Iwan 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.
Iwan Sels
Largest movements
- Stocks and contracts -€16,068
no longer reported in 2025 (was €16,068)
- Tangible fixed assets -€8,806
down €8,806 (-40.3%), from €21,866 to €13,061
of which Plant, machinery and equipment: -€8,806
- Receivables within one year +€5,719
up €5,719 (+72.5%), from €7,890 to €13,609
of which Trade receivables: +€9,492
- Cash -€1,377
down €1,377 (-22.9%), from €6,002 to €4,626
mainly Net result for the year (-€7,102) and Receivables within one year (-€5,719)
- Deferred charges and accrued income +€843
up €843 (+145%), from €580 to €1,423
- Profit (loss) carried forward -€7,102
down €7,102, from €22 to -€7,080
- Trade debts -€5,605
down €5,605 (-91.7%), from €6,113 to €508
- Short-term financial debts -€5,000
no longer reported in 2025 (was €5,000)
- Accrued charges and deferred income -€1,920
down €1,920 (-98.4%), from €1,950 to €30
- Gross operating margin -€17,680
down €17,680 (-76.3%), from €23,173 to €5,493
- Depreciation -€5,438
down €5,438 (-38.2%), from €14,244 to €8,806
- Taxes -€2,540
down €2,540 (-93.4%), from €2,720 to €181
- Financial income -€1,593
down €1,593 (-88.3%), from €1,804 to €211
- Financial charges +€884
up €884 (+37.7%), from €2,344 to €3,228
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 | €54,956 | €35,268 | -€19,688 | -35.8% |
| Fixed assets | 21/28 | €24,416 | €15,611 | -€8,806 | -36.1% |
| Tangible fixed assets | 22/27 | €21,866 | €13,061 | -€8,806 | -40.3% |
| Plant, machinery and equipment | 23 | €21,866 | €13,061 | -€8,806 | -40.3% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €2,550 | €2,550 | = | 0.0% |
| Current assets | 29/58 | €30,540 | €19,658 | -€10,882 | -35.6% |
| Stocks and contracts in progress | 3 | €16,068 | - | -€16,068 | |
| Contracts in progress | 37 | €16,068 | - | -€16,068 | |
| Amounts receivable within one year | 40/41 | €7,890 | €13,609 | +€5,719 | +72.5% |
| Trade receivables | 40 | - | €9,492 | +€9,492 | |
| Other amounts receivable | 41 | €7,890 | €4,117 | -€3,773 | -47.8% |
| Cash at bank and in hand | 54/58 | €6,002 | €4,626 | -€1,377 | -22.9% |
| Deferred charges and accrued income | 490/1 | €580 | €1,423 | +€843 | +145% |
| Total equity and liabilities | 10/49 | €54,956 | €35,268 | -€19,688 | -35.8% |
| Equity | 10/15 | €27,402 | €20,300 | -€7,102 | -25.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €24,380 | €24,380 | = | 0.0% |
| Distributable reserves | 133 | €24,380 | €24,380 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22 | -€7,080 | -€7,102 | |
| Amounts payable | 17/49 | €27,554 | €14,968 | -€12,586 | -45.7% |
| Amounts payable within one year | 42/48 | €25,604 | €14,938 | -€10,666 | -41.7% |
| Financial debts | 43 | €5,000 | - | -€5,000 | |
| Credit institutions | 430/8 | €5,000 | - | -€5,000 | |
| Trade debts | 44 | €6,113 | €508 | -€5,605 | -91.7% |
| Suppliers | 440/4 | €6,113 | €508 | -€5,605 | -91.7% |
| Taxes, remuneration and social security | 45 | - | €176 | +€176 | |
| Taxes | 450/3 | - | €176 | +€176 | |
| Other amounts payable | 47/48 | €14,491 | €14,254 | -€238 | -1.6% |
| Accrued charges and deferred income | 492/3 | €1,950 | €30 | -€1,920 | -98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,244 | €8,806 | -€5,438 | -38.2% |
| Other operating charges | 640/8 | €562 | €592 | +€30 | +5.3% |
| Gross operating margin | 9900 | €23,173 | €5,493 | -€17,680 | -76.3% |
| Operating profit (loss) | 9901 | €8,367 | -€3,904 | -€12,271 | |
| Financial income | 75/76B | €1,804 | €211 | -€1,593 | -88.3% |
| Recurring financial income | 75 | €1,804 | €211 | -€1,593 | -88.3% |
| Financial charges | 65/66B | €2,344 | €3,228 | +€884 | +37.7% |
| Recurring financial charges | 65 | €2,344 | €3,228 | +€884 | +37.7% |
| Profit (loss) for the period before taxes | 9903 | €7,826 | -€6,921 | -€14,747 | |
| Income taxes | 67/77 | €2,720 | €181 | -€2,540 | -93.4% |
| Profit (loss) for the period | 9904 | €5,106 | -€7,102 | -€12,208 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,106 | -€7,102 | -€12,208 |
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 17 October 2026 via checked.be.