SEHAN: 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.
SEHAN
Largest movements
- Receivables within one year -€31,380
down €31,380 (-63.1%), from €49,717 to €18,337
of which Trade receivables: -€31,642
- Stocks and contracts -€25,000
down €25,000 (-84.3%), from €29,642 to €4,642
- Tangible fixed assets +€18,786
up €18,786 (+49.8%), from €37,689 to €56,476
of which Plant, machinery and equipment: +€18,786
- Cash -€15,364
down €15,364 (-86.6%), from €17,732 to €2,368
mainly Accrued charges and deferred income (-€69,693) and Investment in fixed assets (net) (-€18,786)
- Accrued charges and deferred income -€69,693
down €69,693 (-94.5%), from €73,776 to €4,083
- Trade debts +€19,065
up €19,065 (+168.6%), from €11,307 to €30,372
- Profit (loss) carried forward -€1,634
down €1,634 (-4.1%), from €40,136 to €38,501
- Gross operating margin -€25,272
down €25,272 (-72.8%), from €34,701 to €9,428
- Depreciation -€10,651
no longer reported in 2025 (was €10,651)
- Taxes +€3,662
new in 2025: €3,662
- Staff costs -€2,800
down €2,800 (-65.7%), from €4,263 to €1,463
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 | €158,659 | €106,252 | -€52,407 | -33.0% |
| Fixed assets | 21/28 | €37,689 | €56,476 | +€18,786 | +49.8% |
| Tangible fixed assets | 22/27 | €37,689 | €56,476 | +€18,786 | +49.8% |
| Plant, machinery and equipment | 23 | €36,791 | €55,577 | +€18,786 | +51.1% |
| Furniture and vehicles | 24 | €899 | €899 | = | 0.0% |
| Current assets | 29/58 | €120,969 | €49,776 | -€71,193 | -58.9% |
| Stocks and contracts in progress | 3 | €29,642 | €4,642 | -€25,000 | -84.3% |
| Stocks | 30/36 | €29,642 | €4,642 | -€25,000 | -84.3% |
| Amounts receivable within one year | 40/41 | €49,717 | €18,337 | -€31,380 | -63.1% |
| Trade receivables | 40 | €49,717 | €18,075 | -€31,642 | -63.6% |
| Other amounts receivable | 41 | - | €262 | +€262 | |
| Cash at bank and in hand | 54/58 | €17,732 | €2,368 | -€15,364 | -86.6% |
| Deferred charges and accrued income | 490/1 | €23,878 | €24,429 | +€551 | +2.3% |
| Total equity and liabilities | 10/49 | €158,659 | €106,252 | -€52,407 | -33.0% |
| Equity | 10/15 | €72,272 | €70,638 | -€1,634 | -2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,537 | €13,537 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €11,677 | €11,677 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,136 | €38,501 | -€1,634 | -4.1% |
| Amounts payable | 17/49 | €86,387 | €35,614 | -€50,773 | -58.8% |
| Amounts payable within one year | 42/48 | €12,610 | €31,531 | +€18,920 | +150.0% |
| Trade debts | 44 | €11,307 | €30,372 | +€19,065 | +168.6% |
| Suppliers | 440/4 | €11,307 | €30,372 | +€19,065 | +168.6% |
| Taxes, remuneration and social security | 45 | €1,062 | €472 | -€590 | -55.5% |
| Taxes | 450/3 | €1,062 | €472 | -€590 | -55.5% |
| Other amounts payable | 47/48 | €241 | €686 | +€445 | +184.6% |
| Accrued charges and deferred income | 492/3 | €73,776 | €4,083 | -€69,693 | -94.5% |
| Non-recurring operating income | 76A | - | €481 | +€481 | |
| Remuneration, social security and pensions | 62 | €4,263 | €1,463 | -€2,800 | -65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,651 | - | -€10,651 | |
| Other operating charges | 640/8 | €518 | €717 | +€200 | +38.6% |
| Non-recurring operating charges | 66A | - | €5,000 | +€5,000 | |
| Gross operating margin | 9900 | €34,701 | €9,428 | -€25,272 | -72.8% |
| Operating profit (loss) | 9901 | €19,269 | €2,248 | -€17,021 | -88.3% |
| Financial income | 75/76B | - | €0 | = | |
| Recurring financial income | 75 | - | €0 | = | |
| Financial charges | 65/66B | €161 | €221 | +€60 | +37.0% |
| Recurring financial charges | 65 | €161 | €221 | +€60 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €19,107 | €2,027 | -€17,080 | -89.4% |
| Income taxes | 67/77 | - | €3,662 | +€3,662 | |
| Profit (loss) for the period | 9904 | €19,107 | -€1,634 | -€20,742 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,107 | -€1,634 | -€20,742 |
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 30 September 2026 via checked.be.