SE520: 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.
SE520
Largest movements
- Cash +€41,023
up €41,023 (+260%), from €15,777 to €56,800
mainly Net result for the year (+€21,462) and Tax, wage and social debts (+€9,535)
- Tangible fixed assets +€2,096
up €2,096 (+259%), from €808 to €2,904
of which Plant, machinery and equipment: +€2,476
- Formation expenses -€743
down €743 (-53.1%), from €1,397 to €655
- Reserves +€21,462
new in 2025: €21,462
- Tax, wage and social debts +€9,535
new in 2025: €9,535
- Other debts +€6,378
up €6,378 (+418%), from €1,527 to €7,906
- Trade debts +€4,440
up €4,440 (+331%), from €1,340 to €5,780
- Gross operating margin +€11,550
up €11,550 (+44.0%), from €26,260 to €37,810
- Taxes +€9,535
new in 2025: €9,535
- Staff costs +€4,104
new in 2025: €4,104
- Depreciation -€1,136
down €1,136 (-49.8%), from €2,282 to €1,146
- Financial charges +€798
up €798 (+1,755%), from €45 to €843
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 | €30,359 | €72,176 | +€41,816 | +138% |
| Formation expenses | 20 | €1,397 | €655 | -€743 | -53.1% |
| Fixed assets | 21/28 | €808 | €2,904 | +€2,096 | +259% |
| Tangible fixed assets | 22/27 | €808 | €2,904 | +€2,096 | +259% |
| Plant, machinery and equipment | 23 | - | €2,476 | +€2,476 | |
| Furniture and vehicles | 24 | €808 | €428 | -€380 | -47.0% |
| Current assets | 29/58 | €28,154 | €68,617 | +€40,463 | +144% |
| Amounts receivable within one year | 40/41 | €12,377 | €11,817 | -€560 | -4.5% |
| Trade receivables | 40 | €12,377 | €11,817 | -€560 | -4.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €15,777 | €56,800 | +€41,023 | +260% |
| Total equity and liabilities | 10/49 | €30,359 | €72,176 | +€41,816 | +138% |
| Equity | 10/15 | €27,492 | €48,954 | +€21,462 | +78.1% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Reserves | 13 | - | €21,462 | +€21,462 | |
| Distributable reserves | 133 | - | €21,462 | +€21,462 | |
| Profit (loss) carried forward | 14 | €22,992 | €22,992 | = | 0.0% |
| Amounts payable | 17/49 | €2,867 | €23,221 | +€20,354 | +710% |
| Amounts payable within one year | 42/48 | €2,867 | €23,221 | +€20,354 | +710% |
| Trade debts | 44 | €1,340 | €5,780 | +€4,440 | +331% |
| Suppliers | 440/4 | €1,340 | €5,780 | +€4,440 | +331% |
| Taxes, remuneration and social security | 45 | - | €9,535 | +€9,535 | |
| Taxes | 450/3 | - | €9,535 | +€9,535 | |
| Other amounts payable | 47/48 | €1,527 | €7,906 | +€6,378 | +418% |
| Remuneration, social security and pensions | 62 | - | €4,104 | +€4,104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,282 | €1,146 | -€1,136 | -49.8% |
| Other operating charges | 640/8 | €941 | €719 | -€222 | -23.6% |
| Gross operating margin | 9900 | €26,260 | €37,810 | +€11,550 | +44.0% |
| Operating profit (loss) | 9901 | €23,037 | €31,841 | +€8,804 | +38.2% |
| Financial charges | 65/66B | €45 | €843 | +€798 | +1,755% |
| Recurring financial charges | 65 | €45 | €843 | +€798 | +1,755% |
| Profit (loss) for the period before taxes | 9903 | €22,992 | €30,998 | +€8,006 | +34.8% |
| Income taxes | 67/77 | - | €9,535 | +€9,535 | |
| Profit (loss) for the period | 9904 | €22,992 | €21,462 | -€1,529 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,992 | €21,462 | -€1,529 | -6.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.