SCEW: 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.
SCEW
Largest movements
- Receivables within one year -€167,716
down €167,716 (-43.8%), from €382,984 to €215,268
of which Other amounts receivable: -€98,411
- Cash +€37,870
up €37,870 (+24.4%), from €155,064 to €192,934
mainly Receivables within one year (+€167,716) and Other debts (+€90,164)
- Tangible fixed assets -€15,583
down €15,583 (-8.0%), from €195,514 to €179,932
of which Leasing and similar rights: -€26,161
- Other debts +€90,164
up €90,164 (+1,378%), from €6,543 to €96,707
- Trade debts -€74,306
down €74,306 (-52.4%), from €141,779 to €67,472
- Reserves -€48,757
down €48,757 (-16.3%), from €299,242 to €250,485
of which Distributable reserves: -€46,897
- Tax, wage and social debts -€43,824
down €43,824 (-32.5%), from €134,759 to €90,934
of which Taxes: -€43,194
- Current portion of long-term debt -€36,636
down €36,636 (-52.3%), from €70,101 to €33,464
- Gross operating margin -€88,215
down €88,215 (-10.9%), from €811,760 to €723,545
- Staff costs -€59,217
down €59,217 (-9.4%), from €630,991 to €571,774
- Financial charges -€31,578
down €31,578 (-71.2%), from €44,347 to €12,769
of which Non-recurring financial charges: -€24,985
- Other operating charges -€11,859
down €11,859 (-49.6%), from €23,909 to €12,051
- Financial income -€11,365
down €11,365 (-99.9%), from €11,371 to €6
of which Non-recurring financial income: -€11,352
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 | €768,306 | €621,175 | -€147,132 | -19.2% |
| Fixed assets | 21/28 | €219,499 | €204,052 | -€15,448 | -7.0% |
| Tangible fixed assets | 22/27 | €195,514 | €179,932 | -€15,583 | -8.0% |
| Plant, machinery and equipment | 23 | €1,083 | €108 | -€976 | -90.1% |
| Furniture and vehicles | 24 | €164,634 | €176,989 | +€12,355 | +7.5% |
| Leasing and similar rights | 25 | €26,161 | - | -€26,161 | |
| Other tangible fixed assets | 26 | €3,636 | €2,835 | -€802 | -22.0% |
| Financial fixed assets | 28 | €23,985 | €24,120 | +€135 | +0.6% |
| Current assets | 29/58 | €548,807 | €417,123 | -€131,684 | -24.0% |
| Amounts receivable within one year | 40/41 | €382,984 | €215,268 | -€167,716 | -43.8% |
| Trade receivables | 40 | €269,222 | €199,918 | -€69,304 | -25.7% |
| Other amounts receivable | 41 | €113,762 | €15,351 | -€98,411 | -86.5% |
| Cash at bank and in hand | 54/58 | €155,064 | €192,934 | +€37,870 | +24.4% |
| Deferred charges and accrued income | 490/1 | €10,759 | €8,921 | -€1,838 | -17.1% |
| Total equity and liabilities | 10/49 | €768,306 | €621,175 | -€147,132 | -19.2% |
| Equity | 10/15 | €317,842 | €269,085 | -€48,757 | -15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €299,242 | €250,485 | -€48,757 | -16.3% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €1,886 | €1,886 | = | 0.0% |
| Distributable reserves | 133 | €295,496 | €248,599 | -€46,897 | -15.9% |
| Amounts payable | 17/49 | €450,465 | €352,090 | -€98,375 | -21.8% |
| Amounts payable after more than one year | 17 | €83,941 | €50,477 | -€33,464 | -39.9% |
| Financial debts | 170/4 | €83,941 | €50,477 | -€33,464 | -39.9% |
| Amounts payable within one year | 42/48 | €364,397 | €300,032 | -€64,365 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €70,101 | €33,464 | -€36,636 | -52.3% |
| Financial debts | 43 | €8,521 | €10,189 | +€1,669 | +19.6% |
| Credit institutions | 430/8 | €8,521 | €10,189 | +€1,669 | +19.6% |
| Trade debts | 44 | €141,779 | €67,472 | -€74,306 | -52.4% |
| Suppliers | 440/4 | €141,779 | €67,472 | -€74,306 | -52.4% |
| Advances received on contracts in progress | 46 | €2,695 | €1,264 | -€1,431 | -53.1% |
| Taxes, remuneration and social security | 45 | €134,759 | €90,934 | -€43,824 | -32.5% |
| Taxes | 450/3 | €76,283 | €33,089 | -€43,194 | -56.6% |
| Remuneration and social security | 454/9 | €58,476 | €57,845 | -€631 | -1.1% |
| Other amounts payable | 47/48 | €6,543 | €96,707 | +€90,164 | +1,378% |
| Accrued charges and deferred income | 492/3 | €2,127 | €1,581 | -€545 | -25.6% |
| Non-recurring operating income | 76A | €13,782 | - | -€13,782 | |
| Remuneration, social security and pensions | 62 | €630,991 | €571,774 | -€59,217 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,561 | €72,276 | -€9,284 | -11.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €460 | €450 | -€10 | -2.2% |
| Other operating charges | 640/8 | €23,909 | €12,051 | -€11,859 | -49.6% |
| Non-recurring operating charges | 66A | €33,389 | - | -€33,389 | |
| Gross operating margin | 9900 | €811,760 | €723,545 | -€88,215 | -10.9% |
| Operating profit (loss) | 9901 | €41,450 | €66,994 | +€25,544 | +61.6% |
| Financial income | 75/76B | €11,371 | €6 | -€11,365 | -99.9% |
| Recurring financial income | 75 | €19 | €6 | -€13 | -68.8% |
| Non-recurring financial income | 76B | €11,352 | - | -€11,352 | |
| Financial charges | 65/66B | €44,347 | €12,769 | -€31,578 | -71.2% |
| Recurring financial charges | 65 | €19,362 | €12,769 | -€6,593 | -34.1% |
| Non-recurring financial charges | 66B | €24,985 | - | -€24,985 | |
| Profit (loss) for the period before taxes | 9903 | €8,473 | €54,231 | +€45,758 | +540% |
| Income taxes | 67/77 | €7,401 | €17,988 | +€10,586 | +143% |
| Profit (loss) for the period | 9904 | €1,072 | €36,243 | +€35,171 | +3,281% |
| Profit (loss) for the period to be appropriated | 9905 | €1,072 | €36,243 | +€35,171 | +3,281% |
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 18 October 2026 via checked.be.