Sebtor: 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.
Sebtor
Largest movements
- Receivables within one year +€33,275
up €33,275 (+131%), from €25,465 to €58,740
of which Trade receivables: +€33,275
- Cash -€11,245
down €11,245 (-77.9%), from €14,438 to €3,193
mainly Contributions, distributions and other (-€146,455) and Receivables within one year (-€33,275)
- Current investments +€10,000
new in 2025: €10,000
- Other debts +€78,859
up €78,859 (+846%), from €9,321 to €88,180
- Reserves -€59,339
down €59,339 (-25.1%), from €236,741 to €177,402
- Debts after one year -€27,542
down €27,542 (-13.6%), from €202,698 to €175,156
- Profit (loss) carried forward +€23,151
no longer reported in 2025 (was -€23,151)
- Tax, wage and social debts +€20,160
up €20,160 (+415%), from €4,858 to €25,019
- Gross operating margin +€100,408
up €100,408 (+204%), from €49,330 to €149,738
- Financial charges -€55,934
down €55,934 (-97.6%), from €57,327 to €1,393
of which Non-recurring financial charges: -€56,000
- Taxes +€25,301
up €25,301 (+346%), from €7,310 to €32,611
- Other operating charges -€2,378
down €2,378 (-71.1%), from €3,345 to €966
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 | €676,195 | €706,206 | +€30,011 | +4.4% |
| Fixed assets | 21/28 | €636,273 | €631,773 | -€4,500 | -0.7% |
| Tangible fixed assets | 22/27 | €85,000 | €80,500 | -€4,500 | -5.3% |
| Land and buildings | 22 | €85,000 | €80,500 | -€4,500 | -5.3% |
| Financial fixed assets | 28 | €551,273 | €551,273 | = | 0.0% |
| Current assets | 29/58 | €39,922 | €74,433 | +€34,511 | +86.4% |
| Amounts receivable within one year | 40/41 | €25,465 | €58,740 | +€33,275 | +131% |
| Trade receivables | 40 | €24,275 | €57,550 | +€33,275 | +137% |
| Other amounts receivable | 41 | €1,190 | €1,190 | = | 0.0% |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €14,438 | €3,193 | -€11,245 | -77.9% |
| Deferred charges and accrued income | 490/1 | €19 | €2,500 | +€2,481 | +13,086% |
| Total equity and liabilities | 10/49 | €676,195 | €706,206 | +€30,011 | +4.4% |
| Equity | 10/15 | €433,590 | €397,402 | -€36,188 | -8.3% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €236,741 | €177,402 | -€59,339 | -25.1% |
| Distributable reserves | 133 | €236,741 | €177,402 | -€59,339 | -25.1% |
| Profit (loss) carried forward | 14 | -€23,151 | - | +€23,151 | |
| Amounts payable | 17/49 | €242,605 | €308,804 | +€66,199 | +27.3% |
| Amounts payable after more than one year | 17 | €202,698 | €175,156 | -€27,542 | -13.6% |
| Financial debts | 170/4 | €202,698 | €175,156 | -€27,542 | -13.6% |
| Amounts payable within one year | 42/48 | €39,908 | €133,264 | +€93,356 | +234% |
| Current portion of amounts payable after more than one year | 42 | €21,507 | €18,251 | -€3,256 | -15.1% |
| Trade debts | 44 | €4,221 | €1,814 | -€2,408 | -57.0% |
| Suppliers | 440/4 | €4,221 | €1,814 | -€2,408 | -57.0% |
| Taxes, remuneration and social security | 45 | €4,858 | €25,019 | +€20,160 | +415% |
| Taxes | 450/3 | €4,858 | €25,019 | +€20,160 | +415% |
| Other amounts payable | 47/48 | €9,321 | €88,180 | +€78,859 | +846% |
| Accrued charges and deferred income | 492/3 | - | €385 | +€385 | |
| Non-recurring operating income | 76A | €17,434 | €2,486 | -€14,948 | -85.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,500 | €4,500 | = | 0.0% |
| Other operating charges | 640/8 | €3,345 | €966 | -€2,378 | -71.1% |
| Gross operating margin | 9900 | €49,330 | €149,738 | +€100,408 | +204% |
| Operating profit (loss) | 9901 | €41,486 | €144,272 | +€102,786 | +248% |
| Financial charges | 65/66B | €57,327 | €1,393 | -€55,934 | -97.6% |
| Recurring financial charges | 65 | €1,327 | €1,393 | +€66 | +5.0% |
| Non-recurring financial charges | 66B | €56,000 | - | -€56,000 | |
| Profit (loss) for the period before taxes | 9903 | -€15,841 | €142,879 | +€158,720 | |
| Income taxes | 67/77 | €7,310 | €32,611 | +€25,301 | +346% |
| Profit (loss) for the period | 9904 | -€23,151 | €110,267 | +€133,419 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,151 | €110,267 | +€133,419 |
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 28 October 2026 via checked.be.