SEBARDINE: 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.
SEBARDINE
Largest movements
- Financial fixed assets -€20.0m
down €20.0m (-10.3%), from €194.2m to €174.2m
- Cash +€2.2m
up €2.2m (+60.1%), from €3.6m to €5.8m
mainly Investment in fixed assets (net) (+€20.0m) and Current investments (+€616,959)
- Profit (loss) carried forward -€16.9m
down €16.9m (-17.2%), from €98.3m to €81.4m
- Financial charges +€20.0m
up €20.0m (+48,959%), from €40,875 to €20.1m
of which Non-recurring financial charges: +€20.0m
- Financial income +€2.2m
up €2.2m (+232%), from €967,580 to €3.2m
- Gross operating margin +€3,727
up €3,727 (+26.6%), from -€14,006 to -€10,279
- Other operating charges +€1,840
up €1,840 (+2.4%), from €77,737 to €79,577
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 | €201,623,431 | €182,920,809 | -€18.7m | -9.3% |
| Fixed assets | 21/28 | €194,210,417 | €174,210,417 | -€20.0m | -10.3% |
| Tangible fixed assets | 22/27 | €11,668 | €11,668 | = | 0.0% |
| Land and buildings | 22 | €11,668 | €11,668 | = | 0.0% |
| Financial fixed assets | 28 | €194,198,748 | €174,198,748 | -€20.0m | -10.3% |
| Current assets | 29/58 | €7,413,015 | €8,710,392 | +€1.3m | +17.5% |
| Amounts receivable within one year | 40/41 | €506,815 | €269,870 | -€236,945 | -46.8% |
| Other amounts receivable | 41 | €506,815 | €269,870 | -€236,945 | -46.8% |
| Current investments | 50/53 | €3,297,133 | €2,680,175 | -€616,959 | -18.7% |
| Cash at bank and in hand | 54/58 | €3,596,575 | €5,759,579 | +€2.2m | +60.1% |
| Deferred charges and accrued income | 490/1 | €12,492 | €769 | -€11,723 | -93.8% |
| Total equity and liabilities | 10/49 | €201,623,431 | €182,920,809 | -€18.7m | -9.3% |
| Equity | 10/15 | €143,263,191 | €126,333,589 | -€16.9m | -11.8% |
| Contributions | 10/11 | €954,000 | €954,000 | = | 0.0% |
| Capital | 10 | €954,000 | €954,000 | = | 0.0% |
| Issued capital | 100 | €954,000 | €954,000 | = | 0.0% |
| Reserves | 13 | €44,028,400 | €44,028,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €95,400 | €95,400 | = | 0.0% |
| Legal reserve | 130 | €95,400 | €95,400 | = | 0.0% |
| Distributable reserves | 133 | €43,933,000 | €43,933,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,280,791 | €81,351,189 | -€16.9m | -17.2% |
| Amounts payable | 17/49 | €58,360,241 | €56,587,220 | -€1.8m | -3.0% |
| Amounts payable within one year | 42/48 | €58,304,286 | €56,529,470 | -€1.8m | -3.0% |
| Financial debts | 43 | - | €105 | +€105 | |
| Credit institutions | 430/8 | - | €105 | +€105 | |
| Trade debts | 44 | €6,867 | €1,070 | -€5,797 | -84.4% |
| Suppliers | 440/4 | €6,867 | €1,070 | -€5,797 | -84.4% |
| Other amounts payable | 47/48 | €58,297,419 | €56,528,295 | -€1.8m | -3.0% |
| Accrued charges and deferred income | 492/3 | €55,954 | €57,750 | +€1,795 | +3.2% |
| Other operating charges | 640/8 | €77,737 | €79,577 | +€1,840 | +2.4% |
| Gross operating margin | 9900 | -€14,006 | -€10,279 | +€3,727 | +26.6% |
| Operating profit (loss) | 9901 | -€91,743 | -€89,856 | +€1,887 | +2.1% |
| Financial income | 75/76B | €967,580 | €3,213,078 | +€2.2m | +232% |
| Recurring financial income | 75 | €967,580 | €3,213,078 | +€2.2m | +232% |
| Financial charges | 65/66B | €40,875 | €20,052,823 | +€20.0m | +48,959% |
| Recurring financial charges | 65 | €40,875 | €52,823 | +€11,948 | +29.2% |
| Non-recurring financial charges | 66B | - | €20,000,000 | +€20.0m | |
| Profit (loss) for the period before taxes | 9903 | €834,962 | -€16,929,602 | -€17.8m | |
| Income taxes | 67/77 | €3 | - | -€3 | |
| Profit (loss) for the period | 9904 | €834,959 | -€16,929,602 | -€17.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €834,959 | -€16,929,602 | -€17.8m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.