SIEDE: 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.
SIEDE
Largest movements
- Cash -€255,226
down €255,226 (-68.2%), from €374,109 to €118,882
mainly Contributions, distributions and other (-€274,200) and Current investments (-€61,758)
- Current investments +€61,758
new in 2025: €61,758
- Tangible fixed assets -€32,165
down €32,165 (-7.8%), from €412,085 to €379,920
of which Land and buildings: -€39,781
- Receivables within one year -€22,003
down €22,003 (-53.6%), from €41,063 to €19,059
of which Other amounts receivable: -€16,227
- Reserves -€200,000
down €200,000 (-51.1%), from €391,017 to €191,017
- Debts after one year -€51,683
down €51,683 (-19.7%), from €261,895 to €210,212
- Current portion of long-term debt -€23,449
down €23,449 (-31.2%), from €75,132 to €51,683
- Other debts +€19,085
up €19,085 (+29.3%), from €65,115 to €84,200
- Gross operating margin -€53,082
down €53,082 (-21.2%), from €250,215 to €197,133
- Taxes -€12,243
down €12,243 (-39.2%), from €31,246 to €19,003
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 | €841,605 | €592,793 | -€248,813 | -29.6% |
| Fixed assets | 21/28 | €412,185 | €380,020 | -€32,165 | -7.8% |
| Tangible fixed assets | 22/27 | €412,085 | €379,920 | -€32,165 | -7.8% |
| Land and buildings | 22 | €339,588 | €299,807 | -€39,781 | -11.7% |
| Plant, machinery and equipment | 23 | €53,877 | €67,855 | +€13,978 | +25.9% |
| Furniture and vehicles | 24 | €18,620 | €12,258 | -€6,362 | -34.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €429,420 | €212,773 | -€216,648 | -50.5% |
| Stocks and contracts in progress | 3 | €3,488 | €3,440 | -€48 | -1.4% |
| Stocks | 30/36 | €3,488 | €3,440 | -€48 | -1.4% |
| Amounts receivable within one year | 40/41 | €41,063 | €19,059 | -€22,003 | -53.6% |
| Trade receivables | 40 | €8,781 | €3,005 | -€5,777 | -65.8% |
| Other amounts receivable | 41 | €32,281 | €16,054 | -€16,227 | -50.3% |
| Current investments | 50/53 | - | €61,758 | +€61,758 | |
| Cash at bank and in hand | 54/58 | €374,109 | €118,882 | -€255,226 | -68.2% |
| Deferred charges and accrued income | 490/1 | €10,761 | €9,634 | -€1,127 | -10.5% |
| Total equity and liabilities | 10/49 | €841,605 | €592,793 | -€248,813 | -29.6% |
| Equity | 10/15 | €409,617 | €209,617 | -€200,000 | -48.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €391,017 | €191,017 | -€200,000 | -51.1% |
| Distributable reserves | 133 | €391,017 | €191,017 | -€200,000 | -51.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €431,988 | €383,176 | -€48,813 | -11.3% |
| Amounts payable after more than one year | 17 | €261,895 | €210,212 | -€51,683 | -19.7% |
| Financial debts | 170/4 | €261,895 | €210,212 | -€51,683 | -19.7% |
| Amounts payable within one year | 42/48 | €170,093 | €168,023 | -€2,070 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €75,132 | €51,683 | -€23,449 | -31.2% |
| Trade debts | 44 | €11,943 | €17,681 | +€5,738 | +48.0% |
| Suppliers | 440/4 | €11,943 | €17,681 | +€5,738 | +48.0% |
| Taxes, remuneration and social security | 45 | €17,903 | €14,459 | -€3,444 | -19.2% |
| Taxes | 450/3 | €3,827 | €2,578 | -€1,248 | -32.6% |
| Remuneration and social security | 454/9 | €14,077 | €11,881 | -€2,196 | -15.6% |
| Other amounts payable | 47/48 | €65,115 | €84,200 | +€19,085 | +29.3% |
| Accrued charges and deferred income | 492/3 | €0 | €4,940 | +€4,940 | |
| Remuneration, social security and pensions | 62 | €34,291 | €33,453 | -€838 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,278 | €61,567 | +€289 | +0.5% |
| Other operating charges | 640/8 | €2,166 | €1,865 | -€301 | -13.9% |
| Gross operating margin | 9900 | €250,215 | €197,133 | -€53,082 | -21.2% |
| Operating profit (loss) | 9901 | €152,480 | €100,249 | -€52,231 | -34.3% |
| Financial income | 75/76B | €921 | €37 | -€883 | -96.0% |
| Recurring financial income | 75 | €921 | €37 | -€883 | -96.0% |
| Financial charges | 65/66B | €8,440 | €7,083 | -€1,357 | -16.1% |
| Recurring financial charges | 65 | €8,440 | €7,083 | -€1,357 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €144,961 | €93,203 | -€51,758 | -35.7% |
| Income taxes | 67/77 | €31,246 | €19,003 | -€12,243 | -39.2% |
| Profit (loss) for the period | 9904 | €113,715 | €74,200 | -€39,515 | -34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €113,715 | €74,200 | -€39,515 | -34.7% |
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 13 October 2026 via checked.be.