SEBAHAT: 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.
SEBAHAT
Largest movements
- Tangible fixed assets +€366,813
up €366,813 (+6.2%), from €5.9m to €6.2m
of which Plant, machinery and equipment: +€804,422
- Receivables within one year +€238,887
up €238,887 (+13.9%), from €1.7m to €2.0m
of which Trade receivables: +€228,284
- Cash +€199,646
up €199,646 (+259.9%), from €76,811 to €276,457
mainly Trade debts (+€720,874) and Depreciation (+€708,620)
- Trade debts +€720,874
up €720,874 (+45.9%), from €1.6m to €2.3m
- Current portion of long-term debt +€99,991
up €99,991 (+22.7%), from €440,249 to €540,240
- Tax, wage and social debts -€99,372
down €99,372 (-33.4%), from €297,708 to €198,336
of which Remuneration and social security: -€51,704
- Other operating charges +€370,143
up €370,143 (+299.2%), from €123,704 to €493,847
- Write-downs -€362,583
new in 2025: -€362,583
- Staff costs -€234,191
down €234,191 (-18.1%), from €1.3m to €1.1m
- Gross operating margin -€198,632
down €198,632 (-7.9%), from €2.5m to €2.3m
- Taxes +€51,348
up €51,348 (+265.9%), from €19,309 to €70,657
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 | €8,989,884 | €9,751,029 | +€761,145 | +8.5% |
| Fixed assets | 21/28 | €5,884,704 | €6,251,674 | +€366,970 | +6.2% |
| Tangible fixed assets | 22/27 | €5,881,941 | €6,248,754 | +€366,813 | +6.2% |
| Land and buildings | 22 | €3,926,119 | €3,657,007 | -€269,112 | -6.9% |
| Plant, machinery and equipment | 23 | €1,173,812 | €1,978,234 | +€804,422 | +68.5% |
| Furniture and vehicles | 24 | €60,811 | €59,980 | -€831 | -1.4% |
| Leasing and similar rights | 25 | €721,199 | €553,532 | -€167,667 | -23.2% |
| Financial fixed assets | 28 | €2,763 | €2,920 | +€157 | +5.7% |
| Current assets | 29/58 | €3,105,180 | €3,499,355 | +€394,175 | +12.7% |
| Stocks and contracts in progress | 3 | €1,292,669 | €1,239,741 | -€52,928 | -4.1% |
| Stocks | 30/36 | €1,292,669 | €1,239,741 | -€52,928 | -4.1% |
| Amounts receivable within one year | 40/41 | €1,718,788 | €1,957,675 | +€238,887 | +13.9% |
| Trade receivables | 40 | €1,600,800 | €1,829,084 | +€228,284 | +14.3% |
| Other amounts receivable | 41 | €117,988 | €128,591 | +€10,603 | +9.0% |
| Cash at bank and in hand | 54/58 | €76,811 | €276,457 | +€199,646 | +259.9% |
| Deferred charges and accrued income | 490/1 | €16,912 | €25,481 | +€8,569 | +50.7% |
| Total equity and liabilities | 10/49 | €8,989,884 | €9,751,029 | +€761,145 | +8.5% |
| Equity | 10/15 | €2,432,221 | €2,429,209 | -€3,012 | -0.1% |
| Contributions | 10/11 | €574,200 | €574,200 | = | 0.0% |
| Reserves | 13 | €1,854,970 | €1,851,958 | -€3,012 | -0.2% |
| Tax-exempt reserves | 132 | €42,763 | €26,203 | -€16,560 | -38.7% |
| Distributable reserves | 133 | €1,812,207 | €1,825,755 | +€13,548 | +0.7% |
| Profit (loss) carried forward | 14 | €3,051 | €3,051 | -€0 | 0.0% |
| Provisions and deferred taxes | 16 | €22,029 | €13,499 | -€8,530 | -38.7% |
| Deferred taxes | 168 | €22,029 | €13,499 | -€8,530 | -38.7% |
| Amounts payable | 17/49 | €6,535,634 | €7,308,322 | +€772,688 | +11.8% |
| Amounts payable after more than one year | 17 | €2,951,361 | €2,954,136 | +€2,775 | +0.1% |
| Financial debts | 170/4 | €2,951,361 | €2,954,136 | +€2,775 | +0.1% |
| Amounts payable within one year | 42/48 | €3,584,273 | €4,354,186 | +€769,913 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €440,249 | €540,240 | +€99,991 | +22.7% |
| Financial debts | 43 | €1,274,314 | €1,322,734 | +€48,420 | +3.8% |
| Credit institutions | 430/8 | €1,274,314 | €1,322,734 | +€48,420 | +3.8% |
| Trade debts | 44 | €1,569,870 | €2,290,744 | +€720,874 | +45.9% |
| Suppliers | 440/4 | €1,569,870 | €2,290,744 | +€720,874 | +45.9% |
| Taxes, remuneration and social security | 45 | €297,708 | €198,336 | -€99,372 | -33.4% |
| Taxes | 450/3 | €169,829 | €122,162 | -€47,667 | -28.1% |
| Remuneration and social security | 454/9 | €127,879 | €76,175 | -€51,704 | -40.4% |
| Other amounts payable | 47/48 | €2,132 | €2,131 | -€1 | 0.0% |
| Remuneration, social security and pensions | 62 | €1,294,852 | €1,060,661 | -€234,191 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €728,221 | €708,620 | -€19,601 | -2.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€362,583 | -€362,583 | |
| Other operating charges | 640/8 | €123,704 | €493,847 | +€370,143 | +299.2% |
| Gross operating margin | 9900 | €2,498,646 | €2,300,014 | -€198,632 | -7.9% |
| Operating profit (loss) | 9901 | €351,869 | €399,469 | +€47,600 | +13.5% |
| Financial income | 75/76B | €23,435 | €1,747 | -€21,688 | -92.5% |
| Recurring financial income | 75 | €23,435 | €1,747 | -€21,688 | -92.5% |
| Financial charges | 65/66B | €214,185 | €184,207 | -€29,978 | -14.0% |
| Recurring financial charges | 65 | €214,185 | €184,207 | -€29,978 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €161,119 | €217,008 | +€55,889 | +34.7% |
| Transfer from deferred taxes | 780 | €8,531 | €8,531 | -€0 | 0.0% |
| Income taxes | 67/77 | €19,309 | €70,657 | +€51,348 | +265.9% |
| Profit (loss) for the period | 9904 | €150,341 | €154,882 | +€4,541 | +3.0% |
| Transfer from tax-exempt reserves | 789 | €16,560 | €16,560 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €166,901 | €171,442 | +€4,541 | +2.7% |
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 9 October 2026 via checked.be.