SIEMART: what changed
SIEMART
Largest movements
- Cash -€35,323
down €35,323 (-73.4%), from €48,096 to €12,772
mainly Contributions, distributions and other (-€45,252) and Net result for the year (-€28,652)
- Tangible fixed assets -€13,270
down €13,270 (-46.0%), from €28,854 to €15,584
of which Furniture and vehicles: -€12,048
- Reserves -€45,252
down €45,252 (-13.8%), from €327,899 to €282,647
of which Distributable reserves: -€45,252
- Other debts +€45,252
new in 2025: €45,252
- Profit (loss) carried forward -€28,652
down €28,652 (-119%), from -€24,057 to -€52,708
- Trade debts -€12,509
down €12,509 (-81.0%), from €15,434 to €2,926
- Debts after one year -€10,775
down €10,775 (-85.7%), from €12,580 to €1,805
- Gross operating margin -€15,733
down €15,733, from €704 to -€15,029
- Financial income -€799
down €799 (-73.1%), from €1,093 to €294
- Depreciation -€322
down €322 (-2.4%), from €13,593 to €13,270
- Staff costs -€290
no longer reported in 2025 (was €290)
- Financial charges -€240
down €240 (-41.3%), from €582 to €342
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €349,131 | €297,332 | -€51,799 | -14.8% |
| Fixed assets | 21/28 | €29,409 | €16,139 | -€13,270 | -45.1% |
| Tangible fixed assets | 22/27 | €28,854 | €15,584 | -€13,270 | -46.0% |
| Furniture and vehicles | 24 | €24,821 | €12,773 | -€12,048 | -48.5% |
| Other tangible fixed assets | 26 | €4,033 | €2,811 | -€1,223 | -30.3% |
| Financial fixed assets | 28 | €555 | €555 | = | 0.0% |
| Current assets | 29/58 | €319,722 | €281,194 | -€38,528 | -12.1% |
| Amounts receivable within one year | 40/41 | €25,056 | €21,710 | -€3,346 | -13.4% |
| Trade receivables | 40 | €21,513 | €12,527 | -€8,985 | -41.8% |
| Other amounts receivable | 41 | €3,543 | €9,183 | +€5,639 | +159% |
| Current investments | 50/53 | €244,264 | €244,264 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €48,096 | €12,772 | -€35,323 | -73.4% |
| Deferred charges and accrued income | 490/1 | €2,307 | €2,448 | +€141 | +6.1% |
| Total equity and liabilities | 10/49 | €349,131 | €297,332 | -€51,799 | -14.8% |
| Equity | 10/15 | €310,042 | €236,139 | -€73,904 | -23.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €327,899 | €282,647 | -€45,252 | -13.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €326,039 | €280,787 | -€45,252 | -13.9% |
| Profit (loss) carried forward | 14 | -€24,057 | -€52,708 | -€28,652 | -119% |
| Amounts payable | 17/49 | €39,089 | €61,194 | +€22,105 | +56.6% |
| Amounts payable after more than one year | 17 | €12,580 | €1,805 | -€10,775 | -85.7% |
| Financial debts | 170/4 | €12,580 | €1,805 | -€10,775 | -85.7% |
| Amounts payable within one year | 42/48 | €26,509 | €59,388 | +€32,880 | +124% |
| Current portion of amounts payable after more than one year | 42 | €10,679 | €10,775 | +€96 | +0.9% |
| Trade debts | 44 | €15,434 | €2,926 | -€12,509 | -81.0% |
| Suppliers | 440/4 | €15,434 | €2,926 | -€12,509 | -81.0% |
| Taxes, remuneration and social security | 45 | €396 | €436 | +€40 | +10.2% |
| Taxes | 450/3 | €396 | €436 | +€40 | +10.2% |
| Other amounts payable | 47/48 | - | €45,252 | +€45,252 | |
| Non-recurring operating income | 76A | €11,603 | - | -€11,603 | |
| Remuneration, social security and pensions | 62 | €290 | - | -€290 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,593 | €13,270 | -€322 | -2.4% |
| Other operating charges | 640/8 | €187 | €150 | -€37 | -19.8% |
| Gross operating margin | 9900 | €704 | -€15,029 | -€15,733 | |
| Operating profit (loss) | 9901 | -€13,366 | -€28,449 | -€15,083 | -113% |
| Financial income | 75/76B | €1,093 | €294 | -€799 | -73.1% |
| Recurring financial income | 75 | €1,093 | €294 | -€799 | -73.1% |
| Financial charges | 65/66B | €582 | €342 | -€240 | -41.3% |
| Recurring financial charges | 65 | €582 | €342 | -€240 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,855 | -€28,498 | -€15,642 | -122% |
| Income taxes | 67/77 | €248 | €154 | -€94 | -37.8% |
| Profit (loss) for the period | 9904 | -€13,103 | -€28,652 | -€15,549 | -119% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,103 | -€28,652 | -€15,549 | -119% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.