S.E.: what changed
Two fiscal 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.
S.E.
Largest movements
- Receivables within one year -€43,118
down €43,118 (-57.5%), from €74,952 to €31,834
of which Trade receivables: -€42,214
- Cash -€16,869
down €16,869 (-96.0%), from €17,572 to €703
mainly Trade debts (-€33,129) and Other debts (-€26,894)
- Tangible fixed assets -€3,791
down €3,791 (-25.4%), from €14,909 to €11,118
of which Plant, machinery and equipment: -€2,417
- Stocks and contracts -€3,360
down €3,360 (-42.9%), from €7,840 to €4,480
- Financial fixed assets -€2,520
no longer reported in 2025 (was €2,520)
- Trade debts -€33,129
down €33,129 (-44.7%), from €74,057 to €40,928
- Other debts -€26,894
down €26,894 (-55.2%), from €48,708 to €21,814
- Tax, wage and social debts -€10,847
no longer reported in 2025 (was €10,847)
of which Remuneration and social security: -€8,476
- Profit (loss) carried forward +€1,213
up €1,213 (+4.3%), from -€28,019 to -€26,806
- Staff costs -€2,776
down €2,776 (-20.8%), from €13,349 to €10,573
- Gross operating margin -€1,667
down €1,667 (-6.6%), from €25,269 to €23,602
- Other operating charges +€1,616
new in 2025: €1,616
- Financial charges +€719
up €719 (+84.4%), from €852 to €1,570
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.
Cash bridge derived
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 | €117,792 | €48,135 | -€69,657 | -59.1% |
| Fixed assets | 21/28 | €17,429 | €11,118 | -€6,311 | -36.2% |
| Tangible fixed assets | 22/27 | €14,909 | €11,118 | -€3,791 | -25.4% |
| Plant, machinery and equipment | 23 | €3,582 | €1,165 | -€2,417 | -67.5% |
| Furniture and vehicles | 24 | €11,327 | €9,953 | -€1,374 | -12.1% |
| Financial fixed assets | 28 | €2,520 | - | -€2,520 | |
| Current assets | 29/58 | €100,364 | €37,017 | -€63,347 | -63.1% |
| Stocks and contracts in progress | 3 | €7,840 | €4,480 | -€3,360 | -42.9% |
| Stocks | 30/36 | €7,840 | €4,480 | -€3,360 | -42.9% |
| Amounts receivable within one year | 40/41 | €74,952 | €31,834 | -€43,118 | -57.5% |
| Trade receivables | 40 | €72,577 | €30,362 | -€42,214 | -58.2% |
| Other amounts receivable | 41 | €2,375 | €1,471 | -€904 | -38.0% |
| Cash at bank and in hand | 54/58 | €17,572 | €703 | -€16,869 | -96.0% |
| Total equity and liabilities | 10/49 | €117,792 | €48,135 | -€69,657 | -59.1% |
| Equity | 10/15 | -€15,819 | -€14,606 | +€1,213 | +7.7% |
| Contributions | 10/11 | €2,200 | €2,200 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,019 | -€26,806 | +€1,213 | +4.3% |
| Amounts payable | 17/49 | €133,612 | €62,741 | -€70,870 | -53.0% |
| Amounts payable within one year | 42/48 | €133,612 | €62,741 | -€70,870 | -53.0% |
| Trade debts | 44 | €74,057 | €40,928 | -€33,129 | -44.7% |
| Suppliers | 440/4 | €74,057 | €40,928 | -€33,129 | -44.7% |
| Taxes, remuneration and social security | 45 | €10,847 | - | -€10,847 | |
| Taxes | 450/3 | €2,371 | - | -€2,371 | |
| Remuneration and social security | 454/9 | €8,476 | - | -€8,476 | |
| Other amounts payable | 47/48 | €48,708 | €21,814 | -€26,894 | -55.2% |
| Remuneration, social security and pensions | 62 | €13,349 | €10,573 | -€2,776 | -20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,139 | €9,368 | +€229 | +2.5% |
| Other operating charges | 640/8 | - | €1,616 | +€1,616 | |
| Non-recurring operating charges | 66A | - | €390 | +€390 | |
| Gross operating margin | 9900 | €25,269 | €23,602 | -€1,667 | -6.6% |
| Operating profit (loss) | 9901 | €2,780 | €1,655 | -€1,125 | -40.5% |
| Financial income | 75/76B | €5 | €218 | +€213 | +4679.2% |
| Recurring financial income | 75 | €5 | €218 | +€213 | +4679.2% |
| Financial charges | 65/66B | €852 | €1,570 | +€719 | +84.4% |
| Recurring financial charges | 65 | €852 | €1,570 | +€719 | +84.4% |
| Profit (loss) for the period before taxes | 9903 | €1,933 | €303 | -€1,631 | -84.3% |
| Profit (loss) for the period | 9904 | €1,933 | €303 | -€1,631 | -84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,933 | €303 | -€1,631 | -84.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.