SE&R: 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&R
Largest movements
- Cash -€16,961
down €16,961 (-52.6%), from €32,220 to €15,259
mainly Other debts (-€27,199) and Trade debts (-€14,280)
- Tangible fixed assets -€1,985
down €1,985 (-27.2%), from €7,285 to €5,301
of which Furniture and vehicles: -€1,000
- Receivables within one year +€1,026
up €1,026 (+83.7%), from €1,226 to €2,252
of which Trade receivables: +€2,252
- Other debts -€27,199
down €27,199 (-60.9%), from €44,690 to €17,491
- Profit (loss) carried forward +€22,284
up €22,284 (+53.5%), from -€41,617 to -€19,333
- Trade debts -€14,280
down €14,280 (-79.5%), from €17,971 to €3,690
- Tax, wage and social debts +€1,275
new in 2025: €1,275
- Gross operating margin +€2,014
up €2,014 (+8.5%), from €23,622 to €25,636
- Other operating charges +€820
up €820 (+277%), from €296 to €1,116
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 | €41,043 | €23,122 | -€17,921 | -43.7% |
| Fixed assets | 21/28 | €7,285 | €5,301 | -€1,985 | -27.2% |
| Tangible fixed assets | 22/27 | €7,285 | €5,301 | -€1,985 | -27.2% |
| Furniture and vehicles | 24 | €3,992 | €2,992 | -€1,000 | -25.1% |
| Other tangible fixed assets | 26 | €3,293 | €2,309 | -€985 | -29.9% |
| Current assets | 29/58 | €33,758 | €17,822 | -€15,936 | -47.2% |
| Amounts receivable within one year | 40/41 | €1,226 | €2,252 | +€1,026 | +83.7% |
| Trade receivables | 40 | - | €2,252 | +€2,252 | |
| Other amounts receivable | 41 | €1,226 | - | -€1,226 | |
| Cash at bank and in hand | 54/58 | €32,220 | €15,259 | -€16,961 | -52.6% |
| Deferred charges and accrued income | 490/1 | €312 | €311 | -€1 | -0.3% |
| Total equity and liabilities | 10/49 | €41,043 | €23,122 | -€17,921 | -43.7% |
| Equity | 10/15 | -€21,617 | €667 | +€22,284 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,617 | -€19,333 | +€22,284 | +53.5% |
| Amounts payable | 17/49 | €62,660 | €22,456 | -€40,205 | -64.2% |
| Amounts payable within one year | 42/48 | €62,660 | €22,456 | -€40,205 | -64.2% |
| Trade debts | 44 | €17,971 | €3,690 | -€14,280 | -79.5% |
| Suppliers | 440/4 | €17,971 | €3,690 | -€14,280 | -79.5% |
| Taxes, remuneration and social security | 45 | - | €1,275 | +€1,275 | |
| Taxes | 450/3 | - | €1,275 | +€1,275 | |
| Other amounts payable | 47/48 | €44,690 | €17,491 | -€27,199 | -60.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,985 | €1,985 | = | 0.0% |
| Other operating charges | 640/8 | €296 | €1,116 | +€820 | +277% |
| Gross operating margin | 9900 | €23,622 | €25,636 | +€2,014 | +8.5% |
| Operating profit (loss) | 9901 | €21,342 | €22,535 | +€1,194 | +5.6% |
| Financial charges | 65/66B | €112 | €252 | +€139 | +124% |
| Recurring financial charges | 65 | €112 | €252 | +€139 | +124% |
| Profit (loss) for the period before taxes | 9903 | €21,230 | €22,284 | +€1,054 | +5.0% |
| Profit (loss) for the period | 9904 | €21,230 | €22,284 | +€1,054 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,230 | €22,284 | +€1,054 | +5.0% |
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 22 October 2026 via checked.be.