SIEGI: 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.
SIEGI
Largest movements
- Receivables after one year +€90,000
up €90,000 (+22.5%), from €400,000 to €490,000
- Cash +€41,145
up €41,145 (+38.1%), from €108,095 to €149,240
mainly Net result for the year (+€137,821) and Tax, wage and social debts (+€9,634)
- Receivables within one year +€25,195
up €25,195 (+356.9%), from €7,059 to €32,254
of which Other amounts receivable: +€21,361
- Intangible fixed assets -€7,857
down €7,857 (-34.1%), from €23,013 to €15,156
- Reserves +€137,821
up €137,821 (+29.2%), from €471,842 to €609,664
- Tax, wage and social debts +€9,634
up €9,634 (+32.9%), from €29,287 to €38,922
of which Taxes: +€9,268
- Gross operating margin -€23,362
down €23,362 (-8.7%), from €269,964 to €246,602
- Depreciation -€15,172
down €15,172 (-63.0%), from €24,090 to €8,919
- Financial income +€10,443
up €10,443 (+87.6%), from €11,923 to €22,366
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 | €544,906 | €692,394 | +€147,488 | +27.1% |
| Fixed assets | 21/28 | €26,998 | €18,079 | -€8,919 | -33.0% |
| Intangible fixed assets | 21 | €23,013 | €15,156 | -€7,857 | -34.1% |
| Tangible fixed assets | 22/27 | €3,985 | €2,923 | -€1,062 | -26.6% |
| Plant, machinery and equipment | 23 | €3,985 | €2,923 | -€1,061 | -26.6% |
| Furniture and vehicles | 24 | €0 | - | -€0 | |
| Current assets | 29/58 | €517,908 | €674,315 | +€156,407 | +30.2% |
| Amounts receivable after more than one year | 29 | €400,000 | €490,000 | +€90,000 | +22.5% |
| Other amounts receivable | 291 | €400,000 | €490,000 | +€90,000 | +22.5% |
| Stocks and contracts in progress | 3 | €2,750 | €2,550 | -€200 | -7.3% |
| Stocks | 30/36 | €2,750 | €2,550 | -€200 | -7.3% |
| Amounts receivable within one year | 40/41 | €7,059 | €32,254 | +€25,195 | +356.9% |
| Trade receivables | 40 | €728 | €4,561 | +€3,834 | +526.9% |
| Other amounts receivable | 41 | €6,332 | €27,693 | +€21,361 | +337.4% |
| Cash at bank and in hand | 54/58 | €108,095 | €149,240 | +€41,145 | +38.1% |
| Deferred charges and accrued income | 490/1 | €4 | €271 | +€267 | +7252.4% |
| Total equity and liabilities | 10/49 | €544,906 | €692,394 | +€147,488 | +27.1% |
| Equity | 10/15 | €476,842 | €614,664 | +€137,821 | +28.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €471,842 | €609,664 | +€137,821 | +29.2% |
| Distributable reserves | 133 | €471,842 | €609,664 | +€137,821 | +29.2% |
| Amounts payable | 17/49 | €68,064 | €77,731 | +€9,667 | +14.2% |
| Amounts payable within one year | 42/48 | €65,323 | €75,166 | +€9,842 | +15.1% |
| Financial debts | 43 | €16,202 | €15,181 | -€1,021 | -6.3% |
| Credit institutions | 430/8 | €16,202 | €15,181 | -€1,021 | -6.3% |
| Trade debts | 44 | €19,834 | €21,063 | +€1,229 | +6.2% |
| Suppliers | 440/4 | €19,834 | €21,063 | +€1,229 | +6.2% |
| Taxes, remuneration and social security | 45 | €29,287 | €38,922 | +€9,634 | +32.9% |
| Taxes | 450/3 | €20,183 | €29,451 | +€9,268 | +45.9% |
| Remuneration and social security | 454/9 | €9,104 | €9,470 | +€367 | +4.0% |
| Accrued charges and deferred income | 492/3 | €2,741 | €2,565 | -€176 | -6.4% |
| Remuneration, social security and pensions | 62 | €53,483 | €51,525 | -€1,958 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,090 | €8,919 | -€15,172 | -63.0% |
| Other operating charges | 640/8 | €1,500 | €1,465 | -€36 | -2.4% |
| Gross operating margin | 9900 | €269,964 | €246,602 | -€23,362 | -8.7% |
| Operating profit (loss) | 9901 | €190,890 | €184,694 | -€6,197 | -3.2% |
| Financial income | 75/76B | €11,923 | €22,366 | +€10,443 | +87.6% |
| Recurring financial income | 75 | €11,923 | €22,366 | +€10,443 | +87.6% |
| Financial charges | 65/66B | €2,969 | €4,015 | +€1,046 | +35.2% |
| Recurring financial charges | 65 | €2,969 | €4,015 | +€1,046 | +35.2% |
| Profit (loss) for the period before taxes | 9903 | €199,843 | €203,044 | +€3,201 | +1.6% |
| Income taxes | 67/77 | €64,695 | €65,223 | +€527 | +0.8% |
| Profit (loss) for the period | 9904 | €135,148 | €137,821 | +€2,674 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €135,148 | €137,821 | +€2,674 | +2.0% |
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 6 October 2026 via checked.be.