SEBI-CO: 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.
SEBI-CO
Largest movements
- Receivables within one year -€57,952
down €57,952 (-41.5%), from €139,793 to €81,841
of which Trade receivables: -€69,488
- Tangible fixed assets -€14,048
down €14,048 (-53.4%), from €26,311 to €12,263
of which Plant, machinery and equipment: -€10,890
- Cash -€12,243
down €12,243 (-90.1%), from €13,595 to €1,352
- Trade debts -€62,983
down €62,983 (-59.7%), from €105,575 to €42,592
- Debts after one year -€6,733
down €6,733 (-100%), from €6,733 to €0
- Tax, wage and social debts -€5,444
down €5,444 (-19.8%), from €27,462 to €22,018
of which Remuneration and social security: -€15,952
- Other debts -€3,810
no longer reported in 2025 (was €3,810)
- Profit (loss) carried forward -€3,549
down €3,549 (-13.9%), from €25,505 to €21,956
- Gross operating margin -€76,987
down €76,987 (-73.2%), from €105,139 to €28,151
- Staff costs -€16,466
down €16,466 (-27.3%), from €60,254 to €43,788
- Taxes +€5,994
up €5,994 (+380%), from €1,579 to €7,573
- Depreciation -€3,336
down €3,336 (-24.7%), from €13,490 to €10,154
- Financial charges -€3,023
down €3,023 (-86.4%), from €3,498 to €475
From the 2022 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.
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €179,860 | €95,617 | -€84,243 | -46.8% |
| Fixed assets | 21/28 | €26,407 | €12,359 | -€14,048 | -53.2% |
| Tangible fixed assets | 22/27 | €26,311 | €12,263 | -€14,048 | -53.4% |
| Plant, machinery and equipment | 23 | €16,044 | €5,154 | -€10,890 | -67.9% |
| Furniture and vehicles | 24 | €10,267 | €7,109 | -€3,158 | -30.8% |
| Financial fixed assets | 28 | €96 | €96 | = | 0.0% |
| Current assets | 29/58 | €153,453 | €83,258 | -€70,195 | -45.7% |
| Amounts receivable within one year | 40/41 | €139,793 | €81,841 | -€57,952 | -41.5% |
| Trade receivables | 40 | €130,308 | €60,821 | -€69,488 | -53.3% |
| Other amounts receivable | 41 | €9,485 | €21,021 | +€11,536 | +122% |
| Cash at bank and in hand | 54/58 | €13,595 | €1,352 | -€12,243 | -90.1% |
| Deferred charges and accrued income | 490/1 | €65 | €65 | = | 0.0% |
| Total equity and liabilities | 10/49 | €179,860 | €95,617 | -€84,243 | -46.8% |
| Equity | 10/15 | €33,560 | €30,011 | -€3,549 | -10.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,550 | - | -€18,550 | |
| Uncalled capital | 101 | €12,350 | - | -€12,350 | |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,505 | €21,956 | -€3,549 | -13.9% |
| Amounts payable | 17/49 | €146,300 | €65,606 | -€80,694 | -55.2% |
| Amounts payable after more than one year | 17 | €6,733 | €0 | -€6,733 | -100% |
| Financial debts | 170/4 | €6,733 | €0 | -€6,733 | -100% |
| Amounts payable within one year | 42/48 | €139,568 | €65,606 | -€73,961 | -53.0% |
| Current portion of amounts payable after more than one year | 42 | €2,721 | €996 | -€1,724 | -63.4% |
| Trade debts | 44 | €105,575 | €42,592 | -€62,983 | -59.7% |
| Suppliers | 440/4 | €105,575 | €42,592 | -€62,983 | -59.7% |
| Taxes, remuneration and social security | 45 | €27,462 | €22,018 | -€5,444 | -19.8% |
| Taxes | 450/3 | €7,650 | €18,158 | +€10,508 | +137% |
| Remuneration and social security | 454/9 | €19,812 | €3,860 | -€15,952 | -80.5% |
| Other amounts payable | 47/48 | €3,810 | - | -€3,810 | |
| Remuneration, social security and pensions | 62 | €60,254 | €43,788 | -€16,466 | -27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,490 | €10,154 | -€3,336 | -24.7% |
| Other operating charges | 640/8 | €323 | €267 | -€56 | -17.2% |
| Gross operating margin | 9900 | €105,139 | €28,151 | -€76,987 | -73.2% |
| Operating profit (loss) | 9901 | €31,071 | -€26,058 | -€57,129 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,498 | €475 | -€3,023 | -86.4% |
| Recurring financial charges | 65 | €3,498 | €475 | -€3,023 | -86.4% |
| Profit (loss) for the period before taxes | 9903 | €27,573 | -€26,533 | -€54,106 | |
| Income taxes | 67/77 | €1,579 | €7,573 | +€5,994 | +380% |
| Profit (loss) for the period | 9904 | €25,994 | -€34,106 | -€60,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,994 | -€34,106 | -€60,100 |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.