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
- Stocks and contracts +€13,704
up €13,704 (+50.8%), from €26,988 to €40,692
of which Contracts in progress: +€8,200
- Tangible fixed assets -€12,859
down €12,859 (-45.5%), from €28,273 to €15,414
of which Plant, machinery and equipment: -€11,474
- Cash +€6,129
up €6,129 (+15.3%), from €39,975 to €46,104
mainly Depreciation (+€13,559) and Trade debts (+€12,204)
- Trade debts +€12,204
up €12,204 (+105.8%), from €11,530 to €23,734
- Profit (loss) carried forward +€10,081
up €10,081 (+1025.7%), from €983 to €11,064
- Debts after one year -€7,000
down €7,000 (-50.0%), from €14,000 to €7,000
- Tax, wage and social debts -€3,617
down €3,617 (-14.4%), from €25,063 to €21,446
of which Taxes: -€5,765
- Current portion of long-term debt -€2,420
down €2,420 (-25.7%), from €9,420 to €7,000
- Gross operating margin +€21,354
up €21,354 (+10.9%), from €195,753 to €217,107
- Staff costs +€20,828
up €20,828 (+13.0%), from €160,597 to €181,426
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 | €129,227 | €136,408 | +€7,181 | +5.6% |
| Fixed assets | 21/28 | €29,548 | €16,689 | -€12,859 | -43.5% |
| Tangible fixed assets | 22/27 | €28,273 | €15,414 | -€12,859 | -45.5% |
| Plant, machinery and equipment | 23 | €24,240 | €12,766 | -€11,474 | -47.3% |
| Furniture and vehicles | 24 | €4,033 | €2,648 | -€1,385 | -34.3% |
| Financial fixed assets | 28 | €1,275 | €1,275 | = | 0.0% |
| Current assets | 29/58 | €99,680 | €119,719 | +€20,040 | +20.1% |
| Stocks and contracts in progress | 3 | €26,988 | €40,692 | +€13,704 | +50.8% |
| Stocks | 30/36 | €10,188 | €15,692 | +€5,504 | +54.0% |
| Contracts in progress | 37 | €16,800 | €25,000 | +€8,200 | +48.8% |
| Amounts receivable within one year | 40/41 | €28,222 | €28,428 | +€207 | +0.7% |
| Trade receivables | 40 | €28,209 | €28,388 | +€180 | +0.6% |
| Other amounts receivable | 41 | €13 | €40 | +€27 | +207.7% |
| Cash at bank and in hand | 54/58 | €39,975 | €46,104 | +€6,129 | +15.3% |
| Deferred charges and accrued income | 490/1 | €4,495 | €4,495 | = | 0.0% |
| Total equity and liabilities | 10/49 | €129,227 | €136,408 | +€7,181 | +5.6% |
| Equity | 10/15 | €51,983 | €62,064 | +€10,081 | +19.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €46,000 | €46,000 | = | 0.0% |
| Distributable reserves | 133 | €46,000 | €46,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €983 | €11,064 | +€10,081 | +1025.7% |
| Amounts payable | 17/49 | €77,245 | €74,344 | -€2,901 | -3.8% |
| Amounts payable after more than one year | 17 | €14,000 | €7,000 | -€7,000 | -50.0% |
| Financial debts | 170/4 | €14,000 | €7,000 | -€7,000 | -50.0% |
| Amounts payable within one year | 42/48 | €63,245 | €67,344 | +€4,099 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €9,420 | €7,000 | -€2,420 | -25.7% |
| Trade debts | 44 | €11,530 | €23,734 | +€12,204 | +105.8% |
| Suppliers | 440/4 | €11,530 | €23,734 | +€12,204 | +105.8% |
| Taxes, remuneration and social security | 45 | €25,063 | €21,446 | -€3,617 | -14.4% |
| Taxes | 450/3 | €18,531 | €12,766 | -€5,765 | -31.1% |
| Remuneration and social security | 454/9 | €6,532 | €8,680 | +€2,148 | +32.9% |
| Other amounts payable | 47/48 | €17,232 | €15,164 | -€2,068 | -12.0% |
| Remuneration, social security and pensions | 62 | €160,597 | €181,426 | +€20,828 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,475 | €13,559 | +€84 | +0.6% |
| Other operating charges | 640/8 | €4,890 | €4,771 | -€118 | -2.4% |
| Gross operating margin | 9900 | €195,753 | €217,107 | +€21,354 | +10.9% |
| Operating profit (loss) | 9901 | €16,791 | €17,351 | +€560 | +3.3% |
| Financial income | 75/76B | €62 | €470 | +€408 | +659.1% |
| Recurring financial income | 75 | €62 | €470 | +€408 | +659.1% |
| Financial charges | 65/66B | €3,398 | €2,719 | -€679 | -20.0% |
| Recurring financial charges | 65 | €3,398 | €2,719 | -€679 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €13,455 | €15,102 | +€1,647 | +12.2% |
| Income taxes | 67/77 | €5,131 | €5,021 | -€110 | -2.1% |
| Profit (loss) for the period | 9904 | €8,324 | €10,081 | +€1,757 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,324 | €10,081 | +€1,757 | +21.1% |
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 7 October 2026 via checked.be.