SIEBAER: 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.
SIEBAER
Largest movements
- Tangible fixed assets -€57,662
down €57,662 (-29.1%), from €198,139 to €140,477
of which Other tangible fixed assets: -€42,275
- Receivables within one year +€33,979
up €33,979 (+91.0%), from €37,322 to €71,301
of which Trade receivables: +€32,479
- Cash +€27,579
up €27,579 (+32.3%), from €85,397 to €112,976
mainly Net result for the year (+€104,289) and Depreciation (+€65,734)
- Stocks and contracts -€6,405
down €6,405 (-31.5%), from €20,311 to €13,906
- Reserves +€104,289
up €104,289 (+127%), from €82,360 to €186,649
- Other debts -€80,800
down €80,800 (-68.9%), from €117,229 to €36,429
- Trade debts -€38,640
down €38,640 (-49.4%), from €78,201 to €39,561
- Accrued charges and deferred income +€19,215
new in 2025: €19,215
- Debts after one year -€12,652
down €12,652 (-30.4%), from €41,578 to €28,926
- Gross operating margin +€97,293
up €97,293 (+88.5%), from €109,899 to €207,192
- Taxes +€20,560
up €20,560 (+243%), from €8,458 to €29,017
- Financial charges +€4,722
up €4,722 (+113%), from €4,182 to €8,903
- Depreciation +€3,805
up €3,805 (+6.1%), from €61,929 to €65,734
- Other operating charges -€3,526
down €3,526 (-74.9%), from €4,708 to €1,181
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 | €343,733 | €339,242 | -€4,490 | -1.3% |
| Fixed assets | 21/28 | €198,140 | €140,477 | -€57,663 | -29.1% |
| Intangible fixed assets | 21 | €1 | €1 | -€0 | -11.8% |
| Tangible fixed assets | 22/27 | €198,139 | €140,477 | -€57,662 | -29.1% |
| Land and buildings | 22 | €22,610 | €31,167 | +€8,557 | +37.8% |
| Plant, machinery and equipment | 23 | €12,262 | €12,415 | +€153 | +1.2% |
| Furniture and vehicles | 24 | €71,213 | €47,116 | -€24,097 | -33.8% |
| Other tangible fixed assets | 26 | €92,054 | €49,779 | -€42,275 | -45.9% |
| Current assets | 29/58 | €145,593 | €198,765 | +€53,172 | +36.5% |
| Stocks and contracts in progress | 3 | €20,311 | €13,906 | -€6,405 | -31.5% |
| Stocks | 30/36 | €20,311 | €13,906 | -€6,405 | -31.5% |
| Amounts receivable within one year | 40/41 | €37,322 | €71,301 | +€33,979 | +91.0% |
| Trade receivables | 40 | €37,322 | €69,801 | +€32,479 | +87.0% |
| Other amounts receivable | 41 | - | €1,500 | +€1,500 | |
| Cash at bank and in hand | 54/58 | €85,397 | €112,976 | +€27,579 | +32.3% |
| Deferred charges and accrued income | 490/1 | €2,562 | €582 | -€1,980 | -77.3% |
| Total equity and liabilities | 10/49 | €343,733 | €339,242 | -€4,490 | -1.3% |
| Equity | 10/15 | €85,360 | €189,649 | +€104,289 | +122% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €82,360 | €186,649 | +€104,289 | +127% |
| Distributable reserves | 133 | €82,360 | €186,649 | +€104,289 | +127% |
| Amounts payable | 17/49 | €258,372 | €149,593 | -€108,780 | -42.1% |
| Amounts payable after more than one year | 17 | €41,578 | €28,926 | -€12,652 | -30.4% |
| Financial debts | 170/4 | €41,578 | €28,926 | -€12,652 | -30.4% |
| Amounts payable within one year | 42/48 | €216,795 | €101,452 | -€115,343 | -53.2% |
| Current portion of amounts payable after more than one year | 42 | €14,499 | €12,652 | -€1,847 | -12.7% |
| Trade debts | 44 | €78,201 | €39,561 | -€38,640 | -49.4% |
| Suppliers | 440/4 | €78,201 | €39,561 | -€38,640 | -49.4% |
| Advances received on contracts in progress | 46 | €1,328 | €1,428 | +€100 | +7.5% |
| Taxes, remuneration and social security | 45 | €5,539 | €11,384 | +€5,845 | +106% |
| Taxes | 450/3 | €5,539 | €11,384 | +€5,845 | +106% |
| Other amounts payable | 47/48 | €117,229 | €36,429 | -€80,800 | -68.9% |
| Accrued charges and deferred income | 492/3 | - | €19,215 | +€19,215 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,929 | €65,734 | +€3,805 | +6.1% |
| Other operating charges | 640/8 | €4,708 | €1,181 | -€3,526 | -74.9% |
| Gross operating margin | 9900 | €109,899 | €207,192 | +€97,293 | +88.5% |
| Operating profit (loss) | 9901 | €43,262 | €140,276 | +€97,015 | +224% |
| Financial income | 75/76B | €3,119 | €1,934 | -€1,185 | -38.0% |
| Recurring financial income | 75 | €3,119 | €1,934 | -€1,185 | -38.0% |
| Financial charges | 65/66B | €4,182 | €8,903 | +€4,722 | +113% |
| Recurring financial charges | 65 | €4,182 | €8,903 | +€4,722 | +113% |
| Profit (loss) for the period before taxes | 9903 | €42,199 | €133,307 | +€91,107 | +216% |
| Income taxes | 67/77 | €8,458 | €29,017 | +€20,560 | +243% |
| Profit (loss) for the period | 9904 | €33,742 | €104,289 | +€70,548 | +209% |
| Profit (loss) for the period to be appropriated | 9905 | €33,742 | €104,289 | +€70,548 | +209% |
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 15 October 2026 via checked.be.