SEINO: 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.
SEINO
Largest movements
- Cash -€204,249
down €204,249 (-98.3%), from €207,803 to €3,553
mainly Investment in fixed assets (net) (-€196,748) and Receivables within one year (-€97,253)
- Financial fixed assets +€196,748
up €196,748 (+60,753%), from €324 to €197,072
- Receivables within one year +€97,253
up €97,253 (+15,022%), from €647 to €97,900
of which Other amounts receivable: +€97,853
- Deferred charges and accrued income +€5,789
up €5,789 (+1,976%), from €293 to €6,082
- Stocks and contracts -€3,173
no longer reported in 2025 (was €3,173)
- Debts after one year +€175,000
new in 2025: €175,000
- Profit (loss) carried forward -€33,478
down €33,478 (-27.6%), from €121,288 to €87,810
- Trade debts -€31,689
down €31,689 (-85.8%), from €36,945 to €5,256
- Tax, wage and social debts -€17,941
down €17,941 (-42.5%), from €42,210 to €24,268
of which Remuneration and social security: -€13,945
- Provisions +€96,562
no longer reported in 2025 (was -€96,562)
- Staff costs -€53,619
down €53,619 (-47.7%), from €112,526 to €58,907
- Gross operating margin -€52,998
down €52,998 (-56.2%), from €94,281 to €41,283
- Taxes -€17,155
no longer reported in 2025 (was €17,155)
- Other operating charges -€1,620
down €1,620 (-24.1%), from €6,731 to €5,111
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 | €216,192 | €306,610 | +€90,417 | +41.8% |
| Fixed assets | 21/28 | €4,276 | €199,074 | +€194,798 | +4,556% |
| Tangible fixed assets | 22/27 | €3,952 | €2,002 | -€1,950 | -49.3% |
| Plant, machinery and equipment | 23 | €2,771 | €1,670 | -€1,101 | -39.7% |
| Furniture and vehicles | 24 | €1,181 | €332 | -€849 | -71.9% |
| Financial fixed assets | 28 | €324 | €197,072 | +€196,748 | +60,753% |
| Current assets | 29/58 | €211,916 | €107,536 | -€104,381 | -49.3% |
| Stocks and contracts in progress | 3 | €3,173 | - | -€3,173 | |
| Stocks | 30/36 | €3,173 | - | -€3,173 | |
| Amounts receivable within one year | 40/41 | €647 | €97,900 | +€97,253 | +15,022% |
| Trade receivables | 40 | €601 | - | -€601 | |
| Other amounts receivable | 41 | €47 | €97,900 | +€97,853 | +208,999% |
| Cash at bank and in hand | 54/58 | €207,803 | €3,553 | -€204,249 | -98.3% |
| Deferred charges and accrued income | 490/1 | €293 | €6,082 | +€5,789 | +1,976% |
| Total equity and liabilities | 10/49 | €216,192 | €306,610 | +€90,417 | +41.8% |
| Equity | 10/15 | €135,563 | €102,085 | -€33,478 | -24.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €1,875 | €1,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,288 | €87,810 | -€33,478 | -27.6% |
| Amounts payable | 17/49 | €80,630 | €204,525 | +€123,895 | +154% |
| Amounts payable after more than one year | 17 | - | €175,000 | +€175,000 | |
| Financial debts | 170/4 | - | €175,000 | +€175,000 | |
| Amounts payable within one year | 42/48 | €80,055 | €29,525 | -€50,530 | -63.1% |
| Trade debts | 44 | €36,945 | €5,256 | -€31,689 | -85.8% |
| Suppliers | 440/4 | €36,945 | €5,256 | -€31,689 | -85.8% |
| Taxes, remuneration and social security | 45 | €42,210 | €24,268 | -€17,941 | -42.5% |
| Taxes | 450/3 | €23,425 | €19,429 | -€3,996 | -17.1% |
| Remuneration and social security | 454/9 | €18,784 | €4,839 | -€13,945 | -74.2% |
| Other amounts payable | 47/48 | €900 | - | -€900 | |
| Accrued charges and deferred income | 492/3 | €575 | - | -€575 | |
| Remuneration, social security and pensions | 62 | €112,526 | €58,907 | -€53,619 | -47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,392 | €1,950 | -€442 | -18.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€96,562 | - | +€96,562 | |
| Other operating charges | 640/8 | €6,731 | €5,111 | -€1,620 | -24.1% |
| Non-recurring operating charges | 66A | €10,000 | €7,708 | -€2,292 | -22.9% |
| Gross operating margin | 9900 | €94,281 | €41,283 | -€52,998 | -56.2% |
| Operating profit (loss) | 9901 | €59,194 | -€32,394 | -€91,587 | |
| Financial income | 75/76B | €5 | €1,028 | +€1,023 | +20,290% |
| Recurring financial income | 75 | €5 | €1,028 | +€1,023 | +20,290% |
| Financial charges | 65/66B | €3,253 | €2,112 | -€1,141 | -35.1% |
| Recurring financial charges | 65 | €3,253 | €2,112 | -€1,141 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €55,946 | -€33,478 | -€89,424 | |
| Income taxes | 67/77 | €17,155 | - | -€17,155 | |
| Profit (loss) for the period | 9904 | €38,791 | -€33,478 | -€72,269 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,791 | -€33,478 | -€72,269 |
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 27 October 2026 via checked.be.