SE-BO: 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.
SE-BO
Largest movements
- Receivables within one year +€13,775
up €13,775 (+80.7%), from €17,067 to €30,842
of which Other amounts receivable: +€8,123
- Cash +€5,609
up €5,609 (+38.0%), from €14,754 to €20,362
mainly Net result for the year (+€37,260) and Depreciation (+€4,873)
- Tangible fixed assets -€3,564
down €3,564 (-22.4%), from €15,898 to €12,334
- Profit (loss) carried forward +€31,838
no longer reported in 2025 (was -€31,838)
- Tax, wage and social debts -€15,388
down €15,388 (-84.9%), from €18,123 to €2,735
of which Remuneration and social security: -€11,225
- Trade debts -€7,820
down €7,820 (-38.3%), from €20,403 to €12,583
- Reserves +€5,422
up €5,422 (+28.3%), from €19,162 to €24,584
of which Distributable reserves: +€5,422
- Accrued charges and deferred income +€4,195
up €4,195 (+47.7%), from €8,791 to €12,986
- Gross operating margin +€40,369
up €40,369 (+76.8%), from €52,582 to €92,951
- Staff costs -€14,910
down €14,910 (-34.6%), from €43,053 to €28,143
- Other operating charges +€11,133
up €11,133 (+766.8%), from €1,452 to €12,585
- Taxes +€6,380
up €6,380 (+1787.6%), from €357 to €6,737
- Financial charges +€972
up €972 (+35.0%), from €2,772 to €3,744
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 | €56,944 | €72,704 | +€15,760 | +27.7% |
| Fixed assets | 21/28 | €15,898 | €12,334 | -€3,564 | -22.4% |
| Tangible fixed assets | 22/27 | €15,898 | €12,334 | -€3,564 | -22.4% |
| Plant, machinery and equipment | 23 | €5,227 | €3,681 | -€1,546 | -29.6% |
| Furniture and vehicles | 24 | €318 | €0 | -€318 | -100.0% |
| Other tangible fixed assets | 26 | €10,353 | €8,653 | -€1,700 | -16.4% |
| Current assets | 29/58 | €41,046 | €60,370 | +€19,324 | +47.1% |
| Stocks and contracts in progress | 3 | €6,297 | €6,822 | +€525 | +8.3% |
| Stocks | 30/36 | €6,297 | €6,822 | +€525 | +8.3% |
| Amounts receivable within one year | 40/41 | €17,067 | €30,842 | +€13,775 | +80.7% |
| Trade receivables | 40 | €10,424 | €16,076 | +€5,652 | +54.2% |
| Other amounts receivable | 41 | €6,643 | €14,766 | +€8,123 | +122.3% |
| Cash at bank and in hand | 54/58 | €14,754 | €20,362 | +€5,609 | +38.0% |
| Deferred charges and accrued income | 490/1 | €2,928 | €2,344 | -€584 | -20.0% |
| Total equity and liabilities | 10/49 | €56,944 | €72,704 | +€15,760 | +27.7% |
| Equity | 10/15 | -€6,446 | €30,814 | +€37,260 | |
| Contributions | 10/11 | €6,230 | €6,230 | = | 0.0% |
| Reserves | 13 | €19,162 | €24,584 | +€5,422 | +28.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €17,302 | €22,724 | +€5,422 | +31.3% |
| Profit (loss) carried forward | 14 | -€31,838 | - | +€31,838 | |
| Amounts payable | 17/49 | €63,389 | €41,890 | -€21,499 | -33.9% |
| Amounts payable within one year | 42/48 | €54,598 | €28,904 | -€25,694 | -47.1% |
| Financial debts | 43 | €476 | - | -€476 | |
| Credit institutions | 430/8 | €476 | - | -€476 | |
| Trade debts | 44 | €20,403 | €12,583 | -€7,820 | -38.3% |
| Suppliers | 440/4 | €20,403 | €12,583 | -€7,820 | -38.3% |
| Taxes, remuneration and social security | 45 | €18,123 | €2,735 | -€15,388 | -84.9% |
| Taxes | 450/3 | €6,898 | €2,735 | -€4,162 | -60.3% |
| Remuneration and social security | 454/9 | €11,225 | - | -€11,225 | |
| Other amounts payable | 47/48 | €15,596 | €13,586 | -€2,010 | -12.9% |
| Accrued charges and deferred income | 492/3 | €8,791 | €12,986 | +€4,195 | +47.7% |
| Remuneration, social security and pensions | 62 | €43,053 | €28,143 | -€14,910 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,267 | €4,873 | -€394 | -7.5% |
| Other operating charges | 640/8 | €1,452 | €12,585 | +€11,133 | +766.8% |
| Gross operating margin | 9900 | €52,582 | €92,951 | +€40,369 | +76.8% |
| Operating profit (loss) | 9901 | €2,810 | €47,350 | +€44,540 | +1585.1% |
| Financial income | 75/76B | €138 | €390 | +€252 | +182.3% |
| Recurring financial income | 75 | €138 | €390 | +€252 | +182.3% |
| Financial charges | 65/66B | €2,772 | €3,744 | +€972 | +35.0% |
| Recurring financial charges | 65 | €2,772 | €3,744 | +€972 | +35.0% |
| Profit (loss) for the period before taxes | 9903 | €176 | €43,997 | +€43,820 | +24874.0% |
| Income taxes | 67/77 | €357 | €6,737 | +€6,380 | +1787.6% |
| Profit (loss) for the period | 9904 | -€181 | €37,260 | +€37,440 | |
| Profit (loss) for the period to be appropriated | 9905 | -€181 | €37,260 | +€37,440 |
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 9 October 2026 via checked.be.