S.E.B.M.: 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.
S.E.B.M.
Largest movements
- Tangible fixed assets +€242,056
up €242,056 (+40.1%), from €604,095 to €846,151
of which Furniture and vehicles: +€220,175
- Cash -€203,535
down €203,535 (-32.8%), from €620,125 to €416,591
mainly Investment in fixed assets (net) (-€362,384) and Trade debts (-€312,218)
- Receivables within one year +€147,739
up €147,739 (+40.9%), from €361,275 to €509,013
of which Trade receivables: +€134,279
- Trade debts -€312,218
down €312,218 (-52.9%), from €590,029 to €277,811
- Other debts +€188,822
up €188,822 (+1,475%), from €12,804 to €201,626
- Reserves +€99,554
up €99,554 (+26.8%), from €371,930 to €471,484
of which Distributable reserves: +€106,476
- Tax, wage and social debts +€79,399
up €79,399 (+189%), from €42,026 to €121,425
- Debts after one year +€69,108
up €69,108 (+14.0%), from €493,534 to €562,643
- Gross operating margin +€322,114
up €322,114 (+134%), from €241,193 to €563,307
- Taxes +€69,120
up €69,120 (+188%), from €36,743 to €105,864
- Depreciation +€28,386
up €28,386 (+30.9%), from €91,942 to €120,328
- Financial charges +€11,403
up €11,403 (+234%), from €4,877 to €16,280
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 | €1,620,141 | €1,779,746 | +€159,606 | +9.9% |
| Fixed assets | 21/28 | €604,590 | €846,645 | +€242,056 | +40.0% |
| Tangible fixed assets | 22/27 | €604,095 | €846,151 | +€242,056 | +40.1% |
| Land and buildings | 22 | €455,577 | €424,733 | -€30,844 | -6.8% |
| Plant, machinery and equipment | 23 | €91,752 | €145,698 | +€53,946 | +58.8% |
| Furniture and vehicles | 24 | €49,059 | €269,234 | +€220,175 | +449% |
| Other tangible fixed assets | 26 | €7,707 | €6,485 | -€1,222 | -15.9% |
| Financial fixed assets | 28 | €495 | €495 | = | 0.0% |
| Current assets | 29/58 | €1,015,551 | €933,101 | -€82,450 | -8.1% |
| Amounts receivable within one year | 40/41 | €361,275 | €509,013 | +€147,739 | +40.9% |
| Trade receivables | 40 | €333,653 | €467,932 | +€134,279 | +40.2% |
| Other amounts receivable | 41 | €27,622 | €41,082 | +€13,460 | +48.7% |
| Current investments | 50/53 | €13,645 | €1,223 | -€12,422 | -91.0% |
| Cash at bank and in hand | 54/58 | €620,125 | €416,591 | -€203,535 | -32.8% |
| Deferred charges and accrued income | 490/1 | €20,506 | €6,274 | -€14,232 | -69.4% |
| Total equity and liabilities | 10/49 | €1,620,141 | €1,779,746 | +€159,606 | +9.9% |
| Equity | 10/15 | €458,790 | €553,994 | +€95,204 | +20.8% |
| Contributions | 10/11 | €20,459 | €20,459 | = | 0.0% |
| Contributions outside capital | 11 | €20,459 | €20,459 | = | 0.0% |
| Share premium | 1100/10 | €20,459 | €20,459 | = | 0.0% |
| Reserves | 13 | €371,930 | €471,484 | +€99,554 | +26.8% |
| Tax-exempt reserves | 132 | €40,987 | €34,065 | -€6,922 | -16.9% |
| Distributable reserves | 133 | €330,943 | €437,419 | +€106,476 | +32.2% |
| Investment grants | 15 | €66,401 | €62,051 | -€4,350 | -6.6% |
| Amounts payable | 17/49 | €1,161,351 | €1,225,752 | +€64,401 | +5.5% |
| Amounts payable after more than one year | 17 | €493,534 | €562,643 | +€69,108 | +14.0% |
| Financial debts | 170/4 | €493,534 | €562,643 | +€69,108 | +14.0% |
| Amounts payable within one year | 42/48 | €667,816 | €663,110 | -€4,707 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €22,957 | €62,247 | +€39,290 | +171% |
| Trade debts | 44 | €590,029 | €277,811 | -€312,218 | -52.9% |
| Suppliers | 440/4 | €590,029 | €277,811 | -€312,218 | -52.9% |
| Taxes, remuneration and social security | 45 | €42,026 | €121,425 | +€79,399 | +189% |
| Taxes | 450/3 | €42,026 | €121,425 | +€79,399 | +189% |
| Other amounts payable | 47/48 | €12,804 | €201,626 | +€188,822 | +1,475% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,942 | €120,328 | +€28,386 | +30.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,980 | - | -€1,980 | |
| Other operating charges | 640/8 | €26,549 | €25,631 | -€918 | -3.5% |
| Gross operating margin | 9900 | €241,193 | €563,307 | +€322,114 | +134% |
| Operating profit (loss) | 9901 | €120,722 | €417,348 | +€296,626 | +246% |
| Financial income | 75/76B | €8,929 | €4,350 | -€4,579 | -51.3% |
| Recurring financial income | 75 | €8,929 | €4,350 | -€4,579 | -51.3% |
| Financial charges | 65/66B | €4,877 | €16,280 | +€11,403 | +234% |
| Recurring financial charges | 65 | €4,877 | €16,280 | +€11,403 | +234% |
| Profit (loss) for the period before taxes | 9903 | €124,774 | €405,418 | +€280,644 | +225% |
| Income taxes | 67/77 | €36,743 | €105,864 | +€69,120 | +188% |
| Profit (loss) for the period | 9904 | €88,031 | €299,554 | +€211,523 | +240% |
| Transfer from tax-exempt reserves | 789 | €6,922 | €6,922 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,953 | €306,476 | +€211,523 | +223% |
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 14 October 2026 via checked.be.