SEBA: 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.
SEBA
Largest movements
- Receivables within one year -€24,867
down €24,867 (-12.5%), from €199,483 to €174,615
of which Other amounts receivable: -€31,773
- Cash +€19,899
up €19,899 (+23.3%), from €85,419 to €105,318
- Stocks and contracts -€13,000
down €13,000 (-39.0%), from €33,303 to €20,303
- Tangible fixed assets +€9,859
up €9,859 (+2.7%), from €365,756 to €375,615
of which Furniture and vehicles: +€38,273
- Trade debts -€47,571
down €47,571 (-64.3%), from €74,017 to €26,446
- Debts after one year -€34,353
down €34,353 (-20.7%), from €165,588 to €131,236
- Profit (loss) carried forward +€29,788
up €29,788 (+14.8%), from €201,852 to €231,640
- Provisions +€27,749
new in 2025: €27,749
- Tax, wage and social debts +€8,398
up €8,398 (+68.6%), from €12,244 to €20,641
of which Taxes: +€8,621
- Turnover -€1.4m
no longer reported in 2025 (was €1.4m)
- Purchases and services -€1.3m
no longer reported in 2025 (was €1.3m)
- Gross operating margin +€64,040
up €64,040 (+59.2%), from €108,253 to €172,294
- Provisions +€27,749
new in 2025: €27,749
- Financial charges +€17,720
up €17,720 (+42.3%), from €41,859 to €59,579
of which Financial charges: +€51,838
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €700,443 | €693,449 | -€6,994 | -1.0% |
| Fixed assets | 21/28 | €378,404 | €388,263 | +€9,859 | +2.6% |
| Tangible fixed assets | 22/27 | €365,756 | €375,615 | +€9,859 | +2.7% |
| Land and buildings | 22 | €273,982 | €245,940 | -€28,042 | -10.2% |
| Plant, machinery and equipment | 23 | €2,910 | €2,538 | -€373 | -12.8% |
| Furniture and vehicles | 24 | €88,864 | €127,137 | +€38,273 | +43.1% |
| Financial fixed assets | 28 | €12,648 | €12,648 | = | 0.0% |
| Current assets | 29/58 | €322,039 | €305,186 | -€16,853 | -5.2% |
| Stocks and contracts in progress | 3 | €33,303 | €20,303 | -€13,000 | -39.0% |
| Stocks | 30/36 | €33,303 | €20,303 | -€13,000 | -39.0% |
| Amounts receivable within one year | 40/41 | €199,483 | €174,615 | -€24,867 | -12.5% |
| Trade receivables | 40 | €126,226 | €133,132 | +€6,905 | +5.5% |
| Other amounts receivable | 41 | €73,256 | €41,483 | -€31,773 | -43.4% |
| Cash at bank and in hand | 54/58 | €85,419 | €105,318 | +€19,899 | +23.3% |
| Deferred charges and accrued income | 490/1 | €3,834 | €4,950 | +€1,116 | +29.1% |
| Total equity and liabilities | 10/49 | €700,443 | €693,449 | -€6,994 | -1.0% |
| Equity | 10/15 | €241,588 | €271,375 | +€29,788 | +12.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,135 | €21,135 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €19,275 | €19,275 | = | 0.0% |
| Profit (loss) carried forward | 14 | €201,852 | €231,640 | +€29,788 | +14.8% |
| Provisions and deferred taxes | 16 | - | €27,749 | +€27,749 | |
| Provisions for liabilities and charges | 160/5 | - | €27,749 | +€27,749 | |
| Other liabilities and charges | 164/5 | - | €27,749 | +€27,749 | |
| Amounts payable | 17/49 | €458,855 | €394,325 | -€64,531 | -14.1% |
| Amounts payable after more than one year | 17 | €165,588 | €131,236 | -€34,353 | -20.7% |
| Financial debts | 170/4 | €165,588 | €131,236 | -€34,353 | -20.7% |
| Amounts payable within one year | 42/48 | €293,267 | €263,089 | -€30,178 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €62,353 | €65,443 | +€3,089 | +5.0% |
| Trade debts | 44 | €74,017 | €26,446 | -€47,571 | -64.3% |
| Suppliers | 440/4 | €74,017 | €26,446 | -€47,571 | -64.3% |
| Taxes, remuneration and social security | 45 | €12,244 | €20,641 | +€8,398 | +68.6% |
| Taxes | 450/3 | €7,120 | €15,741 | +€8,621 | +121.1% |
| Remuneration and social security | 454/9 | €5,123 | €4,900 | -€223 | -4.4% |
| Other amounts payable | 47/48 | €144,653 | €150,558 | +€5,906 | +4.1% |
| Turnover | 70 | €1,404,194 | - | -€1.4m | |
| Non-recurring operating income | 76A | - | €33,967 | +€33,967 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,295,940 | - | -€1.3m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,093 | €66,304 | +€11,212 | +20.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €27,749 | +€27,749 | |
| Other operating charges | 640/8 | €4,570 | €6,880 | +€2,310 | +50.6% |
| Non-recurring operating charges | 66A | €78 | €848 | +€770 | +988.5% |
| Gross operating margin | 9900 | €108,253 | €172,294 | +€64,040 | +59.2% |
| Operating profit (loss) | 9901 | €48,513 | €70,512 | +€21,999 | +45.3% |
| Financial income | 75/76B | €12,382 | €18 | -€12,365 | -99.9% |
| Recurring financial income | 75 | €12,382 | €18 | -€12,365 | -99.9% |
| Financial charges | 65/66B | €41,859 | €59,579 | +€17,720 | +42.3% |
| Recurring financial charges | 65 | €7,741 | €59,579 | +€51,838 | +669.6% |
| Non-recurring financial charges | 66B | €34,118 | - | -€34,118 | |
| Profit (loss) for the period before taxes | 9903 | €19,036 | €10,951 | -€8,085 | -42.5% |
| Income taxes | 67/77 | €2,348 | €7,133 | +€4,786 | +203.8% |
| Profit (loss) for the period | 9904 | €16,688 | €3,818 | -€12,871 | -77.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,688 | €3,818 | -€12,871 | -77.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.