SEG Build: 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.
SEG Build
Largest movements
- Receivables within one year +€39,438
up €39,438 (+120%), from €32,794 to €72,233
of which Other amounts receivable: +€28,888
- Tangible fixed assets -€10,833
down €10,833 (-15.6%), from €69,410 to €58,577
of which Leasing and similar rights: -€7,076
- Cash -€6,678
down €6,678 (-73.4%), from €9,095 to €2,417
mainly Receivables within one year (-€39,438) and Trade debts (-€10,153)
- Debts after one year +€24,577
up €24,577 (+122%), from €20,079 to €44,656
- Trade debts -€10,153
no longer reported in 2025 (was €10,153)
- Profit (loss) carried forward +€8,368
up €8,368 (+13.3%), from €62,705 to €71,073
- Purchases and services -€6,109
down €6,109 (-1.7%), from €352,017 to €345,908
- Depreciation +€3,868
up €3,868 (+24.6%), from €15,749 to €19,617
- Taxes -€3,296
down €3,296 (-39.6%), from €8,315 to €5,020
- Gross operating margin -€2,369
down €2,369 (-5.1%), from €46,390 to €44,021
- Financial income +€783
up €783 (+109%), from €716 to €1,500
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 | €113,678 | €135,418 | +€21,740 | +19.1% |
| Fixed assets | 21/28 | €69,410 | €58,577 | -€10,833 | -15.6% |
| Tangible fixed assets | 22/27 | €69,410 | €58,577 | -€10,833 | -15.6% |
| Plant, machinery and equipment | 23 | €22,405 | €23,629 | +€1,224 | +5.5% |
| Furniture and vehicles | 24 | €17,345 | €12,364 | -€4,981 | -28.7% |
| Leasing and similar rights | 25 | €29,659 | €22,584 | -€7,076 | -23.9% |
| Current assets | 29/58 | €44,269 | €76,842 | +€32,573 | +73.6% |
| Amounts receivable within one year | 40/41 | €32,794 | €72,233 | +€39,438 | +120% |
| Trade receivables | 40 | €15,713 | €26,263 | +€10,550 | +67.1% |
| Other amounts receivable | 41 | €17,081 | €45,970 | +€28,888 | +169% |
| Cash at bank and in hand | 54/58 | €9,095 | €2,417 | -€6,678 | -73.4% |
| Deferred charges and accrued income | 490/1 | €2,380 | €2,192 | -€188 | -7.9% |
| Total equity and liabilities | 10/49 | €113,678 | €135,418 | +€21,740 | +19.1% |
| Equity | 10/15 | €65,705 | €74,073 | +€8,368 | +12.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Contributions outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Other | 1109/19 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,705 | €71,073 | +€8,368 | +13.3% |
| Amounts payable | 17/49 | €47,973 | €61,345 | +€13,372 | +27.9% |
| Amounts payable after more than one year | 17 | €20,079 | €44,656 | +€24,577 | +122% |
| Financial debts | 170/4 | €20,079 | €44,656 | +€24,577 | +122% |
| Amounts payable within one year | 42/48 | €27,894 | €16,689 | -€11,205 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | €5,093 | €4,984 | -€109 | -2.1% |
| Trade debts | 44 | €10,153 | - | -€10,153 | |
| Suppliers | 440/4 | €10,153 | - | -€10,153 | |
| Taxes, remuneration and social security | 45 | €12,648 | €11,705 | -€943 | -7.5% |
| Taxes | 450/3 | €12,648 | €11,705 | -€943 | -7.5% |
| Non-recurring operating income | 76A | €177 | - | -€177 | |
| Goods, raw materials, services and sundry goods | 60/61 | €352,017 | €345,908 | -€6,109 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,749 | €19,617 | +€3,868 | +24.6% |
| Other operating charges | 640/8 | €515 | €798 | +€283 | +54.8% |
| Gross operating margin | 9900 | €46,390 | €44,021 | -€2,369 | -5.1% |
| Operating profit (loss) | 9901 | €30,126 | €23,607 | -€6,519 | -21.6% |
| Financial income | 75/76B | €716 | €1,500 | +€783 | +109% |
| Recurring financial income | 75 | €716 | €1,500 | +€783 | +109% |
| Financial charges | 65/66B | €2,311 | €1,719 | -€592 | -25.6% |
| Recurring financial charges | 65 | €2,311 | €1,719 | -€592 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €28,532 | €23,388 | -€5,144 | -18.0% |
| Income taxes | 67/77 | €8,315 | €5,020 | -€3,296 | -39.6% |
| Profit (loss) for the period | 9904 | €20,216 | €18,368 | -€1,848 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,216 | €18,368 | -€1,848 | -9.1% |
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 21 October 2026 via checked.be.