GROUP SEF: 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.
GROUP SEF
Largest movements
- Financial fixed assets -€657,950
no longer reported in 2024 (was €657,950)
- Stocks and contracts +€194,236
up €194,236 (+18.2%), from €1.1m to €1.3m
- Receivables within one year +€181,168
up €181,168 (+19.9%), from €911,182 to €1.1m
of which Trade receivables: +€166,879
- Tangible fixed assets +€93,823
up €93,823 (+418.2%), from €22,433 to €116,256
of which Leasing and similar rights: +€97,247
- Cash +€83,387
up €83,387 (+344.2%), from €24,224 to €107,610
mainly Investment in fixed assets (net) (+€552,074) and Trade debts (+€193,845)
- Other debts -€281,846
down €281,846 (-88.2%), from €319,446 to €37,600
- Tax, wage and social debts -€227,218
down €227,218 (-58.4%), from €389,142 to €161,923
of which Taxes: -€225,820
- Trade debts +€193,845
up €193,845 (+19.0%), from €1.0m to €1.2m
- Provisions +€89,854
new in 2024: €89,854
- Debts after one year +€79,868
new in 2024: €79,868
- Provisions +€89,854
new in 2024: €89,854
- Gross operating margin +€70,132
up €70,132 (+13.1%), from €535,775 to €605,907
- Staff costs +€42,051
up €42,051 (+10.7%), from €394,649 to €436,701
- Other operating charges -€22,762
down €22,762 (-63.6%), from €35,782 to €13,020
- Taxes -€10,646
down €10,646 (-60.9%), from €17,492 to €6,847
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,680,943 | €2,575,606 | -€105,337 | -3.9% |
| Fixed assets | 21/28 | €680,383 | €116,256 | -€564,127 | -82.9% |
| Tangible fixed assets | 22/27 | €22,433 | €116,256 | +€93,823 | +418.2% |
| Plant, machinery and equipment | 23 | €2,863 | €761 | -€2,102 | -73.4% |
| Furniture and vehicles | 24 | €18,930 | €17,769 | -€1,162 | -6.1% |
| Leasing and similar rights | 25 | - | €97,247 | +€97,247 | |
| Other tangible fixed assets | 26 | €640 | €480 | -€160 | -25.0% |
| Financial fixed assets | 28 | €657,950 | - | -€657,950 | |
| Current assets | 29/58 | €2,000,560 | €2,459,350 | +€458,791 | +22.9% |
| Stocks and contracts in progress | 3 | €1,065,154 | €1,259,390 | +€194,236 | +18.2% |
| Stocks | 30/36 | €1,065,154 | €1,259,390 | +€194,236 | +18.2% |
| Amounts receivable within one year | 40/41 | €911,182 | €1,092,350 | +€181,168 | +19.9% |
| Trade receivables | 40 | €883,835 | €1,050,714 | +€166,879 | +18.9% |
| Other amounts receivable | 41 | €27,347 | €41,635 | +€14,289 | +52.3% |
| Cash at bank and in hand | 54/58 | €24,224 | €107,610 | +€83,387 | +344.2% |
| Total equity and liabilities | 10/49 | €2,680,943 | €2,575,606 | -€105,337 | -3.9% |
| Equity | 10/15 | €787,721 | €810,168 | +€22,447 | +2.8% |
| Contributions | 10/11 | €90,408 | €90,408 | = | 0.0% |
| Capital | 10 | €90,408 | €90,408 | = | 0.0% |
| Issued capital | 100 | €90,408 | €90,408 | = | 0.0% |
| Reserves | 13 | €9,041 | €9,041 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,041 | €9,041 | = | 0.0% |
| Legal reserve | 130 | €9,041 | €9,041 | = | 0.0% |
| Profit (loss) carried forward | 14 | €688,272 | €710,719 | +€22,447 | +3.3% |
| Provisions and deferred taxes | 16 | - | €89,854 | +€89,854 | |
| Provisions for liabilities and charges | 160/5 | - | €89,854 | +€89,854 | |
| Other liabilities and charges | 164/5 | - | €89,854 | +€89,854 | |
| Amounts payable | 17/49 | €1,893,222 | €1,675,584 | -€217,638 | -11.5% |
| Amounts payable after more than one year | 17 | - | €79,868 | +€79,868 | |
| Financial debts | 170/4 | - | €79,868 | +€79,868 | |
| Amounts payable within one year | 42/48 | €1,893,222 | €1,595,716 | -€297,506 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | - | €17,840 | +€17,840 | |
| Financial debts | 43 | €165,924 | €165,796 | -€128 | -0.1% |
| Credit institutions | 430/8 | €165,924 | €165,796 | -€128 | -0.1% |
| Trade debts | 44 | €1,018,710 | €1,212,556 | +€193,845 | +19.0% |
| Suppliers | 440/4 | €1,018,710 | €1,212,556 | +€193,845 | +19.0% |
| Taxes, remuneration and social security | 45 | €389,142 | €161,923 | -€227,218 | -58.4% |
| Taxes | 450/3 | €302,447 | €76,627 | -€225,820 | -74.7% |
| Remuneration and social security | 454/9 | €86,695 | €85,297 | -€1,398 | -1.6% |
| Other amounts payable | 47/48 | €319,446 | €37,600 | -€281,846 | -88.2% |
| Non-recurring operating income | 76A | €1,144 | €100 | -€1,044 | -91.3% |
| Remuneration, social security and pensions | 62 | €394,649 | €436,701 | +€42,051 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,885 | €12,053 | +€3,168 | +35.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €89,854 | +€89,854 | |
| Other operating charges | 640/8 | €35,782 | €13,020 | -€22,762 | -63.6% |
| Non-recurring operating charges | 66A | €1,982 | €1,770 | -€213 | -10.7% |
| Gross operating margin | 9900 | €535,775 | €605,907 | +€70,132 | +13.1% |
| Operating profit (loss) | 9901 | €94,477 | €52,510 | -€41,967 | -44.4% |
| Financial income | 75/76B | €2,984 | €9,133 | +€6,149 | +206.1% |
| Recurring financial income | 75 | €2,984 | €9,133 | +€6,149 | +206.1% |
| Financial charges | 65/66B | €28,017 | €32,349 | +€4,332 | +15.5% |
| Recurring financial charges | 65 | €28,017 | €32,349 | +€4,332 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €69,443 | €29,294 | -€40,150 | -57.8% |
| Income taxes | 67/77 | €17,492 | €6,847 | -€10,646 | -60.9% |
| Profit (loss) for the period | 9904 | €51,951 | €22,447 | -€29,504 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,951 | €22,447 | -€29,504 | -56.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.