S.E. PROJECTS: 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. PROJECTS
Largest movements
- Tangible fixed assets +€52,466
up €52,466 (+11.1%), from €471,439 to €523,906
of which Furniture and vehicles: +€71,983
- Receivables within one year -€20,739
down €20,739 (-35.1%), from €59,117 to €38,378
of which Trade receivables: -€19,555
- Receivables after one year +€16,634
up €16,634 (+26.2%), from €63,581 to €80,215
- Debts after one year +€17,860
up €17,860 (+9.7%), from €183,181 to €201,041
of which Financial debts: +€22,264
- Reserves +€14,934
up €14,934 (+14.0%), from €106,457 to €121,391
of which Distributable reserves: +€14,934
- Current portion of long-term debt +€12,835
up €12,835 (+48.5%), from €26,454 to €39,289
- Depreciation +€5,347
up €5,347 (+16.3%), from €32,842 to €38,189
- Gross operating margin +€4,324
up €4,324 (+6.5%), from €66,017 to €70,341
- Financial charges -€1,872
down €1,872 (-16.3%), from €11,472 to €9,600
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 | €611,168 | €661,297 | +€50,129 | +8.2% |
| Fixed assets | 21/28 | €471,439 | €523,906 | +€52,466 | +11.1% |
| Tangible fixed assets | 22/27 | €471,439 | €523,906 | +€52,466 | +11.1% |
| Land and buildings | 22 | €72,302 | €65,811 | -€6,491 | -9.0% |
| Plant, machinery and equipment | 23 | €1,224 | €1,556 | +€331 | +27.1% |
| Furniture and vehicles | 24 | €14,705 | €86,688 | +€71,983 | +490% |
| Other tangible fixed assets | 26 | €383,208 | €369,851 | -€13,357 | -3.5% |
| Current assets | 29/58 | €139,729 | €137,391 | -€2,338 | -1.7% |
| Amounts receivable after more than one year | 29 | €63,581 | €80,215 | +€16,634 | +26.2% |
| Trade receivables | 290 | €63,581 | €80,215 | +€16,634 | +26.2% |
| Amounts receivable within one year | 40/41 | €59,117 | €38,378 | -€20,739 | -35.1% |
| Trade receivables | 40 | €53,571 | €34,017 | -€19,555 | -36.5% |
| Other amounts receivable | 41 | €5,546 | €4,361 | -€1,184 | -21.4% |
| Cash at bank and in hand | 54/58 | €15,890 | €17,557 | +€1,666 | +10.5% |
| Deferred charges and accrued income | 490/1 | €1,141 | €1,242 | +€101 | +8.9% |
| Total equity and liabilities | 10/49 | €611,168 | €661,297 | +€50,129 | +8.2% |
| Equity | 10/15 | €381,457 | €396,391 | +€14,934 | +3.9% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €106,457 | €121,391 | +€14,934 | +14.0% |
| Tax-exempt reserves | 132 | €882 | €882 | = | 0.0% |
| Distributable reserves | 133 | €105,575 | €120,510 | +€14,934 | +14.1% |
| Amounts payable | 17/49 | €229,711 | €264,906 | +€35,195 | +15.3% |
| Amounts payable after more than one year | 17 | €183,181 | €201,041 | +€17,860 | +9.7% |
| Financial debts | 170/4 | €173,596 | €195,860 | +€22,264 | +12.8% |
| Other amounts payable | 178/9 | €9,585 | €5,181 | -€4,404 | -45.9% |
| Amounts payable within one year | 42/48 | €41,767 | €60,470 | +€18,703 | +44.8% |
| Current portion of amounts payable after more than one year | 42 | €26,454 | €39,289 | +€12,835 | +48.5% |
| Financial debts | 43 | €10,375 | €12,782 | +€2,407 | +23.2% |
| Credit institutions | 430/8 | €10,375 | €12,782 | +€2,407 | +23.2% |
| Trade debts | 44 | €2,837 | €4,216 | +€1,379 | +48.6% |
| Suppliers | 440/4 | €2,837 | €4,216 | +€1,379 | +48.6% |
| Taxes, remuneration and social security | 45 | €2,100 | €4,182 | +€2,082 | +99.1% |
| Taxes | 450/3 | €2,100 | €4,182 | +€2,082 | +99.1% |
| Accrued charges and deferred income | 492/3 | €4,764 | €3,395 | -€1,368 | -28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,842 | €38,189 | +€5,347 | +16.3% |
| Other operating charges | 640/8 | €4,050 | €3,856 | -€195 | -4.8% |
| Gross operating margin | 9900 | €66,017 | €70,341 | +€4,324 | +6.5% |
| Operating profit (loss) | 9901 | €29,124 | €28,296 | -€829 | -2.8% |
| Financial income | 75/76B | €159 | €0 | -€159 | -99.9% |
| Recurring financial income | 75 | €159 | €0 | -€159 | -99.9% |
| Financial charges | 65/66B | €11,472 | €9,600 | -€1,872 | -16.3% |
| Recurring financial charges | 65 | €11,472 | €9,600 | -€1,872 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €17,812 | €18,696 | +€884 | +5.0% |
| Income taxes | 67/77 | €3,172 | €3,762 | +€589 | +18.6% |
| Profit (loss) for the period | 9904 | €14,639 | €14,934 | +€295 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,639 | €14,934 | +€295 | +2.0% |
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.