SEBTO: 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.
SEBTO
Largest movements
- Tangible fixed assets -€27,277
down €27,277 (-6.7%), from €404,501 to €377,224
of which Land and buildings: -€29,447
- Receivables within one year -€19,958
down €19,958 (-16.3%), from €122,238 to €102,280
of which Trade receivables: -€13,188
- Debts after one year -€48,363
down €48,363 (-18.9%), from €256,516 to €208,152
- Reserves -€18,205
down €18,205 (-9.1%), from €199,244 to €181,039
- Other debts +€12,308
up €12,308 (+63.0%), from €19,529 to €31,837
- Gross operating margin +€43,907
up €43,907 (+159%), from €27,548 to €71,455
- Depreciation -€18,242
down €18,242 (-37.4%), from €48,819 to €30,577
- Other operating charges +€2,437
up €2,437 (+37.6%), from €6,484 to €8,921
- Taxes +€1,651
up €1,651 (+1,191%), from €139 to €1,789
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.
Derived cash bridge
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 | €539,743 | €490,685 | -€49,058 | -9.1% |
| Fixed assets | 21/28 | €404,501 | €377,224 | -€27,277 | -6.7% |
| Tangible fixed assets | 22/27 | €404,501 | €377,224 | -€27,277 | -6.7% |
| Land and buildings | 22 | €403,717 | €374,270 | -€29,447 | -7.3% |
| Plant, machinery and equipment | 23 | €363 | €140 | -€223 | -61.3% |
| Furniture and vehicles | 24 | €421 | €2,814 | +€2,393 | +568% |
| Current assets | 29/58 | €135,242 | €113,461 | -€21,781 | -16.1% |
| Amounts receivable within one year | 40/41 | €122,238 | €102,280 | -€19,958 | -16.3% |
| Trade receivables | 40 | €73,816 | €60,628 | -€13,188 | -17.9% |
| Other amounts receivable | 41 | €48,422 | €41,652 | -€6,770 | -14.0% |
| Cash at bank and in hand | 54/58 | €7,165 | €4,719 | -€2,446 | -34.1% |
| Deferred charges and accrued income | 490/1 | €5,839 | €6,462 | +€623 | +10.7% |
| Total equity and liabilities | 10/49 | €539,743 | €490,685 | -€49,058 | -9.1% |
| Equity | 10/15 | €206,289 | €193,439 | -€12,851 | -6.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €199,244 | €181,039 | -€18,205 | -9.1% |
| Distributable reserves | 133 | €199,244 | €181,039 | -€18,205 | -9.1% |
| Profit (loss) carried forward | 14 | -€5,354 | €0 | +€5,354 | |
| Amounts payable | 17/49 | €333,453 | €297,246 | -€36,207 | -10.9% |
| Amounts payable after more than one year | 17 | €256,516 | €208,152 | -€48,363 | -18.9% |
| Financial debts | 170/4 | €256,516 | €208,152 | -€48,363 | -18.9% |
| Amounts payable within one year | 42/48 | €76,938 | €89,094 | +€12,156 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €48,172 | €50,907 | +€2,735 | +5.7% |
| Trade debts | 44 | €9,236 | €4,831 | -€4,405 | -47.7% |
| Suppliers | 440/4 | €9,236 | €4,831 | -€4,405 | -47.7% |
| Taxes, remuneration and social security | 45 | €0 | €1,519 | +€1,519 | |
| Taxes | 450/3 | €0 | €1,519 | +€1,519 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €19,529 | €31,837 | +€12,308 | +63.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,819 | €30,577 | -€18,242 | -37.4% |
| Other operating charges | 640/8 | €6,484 | €8,921 | +€2,437 | +37.6% |
| Gross operating margin | 9900 | €27,548 | €71,455 | +€43,907 | +159% |
| Operating profit (loss) | 9901 | -€27,755 | €31,957 | +€59,713 | |
| Financial income | 75/76B | €616 | €2 | -€614 | -99.7% |
| Recurring financial income | 75 | €616 | €2 | -€614 | -99.7% |
| Financial charges | 65/66B | €13,100 | €13,021 | -€79 | -0.6% |
| Recurring financial charges | 65 | €13,100 | €13,021 | -€79 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | -€40,239 | €18,939 | +€59,178 | |
| Income taxes | 67/77 | €139 | €1,789 | +€1,651 | +1,191% |
| Profit (loss) for the period | 9904 | -€40,378 | €17,149 | +€57,527 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,378 | €17,149 | +€57,527 |
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 19 October 2026 via checked.be.