SEBEL: what changed
Two fiscal 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.
SEBEL
Largest movements
- Cash +€42,728
up €42,728 (+5135.9%), from €832 to €43,560
mainly Net result for the year (+€36,454) and Depreciation (+€11,372)
- Tangible fixed assets -€9,416
down €9,416 (-41.1%), from €22,935 to €13,519
of which Furniture and vehicles: -€8,725
- Deferred charges and accrued income -€4,960
down €4,960 (-68.0%), from €7,297 to €2,337
- Reserves +€36,454
up €36,454 (+20.0%), from €181,974 to €218,428
- Tax, wage and social debts -€7,985
down €7,985 (-59.9%), from €13,331 to €5,346
of which Remuneration and social security: -€4,019
- Gross operating margin -€15,132
down €15,132 (-19.3%), from €78,445 to €63,313
- Taxes -€2,686
down €2,686 (-15.0%), from €17,907 to €15,222
- Financial income +€2,002
up €2,002 (+485.7%), from €412 to €2,415
- Financial charges -€1,812
down €1,812 (-64.2%), from €2,823 to €1,011
- Other operating charges +€788
up €788 (+89.5%), from €880 to €1,669
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 | €214,956 | €243,851 | +€28,895 | +13.4% |
| Fixed assets | 21/28 | €23,185 | €13,769 | -€9,416 | -40.6% |
| Tangible fixed assets | 22/27 | €22,935 | €13,519 | -€9,416 | -41.1% |
| Plant, machinery and equipment | 23 | - | €1,862 | +€1,862 | |
| Furniture and vehicles | 24 | €19,812 | €11,087 | -€8,725 | -44.0% |
| Other tangible fixed assets | 26 | €3,122 | €570 | -€2,553 | -81.8% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €191,772 | €230,083 | +€38,311 | +20.0% |
| Amounts receivable within one year | 40/41 | €33,185 | €33,728 | +€543 | +1.6% |
| Trade receivables | 40 | €33,065 | €33,615 | +€550 | +1.7% |
| Other amounts receivable | 41 | €120 | €112 | -€7 | -5.9% |
| Current investments | 50/53 | €150,458 | €150,458 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €832 | €43,560 | +€42,728 | +5135.9% |
| Deferred charges and accrued income | 490/1 | €7,297 | €2,337 | -€4,960 | -68.0% |
| Total equity and liabilities | 10/49 | €214,956 | €243,851 | +€28,895 | +13.4% |
| Equity | 10/15 | €194,374 | €230,828 | +€36,454 | +18.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €181,974 | €218,428 | +€36,454 | +20.0% |
| Distributable reserves | 133 | €181,974 | €218,428 | +€36,454 | +20.0% |
| Amounts payable | 17/49 | €20,582 | €13,023 | -€7,559 | -36.7% |
| Amounts payable within one year | 42/48 | €18,290 | €10,190 | -€8,100 | -44.3% |
| Trade debts | 44 | €1,450 | €1,628 | +€178 | +12.3% |
| Suppliers | 440/4 | €1,450 | €1,628 | +€178 | +12.3% |
| Taxes, remuneration and social security | 45 | €13,331 | €5,346 | -€7,985 | -59.9% |
| Taxes | 450/3 | €9,313 | €5,346 | -€3,967 | -42.6% |
| Remuneration and social security | 454/9 | €4,019 | - | -€4,019 | |
| Other amounts payable | 47/48 | €3,509 | €3,216 | -€293 | -8.4% |
| Accrued charges and deferred income | 492/3 | €2,291 | €2,833 | +€542 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,305 | €11,372 | +€68 | +0.6% |
| Other operating charges | 640/8 | €880 | €1,669 | +€788 | +89.5% |
| Gross operating margin | 9900 | €78,445 | €63,313 | -€15,132 | -19.3% |
| Operating profit (loss) | 9901 | €66,260 | €50,272 | -€15,988 | -24.1% |
| Financial income | 75/76B | €412 | €2,415 | +€2,002 | +485.7% |
| Recurring financial income | 75 | €412 | €2,415 | +€2,002 | +485.7% |
| Financial charges | 65/66B | €2,823 | €1,011 | -€1,812 | -64.2% |
| Recurring financial charges | 65 | €2,823 | €1,011 | -€1,812 | -64.2% |
| Profit (loss) for the period before taxes | 9903 | €63,849 | €51,676 | -€12,174 | -19.1% |
| Income taxes | 67/77 | €17,907 | €15,222 | -€2,686 | -15.0% |
| Profit (loss) for the period | 9904 | €45,942 | €36,454 | -€9,488 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,942 | €36,454 | -€9,488 | -20.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.