SEBASTIEN: 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.
SEBASTIEN
Largest movements
- Tangible fixed assets -€151,683
down €151,683 (-10.9%), from €1.4m to €1.2m
of which Leasing and similar rights: -€192,017
- Current investments +€150,000
up €150,000 (+33.3%), from €450,000 to €600,000
- Cash +€59,132
up €59,132 (+15.0%), from €393,325 to €452,457
mainly Depreciation (+€660,034) and Net result for the year (+€187,565)
- Deferred charges and accrued income -€46,802
down €46,802 (-18.9%), from €247,904 to €201,102
- Receivables within one year -€38,333
down €38,333 (-3.3%), from €1.2m to €1.1m
of which Trade receivables: -€49,496
- Debts after one year -€192,143
down €192,143 (-12.1%), from €1.6m to €1.4m
of which Financial debts: -€192,143
- Reserves +€150,000
up €150,000 (+32.9%), from €456,200 to €606,200
of which Distributable reserves: +€150,000
- Current portion of long-term debt +€42,964
up €42,964 (+8.5%), from €504,961 to €547,925
- Profit (loss) carried forward +€37,565
up €37,565 (+10.6%), from €353,375 to €390,940
- Gross operating margin +€184,024
up €184,024 (+6.2%), from €3.0m to €3.1m
- Staff costs +€146,666
up €146,666 (+9.9%), from €1.5m to €1.6m
- Depreciation +€123,307
up €123,307 (+23.0%), from €536,727 to €660,034
- Purchases and services -€79,925
down €79,925 (-2.1%), from €3.8m to €3.7m
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 | €3,659,331 | €3,631,949 | -€27,382 | -0.7% |
| Fixed assets | 21/28 | €1,405,569 | €1,254,190 | -€151,379 | -10.8% |
| Tangible fixed assets | 22/27 | €1,396,199 | €1,244,516 | -€151,683 | -10.9% |
| Furniture and vehicles | 24 | €63,456 | €103,790 | +€40,334 | +63.6% |
| Leasing and similar rights | 25 | €1,332,743 | €1,140,726 | -€192,017 | -14.4% |
| Financial fixed assets | 28 | €9,370 | €9,675 | +€305 | +3.3% |
| Current assets | 29/58 | €2,253,762 | €2,377,759 | +€123,997 | +5.5% |
| Amounts receivable within one year | 40/41 | €1,162,533 | €1,124,200 | -€38,333 | -3.3% |
| Trade receivables | 40 | €1,148,083 | €1,098,587 | -€49,496 | -4.3% |
| Other amounts receivable | 41 | €14,450 | €25,613 | +€11,163 | +77.3% |
| Current investments | 50/53 | €450,000 | €600,000 | +€150,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €393,325 | €452,457 | +€59,132 | +15.0% |
| Deferred charges and accrued income | 490/1 | €247,904 | €201,102 | -€46,802 | -18.9% |
| Total equity and liabilities | 10/49 | €3,659,331 | €3,631,949 | -€27,382 | -0.7% |
| Equity | 10/15 | €871,575 | €1,059,140 | +€187,565 | +21.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €456,200 | €606,200 | +€150,000 | +32.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €450,000 | €600,000 | +€150,000 | +33.3% |
| Profit (loss) carried forward | 14 | €353,375 | €390,940 | +€37,565 | +10.6% |
| Amounts payable | 17/49 | €2,787,756 | €2,572,809 | -€214,947 | -7.7% |
| Amounts payable after more than one year | 17 | €1,584,373 | €1,392,230 | -€192,143 | -12.1% |
| Financial debts | 170/4 | €1,459,153 | €1,267,010 | -€192,143 | -13.2% |
| Other amounts payable | 178/9 | €125,220 | €125,220 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,203,116 | €1,179,579 | -€23,537 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €504,961 | €547,925 | +€42,964 | +8.5% |
| Financial debts | 43 | €73,831 | €57,908 | -€15,923 | -21.6% |
| Credit institutions | 430/8 | €73,831 | €57,908 | -€15,923 | -21.6% |
| Trade debts | 44 | €351,579 | €318,194 | -€33,385 | -9.5% |
| Suppliers | 440/4 | €351,579 | €318,194 | -€33,385 | -9.5% |
| Taxes, remuneration and social security | 45 | €210,722 | €197,205 | -€13,517 | -6.4% |
| Taxes | 450/3 | €99,629 | €66,848 | -€32,781 | -32.9% |
| Remuneration and social security | 454/9 | €111,093 | €130,357 | +€19,264 | +17.3% |
| Other amounts payable | 47/48 | €62,023 | €58,346 | -€3,677 | -5.9% |
| Accrued charges and deferred income | 492/3 | €267 | €1,000 | +€733 | +274.5% |
| Turnover | 70 | €6,391,079 | €6,402,724 | +€11,645 | +0.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €3,812,241 | €3,732,316 | -€79,925 | -2.1% |
| Remuneration, social security and pensions | 62 | €1,484,241 | €1,630,907 | +€146,666 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €536,727 | €660,034 | +€123,307 | +23.0% |
| Other operating charges | 640/8 | €475,901 | €473,665 | -€2,236 | -0.5% |
| Gross operating margin | 9900 | €2,961,474 | €3,145,498 | +€184,024 | +6.2% |
| Operating profit (loss) | 9901 | €464,605 | €380,892 | -€83,713 | -18.0% |
| Financial income | 75/76B | €1,395 | €4,162 | +€2,767 | +198.4% |
| Recurring financial income | 75 | €1,395 | €4,162 | +€2,767 | +198.4% |
| Financial charges | 65/66B | €110,338 | €107,754 | -€2,584 | -2.3% |
| Recurring financial charges | 65 | €110,338 | €107,754 | -€2,584 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €355,662 | €277,299 | -€78,363 | -22.0% |
| Income taxes | 67/77 | €119,596 | €89,734 | -€29,862 | -25.0% |
| Profit (loss) for the period | 9904 | €236,066 | €187,565 | -€48,501 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €236,066 | €187,565 | -€48,501 | -20.5% |
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 12 October 2026 via checked.be.