Dr. Filip SELS: 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.
Dr. Filip SELS
Largest movements
- Current investments -€55,590
down €55,590 (-40.0%), from €139,058 to €83,468
- Cash +€24,986
up €24,986 (+13.8%), from €181,650 to €206,636
mainly Net result for the year (+€266,441) and Current investments (+€55,590)
- Receivables within one year +€18,915
up €18,915 (+463%), from €4,088 to €23,003
- Deferred charges and accrued income +€16,137
up €16,137 (+15.5%), from €104,015 to €120,152
- Other debts -€34,358
down €34,358 (-100%), from €34,358 to €0
- Reserves +€21,441
up €21,441 (+5.6%), from €382,777 to €404,218
- Tax, wage and social debts +€7,799
up €7,799, from €0 to €7,799
- Trade debts +€5,898
up €5,898 (+183%), from €3,216 to €9,114
- Gross operating margin +€26,716
up €26,716 (+8.2%), from €325,183 to €351,899
- Taxes +€6,887
up €6,887 (+9.1%), from €75,912 to €82,799
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 | €438,950 | €439,731 | +€781 | +0.2% |
| Fixed assets | 21/28 | €10,139 | €6,472 | -€3,667 | -36.2% |
| Tangible fixed assets | 22/27 | €9,239 | €5,572 | -€3,667 | -39.7% |
| Plant, machinery and equipment | 23 | €821 | €374 | -€447 | -54.4% |
| Furniture and vehicles | 24 | €8,418 | €5,197 | -€3,221 | -38.3% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €428,811 | €433,259 | +€4,448 | +1.0% |
| Amounts receivable within one year | 40/41 | €4,088 | €23,003 | +€18,915 | +463% |
| Other amounts receivable | 41 | €4,088 | €23,003 | +€18,915 | +463% |
| Current investments | 50/53 | €139,058 | €83,468 | -€55,590 | -40.0% |
| Cash at bank and in hand | 54/58 | €181,650 | €206,636 | +€24,986 | +13.8% |
| Deferred charges and accrued income | 490/1 | €104,015 | €120,152 | +€16,137 | +15.5% |
| Total equity and liabilities | 10/49 | €438,950 | €439,731 | +€781 | +0.2% |
| Equity | 10/15 | €401,377 | €422,818 | +€21,441 | +5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €382,777 | €404,218 | +€21,441 | +5.6% |
| Distributable reserves | 133 | €382,777 | €404,218 | +€21,441 | +5.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €37,574 | €16,913 | -€20,661 | -55.0% |
| Amounts payable within one year | 42/48 | €37,574 | €16,913 | -€20,661 | -55.0% |
| Trade debts | 44 | €3,216 | €9,114 | +€5,898 | +183% |
| Suppliers | 440/4 | €3,216 | €9,114 | +€5,898 | +183% |
| Taxes, remuneration and social security | 45 | €0 | €7,799 | +€7,799 | |
| Taxes | 450/3 | €0 | €7,799 | +€7,799 | |
| Other amounts payable | 47/48 | €34,358 | €0 | -€34,358 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,691 | €3,667 | +€1,977 | +117% |
| Other operating charges | 640/8 | €3,723 | €967 | -€2,757 | -74.0% |
| Gross operating margin | 9900 | €325,183 | €351,899 | +€26,716 | +8.2% |
| Operating profit (loss) | 9901 | €319,769 | €347,265 | +€27,496 | +8.6% |
| Financial income | 75/76B | €1,571 | €2,126 | +€555 | +35.4% |
| Recurring financial income | 75 | €1,571 | €2,126 | +€555 | +35.4% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.4% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €321,205 | €349,240 | +€28,036 | +8.7% |
| Income taxes | 67/77 | €75,912 | €82,799 | +€6,887 | +9.1% |
| Profit (loss) for the period | 9904 | €245,293 | €266,441 | +€21,148 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €245,293 | €266,441 | +€21,148 | +8.6% |
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 28 October 2026 via checked.be.