SEBR: 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.
SEBR
Largest movements
- Deferred charges and accrued income -€5,964
down €5,964 (-13.2%), from €45,201 to €39,237
- Tangible fixed assets +€5,169
up €5,169 (+995.5%), from €519 to €5,689
of which Furniture and vehicles: +€3,690
- Cash -€3,259
down €3,259 (-84.4%), from €3,859 to €600
mainly Net result for the year (-€8,991) and Trade debts (-€8,170)
- Stocks and contracts -€2,739
down €2,739 (-35.3%), from €7,766 to €5,027
- Short-term financial debts +€10,494
up €10,494 (+94.5%), from €11,108 to €21,603
- Profit (loss) carried forward -€8,991
new in 2025: -€8,991
- Trade debts -€8,170
down €8,170 (-22.6%), from €36,098 to €27,929
- Debts after one year -€4,544
down €4,544 (-62.0%), from €7,331 to €2,787
- Tax, wage and social debts +€1,984
up €1,984 (+350.9%), from €565 to €2,549
- Gross operating margin +€9,647
up €9,647 (+64.8%), from -€14,896 to -€5,249
- Financial charges -€3,777
down €3,777 (-59.0%), from €6,399 to €2,622
- Other operating charges -€489
no longer reported in 2025 (was €489)
- Taxes +€154
new in 2025: €154
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 | €65,355 | €57,977 | -€7,378 | -11.3% |
| Fixed assets | 21/28 | €519 | €5,689 | +€5,169 | +995.5% |
| Tangible fixed assets | 22/27 | €519 | €5,689 | +€5,169 | +995.5% |
| Plant, machinery and equipment | 23 | €519 | €1,999 | +€1,480 | +285.0% |
| Furniture and vehicles | 24 | - | €3,690 | +€3,690 | |
| Current assets | 29/58 | €64,836 | €52,288 | -€12,548 | -19.4% |
| Stocks and contracts in progress | 3 | €7,766 | €5,027 | -€2,739 | -35.3% |
| Stocks | 30/36 | €7,766 | €5,027 | -€2,739 | -35.3% |
| Amounts receivable within one year | 40/41 | €8,009 | €7,424 | -€586 | -7.3% |
| Trade receivables | 40 | €7,991 | €7,399 | -€592 | -7.4% |
| Other amounts receivable | 41 | €18 | €24 | +€6 | +34.2% |
| Cash at bank and in hand | 54/58 | €3,859 | €600 | -€3,259 | -84.4% |
| Deferred charges and accrued income | 490/1 | €45,201 | €39,237 | -€5,964 | -13.2% |
| Total equity and liabilities | 10/49 | €65,355 | €57,977 | -€7,378 | -11.3% |
| Equity | 10/15 | €3,176 | -€5,815 | -€8,991 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €1,176 | €1,176 | = | 0.0% |
| Distributable reserves | 133 | €1,176 | €1,176 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€8,991 | -€8,991 | |
| Amounts payable | 17/49 | €62,179 | €63,792 | +€1,613 | +2.6% |
| Amounts payable after more than one year | 17 | €7,331 | €2,787 | -€4,544 | -62.0% |
| Financial debts | 170/4 | €7,331 | €2,787 | -€4,544 | -62.0% |
| Amounts payable within one year | 42/48 | €54,839 | €61,005 | +€6,166 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €6,843 | €8,020 | +€1,177 | +17.2% |
| Financial debts | 43 | €11,108 | €21,603 | +€10,494 | +94.5% |
| Credit institutions | 430/8 | €11,108 | €21,603 | +€10,494 | +94.5% |
| Trade debts | 44 | €36,098 | €27,929 | -€8,170 | -22.6% |
| Suppliers | 440/4 | €36,098 | €27,929 | -€8,170 | -22.6% |
| Advances received on contracts in progress | 46 | - | €750 | +€750 | |
| Taxes, remuneration and social security | 45 | €565 | €2,549 | +€1,984 | +350.9% |
| Taxes | 450/3 | €565 | €2,549 | +€1,984 | +350.9% |
| Other amounts payable | 47/48 | €224 | €155 | -€69 | -31.0% |
| Accrued charges and deferred income | 492/3 | €9 | - | -€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,128 | €1,150 | +€22 | +1.9% |
| Other operating charges | 640/8 | €489 | - | -€489 | |
| Gross operating margin | 9900 | -€14,896 | -€5,249 | +€9,647 | +64.8% |
| Operating profit (loss) | 9901 | -€16,513 | -€6,398 | +€10,115 | +61.3% |
| Financial income | 75/76B | €95 | €183 | +€89 | +93.4% |
| Recurring financial income | 75 | €95 | €183 | +€89 | +93.4% |
| Financial charges | 65/66B | €6,399 | €2,622 | -€3,777 | -59.0% |
| Recurring financial charges | 65 | €6,399 | €2,622 | -€3,777 | -59.0% |
| Profit (loss) for the period before taxes | 9903 | -€22,818 | -€8,837 | +€13,980 | +61.3% |
| Income taxes | 67/77 | - | €154 | +€154 | |
| Profit (loss) for the period | 9904 | -€22,818 | -€8,991 | +€13,826 | +60.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,818 | -€8,991 | +€13,826 | +60.6% |
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 10 October 2026 via checked.be.