SEBAIRCO: 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.
SEBAIRCO
Largest movements
- Tangible fixed assets -€496,512
down €496,512 (-73.6%), from €674,225 to €177,713
of which Land and buildings: -€542,510
- Cash +€304,800
up €304,800 (+154%), from €197,313 to €502,113
mainly Investment in fixed assets (net) (+€472,205) and Net result for the year (+€104,803)
- Receivables within one year -€17,816
down €17,816 (-17.8%), from €100,202 to €82,386
of which Trade receivables: -€18,239
- Debts after one year -€228,066
down €228,066 (-88.9%), from €256,671 to €28,605
of which Financial debts: -€225,686
- Reserves +€81,137
up €81,137 (+15.8%), from €513,978 to €595,116
of which Distributable reserves: +€81,137
- Trade debts +€79,850
up €79,850 (+625%), from €12,781 to €92,631
- Current portion of long-term debt -€57,143
down €57,143 (-81.3%), from €70,298 to €13,155
- Other debts -€53,977
down €53,977 (-63.3%), from €85,317 to €31,340
- Gross operating margin +€33,433
up €33,433 (+18.5%), from €181,112 to €214,545
- Depreciation -€23,694
down €23,694 (-49.4%), from €48,001 to €24,308
- Taxes +€5,540
up €5,540 (+19.0%), from €29,107 to €34,647
- Financial income -€2,976
down €2,976 (-48.7%), from €6,115 to €3,139
- Financial charges -€2,333
down €2,333 (-30.7%), from €7,608 to €5,275
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 | €1,009,228 | €803,884 | -€205,344 | -20.3% |
| Fixed assets | 21/28 | €674,225 | €177,713 | -€496,512 | -73.6% |
| Tangible fixed assets | 22/27 | €674,225 | €177,713 | -€496,512 | -73.6% |
| Land and buildings | 22 | €652,214 | €109,704 | -€542,510 | -83.2% |
| Plant, machinery and equipment | 23 | €6,059 | €26,374 | +€20,315 | +335% |
| Furniture and vehicles | 24 | €11,889 | €37,842 | +€25,953 | +218% |
| Other tangible fixed assets | 26 | €4,064 | €3,793 | -€271 | -6.7% |
| Current assets | 29/58 | €335,003 | €626,171 | +€291,168 | +86.9% |
| Stocks and contracts in progress | 3 | €30,397 | €38,213 | +€7,815 | +25.7% |
| Stocks | 30/36 | €26,300 | €26,300 | = | 0.0% |
| Contracts in progress | 37 | €4,097 | €11,913 | +€7,815 | +191% |
| Amounts receivable within one year | 40/41 | €100,202 | €82,386 | -€17,816 | -17.8% |
| Trade receivables | 40 | €29,361 | €11,122 | -€18,239 | -62.1% |
| Other amounts receivable | 41 | €70,840 | €71,264 | +€423 | +0.6% |
| Cash at bank and in hand | 54/58 | €197,313 | €502,113 | +€304,800 | +154% |
| Deferred charges and accrued income | 490/1 | €7,091 | €3,460 | -€3,631 | -51.2% |
| Total equity and liabilities | 10/49 | €1,009,228 | €803,884 | -€205,344 | -20.3% |
| Equity | 10/15 | €535,437 | €601,316 | +€65,879 | +12.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €15,258 | €0 | -€15,258 | -100% |
| Reserves | 13 | €513,978 | €595,116 | +€81,137 | +15.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €75,017 | €75,017 | = | 0.0% |
| Distributable reserves | 133 | €438,961 | €520,098 | +€81,137 | +18.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €25,006 | €25,006 | = | 0.0% |
| Deferred taxes | 168 | €25,006 | €25,006 | = | 0.0% |
| Amounts payable | 17/49 | €448,786 | €177,563 | -€271,223 | -60.4% |
| Amounts payable after more than one year | 17 | €256,671 | €28,605 | -€228,066 | -88.9% |
| Financial debts | 170/4 | €252,591 | €26,905 | -€225,686 | -89.3% |
| Other amounts payable | 178/9 | €4,080 | €1,700 | -€2,380 | -58.3% |
| Amounts payable within one year | 42/48 | €190,298 | €147,805 | -€42,493 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €70,298 | €13,155 | -€57,143 | -81.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €12,781 | €92,631 | +€79,850 | +625% |
| Suppliers | 440/4 | €12,781 | €92,631 | +€79,850 | +625% |
| Taxes, remuneration and social security | 45 | €21,902 | €10,679 | -€11,224 | -51.2% |
| Taxes | 450/3 | €13,402 | €2,179 | -€11,224 | -83.7% |
| Remuneration and social security | 454/9 | €8,500 | €8,500 | = | 0.0% |
| Other amounts payable | 47/48 | €85,317 | €31,340 | -€53,977 | -63.3% |
| Accrued charges and deferred income | 492/3 | €1,817 | €1,153 | -€664 | -36.5% |
| Non-recurring operating income | 76A | €1,000 | €126,115 | +€125,115 | +12,511% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,001 | €24,308 | -€23,694 | -49.4% |
| Other operating charges | 640/8 | €11,547 | €11,415 | -€132 | -1.1% |
| Non-recurring operating charges | 66A | €0 | €37,236 | +€37,236 | |
| Gross operating margin | 9900 | €181,112 | €214,545 | +€33,433 | +18.5% |
| Operating profit (loss) | 9901 | €121,564 | €141,587 | +€20,023 | +16.5% |
| Financial income | 75/76B | €6,115 | €3,139 | -€2,976 | -48.7% |
| Recurring financial income | 75 | €6,115 | €3,139 | -€2,976 | -48.7% |
| Financial charges | 65/66B | €7,608 | €5,275 | -€2,333 | -30.7% |
| Recurring financial charges | 65 | €7,608 | €5,275 | -€2,333 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €120,071 | €139,450 | +€19,379 | +16.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €29,107 | €34,647 | +€5,540 | +19.0% |
| Profit (loss) for the period | 9904 | €90,964 | €104,803 | +€13,839 | +15.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €90,964 | €104,803 | +€13,839 | +15.2% |
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 13 October 2026 via checked.be.