SEBENCO: 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.
SEBENCO
Largest movements
- Receivables within one year -€102,237
down €102,237 (-21.5%), from €476,331 to €374,094
of which Other amounts receivable: -€90,950
- Cash -€96,587
down €96,587 (-48.7%), from €198,395 to €101,808
mainly Contributions, distributions and other (-€285,000) and Net result for the year (-€23,026)
- Tangible fixed assets -€22,561
down €22,561 (-24.8%), from €90,982 to €68,421
- Reserves -€285,000
down €285,000 (-74.2%), from €383,860 to €98,860
of which Distributable reserves: -€285,000
- Other debts +€78,469
up €78,469 (+37527.1%), from €209 to €78,678
- Profit (loss) carried forward -€23,026
down €23,026 (-38.9%), from €59,259 to €36,233
- Tax, wage and social debts +€13,019
up €13,019 (+47.8%), from €27,218 to €40,238
of which Taxes: +€6,763
- Debts after one year -€11,228
down €11,228 (-56.4%), from €19,913 to €8,686
- Gross operating margin -€67,578
down €67,578 (-29.9%), from €225,985 to €158,407
- Taxes -€9,912
down €9,912 (-99.2%), from €9,997 to €84
- Depreciation +€3,599
up €3,599 (+18.1%), from €19,855 to €23,454
- Staff costs -€2,278
down €2,278 (-1.6%), from €146,812 to €144,534
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 | €924,664 | €701,443 | -€223,221 | -24.1% |
| Fixed assets | 21/28 | €90,982 | €68,421 | -€22,561 | -24.8% |
| Tangible fixed assets | 22/27 | €90,982 | €68,421 | -€22,561 | -24.8% |
| Plant, machinery and equipment | 23 | €35,259 | €24,352 | -€10,907 | -30.9% |
| Furniture and vehicles | 24 | €11,349 | €8,385 | -€2,963 | -26.1% |
| Leasing and similar rights | 25 | €12,069 | €9,611 | -€2,458 | -20.4% |
| Other tangible fixed assets | 26 | €32,305 | €26,073 | -€6,232 | -19.3% |
| Current assets | 29/58 | €833,682 | €633,021 | -€200,660 | -24.1% |
| Stocks and contracts in progress | 3 | €153,224 | €146,824 | -€6,399 | -4.2% |
| Stocks | 30/36 | €153,224 | €146,824 | -€6,399 | -4.2% |
| Amounts receivable within one year | 40/41 | €476,331 | €374,094 | -€102,237 | -21.5% |
| Trade receivables | 40 | €12,437 | €1,150 | -€11,287 | -90.8% |
| Other amounts receivable | 41 | €463,894 | €372,944 | -€90,950 | -19.6% |
| Cash at bank and in hand | 54/58 | €198,395 | €101,808 | -€96,587 | -48.7% |
| Deferred charges and accrued income | 490/1 | €5,732 | €10,295 | +€4,563 | +79.6% |
| Total equity and liabilities | 10/49 | €924,664 | €701,443 | -€223,221 | -24.1% |
| Equity | 10/15 | €719,319 | €411,293 | -€308,026 | -42.8% |
| Contributions | 10/11 | €276,200 | €276,200 | = | 0.0% |
| Reserves | 13 | €383,860 | €98,860 | -€285,000 | -74.2% |
| Non-distributable reserves | 130/1 | €28,860 | €28,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €28,860 | €28,860 | = | 0.0% |
| Distributable reserves | 133 | €355,000 | €70,000 | -€285,000 | -80.3% |
| Profit (loss) carried forward | 14 | €59,259 | €36,233 | -€23,026 | -38.9% |
| Amounts payable | 17/49 | €205,345 | €290,149 | +€84,804 | +41.3% |
| Amounts payable after more than one year | 17 | €19,913 | €8,686 | -€11,228 | -56.4% |
| Financial debts | 170/4 | €19,913 | €8,686 | -€11,228 | -56.4% |
| Amounts payable within one year | 42/48 | €185,192 | €281,080 | +€95,887 | +51.8% |
| Current portion of amounts payable after more than one year | 42 | €19,353 | €19,665 | +€312 | +1.6% |
| Trade debts | 44 | €138,412 | €142,499 | +€4,087 | +3.0% |
| Suppliers | 440/4 | €138,412 | €142,499 | +€4,087 | +3.0% |
| Taxes, remuneration and social security | 45 | €27,218 | €40,238 | +€13,019 | +47.8% |
| Taxes | 450/3 | €15,322 | €22,084 | +€6,763 | +44.1% |
| Remuneration and social security | 454/9 | €11,897 | €18,153 | +€6,257 | +52.6% |
| Other amounts payable | 47/48 | €209 | €78,678 | +€78,469 | +37527.1% |
| Accrued charges and deferred income | 492/3 | €239 | €384 | +€145 | +60.4% |
| Remuneration, social security and pensions | 62 | €146,812 | €144,534 | -€2,278 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,855 | €23,454 | +€3,599 | +18.1% |
| Other operating charges | 640/8 | €5,244 | €3,413 | -€1,831 | -34.9% |
| Gross operating margin | 9900 | €225,985 | €158,407 | -€67,578 | -29.9% |
| Operating profit (loss) | 9901 | €54,074 | -€12,994 | -€67,068 | |
| Financial income | 75/76B | €201 | €313 | +€112 | +55.5% |
| Recurring financial income | 75 | €201 | €313 | +€112 | +55.5% |
| Financial charges | 65/66B | €8,235 | €10,259 | +€2,025 | +24.6% |
| Recurring financial charges | 65 | €8,235 | €10,259 | +€2,025 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €46,040 | -€22,941 | -€68,981 | |
| Income taxes | 67/77 | €9,997 | €84 | -€9,912 | -99.2% |
| Profit (loss) for the period | 9904 | €36,043 | -€23,026 | -€59,069 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,043 | -€23,026 | -€59,069 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.