S-ELECT: 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-ELECT
Largest movements
- Receivables within one year -€14,116
down €14,116 (-75.2%), from €18,784 to €4,668
of which Trade receivables: -€13,559
- Cash +€8,773
up €8,773 (+117%), from €7,494 to €16,266
mainly Receivables within one year (+€14,116) and Net result for the year (+€1,278)
- Tangible fixed assets -€814
down €814 (-55.8%), from €1,458 to €645
- Trade debts -€6,481
down €6,481 (-69.7%), from €9,302 to €2,820
- Profit (loss) carried forward +€1,278
up €1,278 (+8.6%), from -€14,838 to -€13,560
- Other debts -€1,163
down €1,163 (-6.6%), from €17,644 to €16,481
- Advances received +€382
new in 2025: €382
- Gross operating margin +€6,100
up €6,100, from -€3,481 to €2,618
- Other operating charges +€272
up €272 (+1,087%), from €25 to €297
- Financial charges +€77
up €77 (+366%), from €21 to €98
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 | €27,736 | €21,884 | -€5,852 | -21.1% |
| Fixed assets | 21/28 | €1,458 | €795 | -€664 | -45.5% |
| Tangible fixed assets | 22/27 | €1,458 | €645 | -€814 | -55.8% |
| Plant, machinery and equipment | 23 | €1,458 | €645 | -€814 | -55.8% |
| Financial fixed assets | 28 | - | €150 | +€150 | |
| Current assets | 29/58 | €26,278 | €21,089 | -€5,188 | -19.7% |
| Amounts receivable within one year | 40/41 | €18,784 | €4,668 | -€14,116 | -75.2% |
| Trade receivables | 40 | €18,039 | €4,480 | -€13,559 | -75.2% |
| Other amounts receivable | 41 | €745 | €188 | -€557 | -74.8% |
| Cash at bank and in hand | 54/58 | €7,494 | €16,266 | +€8,773 | +117% |
| Deferred charges and accrued income | 490/1 | - | €155 | +€155 | |
| Total equity and liabilities | 10/49 | €27,736 | €21,884 | -€5,852 | -21.1% |
| Equity | 10/15 | €162 | €1,440 | +€1,278 | +787% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,838 | -€13,560 | +€1,278 | +8.6% |
| Amounts payable | 17/49 | €27,574 | €20,444 | -€7,130 | -25.9% |
| Amounts payable within one year | 42/48 | €27,574 | €20,444 | -€7,130 | -25.9% |
| Trade debts | 44 | €9,302 | €2,820 | -€6,481 | -69.7% |
| Suppliers | 440/4 | €9,302 | €2,820 | -€6,481 | -69.7% |
| Advances received on contracts in progress | 46 | - | €382 | +€382 | |
| Taxes, remuneration and social security | 45 | €628 | €760 | +€132 | +21.0% |
| Taxes | 450/3 | €628 | €760 | +€132 | +21.0% |
| Other amounts payable | 47/48 | €17,644 | €16,481 | -€1,163 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €814 | €814 | = | 0.0% |
| Other operating charges | 640/8 | €25 | €297 | +€272 | +1,087% |
| Gross operating margin | 9900 | -€3,481 | €2,618 | +€6,100 | |
| Operating profit (loss) | 9901 | -€4,320 | €1,508 | +€5,828 | |
| Financial charges | 65/66B | €21 | €98 | +€77 | +366% |
| Recurring financial charges | 65 | €21 | €98 | +€77 | +366% |
| Profit (loss) for the period before taxes | 9903 | -€4,341 | €1,410 | +€5,751 | |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€4,469 | €1,278 | +€5,747 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,469 | €1,278 | +€5,747 |
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.