S-Select: what changed
Two fiscal 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-Select
Largest movements
- Cash +€18,328
up €18,328 (+45.6%), from €40,232 to €58,560
mainly Net result for the year (+€18,206) and Stocks and contracts (+€787)
- Stocks and contracts -€787
down €787 (-12.6%), from €6,267 to €5,480
- Tangible fixed assets +€779
up €779 (+77.8%), from €1,001 to €1,780
- Profit (loss) carried forward +€18,206
up €18,206 (+42.1%), from €43,295 to €61,501
- Gross operating margin -€30,545
down €30,545 (-53.7%), from €56,857 to €26,311
- Taxes -€5,357
down €5,357 (-46.6%), from €11,500 to €6,143
- Depreciation -€863
down €863 (-61.2%), from €1,410 to €547
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 | €49,825 | €68,614 | +€18,789 | +37.7% |
| Formation expenses | 20 | €29 | - | -€29 | |
| Fixed assets | 21/28 | €1,095 | €1,874 | +€779 | +71.2% |
| Tangible fixed assets | 22/27 | €1,001 | €1,780 | +€779 | +77.8% |
| Plant, machinery and equipment | 23 | €1,001 | €1,780 | +€779 | +77.8% |
| Financial fixed assets | 28 | €94 | €94 | = | 0.0% |
| Current assets | 29/58 | €48,702 | €66,740 | +€18,039 | +37.0% |
| Stocks and contracts in progress | 3 | €6,267 | €5,480 | -€787 | -12.6% |
| Stocks | 30/36 | €6,267 | €5,480 | -€787 | -12.6% |
| Amounts receivable within one year | 40/41 | €2,203 | €2,701 | +€498 | +22.6% |
| Trade receivables | 40 | €2,203 | €2,701 | +€498 | +22.6% |
| Cash at bank and in hand | 54/58 | €40,232 | €58,560 | +€18,328 | +45.6% |
| Total equity and liabilities | 10/49 | €49,825 | €68,614 | +€18,789 | +37.7% |
| Equity | 10/15 | €44,295 | €62,501 | +€18,206 | +41.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,295 | €61,501 | +€18,206 | +42.1% |
| Amounts payable | 17/49 | €5,530 | €6,113 | +€583 | +10.5% |
| Amounts payable within one year | 42/48 | €5,530 | €6,113 | +€583 | +10.5% |
| Trade debts | 44 | €445 | €678 | +€233 | +52.3% |
| Suppliers | 440/4 | €445 | €678 | +€233 | +52.3% |
| Taxes, remuneration and social security | 45 | €2,966 | €2,716 | -€251 | -8.5% |
| Taxes | 450/3 | €2,966 | €2,716 | -€251 | -8.5% |
| Other amounts payable | 47/48 | €2,119 | €2,719 | +€601 | +28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,410 | €547 | -€863 | -61.2% |
| Other operating charges | 640/8 | €695 | €1,257 | +€562 | +80.8% |
| Gross operating margin | 9900 | €56,857 | €26,311 | -€30,545 | -53.7% |
| Operating profit (loss) | 9901 | €54,751 | €24,508 | -€30,244 | -55.2% |
| Financial income | 75/76B | €44 | €0 | -€44 | -99.8% |
| Recurring financial income | 75 | €44 | €0 | -€44 | -99.8% |
| Financial charges | 65/66B | - | €159 | +€159 | |
| Recurring financial charges | 65 | - | €159 | +€159 | |
| Profit (loss) for the period before taxes | 9903 | €54,795 | €24,349 | -€30,446 | -55.6% |
| Income taxes | 67/77 | €11,500 | €6,143 | -€5,357 | -46.6% |
| Profit (loss) for the period | 9904 | €43,295 | €18,206 | -€25,089 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,295 | €18,206 | -€25,089 | -57.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.