SE Development: 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 Development
Largest movements
- Cash +€505,675
up €505,675 (+1085.8%), from €46,570 to €552,245
mainly Current investments (+€500,000) and Net result for the year (+€262,855)
- Current investments -€500,000
down €500,000 (-100.0%), from €500,000 to €0
- Receivables within one year -€116,227
down €116,227 (-78.4%), from €148,243 to €32,016
of which Other amounts receivable: -€114,315
- Tangible fixed assets +€113,278
up €113,278 (+280.7%), from €40,359 to €153,637
of which Assets under construction and advance payments: +€115,532
- Reserves +€105,250
up €105,250 (+62.5%), from €168,400 to €273,650
- Tax, wage and social debts -€59,789
down €59,789 (-85.8%), from €69,705 to €9,916
- Profit (loss) carried forward -€42,395
down €42,395 (-8.5%), from €496,301 to €453,906
- Gross operating margin -€26,116
down €26,116 (-6.7%), from €389,792 to €363,677
- Taxes +€17,456
up €17,456 (+18.4%), from €94,705 to €112,161
- Financial income +€7,519
up €7,519 (+98.6%), from €7,628 to €15,147
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 | €739,428 | €742,921 | +€3,493 | +0.5% |
| Fixed assets | 21/28 | €42,459 | €155,737 | +€113,278 | +266.8% |
| Tangible fixed assets | 22/27 | €40,359 | €153,637 | +€113,278 | +280.7% |
| Furniture and vehicles | 24 | €3,412 | €1,158 | -€2,254 | -66.1% |
| Assets under construction and advance payments | 27 | €36,948 | €152,480 | +€115,532 | +312.7% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €696,969 | €587,184 | -€109,785 | -15.8% |
| Amounts receivable within one year | 40/41 | €148,243 | €32,016 | -€116,227 | -78.4% |
| Trade receivables | 40 | €1,913 | €0 | -€1,913 | -100.0% |
| Other amounts receivable | 41 | €146,330 | €32,016 | -€114,315 | -78.1% |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €46,570 | €552,245 | +€505,675 | +1085.8% |
| Deferred charges and accrued income | 490/1 | €2,156 | €2,923 | +€768 | +35.6% |
| Total equity and liabilities | 10/49 | €739,428 | €742,921 | +€3,493 | +0.5% |
| Equity | 10/15 | €669,701 | €732,556 | +€62,855 | +9.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €168,400 | €273,650 | +€105,250 | +62.5% |
| Tax-exempt reserves | 132 | €168,400 | €273,650 | +€105,250 | +62.5% |
| Profit (loss) carried forward | 14 | €496,301 | €453,906 | -€42,395 | -8.5% |
| Amounts payable | 17/49 | €69,727 | €10,365 | -€59,362 | -85.1% |
| Amounts payable within one year | 42/48 | €69,727 | €10,365 | -€59,362 | -85.1% |
| Trade debts | 44 | €22 | €450 | +€427 | +1914.1% |
| Suppliers | 440/4 | €22 | €450 | +€427 | +1914.1% |
| Taxes, remuneration and social security | 45 | €69,705 | €9,916 | -€59,789 | -85.8% |
| Taxes | 450/3 | €69,705 | €9,916 | -€59,789 | -85.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,273 | €2,254 | -€19 | -0.8% |
| Other operating charges | 640/8 | €915 | €1,184 | +€270 | +29.5% |
| Gross operating margin | 9900 | €389,792 | €363,677 | -€26,116 | -6.7% |
| Operating profit (loss) | 9901 | €386,605 | €359,988 | -€26,616 | -6.9% |
| Financial income | 75/76B | €7,628 | €15,147 | +€7,519 | +98.6% |
| Recurring financial income | 75 | €7,628 | €15,147 | +€7,519 | +98.6% |
| Financial charges | 65/66B | €348 | €121 | -€227 | -65.3% |
| Recurring financial charges | 65 | €348 | €121 | -€227 | -65.3% |
| Profit (loss) for the period before taxes | 9903 | €393,885 | €375,015 | -€18,870 | -4.8% |
| Income taxes | 67/77 | €94,705 | €112,161 | +€17,456 | +18.4% |
| Profit (loss) for the period | 9904 | €299,180 | €262,855 | -€36,326 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €299,180 | €262,855 | -€36,326 | -12.1% |
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 10 October 2026 via checked.be.