SE WORK: 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 WORK
Largest movements
- Receivables within one year +€43,682
up €43,682 (+27.0%), from €161,601 to €205,283
of which Trade receivables: +€32,402
- Financial fixed assets +€4,950
new in 2025: €4,950
- Tangible fixed assets -€4,875
down €4,875 (-39.3%), from €12,408 to €7,533
of which Furniture and vehicles: -€4,659
- Trade debts +€53,334
up €53,334 (+84.5%), from €63,152 to €116,486
- Other debts -€34,500
no longer reported in 2025 (was €34,500)
- Profit (loss) carried forward +€33,775
up €33,775 (+54.5%), from €61,965 to €95,740
- Tax, wage and social debts -€8,990
down €8,990 (-38.4%), from €23,393 to €14,403
- Staff costs -€16,430
no longer reported in 2025 (was €16,430)
- Other operating charges +€8,451
up €8,451 (+604%), from €1,400 to €9,851
- Gross operating margin -€5,953
down €5,953 (-8.7%), from €68,651 to €62,698
- Depreciation +€2,792
up €2,792 (+134%), from €2,083 to €4,875
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 | €194,187 | €239,173 | +€44,986 | +23.2% |
| Fixed assets | 21/28 | €12,408 | €12,483 | +€75 | +0.6% |
| Tangible fixed assets | 22/27 | €12,408 | €7,533 | -€4,875 | -39.3% |
| Plant, machinery and equipment | 23 | €298 | €82 | -€216 | -72.5% |
| Furniture and vehicles | 24 | €12,110 | €7,451 | -€4,659 | -38.5% |
| Financial fixed assets | 28 | - | €4,950 | +€4,950 | |
| Current assets | 29/58 | €181,779 | €226,690 | +€44,911 | +24.7% |
| Amounts receivable within one year | 40/41 | €161,601 | €205,283 | +€43,682 | +27.0% |
| Trade receivables | 40 | €90,985 | €123,387 | +€32,402 | +35.6% |
| Other amounts receivable | 41 | €70,616 | €81,896 | +€11,280 | +16.0% |
| Cash at bank and in hand | 54/58 | €19,778 | €21,009 | +€1,231 | +6.2% |
| Deferred charges and accrued income | 490/1 | €400 | €398 | -€2 | -0.5% |
| Total equity and liabilities | 10/49 | €194,187 | €239,173 | +€44,986 | +23.2% |
| Equity | 10/15 | €73,142 | €106,917 | +€33,775 | +46.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €11,077 | €11,077 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,077 | €11,077 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,077 | €11,077 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,965 | €95,740 | +€33,775 | +54.5% |
| Amounts payable | 17/49 | €121,045 | €132,256 | +€11,211 | +9.3% |
| Amounts payable within one year | 42/48 | €121,045 | €132,256 | +€11,211 | +9.3% |
| Financial debts | 43 | - | €1,367 | +€1,367 | |
| Credit institutions | 430/8 | - | €1,367 | +€1,367 | |
| Trade debts | 44 | €63,152 | €116,486 | +€53,334 | +84.5% |
| Suppliers | 440/4 | €63,152 | €116,486 | +€53,334 | +84.5% |
| Taxes, remuneration and social security | 45 | €23,393 | €14,403 | -€8,990 | -38.4% |
| Taxes | 450/3 | €23,393 | €14,403 | -€8,990 | -38.4% |
| Other amounts payable | 47/48 | €34,500 | - | -€34,500 | |
| Remuneration, social security and pensions | 62 | €16,430 | - | -€16,430 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,083 | €4,875 | +€2,792 | +134% |
| Other operating charges | 640/8 | €1,400 | €9,851 | +€8,451 | +604% |
| Gross operating margin | 9900 | €68,651 | €62,698 | -€5,953 | -8.7% |
| Operating profit (loss) | 9901 | €48,738 | €47,972 | -€766 | -1.6% |
| Financial income | 75/76B | - | €114 | +€114 | |
| Recurring financial income | 75 | - | €114 | +€114 | |
| Financial charges | 65/66B | €217 | €239 | +€22 | +10.1% |
| Recurring financial charges | 65 | €217 | €239 | +€22 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €48,521 | €47,847 | -€674 | -1.4% |
| Income taxes | 67/77 | €14,621 | €14,072 | -€549 | -3.8% |
| Profit (loss) for the period | 9904 | €33,900 | €33,775 | -€125 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €33,900 | €33,775 | -€125 | -0.4% |
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 14 October 2026 via checked.be.