S.E. TRACK: 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. TRACK
Largest movements
- Tangible fixed assets +€280,268
up €280,268 (+76.1%), from €368,129 to €648,397
of which Furniture and vehicles: +€299,579
- Receivables within one year +€168,337
up €168,337 (+53.2%), from €316,311 to €484,649
of which Trade receivables: +€142,199
- Cash -€16,389
down €16,389 (-36.1%), from €45,459 to €29,069
mainly Investment in fixed assets (net) (-€432,830) and Receivables within one year (-€168,337)
- Reserves +€141,242
up €141,242 (+68.1%), from €207,422 to €348,665
of which Distributable reserves: +€141,242
- Debts after one year +€135,051
up €135,051 (+50.7%), from €266,239 to €401,290
of which Financial debts: +€153,051
- Trade debts +€87,137
up €87,137 (+81.7%), from €106,691 to €193,828
- Current portion of long-term debt +€34,672
up €34,672 (+27.9%), from €124,187 to €158,859
- Tax, wage and social debts +€31,566
up €31,566 (+89.5%), from €35,263 to €66,830
of which Taxes: +€20,800
- Gross operating margin +€398,086
up €398,086 (+138.5%), from €287,375 to €685,460
- Staff costs +€134,152
up €134,152 (+114.8%), from €116,829 to €250,982
- Taxes +€59,445
up €59,445 (+1308.7%), from €4,542 to €63,987
- Depreciation +€52,056
up €52,056 (+51.8%), from €100,506 to €152,562
- Other operating charges +€15,693
up €15,693 (+87.0%), from €18,044 to €33,737
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 | €739,853 | €1,169,521 | +€429,669 | +58.1% |
| Fixed assets | 21/28 | €368,129 | €648,397 | +€280,268 | +76.1% |
| Tangible fixed assets | 22/27 | €368,129 | €648,397 | +€280,268 | +76.1% |
| Plant, machinery and equipment | 23 | €39,385 | €52,073 | +€12,688 | +32.2% |
| Furniture and vehicles | 24 | €233,963 | €533,543 | +€299,579 | +128.0% |
| Leasing and similar rights | 25 | €49,228 | €20,909 | -€28,320 | -57.5% |
| Other tangible fixed assets | 26 | €45,553 | €41,873 | -€3,680 | -8.1% |
| Current assets | 29/58 | €371,724 | €521,124 | +€149,401 | +40.2% |
| Amounts receivable within one year | 40/41 | €316,311 | €484,649 | +€168,337 | +53.2% |
| Trade receivables | 40 | €220,020 | €362,219 | +€142,199 | +64.6% |
| Other amounts receivable | 41 | €96,291 | €122,430 | +€26,138 | +27.1% |
| Cash at bank and in hand | 54/58 | €45,459 | €29,069 | -€16,389 | -36.1% |
| Deferred charges and accrued income | 490/1 | €9,954 | €7,406 | -€2,548 | -25.6% |
| Total equity and liabilities | 10/49 | €739,853 | €1,169,521 | +€429,669 | +58.1% |
| Equity | 10/15 | €207,472 | €348,715 | +€141,242 | +68.1% |
| Contributions | 10/11 | €50 | €50 | = | 0.0% |
| Reserves | 13 | €207,422 | €348,665 | +€141,242 | +68.1% |
| Tax-exempt reserves | 132 | €12,666 | €12,666 | = | 0.0% |
| Distributable reserves | 133 | €194,756 | €335,999 | +€141,242 | +72.5% |
| Amounts payable | 17/49 | €532,380 | €820,807 | +€288,426 | +54.2% |
| Amounts payable after more than one year | 17 | €266,239 | €401,290 | +€135,051 | +50.7% |
| Financial debts | 170/4 | €202,239 | €355,290 | +€153,051 | +75.7% |
| Other amounts payable | 178/9 | €64,000 | €46,000 | -€18,000 | -28.1% |
| Amounts payable within one year | 42/48 | €266,141 | €419,517 | +€153,376 | +57.6% |
| Current portion of amounts payable after more than one year | 42 | €124,187 | €158,859 | +€34,672 | +27.9% |
| Trade debts | 44 | €106,691 | €193,828 | +€87,137 | +81.7% |
| Suppliers | 440/4 | €106,691 | €193,828 | +€87,137 | +81.7% |
| Taxes, remuneration and social security | 45 | €35,263 | €66,830 | +€31,566 | +89.5% |
| Taxes | 450/3 | €19,219 | €40,018 | +€20,800 | +108.2% |
| Remuneration and social security | 454/9 | €16,045 | €26,812 | +€10,767 | +67.1% |
| Remuneration, social security and pensions | 62 | €116,829 | €250,982 | +€134,152 | +114.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,506 | €152,562 | +€52,056 | +51.8% |
| Other operating charges | 640/8 | €18,044 | €33,737 | +€15,693 | +87.0% |
| Gross operating margin | 9900 | €287,375 | €685,460 | +€398,086 | +138.5% |
| Operating profit (loss) | 9901 | €51,995 | €248,180 | +€196,184 | +377.3% |
| Financial income | 75/76B | €4,951 | €5,093 | +€142 | +2.9% |
| Recurring financial income | 75 | €4,951 | €5,093 | +€142 | +2.9% |
| Financial charges | 65/66B | €11,869 | €18,044 | +€6,175 | +52.0% |
| Recurring financial charges | 65 | €11,869 | €18,044 | +€6,175 | +52.0% |
| Profit (loss) for the period before taxes | 9903 | €45,078 | €235,229 | +€190,151 | +421.8% |
| Income taxes | 67/77 | €4,542 | €63,987 | +€59,445 | +1308.7% |
| Profit (loss) for the period | 9904 | €40,536 | €171,242 | +€130,707 | +322.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,536 | €171,242 | +€130,707 | +322.4% |
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 12 October 2026 via checked.be.