LA SEVAM: 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.
LA SEVAM
Largest movements
- Tangible fixed assets -€29,501
down €29,501 (-7.6%), from €390,333 to €360,832
of which Other tangible fixed assets: -€17,269
- Cash -€25,831
down €25,831 (-14.4%), from €179,799 to €153,968
mainly Debts after one year (-€36,100) and Contributions, distributions and other (-€20,536)
- Receivables within one year +€9,644
up €9,644 (+51.6%), from €18,699 to €28,343
of which Trade receivables: +€7,372
- Debts after one year -€36,100
down €36,100 (-17.3%), from €208,262 to €172,162
- Trade debts -€14,622
down €14,622 (-58.0%), from €25,217 to €10,595
- Tax, wage and social debts +€6,394
up €6,394 (+17.3%), from €36,876 to €43,271
of which Taxes: +€4,026
- Gross operating margin -€79,512
down €79,512 (-26.6%), from €298,617 to €219,105
- Staff costs -€32,075
down €32,075 (-17.3%), from €185,575 to €153,500
- Taxes -€13,357
down €13,357 (-67.3%), from €19,856 to €6,499
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 | €589,555 | €543,893 | -€45,662 | -7.7% |
| Fixed assets | 21/28 | €390,333 | €360,832 | -€29,501 | -7.6% |
| Tangible fixed assets | 22/27 | €390,333 | €360,832 | -€29,501 | -7.6% |
| Land and buildings | 22 | €282,825 | €273,713 | -€9,113 | -3.2% |
| Plant, machinery and equipment | 23 | €5,858 | €2,738 | -€3,120 | -53.3% |
| Other tangible fixed assets | 26 | €101,650 | €84,381 | -€17,269 | -17.0% |
| Current assets | 29/58 | €199,222 | €183,061 | -€16,160 | -8.1% |
| Amounts receivable within one year | 40/41 | €18,699 | €28,343 | +€9,644 | +51.6% |
| Trade receivables | 40 | €18,699 | €26,070 | +€7,372 | +39.4% |
| Other amounts receivable | 41 | - | €2,273 | +€2,273 | |
| Cash at bank and in hand | 54/58 | €179,799 | €153,968 | -€25,831 | -14.4% |
| Deferred charges and accrued income | 490/1 | €725 | €751 | +€26 | +3.6% |
| Total equity and liabilities | 10/49 | €589,555 | €543,893 | -€45,662 | -7.7% |
| Equity | 10/15 | €228,277 | €224,125 | -€4,153 | -1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €209,677 | €205,525 | -€4,153 | -2.0% |
| Distributable reserves | 133 | €209,677 | €205,525 | -€4,153 | -2.0% |
| Amounts payable | 17/49 | €361,277 | €319,768 | -€41,509 | -11.5% |
| Amounts payable after more than one year | 17 | €208,262 | €172,162 | -€36,100 | -17.3% |
| Financial debts | 170/4 | €208,262 | €172,162 | -€36,100 | -17.3% |
| Amounts payable within one year | 42/48 | €153,015 | €147,606 | -€5,409 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €38,493 | €40,373 | +€1,880 | +4.9% |
| Trade debts | 44 | €25,217 | €10,595 | -€14,622 | -58.0% |
| Suppliers | 440/4 | €25,217 | €10,595 | -€14,622 | -58.0% |
| Taxes, remuneration and social security | 45 | €36,876 | €43,271 | +€6,394 | +17.3% |
| Taxes | 450/3 | €4,675 | €8,701 | +€4,026 | +86.1% |
| Remuneration and social security | 454/9 | €32,201 | €34,569 | +€2,369 | +7.4% |
| Other amounts payable | 47/48 | €52,429 | €53,367 | +€938 | +1.8% |
| Remuneration, social security and pensions | 62 | €185,575 | €153,500 | -€32,075 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,768 | €29,501 | +€733 | +2.5% |
| Other operating charges | 640/8 | €7,183 | €7,976 | +€793 | +11.0% |
| Gross operating margin | 9900 | €298,617 | €219,105 | -€79,512 | -26.6% |
| Operating profit (loss) | 9901 | €77,091 | €28,128 | -€48,963 | -63.5% |
| Financial income | 75/76B | €1,193 | €914 | -€278 | -23.3% |
| Recurring financial income | 75 | €1,193 | €914 | -€278 | -23.3% |
| Financial charges | 65/66B | €6,454 | €6,160 | -€294 | -4.6% |
| Recurring financial charges | 65 | €6,454 | €6,160 | -€294 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €71,830 | €22,883 | -€48,947 | -68.1% |
| Income taxes | 67/77 | €19,856 | €6,499 | -€13,357 | -67.3% |
| Profit (loss) for the period | 9904 | €51,974 | €16,384 | -€35,590 | -68.5% |
| Profit (loss) for the period to be appropriated | 9905 | €51,974 | €16,384 | -€35,590 | -68.5% |
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 21 October 2026 via checked.be.