SITEREM: 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.
SITEREM
Largest movements
- Cash +€105,789
up €105,789 (+28.6%), from €369,661 to €475,450
mainly Net result for the year (+€146,841) and Depreciation (+€103,319)
- Tangible fixed assets +€86,319
up €86,319 (+13.1%), from €656,958 to €743,278
of which Furniture and vehicles: +€122,179
- Receivables within one year -€53,208
down €53,208 (-11.4%), from €468,175 to €414,967
of which Trade receivables: -€56,109
- Other debts +€68,444
up €68,444 (+139%), from €49,160 to €117,605
- Reserves +€41,841
up €41,841 (+7.6%), from €548,730 to €590,570
of which Distributable reserves: +€79,873
- Trade debts +€34,488
up €34,488 (+15.2%), from €226,301 to €260,789
- Debts after one year -€30,703
down €30,703 (-8.2%), from €374,080 to €343,377
of which Financial debts: -€30,703
- Tax, wage and social debts +€19,017
up €19,017 (+11.9%), from €159,674 to €178,691
of which Taxes: +€11,766
- Gross operating margin +€76,286
up €76,286 (+6.1%), from €1.3m to €1.3m
- Taxes +€25,600
up €25,600 (+37.2%), from €68,845 to €94,445
- Staff costs -€14,608
down €14,608 (-1.5%), from €989,380 to €974,772
- Depreciation +€14,106
up €14,106 (+15.8%), from €89,213 to €103,319
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 | €1,555,953 | €1,693,785 | +€137,832 | +8.9% |
| Fixed assets | 21/28 | €690,211 | €779,050 | +€88,839 | +12.9% |
| Intangible fixed assets | 21 | €1,060 | €4,699 | +€3,640 | +344% |
| Tangible fixed assets | 22/27 | €656,958 | €743,278 | +€86,319 | +13.1% |
| Land and buildings | 22 | €540,371 | €503,776 | -€36,595 | -6.8% |
| Plant, machinery and equipment | 23 | €40,417 | €41,152 | +€736 | +1.8% |
| Furniture and vehicles | 24 | €76,170 | €198,349 | +€122,179 | +160% |
| Financial fixed assets | 28 | €32,193 | €31,073 | -€1,120 | -3.5% |
| Current assets | 29/58 | €865,742 | €914,735 | +€48,993 | +5.7% |
| Amounts receivable within one year | 40/41 | €468,175 | €414,967 | -€53,208 | -11.4% |
| Trade receivables | 40 | €467,626 | €411,517 | -€56,109 | -12.0% |
| Other amounts receivable | 41 | €549 | €3,450 | +€2,901 | +529% |
| Cash at bank and in hand | 54/58 | €369,661 | €475,450 | +€105,789 | +28.6% |
| Deferred charges and accrued income | 490/1 | €27,906 | €24,318 | -€3,588 | -12.9% |
| Total equity and liabilities | 10/49 | €1,555,953 | €1,693,785 | +€137,832 | +8.9% |
| Equity | 10/15 | €656,756 | €695,054 | +€38,298 | +5.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €548,730 | €590,570 | +€41,841 | +7.6% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,032 | - | -€38,032 | |
| Distributable reserves | 133 | €504,500 | €584,373 | +€79,873 | +15.8% |
| Investment grants | 15 | €46,053 | €42,510 | -€3,543 | -7.7% |
| Amounts payable | 17/49 | €899,198 | €998,732 | +€99,534 | +11.1% |
| Amounts payable after more than one year | 17 | €374,080 | €343,377 | -€30,703 | -8.2% |
| Financial debts | 170/4 | €369,480 | €338,777 | -€30,703 | -8.3% |
| Other amounts payable | 178/9 | €4,600 | €4,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €524,583 | €651,910 | +€127,327 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €89,448 | €94,825 | +€5,377 | +6.0% |
| Trade debts | 44 | €226,301 | €260,789 | +€34,488 | +15.2% |
| Suppliers | 440/4 | €226,301 | €260,789 | +€34,488 | +15.2% |
| Taxes, remuneration and social security | 45 | €159,674 | €178,691 | +€19,017 | +11.9% |
| Taxes | 450/3 | €59,053 | €70,819 | +€11,766 | +19.9% |
| Remuneration and social security | 454/9 | €100,621 | €107,872 | +€7,251 | +7.2% |
| Other amounts payable | 47/48 | €49,160 | €117,605 | +€68,444 | +139% |
| Accrued charges and deferred income | 492/3 | €534 | €3,445 | +€2,911 | +545% |
| Non-recurring operating income | 76A | €2,000 | €3,954 | +€1,954 | +97.7% |
| Remuneration, social security and pensions | 62 | €989,380 | €974,772 | -€14,608 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,213 | €103,319 | +€14,106 | +15.8% |
| Other operating charges | 640/8 | €968 | €1,643 | +€675 | +69.8% |
| Non-recurring operating charges | 66A | €4,237 | €740 | -€3,497 | -82.5% |
| Gross operating margin | 9900 | €1,251,837 | €1,328,123 | +€76,286 | +6.1% |
| Operating profit (loss) | 9901 | €168,039 | €247,649 | +€79,609 | +47.4% |
| Financial income | 75/76B | €3,893 | €9,417 | +€5,524 | +142% |
| Recurring financial income | 75 | €3,893 | €9,417 | +€5,524 | +142% |
| Financial charges | 65/66B | €9,512 | €15,780 | +€6,268 | +65.9% |
| Recurring financial charges | 65 | €9,512 | €15,780 | +€6,268 | +65.9% |
| Profit (loss) for the period before taxes | 9903 | €162,420 | €241,286 | +€78,865 | +48.6% |
| Income taxes | 67/77 | €68,845 | €94,445 | +€25,600 | +37.2% |
| Profit (loss) for the period | 9904 | €93,575 | €146,841 | +€53,265 | +56.9% |
| Transfer from tax-exempt reserves | 789 | - | €38,032 | +€38,032 | |
| Profit (loss) for the period to be appropriated | 9905 | €93,575 | €184,873 | +€91,297 | +97.6% |
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.