SIESVU: 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.
SIESVU
Largest movements
- Cash -€44,955
down €44,955 (-36.0%), from €124,834 to €79,879
mainly Contributions, distributions and other (-€222,124) and Receivables within one year (-€27,053)
- Receivables within one year +€27,053
up €27,053 (+60.7%), from €44,541 to €71,594
of which Trade receivables: +€21,994
- Tangible fixed assets +€2,121
up €2,121 (+38.8%), from €5,467 to €7,589
- Profit (loss) carried forward -€123,950
down €123,950 (-100.0%), from €123,950 to €0
- Other debts +€83,448
new in 2025: €83,448
- Trade debts +€14,189
up €14,189 (+460.2%), from €3,084 to €17,273
- Tax, wage and social debts +€11,337
up €11,337 (+37.9%), from €29,911 to €41,247
- Gross operating margin -€26,391
down €26,391 (-16.8%), from €156,935 to €130,544
- Taxes -€6,447
down €6,447 (-18.1%), from €35,658 to €29,211
- Financial income -€3,233
down €3,233 (-93.1%), from €3,472 to €239
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 | €175,544 | €160,568 | -€14,975 | -8.5% |
| Fixed assets | 21/28 | €5,467 | €7,589 | +€2,121 | +38.8% |
| Tangible fixed assets | 22/27 | €5,467 | €7,589 | +€2,121 | +38.8% |
| Other tangible fixed assets | 26 | €5,467 | €7,589 | +€2,121 | +38.8% |
| Current assets | 29/58 | €170,077 | €152,980 | -€17,097 | -10.1% |
| Amounts receivable within one year | 40/41 | €44,541 | €71,594 | +€27,053 | +60.7% |
| Trade receivables | 40 | €41,274 | €63,268 | +€21,994 | +53.3% |
| Other amounts receivable | 41 | €3,267 | €8,326 | +€5,059 | +154.9% |
| Cash at bank and in hand | 54/58 | €124,834 | €79,879 | -€44,955 | -36.0% |
| Deferred charges and accrued income | 490/1 | €702 | €1,507 | +€805 | +114.7% |
| Total equity and liabilities | 10/49 | €175,544 | €160,568 | -€14,975 | -8.5% |
| Equity | 10/15 | €142,550 | €18,600 | -€123,950 | -87.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,950 | €0 | -€123,950 | -100.0% |
| Amounts payable | 17/49 | €32,994 | €141,968 | +€108,974 | +330.3% |
| Amounts payable within one year | 42/48 | €32,994 | €141,968 | +€108,974 | +330.3% |
| Trade debts | 44 | €3,084 | €17,273 | +€14,189 | +460.2% |
| Suppliers | 440/4 | €3,084 | €17,273 | +€14,189 | +460.2% |
| Taxes, remuneration and social security | 45 | €29,911 | €41,247 | +€11,337 | +37.9% |
| Taxes | 450/3 | €29,911 | €41,247 | +€11,337 | +37.9% |
| Other amounts payable | 47/48 | - | €83,448 | +€83,448 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196 | €794 | +€598 | +305.0% |
| Other operating charges | 640/8 | €672 | €1,526 | +€855 | +127.3% |
| Gross operating margin | 9900 | €156,935 | €130,544 | -€26,391 | -16.8% |
| Operating profit (loss) | 9901 | €156,068 | €128,224 | -€27,844 | -17.8% |
| Financial income | 75/76B | €3,472 | €239 | -€3,233 | -93.1% |
| Recurring financial income | 75 | €3,472 | €239 | -€3,233 | -93.1% |
| Financial charges | 65/66B | €1,348 | €1,077 | -€271 | -20.1% |
| Recurring financial charges | 65 | €1,348 | €1,077 | -€271 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €158,191 | €127,385 | -€30,806 | -19.5% |
| Income taxes | 67/77 | €35,658 | €29,211 | -€6,447 | -18.1% |
| Profit (loss) for the period | 9904 | €122,533 | €98,174 | -€24,359 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €122,533 | €98,174 | -€24,359 | -19.9% |
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 10 October 2026 via checked.be.