Erik Sels: what changed
Two fiscal 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.
Erik Sels
Largest movements
- Cash -€21,611
down €21,611 (-69.0%), from €31,315 to €9,704
mainly Net result for the year (-€22,533) and Investment in fixed assets (net) (-€10,081)
- Tangible fixed assets -€4,660
down €4,660 (-6.0%), from €77,814 to €73,155
of which Furniture and vehicles: -€3,712
- Receivables within one year -€4,208
down €4,208 (-65.8%), from €6,399 to €2,191
- Profit (loss) carried forward -€22,533
down €22,533 (-151.6%), from -€14,862 to -€37,395
- Tax, wage and social debts -€3,404
down €3,404 (-92.5%), from €3,680 to €276
- Advances received -€2,062
down €2,062 (-80.5%), from €2,562 to €500
- Other debts -€1,603
down €1,603 (-3.5%), from €46,221 to €44,618
- Trade debts -€1,446
down €1,446 (-35.1%), from €4,118 to €2,673
- Gross operating margin -€11,837
down €11,837, from €5,976 to -€5,862
- Taxes +€4,000
no longer reported in 2025 (was -€4,000)
- Other operating charges +€357
up €357 (+47.2%), from €756 to €1,113
- Depreciation +€184
up €184 (+1.2%), from €15,154 to €15,338
- Financial charges -€62
down €62 (-21.8%), from €285 to €223
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.
Cash bridge derived
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 | €119,045 | €87,997 | -€31,048 | -26.1% |
| Fixed assets | 21/28 | €78,429 | €73,171 | -€5,258 | -6.7% |
| Intangible fixed assets | 21 | €615 | €17 | -€598 | -97.3% |
| Tangible fixed assets | 22/27 | €77,814 | €73,155 | -€4,660 | -6.0% |
| Land and buildings | 22 | €58,085 | €59,948 | +€1,863 | +3.2% |
| Plant, machinery and equipment | 23 | €8,394 | €5,583 | -€2,811 | -33.5% |
| Furniture and vehicles | 24 | €11,335 | €7,623 | -€3,712 | -32.7% |
| Current assets | 29/58 | €40,616 | €14,826 | -€25,790 | -63.5% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,399 | €2,191 | -€4,208 | -65.8% |
| Trade receivables | 40 | €6,399 | €2,191 | -€4,208 | -65.8% |
| Cash at bank and in hand | 54/58 | €31,315 | €9,704 | -€21,611 | -69.0% |
| Deferred charges and accrued income | 490/1 | €402 | €431 | +€29 | +7.2% |
| Total equity and liabilities | 10/49 | €119,045 | €87,997 | -€31,048 | -26.1% |
| Equity | 10/15 | €62,463 | €39,930 | -€22,533 | -36.1% |
| Contributions | 10/11 | €22,550 | €22,550 | = | 0.0% |
| Reserves | 13 | €54,775 | €54,775 | = | 0.0% |
| Distributable reserves | 133 | €54,775 | €54,775 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,862 | -€37,395 | -€22,533 | -151.6% |
| Amounts payable | 17/49 | €56,582 | €48,067 | -€8,514 | -15.0% |
| Amounts payable within one year | 42/48 | €56,582 | €48,067 | -€8,514 | -15.0% |
| Trade debts | 44 | €4,118 | €2,673 | -€1,446 | -35.1% |
| Suppliers | 440/4 | €4,118 | €2,673 | -€1,446 | -35.1% |
| Advances received on contracts in progress | 46 | €2,562 | €500 | -€2,062 | -80.5% |
| Taxes, remuneration and social security | 45 | €3,680 | €276 | -€3,404 | -92.5% |
| Taxes | 450/3 | €3,680 | €276 | -€3,404 | -92.5% |
| Other amounts payable | 47/48 | €46,221 | €44,618 | -€1,603 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,154 | €15,338 | +€184 | +1.2% |
| Other operating charges | 640/8 | €756 | €1,113 | +€357 | +47.2% |
| Gross operating margin | 9900 | €5,976 | -€5,862 | -€11,837 | |
| Operating profit (loss) | 9901 | -€9,934 | -€22,313 | -€12,379 | -124.6% |
| Financial income | 75/76B | €0 | €2 | +€2 | +1900.0% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +1900.0% |
| Financial charges | 65/66B | €285 | €223 | -€62 | -21.8% |
| Recurring financial charges | 65 | €285 | €223 | -€62 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | -€10,218 | -€22,533 | -€12,315 | -120.5% |
| Income taxes | 67/77 | -€4,000 | - | +€4,000 | |
| Profit (loss) for the period | 9904 | -€6,218 | -€22,533 | -€16,315 | -262.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,218 | -€22,533 | -€16,315 | -262.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.