S-elekt: 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-elekt
Largest movements
- Receivables within one year +€34,590
up €34,590 (+57.2%), from €60,485 to €95,075
of which Trade receivables: +€33,557
- Tangible fixed assets +€17,252
up €17,252 (+2,915%), from €592 to €17,844
of which Furniture and vehicles: +€10,114
- Cash -€10,973
down €10,973 (-72.8%), from €15,077 to €4,104
mainly Contributions, distributions and other (-€40,567) and Receivables within one year (-€34,590)
- Stocks and contracts +€3,230
up €3,230 (+25.5%), from €12,662 to €15,892
- Deferred charges and accrued income +€1,354
up €1,354, from €0 to €1,354
- Other debts +€56,349
up €56,349 (+413%), from €13,652 to €70,000
- Reserves -€30,440
down €30,440 (-53.5%), from €56,906 to €26,466
of which Distributable reserves: -€30,440
- Profit (loss) carried forward +€10,000
up €10,000, from -€10,000 to €0
- Trade debts +€7,078
up €7,078 (+196%), from €3,609 to €10,687
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Gross operating margin +€19,410
up €19,410 (+99.0%), from €19,609 to €39,019
- Depreciation +€3,703
up €3,703 (+1,162%), from €319 to €4,021
- Taxes +€1,386
up €1,386 (+21.1%), from €6,574 to €7,960
- Other operating charges -€512
down €512 (-32.0%), from €1,602 to €1,090
- Financial charges +€447
up €447 (+86.7%), from €515 to €962
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 | €88,815 | €134,269 | +€45,454 | +51.2% |
| Fixed assets | 21/28 | €592 | €17,844 | +€17,252 | +2,915% |
| Tangible fixed assets | 22/27 | €592 | €17,844 | +€17,252 | +2,915% |
| Plant, machinery and equipment | 23 | - | €7,138 | +€7,138 | |
| Furniture and vehicles | 24 | €592 | €10,706 | +€10,114 | +1,709% |
| Current assets | 29/58 | €88,224 | €116,425 | +€28,202 | +32.0% |
| Stocks and contracts in progress | 3 | €12,662 | €15,892 | +€3,230 | +25.5% |
| Stocks | 30/36 | €12,662 | €15,892 | +€3,230 | +25.5% |
| Amounts receivable within one year | 40/41 | €60,485 | €95,075 | +€34,590 | +57.2% |
| Trade receivables | 40 | €55,342 | €88,900 | +€33,557 | +60.6% |
| Other amounts receivable | 41 | €5,143 | €6,175 | +€1,033 | +20.1% |
| Cash at bank and in hand | 54/58 | €15,077 | €4,104 | -€10,973 | -72.8% |
| Deferred charges and accrued income | 490/1 | €0 | €1,354 | +€1,354 | |
| Total equity and liabilities | 10/49 | €88,815 | €134,269 | +€45,454 | +51.2% |
| Equity | 10/15 | €59,306 | €45,066 | -€14,240 | -24.0% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €56,906 | €26,466 | -€30,440 | -53.5% |
| Tax-exempt reserves | 132 | €139 | €139 | = | 0.0% |
| Distributable reserves | 133 | €56,767 | €26,328 | -€30,440 | -53.6% |
| Profit (loss) carried forward | 14 | -€10,000 | €0 | +€10,000 | |
| Amounts payable | 17/49 | €29,509 | €89,203 | +€59,693 | +202% |
| Amounts payable within one year | 42/48 | €29,509 | €89,203 | +€59,693 | +202% |
| Trade debts | 44 | €3,609 | €10,687 | +€7,078 | +196% |
| Suppliers | 440/4 | €3,609 | €10,687 | +€7,078 | +196% |
| Taxes, remuneration and social security | 45 | €12,248 | €8,515 | -€3,733 | -30.5% |
| Taxes | 450/3 | €2,248 | €8,515 | +€6,267 | +279% |
| Remuneration and social security | 454/9 | €10,000 | - | -€10,000 | |
| Other amounts payable | 47/48 | €13,652 | €70,000 | +€56,349 | +413% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319 | €4,021 | +€3,703 | +1,162% |
| Other operating charges | 640/8 | €1,602 | €1,090 | -€512 | -32.0% |
| Gross operating margin | 9900 | €19,609 | €39,019 | +€19,410 | +99.0% |
| Operating profit (loss) | 9901 | €17,688 | €33,908 | +€16,219 | +91.7% |
| Financial income | 75/76B | €1,181 | €1,342 | +€161 | +13.6% |
| Recurring financial income | 75 | €1,181 | €1,342 | +€161 | +13.6% |
| Financial charges | 65/66B | €515 | €962 | +€447 | +86.7% |
| Recurring financial charges | 65 | €515 | €962 | +€447 | +86.7% |
| Profit (loss) for the period before taxes | 9903 | €18,355 | €34,288 | +€15,933 | +86.8% |
| Income taxes | 67/77 | €6,574 | €7,960 | +€1,386 | +21.1% |
| Profit (loss) for the period | 9904 | €11,781 | €26,328 | +€14,547 | +123% |
| Profit (loss) for the period to be appropriated | 9905 | €11,781 | €26,328 | +€14,547 | +123% |
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 30 October 2026 via checked.be.