SEBAWE: 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
SEBAWE
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€95,794
2024 · -€55,030-€40,764
Equity
€1.0m
2024 · €925,241+€117,579
Cash
-
2024 · €46-€46
Balance sheet total
€3.6m
2024 · €3.3m+€226,156
Largest movements
Assets
- Financial fixed assets +€213,373
up €213,373 (+6.8%), from €3.1m to €3.3m
Equity and liabilities
- Revaluation surpluses +€213,373
up €213,373 (+14.2%), from €1.5m to €1.7m
- Profit (loss) carried forward -€95,794
down €95,794 (-14.0%), from -€685,870 to -€781,664
- Advances received +€38,229
new in 2025: €38,229
Income statement
- Gross operating margin -€26,078
down €26,078 (-88.2%), from €29,565 to €3,487
- Financial charges -€9,991
down €9,991 (-13.2%), from €75,421 to €65,431
- Financial income +€1,742
up €1,742 (+63.4%), from €2,748 to €4,491
- Depreciation +€1,652
up €1,652 (+15.3%), from €10,822 to €12,474
- Taxes +€440
up €440 (+248%), from €177 to €617
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
-€55,030
Gross operating margin
-€26,078
Depreciation
-€1,652
Other operating charges
-€426
Other operating items
-€23,901
Financial income
+€1,742
Financial charges
+€9,991
Taxes
-€440
Result 2025
-€95,794
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
-€8,130
Investment
-€235,272
Financing
+€243,355
Cash 2024
€46
From operations (derived)
-€8,130
Net result for the year
-€95,794
Depreciation
+€12,474
Receivables within one year
-€982
Deferred charges and accrued income
-€2,422
Trade debts
+€26,478
Tax, wage and social debts
+€1,555
Advances received
+€38,229
Other debts
+€12,332
Investment (derived)
-€235,272
Investment in fixed assets (net)
-€235,272
Financing
+€243,355
Short-term financial debts
+€29,982
Contributions, distributions and other
+€213,373
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,343,288 | €3,569,444 | +€226,156 | +6.8% |
| Fixed assets | 21/28 | €3,137,050 | €3,359,848 | +€222,798 | +7.1% |
| Tangible fixed assets | 22/27 | €19,629 | €29,054 | +€9,425 | +48.0% |
| Plant, machinery and equipment | 23 | €1,216 | €704 | -€512 | -42.1% |
| Furniture and vehicles | 24 | €18,413 | €28,349 | +€9,937 | +54.0% |
| Financial fixed assets | 28 | €3,117,421 | €3,330,794 | +€213,373 | +6.8% |
| Current assets | 29/58 | €206,238 | €209,596 | +€3,358 | +1.6% |
| Amounts receivable within one year | 40/41 | €204,528 | €205,510 | +€982 | +0.5% |
| Trade receivables | 40 | €29,637 | €49,369 | +€19,732 | +66.6% |
| Other amounts receivable | 41 | €174,890 | €156,141 | -€18,750 | -10.7% |
| Cash at bank and in hand | 54/58 | €46 | - | -€46 | |
| Deferred charges and accrued income | 490/1 | €1,664 | €4,086 | +€2,422 | +146% |
| Total equity and liabilities | 10/49 | €3,343,288 | €3,569,444 | +€226,156 | +6.8% |
| Equity | 10/15 | €925,241 | €1,042,820 | +€117,579 | +12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €1,503,305 | €1,716,678 | +€213,373 | +14.2% |
| Reserves | 13 | €89,206 | €89,206 | = | 0.0% |
| Distributable reserves | 133 | €89,206 | €89,206 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€685,870 | -€781,664 | -€95,794 | -14.0% |
| Amounts payable | 17/49 | €2,418,047 | €2,526,624 | +€108,577 | +4.5% |
| Amounts payable after more than one year | 17 | €1,150,000 | €1,150,000 | = | 0.0% |
| Financial debts | 170/4 | €1,150,000 | €1,150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,268,047 | €1,376,624 | +€108,577 | +8.6% |
| Financial debts | 43 | €1,145,000 | €1,174,982 | +€29,982 | +2.6% |
| Credit institutions | 430/8 | €1,145,000 | €1,174,982 | +€29,982 | +2.6% |
| Trade debts | 44 | €19,033 | €45,511 | +€26,478 | +139% |
| Suppliers | 440/4 | €19,033 | €45,511 | +€26,478 | +139% |
| Advances received on contracts in progress | 46 | - | €38,229 | +€38,229 | |
| Taxes, remuneration and social security | 45 | €1,247 | €2,802 | +€1,555 | +125% |
| Taxes | 450/3 | €1,247 | €2,802 | +€1,555 | +125% |
| Other amounts payable | 47/48 | €102,767 | €115,100 | +€12,332 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,822 | €12,474 | +€1,652 | +15.3% |
| Other operating charges | 640/8 | €923 | €1,349 | +€426 | +46.2% |
| Non-recurring operating charges | 66A | - | €23,901 | +€23,901 | |
| Gross operating margin | 9900 | €29,565 | €3,487 | -€26,078 | -88.2% |
| Operating profit (loss) | 9901 | €17,820 | -€34,237 | -€52,057 | |
| Financial income | 75/76B | €2,748 | €4,491 | +€1,742 | +63.4% |
| Recurring financial income | 75 | €2,748 | €4,491 | +€1,742 | +63.4% |
| Financial charges | 65/66B | €75,421 | €65,431 | -€9,991 | -13.2% |
| Recurring financial charges | 65 | €75,421 | €65,431 | -€9,991 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | -€54,853 | -€95,177 | -€40,324 | -73.5% |
| Income taxes | 67/77 | €177 | €617 | +€440 | +248% |
| Profit (loss) for the period | 9904 | -€55,030 | -€95,794 | -€40,764 | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,030 | -€95,794 | -€40,764 | -74.1% |
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 26 October 2026 via checked.be.