SEELA: 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.
SEELA
Largest movements
- Cash +€16,296
up €16,296 (+57.0%), from €28,597 to €44,893
mainly Net result for the year (+€15,297) and Depreciation (+€11,129)
- Tangible fixed assets -€6,258
down €6,258 (-11.2%), from €55,741 to €49,483
of which Furniture and vehicles: -€5,207
- Reserves +€15,297
up €15,297 (+25.1%), from €60,961 to €76,258
- Debts after one year -€8,911
down €8,911 (-33.6%), from €26,521 to €17,611
- Trade debts +€4,436
up €4,436 (+760.6%), from €583 to €5,020
- Gross operating margin +€2,746
up €2,746 (+6.6%), from €41,842 to €44,589
- Other operating charges -€2,124
down €2,124 (-53.5%), from €3,969 to €1,846
- Depreciation -€1,792
down €1,792 (-13.9%), from €12,921 to €11,129
- Financial charges -€884
down €884 (-12.7%), from €6,973 to €6,090
- Taxes +€685
up €685 (+10.5%), from €6,545 to €7,230
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 | €118,746 | €130,063 | +€11,317 | +9.5% |
| Fixed assets | 21/28 | €56,341 | €50,083 | -€6,258 | -11.1% |
| Tangible fixed assets | 22/27 | €55,741 | €49,483 | -€6,258 | -11.2% |
| Plant, machinery and equipment | 23 | €266 | €185 | -€81 | -30.5% |
| Furniture and vehicles | 24 | €47,425 | €42,219 | -€5,207 | -11.0% |
| Other tangible fixed assets | 26 | €8,050 | €7,080 | -€970 | -12.1% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €62,405 | €79,980 | +€17,575 | +28.2% |
| Amounts receivable within one year | 40/41 | €20,770 | €21,640 | +€870 | +4.2% |
| Trade receivables | 40 | €13,461 | €10,246 | -€3,215 | -23.9% |
| Other amounts receivable | 41 | €7,309 | €11,394 | +€4,085 | +55.9% |
| Cash at bank and in hand | 54/58 | €28,597 | €44,893 | +€16,296 | +57.0% |
| Deferred charges and accrued income | 490/1 | €13,038 | €13,447 | +€409 | +3.1% |
| Total equity and liabilities | 10/49 | €118,746 | €130,063 | +€11,317 | +9.5% |
| Equity | 10/15 | €79,561 | €94,858 | +€15,297 | +19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,961 | €76,258 | +€15,297 | +25.1% |
| Distributable reserves | 133 | €60,961 | €76,258 | +€15,297 | +25.1% |
| Amounts payable | 17/49 | €39,186 | €35,205 | -€3,981 | -10.2% |
| Amounts payable after more than one year | 17 | €26,521 | €17,611 | -€8,911 | -33.6% |
| Financial debts | 170/4 | €26,521 | €17,611 | -€8,911 | -33.6% |
| Amounts payable within one year | 42/48 | €12,299 | €17,225 | +€4,925 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €8,420 | €8,911 | +€491 | +5.8% |
| Trade debts | 44 | €583 | €5,020 | +€4,436 | +760.6% |
| Suppliers | 440/4 | €583 | €5,020 | +€4,436 | +760.6% |
| Taxes, remuneration and social security | 45 | €3,296 | €3,295 | -€2 | -0.1% |
| Remuneration and social security | 454/9 | €3,296 | €3,295 | -€2 | -0.1% |
| Accrued charges and deferred income | 492/3 | €365 | €370 | +€5 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,921 | €11,129 | -€1,792 | -13.9% |
| Other operating charges | 640/8 | €3,969 | €1,846 | -€2,124 | -53.5% |
| Non-recurring operating charges | 66A | - | €3,418 | +€3,418 | |
| Gross operating margin | 9900 | €41,842 | €44,589 | +€2,746 | +6.6% |
| Operating profit (loss) | 9901 | €24,952 | €28,195 | +€3,243 | +13.0% |
| Financial income | 75/76B | €228 | €422 | +€194 | +85.2% |
| Recurring financial income | 75 | €228 | €422 | +€194 | +85.2% |
| Financial charges | 65/66B | €6,973 | €6,090 | -€884 | -12.7% |
| Recurring financial charges | 65 | €6,973 | €6,090 | -€884 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €18,207 | €22,528 | +€4,321 | +23.7% |
| Income taxes | 67/77 | €6,545 | €7,230 | +€685 | +10.5% |
| Profit (loss) for the period | 9904 | €11,662 | €15,297 | +€3,636 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,662 | €15,297 | +€3,636 | +31.2% |
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 4 October 2026 via checked.be.