16 | -7.3% |
| Remuneration, social security and pensions | 62 | €37,201 | €37,987 | +€786 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €569 | €1,066 | +€497 | +87.3% |
| Other operating charges | 640/8 | €1,186 | €1,733 | +€547 | +46.1% |
| Gross operating margin | 9900 | €71,510 | €63,772 | -€7,738 | -10.8% |
| Operating profit (loss) | 9901 | €32,553 | €22,986 | -€9,567 | -29.4% |
| Financial income | 75/76B | €20 | €3 | -€17 | -84.3% |
| Recurring financial income | 75 | €20 | €3 | -€17 | -84.3% |
| Financial charges | 65/66B | €1,661 | €1,326 | -€335 | -20.2% |
| Recurring financial charges | 65 | €1,562 | €1,326 | -€236 | -15.1% |
| Non-recurring financial charges | 66B | €99 | - | -€99 | |
| Profit (loss) for the period before taxes | 9903 | €30,912 | €21,663 | -€9,249 | -29.9% |
| Income taxes | 67/77 | €9,058 | €6,896 | -€2,162 | -23.9% |
| Profit (loss) for the period | 9904 | €21,854 | €14,767 | -€7,087 | -32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,854 | €14,767 | -€7,087 | -32.4% |
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 18 October 2026 via checked.be.