SE Packaging: 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.
SE Packaging
Largest movements
- Tangible fixed assets +€518,616
up €518,616 (+118.5%), from €437,680 to €956,296
of which Land and buildings: +€512,566
- Receivables within one year +€115,840
up €115,840 (+62.9%), from €184,021 to €299,861
of which Trade receivables: +€62,109
- Cash -€36,475
down €36,475 (-18.1%), from €201,742 to €165,267
mainly Investment in fixed assets (net) (-€554,479) and Receivables within one year (-€115,840)
- Debts after one year +€529,437
up €529,437 (+258.5%), from €204,781 to €734,218
- Current portion of long-term debt +€39,962
up €39,962 (+345.0%), from €11,584 to €51,546
- Reserves +€24,029
up €24,029 (+3.7%), from €657,147 to €681,176
of which Distributable reserves: +€24,029
- Staff costs +€98,335
up €98,335 (+71.0%), from €138,522 to €236,857
- Gross operating margin -€55,403
down €55,403 (-13.9%), from €398,440 to €343,037
- Taxes -€54,887
down €54,887 (-80.0%), from €68,646 to €13,759
- Provisions +€18,702
new in 2025: €18,702
- Financial charges +€4,872
up €4,872 (+102.4%), from €4,756 to €9,627
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 | €965,833 | €1,579,089 | +€613,256 | +63.5% |
| Fixed assets | 21/28 | €437,680 | €957,496 | +€519,816 | +118.8% |
| Tangible fixed assets | 22/27 | €437,680 | €956,296 | +€518,616 | +118.5% |
| Land and buildings | 22 | €368,301 | €880,867 | +€512,566 | +139.2% |
| Plant, machinery and equipment | 23 | €3,032 | €3,383 | +€351 | +11.6% |
| Furniture and vehicles | 24 | €56,098 | €61,797 | +€5,699 | +10.2% |
| Other tangible fixed assets | 26 | €10,250 | €10,250 | = | 0.0% |
| Financial fixed assets | 28 | - | €1,200 | +€1,200 | |
| Current assets | 29/58 | €528,153 | €621,593 | +€93,440 | +17.7% |
| Amounts receivable after more than one year | 29 | €117,898 | €119,719 | +€1,821 | +1.5% |
| Other amounts receivable | 291 | €117,898 | €119,719 | +€1,821 | +1.5% |
| Stocks and contracts in progress | 3 | €12,263 | €27,400 | +€15,137 | +123.4% |
| Stocks | 30/36 | €12,263 | €27,400 | +€15,137 | +123.4% |
| Amounts receivable within one year | 40/41 | €184,021 | €299,861 | +€115,840 | +62.9% |
| Trade receivables | 40 | €55,100 | €117,209 | +€62,109 | +112.7% |
| Other amounts receivable | 41 | €128,921 | €182,652 | +€53,731 | +41.7% |
| Cash at bank and in hand | 54/58 | €201,742 | €165,267 | -€36,475 | -18.1% |
| Deferred charges and accrued income | 490/1 | €12,229 | €9,346 | -€2,882 | -23.6% |
| Total equity and liabilities | 10/49 | €965,833 | €1,579,089 | +€613,256 | +63.5% |
| Equity | 10/15 | €675,747 | €699,776 | +€24,029 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €657,147 | €681,176 | +€24,029 | +3.7% |
| 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 | €655,287 | €679,316 | +€24,029 | +3.7% |
| Amounts payable | 17/49 | €290,086 | €879,314 | +€589,227 | +203.1% |
| Amounts payable after more than one year | 17 | €204,781 | €734,218 | +€529,437 | +258.5% |
| Financial debts | 170/4 | €204,781 | €734,218 | +€529,437 | +258.5% |
| Amounts payable within one year | 42/48 | €85,305 | €145,096 | +€59,791 | +70.1% |
| Current portion of amounts payable after more than one year | 42 | €11,584 | €51,546 | +€39,962 | +345.0% |
| Financial debts | 43 | €20,875 | €20,875 | = | 0.0% |
| Credit institutions | 430/8 | €20,875 | €20,875 | = | 0.0% |
| Trade debts | 44 | €30,068 | €38,388 | +€8,320 | +27.7% |
| Suppliers | 440/4 | €30,068 | €38,388 | +€8,320 | +27.7% |
| Taxes, remuneration and social security | 45 | €22,779 | €34,287 | +€11,508 | +50.5% |
| Taxes | 450/3 | €12,587 | €18,670 | +€6,083 | +48.3% |
| Remuneration and social security | 454/9 | €10,191 | €15,617 | +€5,425 | +53.2% |
| Remuneration, social security and pensions | 62 | €138,522 | €236,857 | +€98,335 | +71.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,992 | €34,663 | -€329 | -0.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €18,702 | +€18,702 | |
| Other operating charges | 640/8 | €12,407 | €8,912 | -€3,495 | -28.2% |
| Non-recurring operating charges | 66A | €1,353 | €4,083 | +€2,730 | +201.8% |
| Gross operating margin | 9900 | €398,440 | €343,037 | -€55,403 | -13.9% |
| Operating profit (loss) | 9901 | €211,167 | €39,820 | -€171,347 | -81.1% |
| Financial income | 75/76B | €6,331 | €7,595 | +€1,264 | +20.0% |
| Recurring financial income | 75 | €6,331 | €7,595 | +€1,264 | +20.0% |
| Financial charges | 65/66B | €4,756 | €9,627 | +€4,872 | +102.4% |
| Recurring financial charges | 65 | €4,756 | €9,627 | +€4,872 | +102.4% |
| Profit (loss) for the period before taxes | 9903 | €212,742 | €37,788 | -€174,954 | -82.2% |
| Income taxes | 67/77 | €68,646 | €13,759 | -€54,887 | -80.0% |
| Profit (loss) for the period | 9904 | €144,096 | €24,029 | -€120,067 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €144,096 | €24,029 | -€120,067 | -83.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.