S.E.S: 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.S
Largest movements
- Cash +€426,362
up €426,362 (+1035.9%), from €41,157 to €467,519
mainly Current investments (+€408,584) and Debts after one year (+€153,177)
- Current investments -€408,584
down €408,584 (-58.4%), from €700,000 to €291,416
- Receivables within one year +€104,143
up €104,143 (+40.1%), from €259,477 to €363,620
of which Trade receivables: +€109,623
- Reserves +€367,196
up €367,196 (+108.4%), from €338,800 to €705,996
of which Non-distributable reserves: +€291,416
- Profit (loss) carried forward -€300,234
down €300,234 (-68.0%), from €441,655 to €141,421
- Other debts -€162,706
down €162,706 (-67.0%), from €242,706 to €80,000
- Debts after one year +€153,177
up €153,177 (+130.8%), from €117,120 to €270,297
of which Financial debts: +€178,177
- Current portion of long-term debt +€34,002
up €34,002 (+46.6%), from €72,917 to €106,919
- Financial income -€616,290
down €616,290 (-97.9%), from €629,561 to €13,271
of which Non-recurring financial income: -€629,049
- Gross operating margin +€161,052
up €161,052 (+34.7%), from €463,595 to €624,647
- Taxes -€121,707
down €121,707 (-66.5%), from €183,071 to €61,364
- Financial charges +€35,957
up €35,957 (+314.7%), from €11,425 to €47,382
- Staff costs +€10,871
up €10,871 (+4.8%), from €224,424 to €235,294
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 | €1,485,729 | €1,587,802 | +€102,074 | +6.9% |
| Fixed assets | 21/28 | €475,574 | €461,191 | -€14,383 | -3.0% |
| Intangible fixed assets | 21 | €2,363 | €1,185 | -€1,178 | -49.8% |
| Tangible fixed assets | 22/27 | €473,211 | €460,006 | -€13,205 | -2.8% |
| Land and buildings | 22 | €62,400 | €62,400 | = | 0.0% |
| Plant, machinery and equipment | 23 | €401,173 | €375,387 | -€25,787 | -6.4% |
| Furniture and vehicles | 24 | €9,638 | €22,219 | +€12,581 | +130.5% |
| Current assets | 29/58 | €1,010,154 | €1,126,611 | +€116,457 | +11.5% |
| Stocks and contracts in progress | 3 | €1,525 | €1,319 | -€206 | -13.5% |
| Stocks | 30/36 | €1,525 | €1,319 | -€206 | -13.5% |
| Amounts receivable within one year | 40/41 | €259,477 | €363,620 | +€104,143 | +40.1% |
| Trade receivables | 40 | €245,915 | €355,538 | +€109,623 | +44.6% |
| Other amounts receivable | 41 | €13,562 | €8,082 | -€5,480 | -40.4% |
| Current investments | 50/53 | €700,000 | €291,416 | -€408,584 | -58.4% |
| Cash at bank and in hand | 54/58 | €41,157 | €467,519 | +€426,362 | +1035.9% |
| Deferred charges and accrued income | 490/1 | €7,995 | €2,736 | -€5,259 | -65.8% |
| Total equity and liabilities | 10/49 | €1,485,729 | €1,587,802 | +€102,074 | +6.9% |
| Equity | 10/15 | €800,455 | €867,417 | +€66,962 | +8.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €338,800 | €705,996 | +€367,196 | +108.4% |
| Non-distributable reserves | 130/1 | €2,000 | €293,416 | +€291,416 | +14570.8% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Own shares acquired | 1312 | - | €291,416 | +€291,416 | |
| Tax-exempt reserves | 132 | €336,800 | €412,580 | +€75,780 | +22.5% |
| Profit (loss) carried forward | 14 | €441,655 | €141,421 | -€300,234 | -68.0% |
| Amounts payable | 17/49 | €685,274 | €720,386 | +€35,112 | +5.1% |
| Amounts payable after more than one year | 17 | €117,120 | €270,297 | +€153,177 | +130.8% |
| Financial debts | 170/4 | €92,120 | €270,297 | +€178,177 | +193.4% |
| Other amounts payable | 178/9 | €25,000 | - | -€25,000 | |
| Amounts payable within one year | 42/48 | €568,153 | €450,089 | -€118,065 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €72,917 | €106,919 | +€34,002 | +46.6% |
| Trade debts | 44 | €164,837 | €197,084 | +€32,247 | +19.6% |
| Suppliers | 440/4 | €164,837 | €197,084 | +€32,247 | +19.6% |
| Taxes, remuneration and social security | 45 | €87,694 | €66,086 | -€21,607 | -24.6% |
| Taxes | 450/3 | €62,829 | €40,319 | -€22,509 | -35.8% |
| Remuneration and social security | 454/9 | €24,865 | €25,767 | +€902 | +3.6% |
| Other amounts payable | 47/48 | €242,706 | €80,000 | -€162,706 | -67.0% |
| Remuneration, social security and pensions | 62 | €224,424 | €235,294 | +€10,871 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,540 | €144,997 | +€2,458 | +1.7% |
| Other operating charges | 640/8 | €11,899 | €9,920 | -€1,979 | -16.6% |
| Gross operating margin | 9900 | €463,595 | €624,647 | +€161,052 | +34.7% |
| Operating profit (loss) | 9901 | €84,733 | €234,436 | +€149,703 | +176.7% |
| Financial income | 75/76B | €629,561 | €13,271 | -€616,290 | -97.9% |
| Recurring financial income | 75 | €513 | €13,271 | +€12,758 | +2489.2% |
| Non-recurring financial income | 76B | €629,049 | - | -€629,049 | |
| Financial charges | 65/66B | €11,425 | €47,382 | +€35,957 | +314.7% |
| Recurring financial charges | 65 | €11,425 | €47,382 | +€35,957 | +314.7% |
| Profit (loss) for the period before taxes | 9903 | €702,869 | €200,325 | -€502,544 | -71.5% |
| Income taxes | 67/77 | €183,071 | €61,364 | -€121,707 | -66.5% |
| Profit (loss) for the period | 9904 | €519,799 | €138,962 | -€380,837 | -73.3% |
| Transfer to tax-exempt reserves | 689 | €336,800 | €75,780 | -€261,020 | -77.5% |
| Profit (loss) for the period to be appropriated | 9905 | €182,999 | €63,182 | -€119,817 | -65.5% |
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 10 October 2026 via checked.be.