SE-MAX: 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-MAX
Largest movements
- Cash +€22,876
up €22,876 (+131%), from €17,410 to €40,286
mainly Net result for the year (+€53,313) and Other debts (+€29,682)
- Receivables within one year -€20,409
down €20,409 (-60.0%), from €33,989 to €13,580
of which Trade receivables: -€20,815
- Deferred charges and accrued income -€2,585
down €2,585 (-52.9%), from €4,885 to €2,300
- Tangible fixed assets -€941
down €941 (-30.0%), from €3,132 to €2,191
of which Other tangible fixed assets: -€704
- Other debts +€29,682
up €29,682 (+8,095%), from €367 to €30,049
- Reserves -€27,998
down €27,998 (-65.9%), from €42,487 to €14,490
- Tax, wage and social debts -€3,380
down €3,380 (-26.2%), from €12,905 to €9,525
- Trade debts +€637
up €637 (+97.1%), from €657 to €1,294
- Gross operating margin -€17,174
down €17,174 (-17.9%), from €95,690 to €78,516
- Taxes -€8,258
down €8,258 (-30.6%), from €26,949 to €18,690
- Financial charges -€1,303
down €1,303 (-23.4%), from €5,578 to €4,275
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 | €59,416 | €58,358 | -€1,058 | -1.8% |
| Fixed assets | 21/28 | €3,132 | €2,191 | -€941 | -30.0% |
| Tangible fixed assets | 22/27 | €3,132 | €2,191 | -€941 | -30.0% |
| Plant, machinery and equipment | 23 | €237 | €0 | -€237 | -100% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €2,895 | €2,191 | -€704 | -24.3% |
| Current assets | 29/58 | €56,284 | €56,167 | -€117 | -0.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €33,989 | €13,580 | -€20,409 | -60.0% |
| Trade receivables | 40 | €30,895 | €10,080 | -€20,815 | -67.4% |
| Other amounts receivable | 41 | €3,094 | €3,500 | +€406 | +13.1% |
| Cash at bank and in hand | 54/58 | €17,410 | €40,286 | +€22,876 | +131% |
| Deferred charges and accrued income | 490/1 | €4,885 | €2,300 | -€2,585 | -52.9% |
| Total equity and liabilities | 10/49 | €59,416 | €58,358 | -€1,058 | -1.8% |
| Equity | 10/15 | €45,487 | €17,490 | -€27,998 | -61.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €42,487 | €14,490 | -€27,998 | -65.9% |
| Distributable reserves | 133 | €42,487 | €14,490 | -€27,998 | -65.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €13,929 | €40,868 | +€26,939 | +193% |
| Amounts payable within one year | 42/48 | €13,929 | €40,868 | +€26,939 | +193% |
| Trade debts | 44 | €657 | €1,294 | +€637 | +97.1% |
| Suppliers | 440/4 | €657 | €1,294 | +€637 | +97.1% |
| Taxes, remuneration and social security | 45 | €12,905 | €9,525 | -€3,380 | -26.2% |
| Taxes | 450/3 | €12,905 | €9,525 | -€3,380 | -26.2% |
| Other amounts payable | 47/48 | €367 | €30,049 | +€29,682 | +8,095% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,448 | €941 | -€507 | -35.0% |
| Other operating charges | 640/8 | €1,062 | €1,306 | +€245 | +23.0% |
| Gross operating margin | 9900 | €95,690 | €78,516 | -€17,174 | -17.9% |
| Operating profit (loss) | 9901 | €93,180 | €76,269 | -€16,912 | -18.1% |
| Financial income | 75/76B | €0 | €10 | +€10 | +103,900% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +103,900% |
| Financial charges | 65/66B | €5,578 | €4,275 | -€1,303 | -23.4% |
| Recurring financial charges | 65 | €5,578 | €4,275 | -€1,303 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €87,602 | €72,004 | -€15,598 | -17.8% |
| Income taxes | 67/77 | €26,949 | €18,690 | -€8,258 | -30.6% |
| Profit (loss) for the period | 9904 | €60,654 | €53,313 | -€7,340 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,654 | €53,313 | -€7,340 | -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 17 October 2026 via checked.be.