SEB EXPRESS: 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.
SEB EXPRESS
Largest movements
- Cash +€77,243
up €77,243 (+1,003%), from €7,699 to €84,942
mainly Net result for the year (+€81,348) and Depreciation (+€74,880)
- Tangible fixed assets -€74,880
down €74,880 (-9.8%), from €764,318 to €689,438
of which Land and buildings: -€39,827
- Receivables within one year -€31,688
down €31,688 (-9.7%), from €327,077 to €295,388
of which Trade receivables: -€28,656
- Trade debts -€198,098
down €198,098 (-97.4%), from €203,331 to €5,233
- Profit (loss) carried forward +€56,348
up €56,348 (+18.1%), from €310,485 to €366,833
- Current portion of long-term debt +€38,150
up €38,150 (+107%), from €35,626 to €73,776
- Debts after one year +€37,487
up €37,487 (+7.8%), from €482,856 to €520,342
- Tax, wage and social debts +€30,420
up €30,420 (+210%), from €14,490 to €44,909
of which Taxes: +€27,735
- Depreciation +€28,398
up €28,398 (+61.1%), from €46,482 to €74,880
- Gross operating margin +€26,174
up €26,174 (+11.4%), from €229,677 to €255,850
- Staff costs +€17,003
up €17,003 (+62.1%), from €27,394 to €44,397
- Taxes +€8,745
up €8,745 (+70.2%), from €12,460 to €21,205
- Financial charges +€4,337
up €4,337 (+35.5%), from €12,223 to €16,559
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 | €1,099,971 | €1,070,646 | -€29,325 | -2.7% |
| Fixed assets | 21/28 | €765,195 | €690,316 | -€74,880 | -9.8% |
| Tangible fixed assets | 22/27 | €764,318 | €689,438 | -€74,880 | -9.8% |
| Land and buildings | 22 | €595,080 | €555,253 | -€39,827 | -6.7% |
| Plant, machinery and equipment | 23 | €8,244 | €7,003 | -€1,241 | -15.1% |
| Furniture and vehicles | 24 | €160,994 | €127,182 | -€33,812 | -21.0% |
| Financial fixed assets | 28 | €877 | €877 | = | 0.0% |
| Current assets | 29/58 | €334,776 | €380,330 | +€45,554 | +13.6% |
| Amounts receivable within one year | 40/41 | €327,077 | €295,388 | -€31,688 | -9.7% |
| Trade receivables | 40 | €324,023 | €295,367 | -€28,656 | -8.8% |
| Other amounts receivable | 41 | €3,054 | €22 | -€3,033 | -99.3% |
| Cash at bank and in hand | 54/58 | €7,699 | €84,942 | +€77,243 | +1,003% |
| Total equity and liabilities | 10/49 | €1,099,971 | €1,070,646 | -€29,325 | -2.7% |
| Equity | 10/15 | €338,308 | €394,656 | +€56,348 | +16.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €8,823 | €8,823 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Other | 1319 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €6,923 | €6,923 | = | 0.0% |
| Profit (loss) carried forward | 14 | €310,485 | €366,833 | +€56,348 | +18.1% |
| Amounts payable | 17/49 | €761,663 | €675,990 | -€85,673 | -11.2% |
| Amounts payable after more than one year | 17 | €482,856 | €520,342 | +€37,487 | +7.8% |
| Financial debts | 170/4 | €482,856 | €520,342 | +€37,487 | +7.8% |
| Amounts payable within one year | 42/48 | €278,807 | €155,647 | -€123,160 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €35,626 | €73,776 | +€38,150 | +107% |
| Trade debts | 44 | €203,331 | €5,233 | -€198,098 | -97.4% |
| Suppliers | 440/4 | €203,331 | €5,233 | -€198,098 | -97.4% |
| Taxes, remuneration and social security | 45 | €14,490 | €44,909 | +€30,420 | +210% |
| Taxes | 450/3 | €12,370 | €40,105 | +€27,735 | +224% |
| Remuneration and social security | 454/9 | €2,120 | €4,805 | +€2,685 | +127% |
| Other amounts payable | 47/48 | €25,361 | €31,729 | +€6,368 | +25.1% |
| Remuneration, social security and pensions | 62 | €27,394 | €44,397 | +€17,003 | +62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,482 | €74,880 | +€28,398 | +61.1% |
| Other operating charges | 640/8 | €13,220 | €17,462 | +€4,243 | +32.1% |
| Gross operating margin | 9900 | €229,677 | €255,850 | +€26,174 | +11.4% |
| Operating profit (loss) | 9901 | €142,581 | €119,112 | -€23,469 | -16.5% |
| Financial income | 75/76B | €91 | €0 | -€90 | -99.5% |
| Recurring financial income | 75 | €91 | €0 | -€90 | -99.5% |
| Financial charges | 65/66B | €12,223 | €16,559 | +€4,337 | +35.5% |
| Recurring financial charges | 65 | €12,223 | €16,559 | +€4,337 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €130,449 | €102,553 | -€27,896 | -21.4% |
| Income taxes | 67/77 | €12,460 | €21,205 | +€8,745 | +70.2% |
| Profit (loss) for the period | 9904 | €117,990 | €81,348 | -€36,642 | -31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €117,990 | €81,348 | -€36,642 | -31.1% |
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 15 October 2026 via checked.be.