SEIF: 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.
SEIF
Largest movements
- Tangible fixed assets +€48,586
up €48,586 (+67.4%), from €72,055 to €120,641
of which Other tangible fixed assets: +€26,886
- Cash +€43,616
up €43,616 (+84.4%), from €51,696 to €95,312
mainly Debts after one year (+€79,807) and Net result for the year (+€28,618)
- Receivables within one year +€17,215
up €17,215 (+40516.2%), from €42 to €17,258
of which Other amounts receivable: +€16,434
- Debts after one year +€79,807
new in 2025: €79,807
- Other debts +€25,383
up €25,383 (+201.4%), from €12,600 to €37,983
- Tax, wage and social debts +€19,968
up €19,968 (+70.5%), from €28,318 to €48,286
of which Taxes: +€18,345
- Profit (loss) carried forward -€11,441
down €11,441 (-20.3%), from €56,351 to €44,910
- Contributions -€9,942
down €9,942 (-47.1%), from €21,087 to €11,146
- Gross operating margin -€9,426
down €9,426 (-7.6%), from €123,528 to €114,101
- Depreciation +€5,497
up €5,497 (+63.1%), from €8,716 to €14,213
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 | €129,880 | €240,306 | +€110,426 | +85.0% |
| Fixed assets | 21/28 | €77,243 | €125,829 | +€48,586 | +62.9% |
| Tangible fixed assets | 22/27 | €72,055 | €120,641 | +€48,586 | +67.4% |
| Land and buildings | 22 | €6,855 | €6,674 | -€181 | -2.6% |
| Plant, machinery and equipment | 23 | €8,437 | €20,293 | +€11,856 | +140.5% |
| Furniture and vehicles | 24 | €1,148 | €11,174 | +€10,025 | +873.0% |
| Other tangible fixed assets | 26 | €55,615 | €82,501 | +€26,886 | +48.3% |
| Financial fixed assets | 28 | €5,188 | €5,188 | = | 0.0% |
| Current assets | 29/58 | €52,637 | €114,477 | +€61,840 | +117.5% |
| Stocks and contracts in progress | 3 | €701 | €1,730 | +€1,030 | +147.0% |
| Stocks | 30/36 | €701 | €1,730 | +€1,030 | +147.0% |
| Amounts receivable within one year | 40/41 | €42 | €17,258 | +€17,215 | +40516.2% |
| Trade receivables | 40 | - | €781 | +€781 | |
| Other amounts receivable | 41 | €42 | €16,477 | +€16,434 | +38677.8% |
| Cash at bank and in hand | 54/58 | €51,696 | €95,312 | +€43,616 | +84.4% |
| Deferred charges and accrued income | 490/1 | €198 | €177 | -€21 | -10.7% |
| Total equity and liabilities | 10/49 | €129,880 | €240,306 | +€110,426 | +85.0% |
| Equity | 10/15 | €77,438 | €56,056 | -€21,382 | -27.6% |
| Contributions | 10/11 | €21,087 | €11,146 | -€9,942 | -47.1% |
| Profit (loss) carried forward | 14 | €56,351 | €44,910 | -€11,441 | -20.3% |
| Amounts payable | 17/49 | €52,442 | €184,250 | +€131,808 | +251.3% |
| Amounts payable after more than one year | 17 | - | €79,807 | +€79,807 | |
| Financial debts | 170/4 | - | €79,807 | +€79,807 | |
| Amounts payable within one year | 42/48 | €52,442 | €104,443 | +€52,001 | +99.2% |
| Current portion of amounts payable after more than one year | 42 | - | €5,193 | +€5,193 | |
| Trade debts | 44 | €11,524 | €12,154 | +€630 | +5.5% |
| Suppliers | 440/4 | €11,524 | €12,154 | +€630 | +5.5% |
| Advances received on contracts in progress | 46 | - | €828 | +€828 | |
| Taxes, remuneration and social security | 45 | €28,318 | €48,286 | +€19,968 | +70.5% |
| Taxes | 450/3 | €21,681 | €40,025 | +€18,345 | +84.6% |
| Remuneration and social security | 454/9 | €6,637 | €8,261 | +€1,624 | +24.5% |
| Other amounts payable | 47/48 | €12,600 | €37,983 | +€25,383 | +201.4% |
| Remuneration, social security and pensions | 62 | €50,199 | €49,879 | -€320 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,716 | €14,213 | +€5,497 | +63.1% |
| Other operating charges | 640/8 | €5,355 | €4,374 | -€981 | -18.3% |
| Gross operating margin | 9900 | €123,528 | €114,101 | -€9,426 | -7.6% |
| Operating profit (loss) | 9901 | €59,257 | €45,635 | -€13,623 | -23.0% |
| Financial income | 75/76B | €6 | €371 | +€365 | +6107.4% |
| Recurring financial income | 75 | €6 | €123 | +€117 | +1954.4% |
| Non-recurring financial income | 76B | - | €248 | +€248 | |
| Financial charges | 65/66B | €11,345 | €10,113 | -€1,232 | -10.9% |
| Recurring financial charges | 65 | €11,345 | €10,113 | -€1,232 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €47,919 | €35,893 | -€12,026 | -25.1% |
| Income taxes | 67/77 | €6,913 | €7,275 | +€362 | +5.2% |
| Profit (loss) for the period | 9904 | €41,006 | €28,618 | -€12,388 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €41,006 | €28,618 | -€12,388 | -30.2% |
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 4 October 2026 via checked.be.