SEBER: 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.
SEBER
Largest movements
- Current investments -€316,112
down €316,112 (-41.3%), from €765,184 to €449,073
- Tangible fixed assets +€175,732
up €175,732 (+21.8%), from €806,966 to €982,697
of which Land and buildings: +€175,732
- Financial fixed assets +€139,809
up €139,809 (+9.2%), from €1.5m to €1.7m
- Receivables within one year -€96,775
down €96,775 (-100.0%), from €96,775 to €0
- Cash +€37,978
up €37,978 (+229.3%), from €16,562 to €54,540
mainly Current investments (+€316,112) and Receivables within one year (+€96,775)
- Other debts -€76,943
down €76,943 (-31.7%), from €242,497 to €165,555
- Profit (loss) carried forward +€50,481
up €50,481 (+4.4%), from €1.1m to €1.2m
- Gross operating margin -€90,817
down €90,817, from €80,696 to -€10,121
- Financial income -€26,083
down €26,083 (-15.8%), from €164,782 to €138,698
of which Financial income: -€18,883
- Other operating charges -€20,612
down €20,612 (-69.7%), from €29,581 to €8,969
- Depreciation +€16,509
up €16,509 (+47.5%), from €34,768 to €51,277
- Taxes -€2,143
down €2,143 (-17.4%), from €12,307 to €10,164
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 | €3,284,435 | €3,224,857 | -€59,578 | -1.8% |
| Fixed assets | 21/28 | €2,334,826 | €2,650,366 | +€315,541 | +13.5% |
| Tangible fixed assets | 22/27 | €806,966 | €982,697 | +€175,732 | +21.8% |
| Land and buildings | 22 | €801,656 | €977,387 | +€175,732 | +21.9% |
| Furniture and vehicles | 24 | €5,310 | €5,310 | = | 0.0% |
| Financial fixed assets | 28 | €1,527,860 | €1,667,669 | +€139,809 | +9.2% |
| Current assets | 29/58 | €949,609 | €574,491 | -€375,119 | -39.5% |
| Amounts receivable after more than one year | 29 | €67,495 | €69,187 | +€1,692 | +2.5% |
| Other amounts receivable | 291 | €67,495 | €69,187 | +€1,692 | +2.5% |
| Amounts receivable within one year | 40/41 | €96,775 | €0 | -€96,775 | -100.0% |
| Other amounts receivable | 41 | €96,775 | €0 | -€96,775 | -100.0% |
| Current investments | 50/53 | €765,184 | €449,073 | -€316,112 | -41.3% |
| Cash at bank and in hand | 54/58 | €16,562 | €54,540 | +€37,978 | +229.3% |
| Deferred charges and accrued income | 490/1 | €3,593 | €1,691 | -€1,902 | -52.9% |
| Total equity and liabilities | 10/49 | €3,284,435 | €3,224,857 | -€59,578 | -1.8% |
| Equity | 10/15 | €2,960,940 | €3,006,974 | +€46,034 | +1.6% |
| Contributions | 10/11 | €1,550,000 | €1,550,000 | = | 0.0% |
| Reserves | 13 | €264,695 | €260,248 | -€4,447 | -1.7% |
| Non-distributable reserves | 130/1 | €34,709 | €34,709 | = | 0.0% |
| Other | 1319 | €34,709 | €34,709 | = | 0.0% |
| Tax-exempt reserves | 132 | €53,634 | €49,187 | -€4,447 | -8.3% |
| Distributable reserves | 133 | €176,352 | €176,352 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,146,245 | €1,196,726 | +€50,481 | +4.4% |
| Provisions and deferred taxes | 16 | €17,878 | €16,396 | -€1,482 | -8.3% |
| Deferred taxes | 168 | €17,878 | €16,396 | -€1,482 | -8.3% |
| Amounts payable | 17/49 | €305,617 | €201,487 | -€104,130 | -34.1% |
| Amounts payable after more than one year | 17 | €23,686 | €14,310 | -€9,376 | -39.6% |
| Financial debts | 170/4 | €23,686 | €14,310 | -€9,376 | -39.6% |
| Amounts payable within one year | 42/48 | €277,899 | €187,177 | -€90,722 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €9,247 | €9,376 | +€129 | +1.4% |
| Trade debts | 44 | €9,845 | €1,265 | -€8,580 | -87.2% |
| Suppliers | 440/4 | €9,845 | €1,265 | -€8,580 | -87.2% |
| Taxes, remuneration and social security | 45 | €16,310 | €10,982 | -€5,328 | -32.7% |
| Taxes | 450/3 | €16,310 | €10,982 | -€5,328 | -32.7% |
| Other amounts payable | 47/48 | €242,497 | €165,555 | -€76,943 | -31.7% |
| Accrued charges and deferred income | 492/3 | €4,032 | €0 | -€4,032 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,768 | €51,277 | +€16,509 | +47.5% |
| Other operating charges | 640/8 | €29,581 | €8,969 | -€20,612 | -69.7% |
| Gross operating margin | 9900 | €80,696 | -€10,121 | -€90,817 | |
| Operating profit (loss) | 9901 | €16,347 | -€70,366 | -€86,714 | |
| Financial income | 75/76B | €164,782 | €138,698 | -€26,083 | -15.8% |
| Recurring financial income | 75 | €157,582 | €138,698 | -€18,883 | -12.0% |
| Non-recurring financial income | 76B | €7,200 | €0 | -€7,200 | -100.0% |
| Financial charges | 65/66B | €11,759 | €13,617 | +€1,857 | +15.8% |
| Recurring financial charges | 65 | €11,759 | €13,161 | +€1,401 | +11.9% |
| Non-recurring financial charges | 66B | - | €456 | +€456 | |
| Profit (loss) for the period before taxes | 9903 | €169,370 | €54,715 | -€114,655 | -67.7% |
| Transfer from deferred taxes | 780 | €117 | €1,482 | +€1,365 | +1164.6% |
| Transfer to deferred taxes | 680 | €17,995 | €0 | -€17,995 | -100.0% |
| Income taxes | 67/77 | €12,307 | €10,164 | -€2,143 | -17.4% |
| Profit (loss) for the period | 9904 | €139,185 | €46,034 | -€93,151 | -66.9% |
| Transfer from tax-exempt reserves | 789 | €352 | €4,447 | +€4,095 | +1164.6% |
| Transfer to tax-exempt reserves | 689 | €53,986 | €0 | -€53,986 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €85,550 | €50,481 | -€35,069 | -41.0% |
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 30 September 2026 via checked.be.