SE PROJECTS: 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 PROJECTS
Largest movements
- Current investments +€202,809
up €202,809 (+135.2%), from €150,000 to €352,809
- Receivables within one year +€155,973
up €155,973 (+652.5%), from €23,905 to €179,878
of which Trade receivables: +€133,942
- Receivables after one year -€100,000
no longer reported in 2025 (was €100,000)
- Deferred charges and accrued income -€10,914
down €10,914 (-51.2%), from €21,327 to €10,413
- Tangible fixed assets +€9,965
up €9,965 (+75.4%), from €13,215 to €23,180
of which Furniture and vehicles: +€13,191
- Trade debts +€170,525
up €170,525 (+564.1%), from €30,232 to €200,756
- Reserves +€104,824
up €104,824 (+23.6%), from €443,547 to €548,371
- Tax, wage and social debts -€15,126
down €15,126 (-87.0%), from €17,390 to €2,264
of which Taxes: -€12,586
- Gross operating margin +€65,609
up €65,609 (+76.5%), from €85,747 to €151,356
- Other operating charges +€13,134
up €13,134 (+671.0%), from €1,957 to €15,091
- Taxes +€12,958
up €12,958 (+67.1%), from €19,316 to €32,273
- Depreciation +€4,492
up €4,492 (+138.5%), from €3,244 to €7,736
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 | €510,373 | €770,235 | +€259,862 | +50.9% |
| Fixed assets | 21/28 | €13,215 | €23,180 | +€9,965 | +75.4% |
| Tangible fixed assets | 22/27 | €13,215 | €23,180 | +€9,965 | +75.4% |
| Land and buildings | 22 | €10,195 | €8,889 | -€1,306 | -12.8% |
| Plant, machinery and equipment | 23 | €3,020 | €1,100 | -€1,920 | -63.6% |
| Furniture and vehicles | 24 | - | €13,191 | +€13,191 | |
| Current assets | 29/58 | €497,158 | €747,056 | +€249,898 | +50.3% |
| Amounts receivable after more than one year | 29 | €100,000 | - | -€100,000 | |
| Other amounts receivable | 291 | €100,000 | - | -€100,000 | |
| Amounts receivable within one year | 40/41 | €23,905 | €179,878 | +€155,973 | +652.5% |
| Trade receivables | 40 | €4,033 | €137,975 | +€133,942 | +3321.5% |
| Other amounts receivable | 41 | €19,872 | €41,903 | +€22,031 | +110.9% |
| Current investments | 50/53 | €150,000 | €352,809 | +€202,809 | +135.2% |
| Cash at bank and in hand | 54/58 | €201,926 | €203,955 | +€2,029 | +1.0% |
| Deferred charges and accrued income | 490/1 | €21,327 | €10,413 | -€10,914 | -51.2% |
| Total equity and liabilities | 10/49 | €510,373 | €770,235 | +€259,862 | +50.9% |
| Equity | 10/15 | €462,147 | €566,971 | +€104,824 | +22.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €443,547 | €548,371 | +€104,824 | +23.6% |
| Distributable reserves | 133 | €443,547 | €548,371 | +€104,824 | +23.6% |
| Amounts payable | 17/49 | €48,225 | €203,264 | +€155,039 | +321.5% |
| Amounts payable within one year | 42/48 | €47,793 | €203,020 | +€155,227 | +324.8% |
| Trade debts | 44 | €30,232 | €200,756 | +€170,525 | +564.1% |
| Suppliers | 440/4 | €30,232 | €200,756 | +€170,525 | +564.1% |
| Taxes, remuneration and social security | 45 | €17,390 | €2,264 | -€15,126 | -87.0% |
| Taxes | 450/3 | €14,850 | €2,264 | -€12,586 | -84.8% |
| Remuneration and social security | 454/9 | €2,540 | - | -€2,540 | |
| Other amounts payable | 47/48 | €172 | - | -€172 | |
| Accrued charges and deferred income | 492/3 | €432 | €245 | -€188 | -43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,244 | €7,736 | +€4,492 | +138.5% |
| Other operating charges | 640/8 | €1,957 | €15,091 | +€13,134 | +671.0% |
| Gross operating margin | 9900 | €85,747 | €151,356 | +€65,609 | +76.5% |
| Operating profit (loss) | 9901 | €80,545 | €128,529 | +€47,983 | +59.6% |
| Financial income | 75/76B | €7,763 | €8,775 | +€1,012 | +13.0% |
| Recurring financial income | 75 | €7,763 | €8,775 | +€1,012 | +13.0% |
| Financial charges | 65/66B | €277 | €207 | -€70 | -25.2% |
| Recurring financial charges | 65 | €277 | €207 | -€70 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €88,032 | €137,097 | +€49,065 | +55.7% |
| Income taxes | 67/77 | €19,316 | €32,273 | +€12,958 | +67.1% |
| Profit (loss) for the period | 9904 | €68,716 | €104,824 | +€36,108 | +52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €68,716 | €104,824 | +€36,108 | +52.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.