SIEBE MAES: what changed
Two fiscal 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.
SIEBE MAES
Largest movements
- Receivables within one year -€18,587
down €18,587 (-50.0%), from €37,175 to €18,588
of which Other amounts receivable: -€10,323
- Tangible fixed assets -€17,074
down €17,074 (-12.9%), from €132,381 to €115,308
of which Leasing and similar rights: -€9,158
- Cash +€13,320
up €13,320 (+4756.6%), from €280 to €13,600
mainly Depreciation (+€34,197) and Receivables within one year (+€18,587)
- Trade debts -€16,430
down €16,430 (-50.6%), from €32,454 to €16,025
- Reserves +€11,662
up €11,662 (+75.8%), from €15,386 to €27,048
- Debts after one year -€9,974
down €9,974 (-14.0%), from €71,195 to €61,221
of which Financial debts: -€17,722
- Current portion of long-term debt -€5,769
down €5,769 (-19.5%), from €29,537 to €23,769
- Gross operating margin +€21,256
up €21,256 (+73.1%), from €29,068 to €50,324
- Financial charges -€2,206
down €2,206 (-37.8%), from €5,842 to €3,636
- Other operating charges -€575
down €575 (-47.3%), from €1,217 to €641
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.
Cash bridge derived
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 | €171,335 | €150,112 | -€21,223 | -12.4% |
| Fixed assets | 21/28 | €132,631 | €116,133 | -€16,499 | -12.4% |
| Tangible fixed assets | 22/27 | €132,381 | €115,308 | -€17,074 | -12.9% |
| Land and buildings | 22 | €39,133 | €34,459 | -€4,674 | -11.9% |
| Plant, machinery and equipment | 23 | €40,963 | €37,721 | -€3,242 | -7.9% |
| Leasing and similar rights | 25 | €52,286 | €43,128 | -€9,158 | -17.5% |
| Financial fixed assets | 28 | €250 | €825 | +€575 | +230.0% |
| Current assets | 29/58 | €38,704 | €33,979 | -€4,724 | -12.2% |
| Amounts receivable within one year | 40/41 | €37,175 | €18,588 | -€18,587 | -50.0% |
| Trade receivables | 40 | €26,600 | €18,336 | -€8,264 | -31.1% |
| Other amounts receivable | 41 | €10,575 | €252 | -€10,323 | -97.6% |
| Cash at bank and in hand | 54/58 | €280 | €13,600 | +€13,320 | +4756.6% |
| Deferred charges and accrued income | 490/1 | €1,249 | €1,791 | +€542 | +43.4% |
| Total equity and liabilities | 10/49 | €171,335 | €150,112 | -€21,223 | -12.4% |
| Equity | 10/15 | €33,986 | €45,648 | +€11,662 | +34.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,386 | €27,048 | +€11,662 | +75.8% |
| Distributable reserves | 133 | €15,386 | €27,048 | +€11,662 | +75.8% |
| Amounts payable | 17/49 | €137,349 | €104,464 | -€32,884 | -23.9% |
| Amounts payable after more than one year | 17 | €71,195 | €61,221 | -€9,974 | -14.0% |
| Financial debts | 170/4 | €28,819 | €11,096 | -€17,722 | -61.5% |
| Other amounts payable | 178/9 | €42,376 | €50,125 | +€7,748 | +18.3% |
| Amounts payable within one year | 42/48 | €66,154 | €43,243 | -€22,911 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €29,537 | €23,769 | -€5,769 | -19.5% |
| Trade debts | 44 | €32,454 | €16,025 | -€16,430 | -50.6% |
| Suppliers | 440/4 | €32,454 | €16,025 | -€16,430 | -50.6% |
| Taxes, remuneration and social security | 45 | €4,162 | €3,450 | -€712 | -17.1% |
| Taxes | 450/3 | €4,162 | €3,450 | -€712 | -17.1% |
| Non-recurring operating income | 76A | €4,854 | - | -€4,854 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,038 | €34,197 | +€159 | +0.5% |
| Other operating charges | 640/8 | €1,217 | €641 | -€575 | -47.3% |
| Non-recurring operating charges | 66A | - | €203 | +€203 | |
| Gross operating margin | 9900 | €29,068 | €50,324 | +€21,256 | +73.1% |
| Operating profit (loss) | 9901 | -€6,186 | €15,283 | +€21,470 | |
| Financial income | 75/76B | €1 | €14 | +€14 | +2157.8% |
| Recurring financial income | 75 | €1 | €14 | +€14 | +2157.8% |
| Financial charges | 65/66B | €5,842 | €3,636 | -€2,206 | -37.8% |
| Recurring financial charges | 65 | €5,842 | €3,636 | -€2,206 | -37.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,028 | €11,662 | +€23,689 | |
| Profit (loss) for the period | 9904 | -€12,028 | €11,662 | +€23,689 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,028 | €11,662 | +€23,689 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.