SEBASTIAAN: 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.
What changed
SEBASTIAAN
NACE 47.730, Retail sale of pharmaceutical products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€54,601
2024 · €38,004+€16,597
Equity
€1.2m
2024 · €1.1m+€54,601
Cash
€195,749
2024 · €177,031+€18,719
Balance sheet total
€2.6m
2024 · €2.7m-€54,778
Largest movements
Assets
- Tangible fixed assets -€117,958
down €117,958 (-10.6%), from €1.1m to €996,091
of which Land and buildings: -€90,528
- Current investments +€55,210
up €55,210 (+17.4%), from €316,841 to €372,052
Equity and liabilities
- Short-term financial debts -€68,333
down €68,333 (-16.5%), from €413,333 to €345,000
- Reserves +€54,601
up €54,601 (+5.5%), from €983,823 to €1.0m
of which Distributable reserves: +€54,601
- Accrued charges and deferred income +€52,423
up €52,423 (+3,392%), from €1,545 to €53,969
- Tax, wage and social debts -€47,867
down €47,867 (-70.3%), from €68,041 to €20,174
of which Taxes: -€30,110
Income statement
- Gross operating margin -€31,782
down €31,782 (-7.4%), from €432,240 to €400,458
- Staff costs -€16,076
down €16,076 (-10.5%), from €153,327 to €137,250
- Financial charges -€13,912
down €13,912 (-15.5%), from €89,973 to €76,061
- Financial income +€12,319
up €12,319 (+121%), from €10,149 to €22,468
- Depreciation -€7,247
down €7,247 (-5.6%), from €130,331 to €123,084
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.
Result 2024
€38,004
Gross operating margin
-€31,782
Staff costs
+€16,076
Depreciation
+€7,247
Other operating charges
+€1,941
Other operating items
+€1,972
Financial income
+€12,319
Financial charges
+€13,912
Taxes
-€5,087
Result 2025
€54,601
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€166,605
Investment
-€60,080
Financing
-€87,807
Cash 2024
€177,031
From operations (derived)
+€166,605
Net result for the year
+€54,601
Depreciation
+€123,084
Stocks and contracts
-€1,852
Receivables within one year
+€14,002
Deferred charges and accrued income
-€1,659
Trade debts
-€15,896
Tax, wage and social debts
-€47,867
Other debts
-€10,233
Accrued charges and deferred income
+€52,423
Investment (derived)
-€60,080
Investment in fixed assets (net)
-€4,869
Current investments
-€55,210
Financing
-€87,807
Debts after one year
-€19,730
Current portion of long-term debt
+€257
Short-term financial debts
-€68,333
Cash 2025
€195,749
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,662,318 | €2,607,540 | -€54,778 | -2.1% |
| Fixed assets | 21/28 | €1,739,232 | €1,621,017 | -€118,215 | -6.8% |
| Intangible fixed assets | 21 | €620,225 | €619,968 | -€257 | 0.0% |
| Tangible fixed assets | 22/27 | €1,114,049 | €996,091 | -€117,958 | -10.6% |
| Land and buildings | 22 | €945,840 | €855,312 | -€90,528 | -9.6% |
| Plant, machinery and equipment | 23 | €77,540 | €72,889 | -€4,651 | -6.0% |
| Furniture and vehicles | 24 | €90,669 | €67,890 | -€22,779 | -25.1% |
| Financial fixed assets | 28 | €4,958 | €4,958 | = | 0.0% |
| Current assets | 29/58 | €923,086 | €986,523 | +€63,437 | +6.9% |
| Stocks and contracts in progress | 3 | €292,612 | €294,464 | +€1,852 | +0.6% |
| Stocks | 30/36 | €292,612 | €294,464 | +€1,852 | +0.6% |
| Amounts receivable within one year | 40/41 | €125,858 | €111,855 | -€14,002 | -11.1% |
| Trade receivables | 40 | €86,088 | €95,842 | +€9,754 | +11.3% |
| Other amounts receivable | 41 | €39,769 | €16,013 | -€23,756 | -59.7% |
| Current investments | 50/53 | €316,841 | €372,052 | +€55,210 | +17.4% |
| Cash at bank and in hand | 54/58 | €177,031 | €195,749 | +€18,719 | +10.6% |
| Deferred charges and accrued income | 490/1 | €10,744 | €12,403 | +€1,659 | +15.4% |
| Total equity and liabilities | 10/49 | €2,662,318 | €2,607,540 | -€54,778 | -2.1% |
| Equity | 10/15 | €1,108,823 | €1,163,424 | +€54,601 | +4.9% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €983,823 | €1,038,424 | +€54,601 | +5.5% |
| Non-distributable reserves | 130/1 | €138,395 | €138,395 | = | 0.0% |
| Legal reserve | 130 | €138,395 | €138,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,241 | €1,241 | = | 0.0% |
| Distributable reserves | 133 | €844,187 | €898,788 | +€54,601 | +6.5% |
| Amounts payable | 17/49 | €1,553,495 | €1,444,116 | -€109,379 | -7.0% |
| Amounts payable after more than one year | 17 | €185,387 | €165,658 | -€19,730 | -10.6% |
| Financial debts | 170/4 | €185,387 | €165,658 | -€19,730 | -10.6% |
| Amounts payable within one year | 42/48 | €1,366,562 | €1,224,490 | -€142,072 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €19,473 | €19,730 | +€257 | +1.3% |
| Financial debts | 43 | €413,333 | €345,000 | -€68,333 | -16.5% |
| Credit institutions | 430/8 | €413,333 | €345,000 | -€68,333 | -16.5% |
| Trade debts | 44 | €120,660 | €104,764 | -€15,896 | -13.2% |
| Suppliers | 440/4 | €120,660 | €104,764 | -€15,896 | -13.2% |
| Taxes, remuneration and social security | 45 | €68,041 | €20,174 | -€47,867 | -70.3% |
| Taxes | 450/3 | €33,927 | €3,817 | -€30,110 | -88.8% |
| Remuneration and social security | 454/9 | €34,114 | €16,358 | -€17,757 | -52.1% |
| Other amounts payable | 47/48 | €745,055 | €734,822 | -€10,233 | -1.4% |
| Accrued charges and deferred income | 492/3 | €1,545 | €53,969 | +€52,423 | +3,392% |
| Remuneration, social security and pensions | 62 | €153,327 | €137,250 | -€16,076 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,331 | €123,084 | -€7,247 | -5.6% |
| Other operating charges | 640/8 | €14,553 | €12,611 | -€1,941 | -13.3% |
| Non-recurring operating charges | 66A | €1,972 | - | -€1,972 | |
| Gross operating margin | 9900 | €432,240 | €400,458 | -€31,782 | -7.4% |
| Operating profit (loss) | 9901 | €132,058 | €127,512 | -€4,546 | -3.4% |
| Financial income | 75/76B | €10,149 | €22,468 | +€12,319 | +121% |
| Recurring financial income | 75 | €10,149 | €22,468 | +€12,319 | +121% |
| Financial charges | 65/66B | €89,973 | €76,061 | -€13,912 | -15.5% |
| Recurring financial charges | 65 | €89,973 | €76,061 | -€13,912 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €52,234 | €73,919 | +€21,685 | +41.5% |
| Income taxes | 67/77 | €14,231 | €19,318 | +€5,087 | +35.7% |
| Profit (loss) for the period | 9904 | €38,004 | €54,601 | +€16,597 | +43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,004 | €54,601 | +€16,597 | +43.7% |
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 22 October 2026 via checked.be.