SEHrazat: 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.
SEHrazat
Largest movements
- Receivables within one year -€127,442
down €127,442 (-48.8%), from €260,971 to €133,529
of which Trade receivables: -€69,925
- Tangible fixed assets +€41,685
up €41,685 (+25.0%), from €166,549 to €208,234
of which Furniture and vehicles: +€59,658
- Cash +€6,014
up €6,014 (+11.8%), from €50,836 to €56,850
mainly Receivables within one year (+€127,442) and Trade debts (+€71,408)
- Profit (loss) carried forward -€183,115
down €183,115 (-91.2%), from €200,872 to €17,756
- Trade debts +€71,408
up €71,408 (+1,602%), from €4,457 to €75,865
- Current portion of long-term debt +€29,754
up €29,754 (+187%), from €15,889 to €45,643
- Tax, wage and social debts -€18,118
down €18,118 (-28.8%), from €62,960 to €44,842
of which Remuneration and social security: -€9,694
- Debts after one year +€11,661
up €11,661 (+7.1%), from €163,904 to €175,566
- Purchases and services -€401,040
no longer reported in 2025 (was €401,040)
- Gross operating margin -€124,691
down €124,691 (-95.9%), from €130,078 to €5,387
- Financial charges +€82,477
up €82,477 (+1,219%), from €6,766 to €89,243
of which Non-recurring financial charges: +€75,000
- Depreciation +€36,495
new in 2025: €36,495
- Staff costs -€28,269
down €28,269 (-51.5%), from €54,869 to €26,600
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 | €546,182 | €466,439 | -€79,743 | -14.6% |
| Fixed assets | 21/28 | €166,799 | €208,484 | +€41,685 | +25.0% |
| Tangible fixed assets | 22/27 | €166,549 | €208,234 | +€41,685 | +25.0% |
| Plant, machinery and equipment | 23 | €56,690 | €40,565 | -€16,125 | -28.4% |
| Furniture and vehicles | 24 | €96,923 | €156,581 | +€59,658 | +61.6% |
| Other tangible fixed assets | 26 | €12,937 | €11,089 | -€1,848 | -14.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €379,383 | €257,955 | -€121,428 | -32.0% |
| Stocks and contracts in progress | 3 | €67,576 | €67,576 | = | 0.0% |
| Stocks | 30/36 | €67,576 | €67,576 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €260,971 | €133,529 | -€127,442 | -48.8% |
| Trade receivables | 40 | €187,900 | €117,975 | -€69,925 | -37.2% |
| Other amounts receivable | 41 | €73,071 | €15,553 | -€57,518 | -78.7% |
| Cash at bank and in hand | 54/58 | €50,836 | €56,850 | +€6,014 | +11.8% |
| Total equity and liabilities | 10/49 | €546,182 | €466,439 | -€79,743 | -14.6% |
| Equity | 10/15 | €219,472 | €36,356 | -€183,115 | -83.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €200,872 | €17,756 | -€183,115 | -91.2% |
| Amounts payable | 17/49 | €326,711 | €430,082 | +€103,372 | +31.6% |
| Amounts payable after more than one year | 17 | €163,904 | €175,566 | +€11,661 | +7.1% |
| Financial debts | 170/4 | €163,904 | €175,566 | +€11,661 | +7.1% |
| Amounts payable within one year | 42/48 | €83,306 | €167,065 | +€83,759 | +101% |
| Current portion of amounts payable after more than one year | 42 | €15,889 | €45,643 | +€29,754 | +187% |
| Trade debts | 44 | €4,457 | €75,865 | +€71,408 | +1,602% |
| Suppliers | 440/4 | €4,457 | €75,865 | +€71,408 | +1,602% |
| Taxes, remuneration and social security | 45 | €62,960 | €44,842 | -€18,118 | -28.8% |
| Taxes | 450/3 | €53,267 | €44,842 | -€8,424 | -15.8% |
| Remuneration and social security | 454/9 | €9,694 | - | -€9,694 | |
| Other amounts payable | 47/48 | - | €716 | +€716 | |
| Accrued charges and deferred income | 492/3 | €79,500 | €87,451 | +€7,951 | +10.0% |
| Non-recurring operating income | 76A | €2,396 | €15,413 | +€13,017 | +543% |
| Goods, raw materials, services and sundry goods | 60/61 | €401,040 | - | -€401,040 | |
| Remuneration, social security and pensions | 62 | €54,869 | €26,600 | -€28,269 | -51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €36,495 | +€36,495 | |
| Other operating charges | 640/8 | €8,193 | €292 | -€7,900 | -96.4% |
| Non-recurring operating charges | 66A | €1,859 | €35,513 | +€33,654 | +1,811% |
| Gross operating margin | 9900 | €130,078 | €5,387 | -€124,691 | -95.9% |
| Operating profit (loss) | 9901 | €65,157 | -€93,514 | -€158,671 | |
| Financial income | 75/76B | €3,969 | - | -€3,969 | |
| Recurring financial income | 75 | €3,969 | - | -€3,969 | |
| Financial charges | 65/66B | €6,766 | €89,243 | +€82,477 | +1,219% |
| Recurring financial charges | 65 | €6,766 | €14,243 | +€7,477 | +111% |
| Non-recurring financial charges | 66B | - | €75,000 | +€75,000 | |
| Profit (loss) for the period before taxes | 9903 | €62,361 | -€182,757 | -€245,117 | |
| Income taxes | 67/77 | €17,017 | €359 | -€16,658 | -97.9% |
| Profit (loss) for the period | 9904 | €45,344 | -€183,115 | -€228,459 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,344 | -€183,115 | -€228,459 |
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 19 October 2026 via checked.be.