SEBA Projects: 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.
SEBA Projects
Largest movements
- Receivables within one year +€70,564
up €70,564 (+827.7%), from €8,525 to €79,089
of which Trade receivables: +€72,673
- Cash +€45,931
up €45,931 (+481.6%), from €9,536 to €55,468
mainly Net result for the year (+€40,254) and Other debts (+€38,613)
- Deferred charges and accrued income +€7,745
up €7,745 (+188.9%), from €4,100 to €11,845
- Reserves +€40,000
up €40,000 (+666.7%), from €6,000 to €46,000
- Other debts +€38,613
up €38,613 (+2382.2%), from €1,621 to €40,234
- Tax, wage and social debts +€24,904
up €24,904 (+1482.4%), from €1,680 to €26,584
- Trade debts +€20,984
up €20,984 (+7961.6%), from €264 to €21,248
- Gross operating margin +€49,069
up €49,069 (+527.9%), from €9,295 to €58,364
- Taxes +€13,319
up €13,319 (+792.8%), from €1,680 to €14,999
- Financial charges +€1,481
up €1,481 (+6803.0%), from €22 to €1,503
- Depreciation +€800
up €800 (+309.4%), from €258 to €1,058
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.
Cash bridge derived
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 | €25,163 | €149,489 | +€124,325 | +494.1% |
| Fixed assets | 21/28 | €3,002 | €3,087 | +€85 | +2.8% |
| Tangible fixed assets | 22/27 | €3,002 | €3,087 | +€85 | +2.8% |
| Plant, machinery and equipment | 23 | €2,706 | €2,126 | -€580 | -21.4% |
| Furniture and vehicles | 24 | €296 | €961 | +€665 | +224.8% |
| Current assets | 29/58 | €22,162 | €146,402 | +€124,240 | +560.6% |
| Amounts receivable within one year | 40/41 | €8,525 | €79,089 | +€70,564 | +827.7% |
| Trade receivables | 40 | €6,241 | €78,914 | +€72,673 | +1164.5% |
| Other amounts receivable | 41 | €2,284 | €175 | -€2,109 | -92.3% |
| Cash at bank and in hand | 54/58 | €9,536 | €55,468 | +€45,931 | +481.6% |
| Deferred charges and accrued income | 490/1 | €4,100 | €11,845 | +€7,745 | +188.9% |
| Total equity and liabilities | 10/49 | €25,163 | €149,489 | +€124,325 | +494.1% |
| Equity | 10/15 | €21,599 | €61,253 | +€39,654 | +183.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €46,000 | +€40,000 | +666.7% |
| Distributable reserves | 133 | €6,000 | €46,000 | +€40,000 | +666.7% |
| Profit (loss) carried forward | 14 | €599 | €253 | -€346 | -57.7% |
| Amounts payable | 17/49 | €3,564 | €88,236 | +€84,671 | +2375.4% |
| Amounts payable within one year | 42/48 | €3,564 | €88,066 | +€84,501 | +2370.6% |
| Trade debts | 44 | €264 | €21,248 | +€20,984 | +7961.6% |
| Suppliers | 440/4 | €264 | €21,248 | +€20,984 | +7961.6% |
| Taxes, remuneration and social security | 45 | €1,680 | €26,584 | +€24,904 | +1482.4% |
| Taxes | 450/3 | €1,680 | €26,584 | +€24,904 | +1482.4% |
| Other amounts payable | 47/48 | €1,621 | €40,234 | +€38,613 | +2382.2% |
| Accrued charges and deferred income | 492/3 | - | €170 | +€170 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €258 | €1,058 | +€800 | +309.4% |
| Other operating charges | 640/8 | €736 | €550 | -€186 | -25.3% |
| Gross operating margin | 9900 | €9,295 | €58,364 | +€49,069 | +527.9% |
| Operating profit (loss) | 9901 | €8,301 | €56,756 | +€48,455 | +583.7% |
| Financial charges | 65/66B | €22 | €1,503 | +€1,481 | +6803.0% |
| Recurring financial charges | 65 | €22 | €1,503 | +€1,481 | +6803.0% |
| Profit (loss) for the period before taxes | 9903 | €8,279 | €55,253 | +€46,974 | +567.4% |
| Income taxes | 67/77 | €1,680 | €14,999 | +€13,319 | +792.8% |
| Profit (loss) for the period | 9904 | €6,599 | €40,254 | +€33,655 | +510.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,599 | €40,254 | +€33,655 | +510.0% |
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 11 October 2026 via checked.be.