SIERENS ELLEN: 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.
SIERENS ELLEN
Largest movements
- Tangible fixed assets -€8,440
down €8,440 (-11.1%), from €76,203 to €67,763
of which Leasing and similar rights: -€13,585
- Receivables within one year +€8,064
new in 2025: €8,064
- Reserves +€12,939
up €12,939 (+8.2%), from €158,341 to €171,281
of which Distributable reserves: +€12,939
- Debts after one year -€11,533
down €11,533 (-48.6%), from €23,718 to €12,186
- Gross operating margin -€37,010
down €37,010 (-42.9%), from €86,364 to €49,354
- Taxes -€13,663
down €13,663 (-68.8%), from €19,856 to €6,193
- Depreciation +€1,230
up €1,230 (+5.1%), from €24,153 to €25,383
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 | €227,852 | €228,165 | +€313 | +0.1% |
| Fixed assets | 21/28 | €76,453 | €68,013 | -€8,440 | -11.0% |
| Tangible fixed assets | 22/27 | €76,203 | €67,763 | -€8,440 | -11.1% |
| Plant, machinery and equipment | 23 | €17,000 | €17,253 | +€253 | +1.5% |
| Furniture and vehicles | 24 | €1,065 | €5,957 | +€4,893 | +459.5% |
| Leasing and similar rights | 25 | €58,137 | €44,552 | -€13,585 | -23.4% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €151,400 | €160,152 | +€8,753 | +5.8% |
| Stocks and contracts in progress | 3 | - | €1,901 | +€1,901 | |
| Stocks | 30/36 | - | €1,901 | +€1,901 | |
| Amounts receivable within one year | 40/41 | - | €8,064 | +€8,064 | |
| Other amounts receivable | 41 | - | €8,064 | +€8,064 | |
| Current investments | 50/53 | €3,906 | €3,833 | -€74 | -1.9% |
| Cash at bank and in hand | 54/58 | €147,493 | €146,296 | -€1,197 | -0.8% |
| Deferred charges and accrued income | 490/1 | - | €59 | +€59 | |
| Total equity and liabilities | 10/49 | €227,852 | €228,165 | +€313 | +0.1% |
| Equity | 10/15 | €176,941 | €189,881 | +€12,939 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €158,341 | €171,281 | +€12,939 | +8.2% |
| 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 | €156,481 | €169,421 | +€12,939 | +8.3% |
| Amounts payable | 17/49 | €50,911 | €38,284 | -€12,627 | -24.8% |
| Amounts payable after more than one year | 17 | €23,718 | €12,186 | -€11,533 | -48.6% |
| Financial debts | 170/4 | €23,718 | €12,186 | -€11,533 | -48.6% |
| Amounts payable within one year | 42/48 | €27,192 | €26,099 | -€1,094 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €15,402 | €14,909 | -€493 | -3.2% |
| Trade debts | 44 | €1,586 | €511 | -€1,075 | -67.8% |
| Suppliers | 440/4 | €1,586 | €511 | -€1,075 | -67.8% |
| Taxes, remuneration and social security | 45 | €2,516 | €2,516 | = | 0.0% |
| Taxes | 450/3 | €2,516 | €2,516 | = | 0.0% |
| Other amounts payable | 47/48 | €7,688 | €8,162 | +€474 | +6.2% |
| Remuneration, social security and pensions | 62 | €2,438 | €2,594 | +€156 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,153 | €25,383 | +€1,230 | +5.1% |
| Other operating charges | 640/8 | €2,432 | €2,181 | -€250 | -10.3% |
| Gross operating margin | 9900 | €86,364 | €49,354 | -€37,010 | -42.9% |
| Operating profit (loss) | 9901 | €57,342 | €19,196 | -€38,145 | -66.5% |
| Financial income | 75/76B | €1,060 | €911 | -€149 | -14.1% |
| Recurring financial income | 75 | €1,060 | €911 | -€149 | -14.1% |
| Financial charges | 65/66B | €1,062 | €975 | -€87 | -8.2% |
| Recurring financial charges | 65 | €1,062 | €975 | -€87 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €57,340 | €19,132 | -€38,207 | -66.6% |
| Income taxes | 67/77 | €19,856 | €6,193 | -€13,663 | -68.8% |
| Profit (loss) for the period | 9904 | €37,483 | €12,939 | -€24,544 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,483 | €12,939 | -€24,544 | -65.5% |
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 3 October 2026 via checked.be.