SEJ: what changed
SEJ
Largest movements
- Receivables within one year +€18,445
up €18,445 (+1,447%), from €1,275 to €19,720
of which Trade receivables: +€19,720
- Tangible fixed assets +€2,995
up €2,995 (+7.2%), from €41,750 to €44,745
- Other debts -€45,561
down €45,561 (-1.2%), from €3.8m to €3.8m
- Profit (loss) carried forward +€40,414
up €40,414 (+1.0%), from -€4.1m to -€4.1m
- Trade debts +€15,871
new in 2025: €15,871
- Tax, wage and social debts +€10,400
new in 2025: €10,400
- Financial charges -€3.2m
down €3.2m (-100.0%), from €3.2m to €476
of which Non-recurring financial charges: -€3.2m
- Write-downs -€751,813
no longer reported in 2025 (was €751,813)
- Purchases and services -€62,537
down €62,537 (-52.0%), from €120,180 to €57,643
- Turnover -€56,537
down €56,537 (-47.8%), from €118,333 to €61,796
- Gross operating margin +€43,534
up €43,534, from -€1,847 to €41,687
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,391 | €66,515 | +€21,124 | +46.5% |
| Fixed assets | 21/28 | €41,750 | €44,745 | +€2,995 | +7.2% |
| Tangible fixed assets | 22/27 | €41,750 | €44,745 | +€2,995 | +7.2% |
| Other tangible fixed assets | 26 | €41,750 | €44,745 | +€2,995 | +7.2% |
| Current assets | 29/58 | €3,641 | €21,770 | +€18,129 | +498% |
| Amounts receivable within one year | 40/41 | €1,275 | €19,720 | +€18,445 | +1,447% |
| Trade receivables | 40 | - | €19,720 | +€19,720 | |
| Other amounts receivable | 41 | €1,275 | - | -€1,275 | |
| Cash at bank and in hand | 54/58 | €2,366 | €2,050 | -€316 | -13.4% |
| Total equity and liabilities | 10/49 | €45,391 | €66,515 | +€21,124 | +46.5% |
| Equity | 10/15 | -€3,796,029 | -€3,755,615 | +€40,414 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €318,049 | €318,049 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,685 | €1,685 | = | 0.0% |
| Distributable reserves | 133 | €314,504 | €314,504 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,132,678 | -€4,092,264 | +€40,414 | +1.0% |
| Amounts payable | 17/49 | €3,841,420 | €3,822,130 | -€19,290 | -0.5% |
| Amounts payable within one year | 42/48 | €3,841,420 | €3,822,130 | -€19,290 | -0.5% |
| Trade debts | 44 | - | €15,871 | +€15,871 | |
| Suppliers | 440/4 | - | €15,871 | +€15,871 | |
| Taxes, remuneration and social security | 45 | - | €10,400 | +€10,400 | |
| Taxes | 450/3 | - | €10,400 | +€10,400 | |
| Other amounts payable | 47/48 | €3,841,420 | €3,795,859 | -€45,561 | -1.2% |
| Turnover | 70 | €118,333 | €61,796 | -€56,537 | -47.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €120,180 | €57,643 | -€62,537 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,875 | €71 | -€20,804 | -99.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €751,813 | - | -€751,813 | |
| Other operating charges | 640/8 | €17,156 | €120 | -€17,036 | -99.3% |
| Gross operating margin | 9900 | -€1,847 | €41,687 | +€43,534 | |
| Operating profit (loss) | 9901 | -€791,691 | €41,496 | +€833,187 | |
| Financial charges | 65/66B | €3,200,113 | €476 | -€3.2m | -100.0% |
| Recurring financial charges | 65 | €113 | €476 | +€363 | +321% |
| Non-recurring financial charges | 66B | €3,200,000 | - | -€3.2m | |
| Profit (loss) for the period before taxes | 9903 | -€3,991,804 | €41,020 | +€4.0m | |
| Income taxes | 67/77 | €1,235 | €606 | -€629 | -50.9% |
| Profit (loss) for the period | 9904 | -€3,993,039 | €40,414 | +€4.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,993,039 | €40,414 | +€4.0m |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.