SEH GROUP: 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.
SEH GROUP
Largest movements
- Cash -€8,888
down €8,888 (-79.6%), from €11,164 to €2,276
mainly Net result for the year (-€7,114) and Deferred charges and accrued income (-€2,823)
- Deferred charges and accrued income +€2,823
new in 2025: €2,823
- Tangible fixed assets -€1,810
down €1,810 (-66.8%), from €2,709 to €899
- Profit (loss) carried forward -€7,114
down €7,114, from €5,749 to -€1,365
- Other debts -€859
no longer reported in 2025 (was €859)
- Gross operating margin -€9,690
down €9,690, from €5,529 to -€4,161
- Depreciation -€2,442
down €2,442 (-57.4%), from €4,252 to €1,810
- Financial charges +€159
up €159 (+86.4%), from €184 to €343
- Other operating charges +€135
up €135 (+16.6%), from €813 to €948
- Financial income +€114
up €114 (+333.0%), from €34 to €148
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 | €18,377 | €10,330 | -€8,047 | -43.8% |
| Fixed assets | 21/28 | €2,959 | €1,149 | -€1,810 | -61.2% |
| Tangible fixed assets | 22/27 | €2,709 | €899 | -€1,810 | -66.8% |
| Furniture and vehicles | 24 | €2,709 | €899 | -€1,810 | -66.8% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €15,419 | €9,182 | -€6,237 | -40.4% |
| Amounts receivable within one year | 40/41 | €4,255 | €4,083 | -€172 | -4.0% |
| Trade receivables | 40 | €751 | €745 | -€6 | -0.8% |
| Other amounts receivable | 41 | €3,504 | €3,338 | -€166 | -4.7% |
| Cash at bank and in hand | 54/58 | €11,164 | €2,276 | -€8,888 | -79.6% |
| Deferred charges and accrued income | 490/1 | - | €2,823 | +€2,823 | |
| Total equity and liabilities | 10/49 | €18,377 | €10,330 | -€8,047 | -43.8% |
| Equity | 10/15 | €5,799 | -€1,315 | -€7,114 | |
| Contributions | 10/11 | €50 | €50 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,749 | -€1,365 | -€7,114 | |
| Amounts payable | 17/49 | €12,578 | €11,645 | -€933 | -7.4% |
| Amounts payable within one year | 42/48 | €12,578 | €11,645 | -€933 | -7.4% |
| Trade debts | 44 | €11,656 | €11,645 | -€11 | -0.1% |
| Suppliers | 440/4 | €11,656 | €11,645 | -€11 | -0.1% |
| Taxes, remuneration and social security | 45 | €63 | - | -€63 | |
| Taxes | 450/3 | €63 | - | -€63 | |
| Other amounts payable | 47/48 | €859 | - | -€859 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,252 | €1,810 | -€2,442 | -57.4% |
| Other operating charges | 640/8 | €813 | €948 | +€135 | +16.6% |
| Gross operating margin | 9900 | €5,529 | -€4,161 | -€9,690 | |
| Operating profit (loss) | 9901 | €464 | -€6,919 | -€7,383 | |
| Financial income | 75/76B | €34 | €148 | +€114 | +333.0% |
| Recurring financial income | 75 | €34 | €148 | +€114 | +333.0% |
| Financial charges | 65/66B | €184 | €343 | +€159 | +86.4% |
| Recurring financial charges | 65 | €184 | €343 | +€159 | +86.4% |
| Profit (loss) for the period before taxes | 9903 | €314 | -€7,114 | -€7,428 | |
| Income taxes | 67/77 | €63 | - | -€63 | |
| Profit (loss) for the period | 9904 | €252 | -€7,114 | -€7,366 | |
| Profit (loss) for the period to be appropriated | 9905 | €252 | -€7,114 | -€7,366 |
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 9 October 2026 via checked.be.