SEIFAR: 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.
SEIFAR
Largest movements
- Receivables within one year -€134,806
down €134,806 (-39.0%), from €345,574 to €210,768
of which Trade receivables: -€147,523
- Tangible fixed assets +€131,468
up €131,468 (+21.1%), from €622,015 to €753,483
of which Plant, machinery and equipment: +€109,919
- Stocks and contracts +€40,164
up €40,164 (+11.7%), from €343,222 to €383,386
- Intangible fixed assets +€29,318
up €29,318, from €0 to €29,318
- Other debts +€408,790
up €408,790 (+85.1%), from €480,224 to €889,014
- Trade debts -€272,405
down €272,405 (-72.1%), from €377,653 to €105,248
- Profit (loss) carried forward -€237,286
new in 2025: -€237,286
- Accrued charges and deferred income +€95,260
new in 2025: €95,260
- Tax, wage and social debts +€54,433
up €54,433 (+187.5%), from €29,036 to €83,469
of which Remuneration and social security: +€33,937
- Financial income +€53,322
up €53,322 (+336.4%), from €15,852 to €69,174
of which Non-recurring financial income: +€68,338
- Financial charges +€32,863
up €32,863 (+63.0%), from €52,143 to €85,006
- Gross operating margin +€28,607
up €28,607 (+6.4%), from €449,658 to €478,265
- Depreciation +€13,137
up €13,137 (+16.4%), from €80,219 to €93,356
- Staff costs +€9,770
up €9,770 (+1.8%), from €550,628 to €560,398
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,397,249 | €1,446,040 | +€48,791 | +3.5% |
| Fixed assets | 21/28 | €632,044 | €792,829 | +€160,785 | +25.4% |
| Intangible fixed assets | 21 | €0 | €29,318 | +€29,318 | |
| Tangible fixed assets | 22/27 | €622,015 | €753,483 | +€131,468 | +21.1% |
| Land and buildings | 22 | - | €21,549 | +€21,549 | |
| Plant, machinery and equipment | 23 | €622,015 | €731,934 | +€109,919 | +17.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €10,029 | €10,029 | +€0 | 0.0% |
| Current assets | 29/58 | €765,205 | €653,211 | -€111,994 | -14.6% |
| Stocks and contracts in progress | 3 | €343,222 | €383,386 | +€40,164 | +11.7% |
| Stocks | 30/36 | €343,222 | €383,386 | +€40,164 | +11.7% |
| Amounts receivable within one year | 40/41 | €345,574 | €210,768 | -€134,806 | -39.0% |
| Trade receivables | 40 | €328,441 | €180,918 | -€147,523 | -44.9% |
| Other amounts receivable | 41 | €17,134 | €29,849 | +€12,715 | +74.2% |
| Cash at bank and in hand | 54/58 | €53,319 | €44,777 | -€8,542 | -16.0% |
| Deferred charges and accrued income | 490/1 | €23,091 | €14,280 | -€8,811 | -38.2% |
| Total equity and liabilities | 10/49 | €1,397,249 | €1,446,040 | +€48,791 | +3.5% |
| Equity | 10/15 | €485,330 | €248,043 | -€237,287 | -48.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €235,330 | €235,330 | +€0 | 0.0% |
| Distributable reserves | 133 | €235,330 | €235,330 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | -€237,286 | -€237,286 | |
| Amounts payable | 17/49 | €911,919 | €1,197,997 | +€286,078 | +31.4% |
| Amounts payable within one year | 42/48 | €911,919 | €1,102,737 | +€190,818 | +20.9% |
| Trade debts | 44 | €377,653 | €105,248 | -€272,405 | -72.1% |
| Suppliers | 440/4 | €377,653 | €105,248 | -€272,405 | -72.1% |
| Advances received on contracts in progress | 46 | €25,007 | €25,007 | +€0 | 0.0% |
| Taxes, remuneration and social security | 45 | €29,036 | €83,469 | +€54,433 | +187.5% |
| Taxes | 450/3 | €0 | €20,495 | +€20,495 | |
| Remuneration and social security | 454/9 | €29,036 | €62,973 | +€33,937 | +116.9% |
| Other amounts payable | 47/48 | €480,224 | €889,014 | +€408,790 | +85.1% |
| Accrued charges and deferred income | 492/3 | - | €95,260 | +€95,260 | |
| Remuneration, social security and pensions | 62 | €550,628 | €560,398 | +€9,770 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,219 | €93,356 | +€13,137 | +16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,606 | +€9,606 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,121 | - | -€2,121 | |
| Other operating charges | 640/8 | €14,471 | €14,446 | -€25 | -0.2% |
| Non-recurring operating charges | 66A | €29,120 | €21,914 | -€7,206 | -24.7% |
| Gross operating margin | 9900 | €449,658 | €478,265 | +€28,607 | +6.4% |
| Operating profit (loss) | 9901 | -€226,901 | -€221,454 | +€5,447 | +2.4% |
| Financial income | 75/76B | €15,852 | €69,174 | +€53,322 | +336.4% |
| Recurring financial income | 75 | €15,852 | €836 | -€15,016 | -94.7% |
| Non-recurring financial income | 76B | - | €68,338 | +€68,338 | |
| Financial charges | 65/66B | €52,143 | €85,006 | +€32,863 | +63.0% |
| Recurring financial charges | 65 | €52,143 | €85,006 | +€32,863 | +63.0% |
| Profit (loss) for the period before taxes | 9903 | -€263,192 | -€237,286 | +€25,906 | +9.8% |
| Profit (loss) for the period | 9904 | -€263,192 | -€237,286 | +€25,906 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€263,192 | -€237,286 | +€25,906 | +9.8% |
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 6 October 2026 via checked.be.