Sieton: 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.
Sieton
Largest movements
- Tangible fixed assets +€4.4m
up €4.4m (+790%), from €562,848 to €5.0m
of which Land and buildings: +€4.3m
- Receivables within one year -€553,816
down €553,816 (-57.3%), from €966,346 to €412,530
of which Other amounts receivable: -€612,921
- Cash +€111,960
up €111,960 (+2,036%), from €5,500 to €117,460
mainly Debts after one year (+€3.6m) and Receivables within one year (+€553,816)
- Debts after one year +€3.6m
up €3.6m (+1,555%), from €229,634 to €3.8m
- Other debts +€402,065
new in 2025: €402,065
- Tax, wage and social debts -€318,299
down €318,299 (-73.2%), from €434,672 to €116,373
of which Taxes: -€318,037
- Current portion of long-term debt +€241,468
up €241,468 (+243%), from €99,502 to €340,970
- Reserves +€117,331
up €117,331 (+16.1%), from €728,526 to €845,857
- Other operating charges +€472,631
up €472,631 (+917%), from €51,555 to €524,186
- Gross operating margin +€380,922
up €380,922 (+71.9%), from €529,523 to €910,445
- Depreciation +€57,117
up €57,117 (+140%), from €40,897 to €98,014
- Taxes -€51,981
down €51,981 (-43.2%), from €120,271 to €68,290
- Financial charges +€35,598
up €35,598 (+120%), from €29,740 to €65,339
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.
Derived cash bridge
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 | €1,537,514 | €5,544,970 | +€4.0m | +261% |
| Fixed assets | 21/28 | €565,667 | €5,014,902 | +€4.4m | +787% |
| Tangible fixed assets | 22/27 | €562,848 | €5,012,083 | +€4.4m | +790% |
| Land and buildings | 22 | €392,832 | €4,647,442 | +€4.3m | +1,083% |
| Plant, machinery and equipment | 23 | €3,463 | €3,337 | -€126 | -3.6% |
| Furniture and vehicles | 24 | €111,507 | €306,258 | +€194,751 | +175% |
| Other tangible fixed assets | 26 | €55,046 | €55,046 | = | 0.0% |
| Financial fixed assets | 28 | €2,819 | €2,819 | = | 0.0% |
| Current assets | 29/58 | €971,847 | €530,068 | -€441,779 | -45.5% |
| Amounts receivable within one year | 40/41 | €966,346 | €412,530 | -€553,816 | -57.3% |
| Trade receivables | 40 | €301,330 | €360,435 | +€59,105 | +19.6% |
| Other amounts receivable | 41 | €665,016 | €52,095 | -€612,921 | -92.2% |
| Cash at bank and in hand | 54/58 | €5,500 | €117,460 | +€111,960 | +2,036% |
| Deferred charges and accrued income | 490/1 | - | €78 | +€78 | |
| Total equity and liabilities | 10/49 | €1,537,514 | €5,544,970 | +€4.0m | +261% |
| Equity | 10/15 | €749,707 | €867,038 | +€117,331 | +15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €728,526 | €845,857 | +€117,331 | +16.1% |
| Distributable reserves | 133 | €728,526 | €845,857 | +€117,331 | +16.1% |
| Profit (loss) carried forward | 14 | €2,581 | €2,581 | = | 0.0% |
| Amounts payable | 17/49 | €787,807 | €4,677,932 | +€3.9m | +494% |
| Amounts payable after more than one year | 17 | €229,634 | €3,800,331 | +€3.6m | +1,555% |
| Financial debts | 170/4 | €229,634 | €3,800,331 | +€3.6m | +1,555% |
| Amounts payable within one year | 42/48 | €558,174 | €877,601 | +€319,427 | +57.2% |
| Current portion of amounts payable after more than one year | 42 | €99,502 | €340,970 | +€241,468 | +243% |
| Financial debts | 43 | €5,000 | - | -€5,000 | |
| Credit institutions | 430/8 | €5,000 | - | -€5,000 | |
| Trade debts | 44 | €19,000 | €18,193 | -€807 | -4.2% |
| Suppliers | 440/4 | €19,000 | €18,193 | -€807 | -4.2% |
| Taxes, remuneration and social security | 45 | €434,672 | €116,373 | -€318,299 | -73.2% |
| Taxes | 450/3 | €432,831 | €114,794 | -€318,037 | -73.5% |
| Remuneration and social security | 454/9 | €1,841 | €1,579 | -€262 | -14.2% |
| Other amounts payable | 47/48 | - | €402,065 | +€402,065 | |
| Remuneration, social security and pensions | 62 | €36,770 | €37,313 | +€542 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,897 | €98,014 | +€57,117 | +140% |
| Other operating charges | 640/8 | €51,555 | €524,186 | +€472,631 | +917% |
| Gross operating margin | 9900 | €529,523 | €910,445 | +€380,922 | +71.9% |
| Operating profit (loss) | 9901 | €400,301 | €250,932 | -€149,368 | -37.3% |
| Financial income | 75/76B | €328 | €27 | -€301 | -91.7% |
| Recurring financial income | 75 | €328 | €27 | -€301 | -91.7% |
| Financial charges | 65/66B | €29,740 | €65,339 | +€35,598 | +120% |
| Recurring financial charges | 65 | €29,740 | €65,339 | +€35,598 | +120% |
| Profit (loss) for the period before taxes | 9903 | €370,888 | €185,621 | -€185,267 | -50.0% |
| Income taxes | 67/77 | €120,271 | €68,290 | -€51,981 | -43.2% |
| Profit (loss) for the period | 9904 | €250,617 | €117,331 | -€133,286 | -53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €250,617 | €117,331 | -€133,286 | -53.2% |
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 16 October 2026 via checked.be.