SEBAN: 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.
SEBAN
Largest movements
- Tangible fixed assets +€50,765
up €50,765 (+10.7%), from €474,792 to €525,557
of which Land and buildings: +€54,496
- Cash +€13,341
up €13,341 (+899.0%), from €1,484 to €14,825
mainly Net result for the year (+€49,916) and Depreciation (+€26,893)
- Reserves +€49,916
up €49,916 (+15.1%), from €330,241 to €380,157
of which Distributable reserves: +€49,916
- Short-term financial debts +€15,203
new in 2025: €15,203
- Gross operating margin +€3,835
up €3,835 (+3.8%), from €100,136 to €103,971
- Turnover +€3,788
up €3,788 (+3.0%), from €125,476 to €129,264
- Depreciation +€2,922
up €2,922 (+12.2%), from €23,971 to €26,893
- Taxes +€2,431
up €2,431 (+11.5%), from €21,224 to €23,655
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 | €476,622 | €540,760 | +€64,138 | +13.5% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €474,792 | €525,557 | +€50,765 | +10.7% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €474,792 | €525,557 | +€50,765 | +10.7% |
| Land and buildings | 22 | €414,153 | €468,649 | +€54,496 | +13.2% |
| Plant, machinery and equipment | 23 | €51,901 | €46,932 | -€4,969 | -9.6% |
| Furniture and vehicles | 24 | €8,738 | €9,976 | +€1,238 | +14.2% |
| Financial fixed assets | 28 | - | €0 | = | |
| Current assets | 29/58 | €1,830 | €15,203 | +€13,373 | +730.8% |
| Amounts receivable within one year | 40/41 | €346 | €378 | +€32 | +9.2% |
| Trade receivables | 40 | - | €378 | +€378 | |
| Other amounts receivable | 41 | €346 | - | -€346 | |
| Cash at bank and in hand | 54/58 | €1,484 | €14,825 | +€13,341 | +899.0% |
| Total equity and liabilities | 10/49 | €476,622 | €540,760 | +€64,138 | +13.5% |
| Equity | 10/15 | €343,586 | €393,502 | +€49,916 | +14.5% |
| Contributions | 10/11 | €13,345 | €13,345 | = | 0.0% |
| Capital | 10 | €13,345 | €13,345 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €5,255 | €5,255 | = | 0.0% |
| Reserves | 13 | €330,241 | €380,157 | +€49,916 | +15.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €328,381 | €378,297 | +€49,916 | +15.2% |
| Amounts payable | 17/49 | €133,036 | €147,258 | +€14,222 | +10.7% |
| Amounts payable within one year | 42/48 | €133,036 | €147,258 | +€14,222 | +10.7% |
| Financial debts | 43 | - | €15,203 | +€15,203 | |
| Credit institutions | 430/8 | - | €15,203 | +€15,203 | |
| Trade debts | 44 | €3,155 | €1,536 | -€1,619 | -51.3% |
| Suppliers | 440/4 | €3,155 | €1,536 | -€1,619 | -51.3% |
| Taxes, remuneration and social security | 45 | €8,792 | €12,466 | +€3,674 | +41.8% |
| Taxes | 450/3 | €8,792 | €12,466 | +€3,674 | +41.8% |
| Other amounts payable | 47/48 | €121,089 | €118,053 | -€3,036 | -2.5% |
| Turnover | 70 | €125,476 | €129,264 | +€3,788 | +3.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €25,340 | €25,293 | -€47 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,971 | €26,893 | +€2,922 | +12.2% |
| Other operating charges | 640/8 | €3,735 | €2,783 | -€952 | -25.5% |
| Gross operating margin | 9900 | €100,136 | €103,971 | +€3,835 | +3.8% |
| Operating profit (loss) | 9901 | €72,430 | €74,295 | +€1,865 | +2.6% |
| Financial charges | 65/66B | €1,010 | €724 | -€286 | -28.3% |
| Recurring financial charges | 65 | €1,010 | €724 | -€286 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €71,420 | €73,571 | +€2,151 | +3.0% |
| Income taxes | 67/77 | €21,224 | €23,655 | +€2,431 | +11.5% |
| Profit (loss) for the period | 9904 | €50,196 | €49,916 | -€280 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €50,196 | €49,916 | -€280 | -0.6% |
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 10 October 2026 via checked.be.