PIERRE SELFSLAGH: 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.
PIERRE SELFSLAGH
Largest movements
- Receivables within one year -€29,697
down €29,697 (-88.3%), from €33,613 to €3,917
of which Trade receivables: -€33,613
- Tangible fixed assets -€17,117
down €17,117 (-7.4%), from €231,852 to €214,735
of which Land and buildings: -€11,072
- Financial fixed assets +€12,000
up €12,000 (+21.1%), from €56,935 to €68,935
- Deferred charges and accrued income +€4,999
up €4,999 (+279%), from €1,795 to €6,794
- Cash -€4,088
down €4,088 (-38.0%), from €10,763 to €6,675
mainly Debts after one year (-€22,042) and Tax, wage and social debts (-€12,431)
- Debts after one year -€22,042
down €22,042 (-54.3%), from €40,557 to €18,516
- Tax, wage and social debts -€12,431
down €12,431 (-85.4%), from €14,550 to €2,119
- Advances received +€8,132
new in 2025: €8,132
- Profit (loss) carried forward -€5,804
down €5,804 (-5.7%), from €101,591 to €95,787
- Gross operating margin -€35,428
down €35,428 (-70.4%), from €50,340 to €14,911
- Taxes -€5,619
no longer reported in 2025 (was €5,619)
- Other operating charges -€2,256
down €2,256 (-80.7%), from €2,796 to €540
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 | €334,958 | €301,055 | -€33,903 | -10.1% |
| Fixed assets | 21/28 | €288,787 | €283,670 | -€5,118 | -1.8% |
| Tangible fixed assets | 22/27 | €231,852 | €214,735 | -€17,117 | -7.4% |
| Land and buildings | 22 | €221,506 | €210,434 | -€11,072 | -5.0% |
| Plant, machinery and equipment | 23 | €942 | €513 | -€430 | -45.6% |
| Furniture and vehicles | 24 | €9,404 | €3,788 | -€5,616 | -59.7% |
| Financial fixed assets | 28 | €56,935 | €68,935 | +€12,000 | +21.1% |
| Current assets | 29/58 | €46,171 | €17,385 | -€28,785 | -62.3% |
| Amounts receivable within one year | 40/41 | €33,613 | €3,917 | -€29,697 | -88.3% |
| Trade receivables | 40 | €33,613 | - | -€33,613 | |
| Other amounts receivable | 41 | - | €3,917 | +€3,917 | |
| Cash at bank and in hand | 54/58 | €10,763 | €6,675 | -€4,088 | -38.0% |
| Deferred charges and accrued income | 490/1 | €1,795 | €6,794 | +€4,999 | +279% |
| Total equity and liabilities | 10/49 | €334,958 | €301,055 | -€33,903 | -10.1% |
| Equity | 10/15 | €256,051 | €250,247 | -€5,804 | -2.3% |
| Contributions | 10/11 | €58,600 | €58,600 | = | 0.0% |
| Reserves | 13 | €95,860 | €95,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,860 | €5,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,860 | €5,860 | = | 0.0% |
| Distributable reserves | 133 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,591 | €95,787 | -€5,804 | -5.7% |
| Amounts payable | 17/49 | €78,907 | €50,808 | -€28,099 | -35.6% |
| Amounts payable after more than one year | 17 | €40,557 | €18,516 | -€22,042 | -54.3% |
| Financial debts | 170/4 | €40,557 | €18,516 | -€22,042 | -54.3% |
| Amounts payable within one year | 42/48 | €38,350 | €32,292 | -€6,058 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €23,318 | €22,042 | -€1,277 | -5.5% |
| Trade debts | 44 | €481 | - | -€481 | |
| Suppliers | 440/4 | €481 | - | -€481 | |
| Advances received on contracts in progress | 46 | - | €8,132 | +€8,132 | |
| Taxes, remuneration and social security | 45 | €14,550 | €2,119 | -€12,431 | -85.4% |
| Taxes | 450/3 | €14,550 | €2,119 | -€12,431 | -85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,178 | €17,117 | -€61 | -0.4% |
| Other operating charges | 640/8 | €2,796 | €540 | -€2,256 | -80.7% |
| Gross operating margin | 9900 | €50,340 | €14,911 | -€35,428 | -70.4% |
| Operating profit (loss) | 9901 | €30,366 | -€2,747 | -€33,112 | |
| Financial charges | 65/66B | €2,938 | €3,057 | +€119 | +4.1% |
| Recurring financial charges | 65 | €2,938 | €3,057 | +€119 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €27,428 | -€5,804 | -€33,232 | |
| Income taxes | 67/77 | €5,619 | - | -€5,619 | |
| Profit (loss) for the period | 9904 | €21,809 | -€5,804 | -€27,612 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,809 | -€5,804 | -€27,612 |
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.