René Siplet: 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.
René Siplet
Largest movements
- Receivables within one year +€120,188
up €120,188 (+9.0%), from €1.3m to €1.5m
of which Trade receivables: +€145,674
- Cash -€115,301
down €115,301 (-11.1%), from €1.0m to €920,698
mainly Contributions, distributions and other (-€233,866) and Trade debts (-€213,635)
- Current investments +€114,999
up €114,999 (+438%), from €26,238 to €141,237
- Tangible fixed assets +€45,908
up €45,908 (+15.9%), from €289,496 to €335,404
of which Land and buildings: +€31,946
- Reserves +€214,519
up €214,519 (+18.0%), from €1.2m to €1.4m
of which Distributable reserves: +€214,519
- Trade debts -€213,635
down €213,635 (-14.3%), from €1.5m to €1.3m
of which Suppliers: -€213,635
- Tax, wage and social debts +€123,454
up €123,454 (+127%), from €97,117 to €220,571
of which Taxes: +€101,161
- Gross operating margin +€419,770
up €419,770 (+29.1%), from €1.4m to €1.9m
- Taxes +€103,326
up €103,326 (+59.6%), from €173,289 to €276,615
- Staff costs +€31,676
up €31,676 (+3.4%), from €928,138 to €959,814
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 | €3,411,680 | €3,582,111 | +€170,431 | +5.0% |
| Fixed assets | 21/28 | €293,483 | €339,391 | +€45,908 | +15.6% |
| Tangible fixed assets | 22/27 | €289,496 | €335,404 | +€45,908 | +15.9% |
| Land and buildings | 22 | €84,558 | €116,504 | +€31,946 | +37.8% |
| Furniture and vehicles | 24 | €204,938 | €218,900 | +€13,962 | +6.8% |
| Financial fixed assets | 28 | €3,987 | €3,987 | = | 0.0% |
| Current assets | 29/58 | €3,118,197 | €3,242,720 | +€124,523 | +4.0% |
| Stocks and contracts in progress | 3 | €723,880 | €728,517 | +€4,637 | +0.6% |
| Stocks | 30/36 | €723,880 | €728,517 | +€4,637 | +0.6% |
| Amounts receivable within one year | 40/41 | €1,332,080 | €1,452,268 | +€120,188 | +9.0% |
| Trade receivables | 40 | €1,294,942 | €1,440,616 | +€145,674 | +11.2% |
| Other amounts receivable | 41 | €37,138 | €11,652 | -€25,486 | -68.6% |
| Current investments | 50/53 | €26,238 | €141,237 | +€114,999 | +438% |
| Cash at bank and in hand | 54/58 | €1,035,999 | €920,698 | -€115,301 | -11.1% |
| Total equity and liabilities | 10/49 | €3,411,680 | €3,582,111 | +€170,431 | +5.0% |
| Equity | 10/15 | €1,324,467 | €1,538,986 | +€214,519 | +16.2% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €1,194,581 | €1,409,100 | +€214,519 | +18.0% |
| Non-distributable reserves | 130/1 | €269 | €269 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €269 | +€269 | |
| Other | 1319 | €269 | - | -€269 | |
| Distributable reserves | 133 | €1,194,312 | €1,408,831 | +€214,519 | +18.0% |
| Profit (loss) carried forward | 14 | €98,886 | €98,886 | = | 0.0% |
| Amounts payable | 17/49 | €2,087,213 | €2,043,125 | -€44,088 | -2.1% |
| Amounts payable after more than one year | 17 | €97,082 | €104,879 | +€7,797 | +8.0% |
| Financial debts | 170/4 | €97,082 | €104,879 | +€7,797 | +8.0% |
| Amounts payable within one year | 42/48 | €1,990,131 | €1,938,246 | -€51,885 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €136,039 | €145,902 | +€9,863 | +7.3% |
| Financial debts | 43 | €51,036 | €50,796 | -€240 | -0.5% |
| Other loans | 439 | €51,036 | €50,796 | -€240 | -0.5% |
| Trade debts | 44 | €1,492,267 | €1,278,632 | -€213,635 | -14.3% |
| Suppliers | 440/4 | €242,267 | €28,632 | -€213,635 | -88.2% |
| Bills of exchange payable | 441 | €1,250,000 | €1,250,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €97,117 | €220,571 | +€123,454 | +127% |
| Taxes | 450/3 | €8,022 | €109,183 | +€101,161 | +1,261% |
| Remuneration and social security | 454/9 | €89,095 | €111,388 | +€22,293 | +25.0% |
| Other amounts payable | 47/48 | €213,672 | €242,345 | +€28,673 | +13.4% |
| Non-recurring operating income | 76A | €6,103 | €1,653 | -€4,450 | -72.9% |
| Remuneration, social security and pensions | 62 | €928,138 | €959,814 | +€31,676 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,622 | €73,383 | +€6,761 | +10.1% |
| Other operating charges | 640/8 | €4,554 | €5,353 | +€799 | +17.5% |
| Non-recurring operating charges | 66A | - | €16,121 | +€16,121 | |
| Gross operating margin | 9900 | €1,443,738 | €1,863,508 | +€419,770 | +29.1% |
| Operating profit (loss) | 9901 | €444,424 | €808,837 | +€364,413 | +82.0% |
| Financial income | 75/76B | €17,666 | €13,170 | -€4,496 | -25.5% |
| Recurring financial income | 75 | €17,666 | €13,170 | -€4,496 | -25.5% |
| Financial charges | 65/66B | €114,328 | €97,007 | -€17,321 | -15.2% |
| Recurring financial charges | 65 | €114,328 | €97,007 | -€17,321 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €347,762 | €725,000 | +€377,238 | +108% |
| Income taxes | 67/77 | €173,289 | €276,615 | +€103,326 | +59.6% |
| Profit (loss) for the period | 9904 | €174,473 | €448,385 | +€273,912 | +157% |
| Profit (loss) for the period to be appropriated | 9905 | €174,473 | €448,385 | +€273,912 | +157% |
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 30 October 2026 via checked.be.