SIELO MANAGEMENT: 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.
SIELO MANAGEMENT
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+61.1%), from €1.7m to €2.8m
of which Land and buildings: +€998,758
- Receivables within one year +€800,827
up €800,827 (+12.2%), from €6.6m to €7.4m
of which Other amounts receivable: +€708,994
- Debts after one year +€727,925
up €727,925 (+74.7%), from €974,406 to €1.7m
- Other debts +€665,700
up €665,700 (+4.5%), from €14.7m to €15.4m
- Profit (loss) carried forward +€458,586
up €458,586 (+130.4%), from €351,773 to €810,359
- Other operating charges -€131,581
down €131,581 (-94.7%), from €139,006 to €7,425
- Financial income +€110,384
up €110,384 (+33.7%), from €327,938 to €438,322
- Gross operating margin +€85,683
up €85,683 (+25.0%), from €342,606 to €428,289
- Staff costs +€65,092
up €65,092 (+38.3%), from €169,753 to €234,845
- Financial charges +€19,817
up €19,817 (+48.3%), from €41,030 to €60,847
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 | €16,750,842 | €18,599,708 | +€1.8m | +11.0% |
| Formation expenses | 20 | €57,041 | €45,088 | -€11,953 | -21.0% |
| Fixed assets | 21/28 | €10,060,028 | €11,106,047 | +€1.0m | +10.4% |
| Tangible fixed assets | 22/27 | €1,711,653 | €2,757,672 | +€1.0m | +61.1% |
| Land and buildings | 22 | €1,531,413 | €2,530,171 | +€998,758 | +65.2% |
| Plant, machinery and equipment | 23 | €8,019 | €5,057 | -€2,962 | -36.9% |
| Furniture and vehicles | 24 | €9,510 | €61,729 | +€52,219 | +549.1% |
| Other tangible fixed assets | 26 | €147,311 | €160,715 | +€13,404 | +9.1% |
| Assets under construction and advance payments | 27 | €15,400 | - | -€15,400 | |
| Financial fixed assets | 28 | €8,348,375 | €8,348,375 | -€0 | 0.0% |
| Current assets | 29/58 | €6,633,773 | €7,448,573 | +€814,800 | +12.3% |
| Amounts receivable within one year | 40/41 | €6,567,216 | €7,368,043 | +€800,827 | +12.2% |
| Trade receivables | 40 | €63,881 | €155,714 | +€91,833 | +143.8% |
| Other amounts receivable | 41 | €6,503,335 | €7,212,329 | +€708,994 | +10.9% |
| Cash at bank and in hand | 54/58 | €58,277 | €58,318 | +€41 | +0.1% |
| Deferred charges and accrued income | 490/1 | €8,280 | €22,211 | +€13,931 | +168.3% |
| Total equity and liabilities | 10/49 | €16,750,842 | €18,599,708 | +€1.8m | +11.0% |
| Equity | 10/15 | - | €1,134,972 | +€1.1m | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €104,500 | - | -€104,500 | |
| Reserves | 13 | €304,612 | €304,613 | +€1 | 0.0% |
| Distributable reserves | 133 | €304,612 | €304,613 | +€1 | 0.0% |
| Profit (loss) carried forward | 14 | €351,773 | €810,359 | +€458,586 | +130.4% |
| Amounts payable | 17/49 | €15,969,957 | €17,464,736 | +€1.5m | +9.4% |
| Amounts payable after more than one year | 17 | €974,406 | €1,702,331 | +€727,925 | +74.7% |
| Financial debts | 170/4 | €974,406 | €1,702,331 | +€727,925 | +74.7% |
| Amounts payable within one year | 42/48 | €14,995,551 | €15,762,405 | +€766,854 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €6,482 | €87,484 | +€81,002 | +1249.6% |
| Trade debts | 44 | €193,271 | €179,473 | -€13,798 | -7.1% |
| Suppliers | 440/4 | €193,271 | €179,473 | -€13,798 | -7.1% |
| Taxes, remuneration and social security | 45 | €86,935 | €120,886 | +€33,951 | +39.1% |
| Taxes | 450/3 | €69,506 | €100,793 | +€31,287 | +45.0% |
| Remuneration and social security | 454/9 | €17,429 | €20,093 | +€2,664 | +15.3% |
| Other amounts payable | 47/48 | €14,708,863 | €15,374,563 | +€665,700 | +4.5% |
| Remuneration, social security and pensions | 62 | €169,753 | €234,845 | +€65,092 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,170 | €86,586 | +€17,416 | +25.2% |
| Other operating charges | 640/8 | €139,006 | €7,425 | -€131,581 | -94.7% |
| Gross operating margin | 9900 | €342,606 | €428,289 | +€85,683 | +25.0% |
| Operating profit (loss) | 9901 | -€35,323 | €99,433 | +€134,756 | |
| Financial income | 75/76B | €327,938 | €438,322 | +€110,384 | +33.7% |
| Recurring financial income | 75 | €327,938 | €438,322 | +€110,384 | +33.7% |
| Financial charges | 65/66B | €41,030 | €60,847 | +€19,817 | +48.3% |
| Recurring financial charges | 65 | €41,030 | €60,847 | +€19,817 | +48.3% |
| Profit (loss) for the period before taxes | 9903 | €251,585 | €476,908 | +€225,323 | +89.6% |
| Income taxes | 67/77 | €11,184 | €18,322 | +€7,138 | +63.8% |
| Profit (loss) for the period | 9904 | €240,401 | €458,587 | +€218,186 | +90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €240,401 | €458,587 | +€218,186 | +90.8% |
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 11 October 2026 via checked.be.