EURO SEL: what changed
EURO SEL
Largest movements
- Stocks and contracts +€17,881
up €17,881 (+22.6%), from €79,028 to €96,909
- Tangible fixed assets -€10,881
down €10,881 (-38.4%), from €28,307 to €17,426
of which Furniture and vehicles: -€7,026
- Receivables within one year +€1,656
up €1,656 (+78.7%), from €2,103 to €3,759
- Trade debts +€15,160
up €15,160 (+156%), from €9,703 to €24,863
- Debts after one year -€11,729
down €11,729 (-67.9%), from €17,285 to €5,556
- Profit (loss) carried forward +€11,472
up €11,472 (+136%), from €8,447 to €19,919
- Other debts -€8,263
down €8,263 (-20.0%), from €41,303 to €33,040
- Tax, wage and social debts +€1,597
up €1,597 (+46.1%), from €3,464 to €5,061
- Gross operating margin +€7,678
up €7,678 (+35.2%), from €21,784 to €29,462
- Taxes +€2,070
up €2,070 (+105%), from €1,968 to €4,038
- Staff costs -€1,647
no longer reported in 2025 (was €1,647)
- Other operating charges -€1,633
down €1,633 (-50.8%), from €3,217 to €1,584
- Financial charges +€922
up €922 (+163%), from €565 to €1,487
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 | €115,962 | €124,433 | +€8,471 | +7.3% |
| Fixed assets | 21/28 | €34,307 | €23,426 | -€10,881 | -31.7% |
| Tangible fixed assets | 22/27 | €28,307 | €17,426 | -€10,881 | -38.4% |
| Plant, machinery and equipment | 23 | €7,712 | €3,857 | -€3,855 | -50.0% |
| Furniture and vehicles | 24 | €20,595 | €13,569 | -€7,026 | -34.1% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €81,655 | €101,007 | +€19,352 | +23.7% |
| Stocks and contracts in progress | 3 | €79,028 | €96,909 | +€17,881 | +22.6% |
| Stocks | 30/36 | €79,028 | €96,909 | +€17,881 | +22.6% |
| Amounts receivable within one year | 40/41 | €2,103 | €3,759 | +€1,656 | +78.7% |
| Other amounts receivable | 41 | €2,103 | €3,759 | +€1,656 | +78.7% |
| Cash at bank and in hand | 54/58 | €524 | €339 | -€185 | -35.3% |
| Total equity and liabilities | 10/49 | €115,962 | €124,433 | +€8,471 | +7.3% |
| Equity | 10/15 | €23,447 | €34,919 | +€11,472 | +48.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Capital | 10 | €15,000 | €15,000 | = | 0.0% |
| Issued capital | 100 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,447 | €19,919 | +€11,472 | +136% |
| Amounts payable | 17/49 | €92,515 | €89,514 | -€3,001 | -3.2% |
| Amounts payable after more than one year | 17 | €17,285 | €5,556 | -€11,729 | -67.9% |
| Financial debts | 170/4 | €17,285 | €5,556 | -€11,729 | -67.9% |
| Amounts payable within one year | 42/48 | €75,230 | €83,958 | +€8,728 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €12,778 | €11,729 | -€1,049 | -8.2% |
| Financial debts | 43 | €7,982 | €9,265 | +€1,283 | +16.1% |
| Credit institutions | 430/8 | €7,982 | €9,265 | +€1,283 | +16.1% |
| Trade debts | 44 | €9,703 | €24,863 | +€15,160 | +156% |
| Suppliers | 440/4 | €9,703 | €24,863 | +€15,160 | +156% |
| Taxes, remuneration and social security | 45 | €3,464 | €5,061 | +€1,597 | +46.1% |
| Taxes | 450/3 | €3,464 | €5,061 | +€1,597 | +46.1% |
| Other amounts payable | 47/48 | €41,303 | €33,040 | -€8,263 | -20.0% |
| Remuneration, social security and pensions | 62 | €1,647 | - | -€1,647 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,882 | €10,881 | -€1 | 0.0% |
| Other operating charges | 640/8 | €3,217 | €1,584 | -€1,633 | -50.8% |
| Gross operating margin | 9900 | €21,784 | €29,462 | +€7,678 | +35.2% |
| Operating profit (loss) | 9901 | €6,038 | €16,997 | +€10,959 | +182% |
| Financial charges | 65/66B | €565 | €1,487 | +€922 | +163% |
| Recurring financial charges | 65 | €565 | €1,487 | +€922 | +163% |
| Profit (loss) for the period before taxes | 9903 | €5,473 | €15,510 | +€10,037 | +183% |
| Income taxes | 67/77 | €1,968 | €4,038 | +€2,070 | +105% |
| Profit (loss) for the period | 9904 | €3,505 | €11,472 | +€7,967 | +227% |
| Profit (loss) for the period to be appropriated | 9905 | €3,505 | €11,472 | +€7,967 | +227% |
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 2 November 2026 via checked.be.