SIEZO: what changed
SIEZO
Largest movements
- Receivables within one year +€339,166
up €339,166 (+95.0%), from €356,950 to €696,116
of which Other amounts receivable: +€403,901
- Receivables after one year -€149,000
no longer reported in 2025 (was €149,000)
- Cash +€59,828
up €59,828 (+10.9%), from €549,620 to €609,448
mainly Net result for the year (+€384,096) and Receivables after one year (+€149,000)
- Reserves +€222,500
up €222,500 (+24.7%), from €901,188 to €1.1m
of which Distributable reserves: +€222,500
- Other debts +€57,103
up €57,103 (+185%), from €30,794 to €87,898
- Tax, wage and social debts -€16,000
down €16,000 (-11.6%), from €138,493 to €122,493
- Gross operating margin -€16,999
down €16,999 (-2.9%), from €581,450 to €564,451
- Taxes -€11,430
down €11,430 (-6.3%), from €180,938 to €169,509
- Financial income -€7,261
down €7,261 (-74.4%), from €9,764 to €2,502
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 | €1,091,692 | €1,353,385 | +€261,693 | +24.0% |
| Fixed assets | 21/28 | €34,831 | €46,479 | +€11,647 | +33.4% |
| Tangible fixed assets | 22/27 | €28,879 | €40,438 | +€11,559 | +40.0% |
| Furniture and vehicles | 24 | €3,240 | €8,132 | +€4,891 | +151% |
| Other tangible fixed assets | 26 | €25,638 | €32,306 | +€6,668 | +26.0% |
| Financial fixed assets | 28 | €5,953 | €6,041 | +€88 | +1.5% |
| Current assets | 29/58 | €1,056,860 | €1,306,906 | +€250,046 | +23.7% |
| Amounts receivable after more than one year | 29 | €149,000 | - | -€149,000 | |
| Other amounts receivable | 291 | €149,000 | - | -€149,000 | |
| Amounts receivable within one year | 40/41 | €356,950 | €696,116 | +€339,166 | +95.0% |
| Trade receivables | 40 | €356,950 | €292,215 | -€64,735 | -18.1% |
| Other amounts receivable | 41 | - | €403,901 | +€403,901 | |
| Cash at bank and in hand | 54/58 | €549,620 | €609,448 | +€59,828 | +10.9% |
| Deferred charges and accrued income | 490/1 | €1,290 | €1,342 | +€52 | +4.0% |
| Total equity and liabilities | 10/49 | €1,091,692 | €1,353,385 | +€261,693 | +24.0% |
| Equity | 10/15 | €920,171 | €1,142,267 | +€222,096 | +24.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €901,188 | €1,123,688 | +€222,500 | +24.7% |
| 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 | €899,328 | €1,121,828 | +€222,500 | +24.7% |
| Profit (loss) carried forward | 14 | €433 | €29 | -€404 | -93.4% |
| Amounts payable | 17/49 | €171,521 | €211,118 | +€39,597 | +23.1% |
| Amounts payable within one year | 42/48 | €171,311 | €211,118 | +€39,807 | +23.2% |
| Trade debts | 44 | €2,024 | €727 | -€1,296 | -64.1% |
| Suppliers | 440/4 | €2,024 | €727 | -€1,296 | -64.1% |
| Taxes, remuneration and social security | 45 | €138,493 | €122,493 | -€16,000 | -11.6% |
| Taxes | 450/3 | €138,493 | €122,493 | -€16,000 | -11.6% |
| Other amounts payable | 47/48 | €30,794 | €87,898 | +€57,103 | +185% |
| Accrued charges and deferred income | 492/3 | €210 | - | -€210 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,135 | €5,547 | +€1,412 | +34.2% |
| Other operating charges | 640/8 | €4,665 | €4,592 | -€73 | -1.6% |
| Gross operating margin | 9900 | €581,450 | €564,451 | -€16,999 | -2.9% |
| Operating profit (loss) | 9901 | €572,651 | €554,312 | -€18,338 | -3.2% |
| Financial income | 75/76B | €9,764 | €2,502 | -€7,261 | -74.4% |
| Recurring financial income | 75 | €9,764 | €2,502 | -€7,261 | -74.4% |
| Financial charges | 65/66B | €475 | €3,210 | +€2,735 | +576% |
| Recurring financial charges | 65 | €475 | €3,210 | +€2,735 | +576% |
| Profit (loss) for the period before taxes | 9903 | €581,940 | €553,605 | -€28,335 | -4.9% |
| Income taxes | 67/77 | €180,938 | €169,509 | -€11,430 | -6.3% |
| Profit (loss) for the period | 9904 | €401,001 | €384,096 | -€16,906 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €401,001 | €384,096 | -€16,906 | -4.2% |
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 6 November 2026 via checked.be.