Sebaa: 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.
Sebaa
Largest movements
- Tangible fixed assets +€564,072
up €564,072 (+61.1%), from €922,842 to €1.5m
of which Land and buildings: +€586,132
- Cash -€83,557
down €83,557 (-44.4%), from €188,308 to €104,752
mainly Investment in fixed assets (net) (-€681,423) and Contributions, distributions and other (-€44,503)
- Receivables within one year -€33,052
down €33,052 (-25.7%), from €128,470 to €95,418
of which Trade receivables: -€25,411
- Other debts +€240,152
up €240,152 (+133.5%), from €179,913 to €420,065
- Debts after one year +€180,376
up €180,376 (+74.7%), from €241,439 to €421,815
of which Financial debts: +€188,374
- Current portion of long-term debt +€20,920
up €20,920 (+43.0%), from €48,704 to €69,624
- Depreciation +€64,148
up €64,148 (+120.6%), from €53,203 to €117,351
- Taxes -€19,974
down €19,974 (-37.6%), from €53,077 to €33,103
- Gross operating margin -€13,747
down €13,747 (-5.4%), from €255,990 to €242,243
- Financial charges +€5,810
up €5,810 (+63.3%), from €9,183 to €14,993
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 | €1,248,675 | €1,696,359 | +€447,684 | +35.9% |
| Fixed assets | 21/28 | €922,842 | €1,486,913 | +€564,072 | +61.1% |
| Tangible fixed assets | 22/27 | €922,842 | €1,486,913 | +€564,072 | +61.1% |
| Land and buildings | 22 | €849,257 | €1,435,390 | +€586,132 | +69.0% |
| Plant, machinery and equipment | 23 | €741 | €1,421 | +€680 | +91.8% |
| Furniture and vehicles | 24 | €50,409 | €32,623 | -€17,786 | -35.3% |
| Other tangible fixed assets | 26 | €22,434 | €17,479 | -€4,954 | -22.1% |
| Current assets | 29/58 | €325,834 | €209,445 | -€116,388 | -35.7% |
| Amounts receivable within one year | 40/41 | €128,470 | €95,418 | -€33,052 | -25.7% |
| Trade receivables | 40 | €29,114 | €3,703 | -€25,411 | -87.3% |
| Other amounts receivable | 41 | €99,356 | €91,716 | -€7,641 | -7.7% |
| Cash at bank and in hand | 54/58 | €188,308 | €104,752 | -€83,557 | -44.4% |
| Deferred charges and accrued income | 490/1 | €9,055 | €9,275 | +€220 | +2.4% |
| Total equity and liabilities | 10/49 | €1,248,675 | €1,696,359 | +€447,684 | +35.9% |
| Equity | 10/15 | €704,033 | €722,190 | +€18,157 | +2.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €22,230 | €28,782 | +€6,551 | +29.5% |
| Reserves | 13 | €663,253 | €674,858 | +€11,606 | +1.7% |
| Tax-exempt reserves | 132 | €87,076 | €81,366 | -€5,710 | -6.6% |
| Distributable reserves | 133 | €576,177 | €593,493 | +€17,315 | +3.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €29,025 | €27,122 | -€1,903 | -6.6% |
| Deferred taxes | 168 | €29,025 | €27,122 | -€1,903 | -6.6% |
| Amounts payable | 17/49 | €515,617 | €947,047 | +€431,430 | +83.7% |
| Amounts payable after more than one year | 17 | €241,439 | €421,815 | +€180,376 | +74.7% |
| Financial debts | 170/4 | €217,083 | €405,456 | +€188,374 | +86.8% |
| Other amounts payable | 178/9 | €24,356 | €16,358 | -€7,998 | -32.8% |
| Amounts payable within one year | 42/48 | €260,825 | €504,788 | +€243,962 | +93.5% |
| Current portion of amounts payable after more than one year | 42 | €48,704 | €69,624 | +€20,920 | +43.0% |
| Trade debts | 44 | €25,685 | €12,229 | -€13,456 | -52.4% |
| Suppliers | 440/4 | €25,685 | €12,229 | -€13,456 | -52.4% |
| Taxes, remuneration and social security | 45 | €6,523 | €2,869 | -€3,654 | -56.0% |
| Taxes | 450/3 | €6,523 | €1,007 | -€5,516 | -84.6% |
| Remuneration and social security | 454/9 | - | €1,862 | +€1,862 | |
| Other amounts payable | 47/48 | €179,913 | €420,065 | +€240,152 | +133.5% |
| Accrued charges and deferred income | 492/3 | €13,352 | €20,444 | +€7,092 | +53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,203 | €117,351 | +€64,148 | +120.6% |
| Other operating charges | 640/8 | €20,097 | €20,808 | +€711 | +3.5% |
| Gross operating margin | 9900 | €255,990 | €242,243 | -€13,747 | -5.4% |
| Operating profit (loss) | 9901 | €182,690 | €104,084 | -€78,606 | -43.0% |
| Financial income | 75/76B | €4,364 | €4,769 | +€405 | +9.3% |
| Recurring financial income | 75 | €4,364 | €4,769 | +€405 | +9.3% |
| Financial charges | 65/66B | €9,183 | €14,993 | +€5,810 | +63.3% |
| Recurring financial charges | 65 | €9,183 | €14,993 | +€5,810 | +63.3% |
| Profit (loss) for the period before taxes | 9903 | €177,872 | €93,860 | -€84,012 | -47.2% |
| Transfer from deferred taxes | 780 | €1,903 | €1,903 | = | 0.0% |
| Income taxes | 67/77 | €53,077 | €33,103 | -€19,974 | -37.6% |
| Profit (loss) for the period | 9904 | €126,698 | €62,660 | -€64,038 | -50.5% |
| Transfer from tax-exempt reserves | 789 | €5,710 | €5,710 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €132,408 | €68,370 | -€64,038 | -48.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.