S.E.V. FINANCE: 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.V. FINANCE
Largest movements
- Receivables after one year +€259,750
up €259,750 (+32.5%), from €799,497 to €1.1m
- Current investments +€235,000
up €235,000 (+294%), from €80,000 to €315,000
- Cash +€25,359
up €25,359 (+39.1%), from €64,861 to €90,220
mainly Net result for the year (+€518,608) and Other debts (+€39,870)
- Reserves +€473,256
up €473,256 (+52.5%), from €902,203 to €1.4m
of which Distributable reserves: +€473,256
- Other debts +€39,870
up €39,870 (+3,797%), from €1,050 to €40,920
- Gross operating margin +€404,853
up €404,853 (+122%), from €332,128 to €736,981
- Taxes +€139,430
up €139,430 (+131%), from €106,674 to €246,104
- Financial income +€19,294
up €19,294 (+98.5%), from €19,588 to €38,882
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 | €978,881 | €1,488,105 | +€509,224 | +52.0% |
| Fixed assets | 21/28 | €22,560 | €13,497 | -€9,063 | -40.2% |
| Tangible fixed assets | 22/27 | €17,560 | €8,497 | -€9,063 | -51.6% |
| Plant, machinery and equipment | 23 | €16,123 | €7,822 | -€8,301 | -51.5% |
| Furniture and vehicles | 24 | €1,437 | €674 | -€762 | -53.1% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €956,321 | €1,474,608 | +€518,287 | +54.2% |
| Amounts receivable after more than one year | 29 | €799,497 | €1,059,247 | +€259,750 | +32.5% |
| Other amounts receivable | 291 | €799,497 | €1,059,247 | +€259,750 | +32.5% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Current investments | 50/53 | €80,000 | €315,000 | +€235,000 | +294% |
| Cash at bank and in hand | 54/58 | €64,861 | €90,220 | +€25,359 | +39.1% |
| Deferred charges and accrued income | 490/1 | €11,963 | €10,140 | -€1,822 | -15.2% |
| Total equity and liabilities | 10/49 | €978,881 | €1,488,105 | +€509,224 | +52.0% |
| Equity | 10/15 | €938,953 | €1,412,209 | +€473,256 | +50.4% |
| Contributions | 10/11 | €36,750 | €36,750 | = | 0.0% |
| Reserves | 13 | €902,203 | €1,375,459 | +€473,256 | +52.5% |
| Non-distributable reserves | 130/1 | €3,675 | €3,675 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,675 | €3,675 | = | 0.0% |
| Distributable reserves | 133 | €898,528 | €1,371,784 | +€473,256 | +52.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,928 | €75,896 | +€35,968 | +90.1% |
| Amounts payable within one year | 42/48 | €39,928 | €75,896 | +€35,968 | +90.1% |
| Trade debts | 44 | €1,860 | €216 | -€1,644 | -88.4% |
| Suppliers | 440/4 | €1,860 | €216 | -€1,644 | -88.4% |
| Taxes, remuneration and social security | 45 | €37,018 | €34,759 | -€2,259 | -6.1% |
| Taxes | 450/3 | €37,018 | €34,759 | -€2,259 | -6.1% |
| Other amounts payable | 47/48 | €1,050 | €40,920 | +€39,870 | +3,797% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,063 | €9,063 | = | 0.0% |
| Other operating charges | 640/8 | €1,243 | €1,014 | -€229 | -18.4% |
| Gross operating margin | 9900 | €332,128 | €736,981 | +€404,853 | +122% |
| Operating profit (loss) | 9901 | €321,822 | €726,904 | +€405,082 | +126% |
| Financial income | 75/76B | €19,588 | €38,882 | +€19,294 | +98.5% |
| Recurring financial income | 75 | €19,588 | €38,882 | +€19,294 | +98.5% |
| Financial charges | 65/66B | €1,392 | €1,074 | -€318 | -22.8% |
| Recurring financial charges | 65 | €1,392 | €1,074 | -€318 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €340,017 | €764,711 | +€424,694 | +125% |
| Income taxes | 67/77 | €106,674 | €246,104 | +€139,430 | +131% |
| Profit (loss) for the period | 9904 | €233,343 | €518,608 | +€285,264 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €233,343 | €518,608 | +€285,264 | +122% |
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.