SEIR: 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.
SEIR
Largest movements
- Tangible fixed assets -€39,114
down €39,114 (-16.4%), from €238,718 to €199,603
of which Other tangible fixed assets: -€37,493
- Receivables within one year -€28,541
down €28,541 (-63.6%), from €44,878 to €16,337
of which Trade receivables: -€25,637
- Cash +€20,631
up €20,631 (+29.4%), from €70,067 to €90,698
mainly Depreciation (+€78,093) and Receivables within one year (+€28,541)
- Debts after one year -€34,000
down €34,000 (-24.3%), from €140,009 to €106,009
- Trade debts -€22,311
down €22,311 (-32.3%), from €68,968 to €46,658
- Current portion of long-term debt +€9,026
up €9,026 (+66.9%), from €13,486 to €22,512
- Advances received +€4,367
up €4,367 (+146.0%), from €2,992 to €7,359
- Profit (loss) carried forward -€4,311
down €4,311 (-133.2%), from -€3,238 to -€7,549
- Gross operating margin -€38,681
down €38,681 (-9.0%), from €430,435 to €391,754
- Staff costs -€29,971
down €29,971 (-9.0%), from €334,380 to €304,409
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 | €406,437 | €357,968 | -€48,469 | -11.9% |
| Fixed assets | 21/28 | €239,847 | €200,733 | -€39,114 | -16.3% |
| Tangible fixed assets | 22/27 | €238,718 | €199,603 | -€39,114 | -16.4% |
| Land and buildings | 22 | €5,672 | €5,001 | -€671 | -11.8% |
| Plant, machinery and equipment | 23 | €64,172 | €45,901 | -€18,272 | -28.5% |
| Furniture and vehicles | 24 | €14,326 | €31,647 | +€17,321 | +120.9% |
| Other tangible fixed assets | 26 | €154,547 | €117,054 | -€37,493 | -24.3% |
| Financial fixed assets | 28 | €1,130 | €1,130 | = | 0.0% |
| Current assets | 29/58 | €166,590 | €157,235 | -€9,355 | -5.6% |
| Stocks and contracts in progress | 3 | €45,500 | €48,000 | +€2,500 | +5.5% |
| Stocks | 30/36 | €45,500 | €48,000 | +€2,500 | +5.5% |
| Amounts receivable within one year | 40/41 | €44,878 | €16,337 | -€28,541 | -63.6% |
| Trade receivables | 40 | €35,213 | €9,576 | -€25,637 | -72.8% |
| Other amounts receivable | 41 | €9,665 | €6,761 | -€2,904 | -30.0% |
| Cash at bank and in hand | 54/58 | €70,067 | €90,698 | +€20,631 | +29.4% |
| Deferred charges and accrued income | 490/1 | €6,145 | €2,200 | -€3,945 | -64.2% |
| Total equity and liabilities | 10/49 | €406,437 | €357,968 | -€48,469 | -11.9% |
| Equity | 10/15 | €166,289 | €161,977 | -€4,311 | -2.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €109,526 | €109,526 | = | 0.0% |
| Distributable reserves | 133 | €109,526 | €109,526 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,238 | -€7,549 | -€4,311 | -133.2% |
| Amounts payable | 17/49 | €240,148 | €195,991 | -€44,158 | -18.4% |
| Amounts payable after more than one year | 17 | €140,009 | €106,009 | -€34,000 | -24.3% |
| Financial debts | 170/4 | €140,009 | €106,009 | -€34,000 | -24.3% |
| Amounts payable within one year | 42/48 | €100,139 | €89,982 | -€10,157 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €13,486 | €22,512 | +€9,026 | +66.9% |
| Trade debts | 44 | €68,968 | €46,658 | -€22,311 | -32.3% |
| Suppliers | 440/4 | €68,968 | €46,658 | -€22,311 | -32.3% |
| Advances received on contracts in progress | 46 | €2,992 | €7,359 | +€4,367 | +146.0% |
| Taxes, remuneration and social security | 45 | €12,394 | €12,975 | +€581 | +4.7% |
| Taxes | 450/3 | €969 | €3,560 | +€2,591 | +267.4% |
| Remuneration and social security | 454/9 | €11,425 | €9,415 | -€2,010 | -17.6% |
| Other amounts payable | 47/48 | €2,298 | €478 | -€1,821 | -79.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €334,380 | €304,409 | -€29,971 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,785 | €78,093 | +€1,307 | +1.7% |
| Other operating charges | 640/8 | €8,775 | €7,434 | -€1,341 | -15.3% |
| Gross operating margin | 9900 | €430,435 | €391,754 | -€38,681 | -9.0% |
| Operating profit (loss) | 9901 | €10,495 | €1,818 | -€8,677 | -82.7% |
| Financial income | 75/76B | €1,595 | €1,459 | -€135 | -8.5% |
| Recurring financial income | 75 | €1,595 | €1,459 | -€135 | -8.5% |
| Financial charges | 65/66B | €9,468 | €6,357 | -€3,111 | -32.9% |
| Recurring financial charges | 65 | €9,468 | €6,357 | -€3,111 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €2,621 | -€3,079 | -€5,701 | |
| Income taxes | 67/77 | €3,709 | €1,232 | -€2,477 | -66.8% |
| Profit (loss) for the period | 9904 | -€1,088 | -€4,311 | -€3,224 | -296.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,088 | -€4,311 | -€3,224 | -296.4% |
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 10 October 2026 via checked.be.