SEBALINE: 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.
SEBALINE
Largest movements
- Tangible fixed assets +€192,939
up €192,939 (+23.6%), from €816,991 to €1.0m
of which Land and buildings: +€198,217
- Cash -€186,322
down €186,322 (-31.3%), from €595,699 to €409,376
mainly Investment in fixed assets (net) (-€236,483) and Receivables within one year (-€7,791)
- Other debts +€15,452
up €15,452 (+3.1%), from €500,000 to €515,452
- Purchases and services -€42,848
no longer reported in 2025 (was €42,848)
- Financial charges +€15,392
up €15,392 (+4,523%), from €340 to €15,732
- Taxes -€10,291
down €10,291 (-64.7%), from €15,904 to €5,613
- Gross operating margin -€9,565
down €9,565 (-10.9%), from €87,925 to €78,359
- Depreciation +€4,286
up €4,286 (+10.9%), from €39,258 to €43,544
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 | €1,419,052 | €1,433,648 | +€14,596 | +1.0% |
| Fixed assets | 21/28 | €818,882 | €1,011,821 | +€192,939 | +23.6% |
| Tangible fixed assets | 22/27 | €816,991 | €1,009,929 | +€192,939 | +23.6% |
| Land and buildings | 22 | €787,187 | €985,404 | +€198,217 | +25.2% |
| Plant, machinery and equipment | 23 | €29,561 | €24,468 | -€5,092 | -17.2% |
| Furniture and vehicles | 24 | €243 | €57 | -€186 | -76.7% |
| Financial fixed assets | 28 | €1,892 | €1,892 | = | 0.0% |
| Current assets | 29/58 | €600,169 | €421,826 | -€178,343 | -29.7% |
| Amounts receivable within one year | 40/41 | €3,737 | €11,528 | +€7,791 | +208% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,737 | €11,528 | +€7,791 | +208% |
| Cash at bank and in hand | 54/58 | €595,699 | €409,376 | -€186,322 | -31.3% |
| Deferred charges and accrued income | 490/1 | €734 | €923 | +€189 | +25.8% |
| Total equity and liabilities | 10/49 | €1,419,052 | €1,433,648 | +€14,596 | +1.0% |
| Equity | 10/15 | €871,887 | €878,079 | +€6,192 | +0.7% |
| Contributions | 10/11 | €62,001 | €62,001 | = | 0.0% |
| Capital | 10 | €62,001 | €62,001 | = | 0.0% |
| Issued capital | 100 | €62,001 | €62,001 | = | 0.0% |
| Reserves | 13 | €320,112 | €325,983 | +€5,871 | +1.8% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €117,370 | €107,956 | -€9,414 | -8.0% |
| Distributable reserves | 133 | €190,347 | €205,632 | +€15,285 | +8.0% |
| Profit (loss) carried forward | 14 | €489,775 | €490,096 | +€321 | +0.1% |
| Provisions and deferred taxes | 16 | €40,234 | €36,763 | -€3,471 | -8.6% |
| Deferred taxes | 168 | €40,234 | €36,763 | -€3,471 | -8.6% |
| Amounts payable | 17/49 | €506,930 | €518,805 | +€11,875 | +2.3% |
| Amounts payable within one year | 42/48 | €506,185 | €517,315 | +€11,130 | +2.2% |
| Trade debts | 44 | €512 | €1,863 | +€1,352 | +264% |
| Suppliers | 440/4 | €512 | €1,863 | +€1,352 | +264% |
| Taxes, remuneration and social security | 45 | €5,674 | €0 | -€5,674 | -100% |
| Taxes | 450/3 | €5,674 | €0 | -€5,674 | -100% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €500,000 | €515,452 | +€15,452 | +3.1% |
| Accrued charges and deferred income | 492/3 | €745 | €1,490 | +€745 | +100% |
| Goods, raw materials, services and sundry goods | 60/61 | €42,848 | - | -€42,848 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,258 | €43,544 | +€4,286 | +10.9% |
| Other operating charges | 640/8 | €11,357 | €11,939 | +€582 | +5.1% |
| Gross operating margin | 9900 | €87,925 | €78,359 | -€9,565 | -10.9% |
| Operating profit (loss) | 9901 | €37,310 | €22,876 | -€14,433 | -38.7% |
| Financial income | 75/76B | €891 | €1,190 | +€299 | +33.6% |
| Recurring financial income | 75 | €891 | €1,190 | +€299 | +33.6% |
| Financial charges | 65/66B | €340 | €15,732 | +€15,392 | +4,523% |
| Recurring financial charges | 65 | €340 | €15,732 | +€15,392 | +4,523% |
| Profit (loss) for the period before taxes | 9903 | €37,860 | €8,334 | -€29,526 | -78.0% |
| Transfer from deferred taxes | 780 | €2,775 | €2,775 | = | 0.0% |
| Income taxes | 67/77 | €15,904 | €5,613 | -€10,291 | -64.7% |
| Profit (loss) for the period | 9904 | €24,731 | €5,496 | -€19,235 | -77.8% |
| Transfer from tax-exempt reserves | 789 | €8,325 | €8,325 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,056 | €13,821 | -€19,235 | -58.2% |
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 18 October 2026 via checked.be.