SEBER: 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
SEBER
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€122,830
2024 · €65,181+€57,649
Equity
€1.4m
2024 · €1.2m+€122,830
Cash
€65,612
2024 · €74,066-€8,453
Balance sheet total
€4.1m
2024 · €4.3m-€143,164
Largest movements
Assets
- Tangible fixed assets -€113,767
down €113,767 (-2.8%), from €4.1m to €4.0m
Equity and liabilities
- Debts after one year -€239,478
down €239,478 (-13.3%), from €1.8m to €1.6m
of which Financial debts: -€239,478
- Reserves +€122,830
up €122,830 (+11.0%), from €1.1m to €1.2m
of which Distributable reserves: +€123,255
- Other debts -€83,052
down €83,052 (-9.4%), from €883,115 to €800,062
Income statement
- Financial charges +€33,469
up €33,469 (+28.3%), from €118,253 to €151,722
- Taxes +€16,207
up €16,207 (+83.8%), from €19,340 to €35,546
- Gross operating margin -€13,381
down €13,381 (-2.6%), from €514,538 to €501,157
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
€65,181
Gross operating margin
-€13,381
Depreciation
-€4,024
Other operating charges
+€945
Other operating items
+€124,080
Financial income
-€295
Financial charges
-€33,469
Taxes
-€16,207
Result 2025
€122,830
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.
From operations
+€243,065
Investment
-€36,919
Financing
-€214,600
Cash 2024
€74,066
From operations (derived)
+€243,065
Net result for the year
+€122,830
Depreciation
+€150,686
Receivables within one year
+€6,986
Deferred charges and accrued income
+€13,958
Provisions
-€142
Trade debts
+€24,290
Tax, wage and social debts
+€24,211
Other debts
-€83,052
Accrued charges and deferred income
-€16,702
Investment (derived)
-€36,919
Investment in fixed assets (net)
-€36,919
Financing
-€214,600
Debts after one year
-€239,478
Current portion of long-term debt
+€24,878
Cash 2025
€65,612
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,250,909 | €4,107,744 | -€143,164 | -3.4% |
| Fixed assets | 21/28 | €4,130,117 | €4,016,349 | -€113,767 | -2.8% |
| Tangible fixed assets | 22/27 | €4,130,117 | €4,016,349 | -€113,767 | -2.8% |
| Land and buildings | 22 | €4,130,117 | €4,016,349 | -€113,767 | -2.8% |
| Current assets | 29/58 | €120,792 | €91,395 | -€29,397 | -24.3% |
| Amounts receivable within one year | 40/41 | €16,908 | €9,922 | -€6,986 | -41.3% |
| Other amounts receivable | 41 | €16,908 | €9,922 | -€6,986 | -41.3% |
| Cash at bank and in hand | 54/58 | €74,066 | €65,612 | -€8,453 | -11.4% |
| Deferred charges and accrued income | 490/1 | €29,818 | €15,861 | -€13,958 | -46.8% |
| Total equity and liabilities | 10/49 | €4,250,909 | €4,107,744 | -€143,164 | -3.4% |
| Equity | 10/15 | €1,227,397 | €1,350,227 | +€122,830 | +10.0% |
| Contributions | 10/11 | €115,016 | €115,016 | = | 0.0% |
| Capital | 10 | €89,214 | €89,214 | = | 0.0% |
| Issued capital | 100 | €89,214 | €89,214 | = | 0.0% |
| Contributions outside capital | 11 | €25,803 | €25,803 | = | 0.0% |
| Share premium | 1100/10 | €25,803 | €25,803 | = | 0.0% |
| Reserves | 13 | €1,112,380 | €1,235,210 | +€122,830 | +11.0% |
| Non-distributable reserves | 130/1 | €11,177 | €11,177 | = | 0.0% |
| Legal reserve | 130 | €8,921 | €8,921 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,256 | €2,256 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,366 | €8,940 | -€425 | -4.5% |
| Distributable reserves | 133 | €1,091,837 | €1,215,093 | +€123,255 | +11.3% |
| Provisions and deferred taxes | 16 | €2,252 | €2,110 | -€142 | -6.3% |
| Deferred taxes | 168 | €2,252 | €2,110 | -€142 | -6.3% |
| Amounts payable | 17/49 | €3,021,260 | €2,755,408 | -€265,852 | -8.8% |
| Amounts payable after more than one year | 17 | €1,804,817 | €1,565,339 | -€239,478 | -13.3% |
| Financial debts | 170/4 | €1,803,417 | €1,563,939 | -€239,478 | -13.3% |
| Other amounts payable | 178/9 | €1,400 | €1,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,131,315 | €1,121,643 | -€9,673 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €228,553 | €253,431 | +€24,878 | +10.9% |
| Trade debts | 44 | €5,308 | €29,598 | +€24,290 | +457.6% |
| Suppliers | 440/4 | €5,308 | €29,598 | +€24,290 | +457.6% |
| Taxes, remuneration and social security | 45 | €14,340 | €38,551 | +€24,211 | +168.8% |
| Taxes | 450/3 | €14,340 | €38,551 | +€24,211 | +168.8% |
| Other amounts payable | 47/48 | €883,115 | €800,062 | -€83,052 | -9.4% |
| Accrued charges and deferred income | 492/3 | €85,128 | €68,427 | -€16,702 | -19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,662 | €150,686 | +€4,024 | +2.7% |
| Other operating charges | 640/8 | €42,019 | €41,074 | -€945 | -2.2% |
| Non-recurring operating charges | 66A | €124,080 | - | -€124,080 | |
| Gross operating margin | 9900 | €514,538 | €501,157 | -€13,381 | -2.6% |
| Operating profit (loss) | 9901 | €201,777 | €309,396 | +€107,619 | +53.3% |
| Financial income | 75/76B | €855 | €560 | -€295 | -34.5% |
| Recurring financial income | 75 | €855 | €560 | -€295 | -34.5% |
| Financial charges | 65/66B | €118,253 | €151,722 | +€33,469 | +28.3% |
| Recurring financial charges | 65 | €118,253 | €151,722 | +€33,469 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €84,379 | €158,234 | +€73,855 | +87.5% |
| Transfer from deferred taxes | 780 | €142 | €142 | = | 0.0% |
| Income taxes | 67/77 | €19,340 | €35,546 | +€16,207 | +83.8% |
| Profit (loss) for the period | 9904 | €65,181 | €122,830 | +€57,649 | +88.4% |
| Transfer from tax-exempt reserves | 789 | €425 | €425 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,607 | €123,255 | +€57,649 | +87.9% |
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 9 October 2026 via checked.be.