SEES: 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.
SEES
Largest movements
- Cash +€74,875
up €74,875 (+211.7%), from €35,375 to €110,250
mainly Net result for the year (+€89,439) and Debts after one year (+€45,356)
- Tangible fixed assets +€48,854
up €48,854 (+11.8%), from €415,188 to €464,042
of which Furniture and vehicles: +€60,746
- Reserves +€76,808
up €76,808 (+20.9%), from €368,319 to €445,127
- Other debts -€50,479
down €50,479 (-77.9%), from €64,780 to €14,301
- Debts after one year +€45,356
new in 2025: €45,356
- Accrued charges and deferred income +€28,163
up €28,163 (+2716.0%), from €1,037 to €29,200
- Current portion of long-term debt +€10,420
new in 2025: €10,420
- Gross operating margin +€93,961
up €93,961 (+156.7%), from €59,975 to €153,936
- Taxes +€26,347
up €26,347 (+246.2%), from €10,700 to €37,047
- Depreciation +€3,344
up €3,344 (+17.6%), from €18,970 to €22,314
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 | €490,972 | €617,792 | +€126,820 | +25.8% |
| Fixed assets | 21/28 | €415,688 | €464,042 | +€48,354 | +11.6% |
| Tangible fixed assets | 22/27 | €415,188 | €464,042 | +€48,854 | +11.8% |
| Land and buildings | 22 | €402,289 | €390,115 | -€12,174 | -3.0% |
| Plant, machinery and equipment | 23 | €7,242 | €7,524 | +€282 | +3.9% |
| Furniture and vehicles | 24 | €5,657 | €66,403 | +€60,746 | +1073.8% |
| Financial fixed assets | 28 | €500 | - | -€500 | |
| Current assets | 29/58 | €75,284 | €153,749 | +€78,466 | +104.2% |
| Amounts receivable within one year | 40/41 | €36,429 | €34,848 | -€1,581 | -4.3% |
| Trade receivables | 40 | €25,129 | €34,848 | +€9,719 | +38.7% |
| Other amounts receivable | 41 | €11,300 | - | -€11,300 | |
| Cash at bank and in hand | 54/58 | €35,375 | €110,250 | +€74,875 | +211.7% |
| Deferred charges and accrued income | 490/1 | €3,480 | €8,652 | +€5,172 | +148.6% |
| Total equity and liabilities | 10/49 | €490,972 | €617,792 | +€126,820 | +25.8% |
| Equity | 10/15 | €394,212 | €471,020 | +€76,808 | +19.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €368,319 | €445,127 | +€76,808 | +20.9% |
| Distributable reserves | 133 | €368,319 | €445,127 | +€76,808 | +20.9% |
| Profit (loss) carried forward | 14 | €19,693 | €19,693 | = | 0.0% |
| Amounts payable | 17/49 | €96,760 | €146,772 | +€50,012 | +51.7% |
| Amounts payable after more than one year | 17 | - | €45,356 | +€45,356 | |
| Financial debts | 170/4 | - | €45,356 | +€45,356 | |
| Amounts payable within one year | 42/48 | €95,723 | €72,216 | -€23,507 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | - | €10,420 | +€10,420 | |
| Financial debts | 43 | €7,333 | €8,333 | +€1,000 | +13.6% |
| Credit institutions | 430/8 | €7,333 | €8,333 | +€1,000 | +13.6% |
| Trade debts | 44 | €5,627 | €11,371 | +€5,744 | +102.1% |
| Suppliers | 440/4 | €5,627 | €11,371 | +€5,744 | +102.1% |
| Taxes, remuneration and social security | 45 | €17,983 | €27,791 | +€9,809 | +54.5% |
| Taxes | 450/3 | €17,983 | €27,791 | +€9,809 | +54.5% |
| Other amounts payable | 47/48 | €64,780 | €14,301 | -€50,479 | -77.9% |
| Accrued charges and deferred income | 492/3 | €1,037 | €29,200 | +€28,163 | +2716.0% |
| Non-recurring operating income | 76A | - | €50 | +€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,970 | €22,314 | +€3,344 | +17.6% |
| Other operating charges | 640/8 | €3,608 | €3,414 | -€194 | -5.4% |
| Gross operating margin | 9900 | €59,975 | €153,936 | +€93,961 | +156.7% |
| Operating profit (loss) | 9901 | €37,397 | €128,208 | +€90,811 | +242.8% |
| Financial income | 75/76B | €782 | - | -€782 | |
| Recurring financial income | 75 | €782 | - | -€782 | |
| Financial charges | 65/66B | €1,207 | €1,721 | +€515 | +42.6% |
| Recurring financial charges | 65 | €1,207 | €1,721 | +€515 | +42.6% |
| Profit (loss) for the period before taxes | 9903 | €36,973 | €126,487 | +€89,514 | +242.1% |
| Income taxes | 67/77 | €10,700 | €37,047 | +€26,347 | +246.2% |
| Profit (loss) for the period | 9904 | €26,273 | €89,439 | +€63,166 | +240.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,273 | €89,439 | +€63,166 | +240.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.