SIWEL: 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.
SIWEL
Largest movements
- Tangible fixed assets -€19,885
down €19,885 (-25.5%), from €77,956 to €58,071
of which Furniture and vehicles: -€12,379
- Cash +€19,262
up €19,262 (+47.5%), from €40,583 to €59,845
mainly Depreciation (+€21,688) and Net result for the year (+€15,371)
- Deferred charges and accrued income +€3,081
up €3,081 (+1,920%), from €161 to €3,242
- Debts after one year -€18,334
down €18,334 (-44.0%), from €41,704 to €23,369
- Reserves +€15,371
up €15,371 (+36.1%), from €42,623 to €57,994
- Other debts +€13,167
up €13,167 (+538%), from €2,449 to €15,615
- Tax, wage and social debts -€12,928
down €12,928 (-29.6%), from €43,660 to €30,731
of which Remuneration and social security: -€15,587
- Trade debts +€11,788
up €11,788 (+212%), from €5,554 to €17,341
- Gross operating margin -€102,163
down €102,163 (-50.8%), from €200,961 to €98,797
- Staff costs -€61,306
down €61,306 (-53.5%), from €114,548 to €53,241
- Taxes -€9,999
down €9,999 (-61.9%), from €16,149 to €6,150
- Financial charges -€8,619
down €8,619 (-78.1%), from €11,039 to €2,420
- Depreciation +€5,155
up €5,155 (+31.2%), from €16,533 to €21,688
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 | €169,996 | €173,386 | +€3,389 | +2.0% |
| Fixed assets | 21/28 | €77,956 | €58,071 | -€19,885 | -25.5% |
| Tangible fixed assets | 22/27 | €77,956 | €58,071 | -€19,885 | -25.5% |
| Plant, machinery and equipment | 23 | €27,565 | €20,059 | -€7,506 | -27.2% |
| Furniture and vehicles | 24 | €50,391 | €38,012 | -€12,379 | -24.6% |
| Current assets | 29/58 | €92,040 | €115,314 | +€23,274 | +25.3% |
| Amounts receivable within one year | 40/41 | €51,297 | €52,228 | +€931 | +1.8% |
| Trade receivables | 40 | €51,297 | €51,668 | +€371 | +0.7% |
| Other amounts receivable | 41 | - | €560 | +€560 | |
| Cash at bank and in hand | 54/58 | €40,583 | €59,845 | +€19,262 | +47.5% |
| Deferred charges and accrued income | 490/1 | €161 | €3,242 | +€3,081 | +1,920% |
| Total equity and liabilities | 10/49 | €169,996 | €173,386 | +€3,389 | +2.0% |
| Equity | 10/15 | €52,623 | €67,994 | +€15,371 | +29.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €42,623 | €57,994 | +€15,371 | +36.1% |
| Distributable reserves | 133 | €42,623 | €57,994 | +€15,371 | +36.1% |
| Amounts payable | 17/49 | €117,374 | €105,392 | -€11,982 | -10.2% |
| Amounts payable after more than one year | 17 | €41,704 | €23,369 | -€18,334 | -44.0% |
| Financial debts | 170/4 | €41,704 | €23,369 | -€18,334 | -44.0% |
| Amounts payable within one year | 42/48 | €69,212 | €82,022 | +€12,810 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €17,550 | €18,334 | +€784 | +4.5% |
| Trade debts | 44 | €5,554 | €17,341 | +€11,788 | +212% |
| Suppliers | 440/4 | €5,554 | €17,341 | +€11,788 | +212% |
| Taxes, remuneration and social security | 45 | €43,660 | €30,731 | -€12,928 | -29.6% |
| Taxes | 450/3 | €26,507 | €29,166 | +€2,659 | +10.0% |
| Remuneration and social security | 454/9 | €17,153 | €1,566 | -€15,587 | -90.9% |
| Other amounts payable | 47/48 | €2,449 | €15,615 | +€13,167 | +538% |
| Accrued charges and deferred income | 492/3 | €6,458 | - | -€6,458 | |
| Remuneration, social security and pensions | 62 | €114,548 | €53,241 | -€61,306 | -53.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,533 | €21,688 | +€5,155 | +31.2% |
| Other operating charges | 640/8 | €75 | €62 | -€13 | -16.8% |
| Gross operating margin | 9900 | €200,961 | €98,797 | -€102,163 | -50.8% |
| Operating profit (loss) | 9901 | €69,805 | €23,805 | -€46,000 | -65.9% |
| Financial income | 75/76B | €6 | €135 | +€130 | +2,334% |
| Recurring financial income | 75 | €6 | €135 | +€130 | +2,334% |
| Financial charges | 65/66B | €11,039 | €2,420 | -€8,619 | -78.1% |
| Recurring financial charges | 65 | €11,039 | €2,420 | -€8,619 | -78.1% |
| Profit (loss) for the period before taxes | 9903 | €58,771 | €21,521 | -€37,250 | -63.4% |
| Income taxes | 67/77 | €16,149 | €6,150 | -€9,999 | -61.9% |
| Profit (loss) for the period | 9904 | €42,623 | €15,371 | -€27,251 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,623 | €15,371 | -€27,251 | -63.9% |
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 13 October 2026 via checked.be.