SEJWAL: 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.
SEJWAL
Largest movements
- Cash -€120,267
down €120,267 (-90.5%), from €132,896 to €12,629
mainly Net result for the year (-€133,749) and Investment in fixed assets (net) (-€57,304)
- Tangible fixed assets -€90,366
down €90,366 (-21.8%), from €414,887 to €324,521
of which Furniture and vehicles: -€67,443
- Financial fixed assets +€26,585
up €26,585 (+95.3%), from €27,909 to €54,494
- Profit (loss) carried forward -€133,749
down €133,749 (-864%), from -€15,474 to -€149,223
- Accrued charges and deferred income -€42,068
no longer reported in 2025 (was €42,068)
- Trade debts -€38,456
down €38,456 (-29.0%), from €132,487 to €94,031
- Tax, wage and social debts +€24,854
new in 2025: €24,854
- Other debts +€15,000
up €15,000 (+7.2%), from €209,095 to €224,095
- Gross operating margin -€24,646
down €24,646 (-42.9%), from €57,451 to €32,805
- Depreciation -€19,588
down €19,588 (-13.9%), from €140,673 to €121,085
- Other operating charges -€9,838
down €9,838 (-39.1%), from €25,181 to €15,343
- Staff costs -€7,433
down €7,433 (-21.0%), from €35,321 to €27,888
- Taxes -€6,747
no longer reported in 2025 (was €6,747)
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 | €608,566 | €426,332 | -€182,234 | -29.9% |
| Fixed assets | 21/28 | €442,796 | €379,015 | -€63,781 | -14.4% |
| Tangible fixed assets | 22/27 | €414,887 | €324,521 | -€90,366 | -21.8% |
| Land and buildings | 22 | €94,096 | €85,715 | -€8,381 | -8.9% |
| Plant, machinery and equipment | 23 | €152,747 | €138,321 | -€14,426 | -9.4% |
| Furniture and vehicles | 24 | €164,813 | €97,370 | -€67,443 | -40.9% |
| Leasing and similar rights | 25 | €3,231 | €3,115 | -€116 | -3.6% |
| Financial fixed assets | 28 | €27,909 | €54,494 | +€26,585 | +95.3% |
| Current assets | 29/58 | €165,770 | €47,317 | -€118,453 | -71.5% |
| Stocks and contracts in progress | 3 | €21,950 | €21,950 | = | 0.0% |
| Stocks | 30/36 | €21,950 | €21,950 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,924 | €12,624 | +€1,700 | +15.6% |
| Other amounts receivable | 41 | €10,924 | €12,624 | +€1,700 | +15.6% |
| Cash at bank and in hand | 54/58 | €132,896 | €12,629 | -€120,267 | -90.5% |
| Deferred charges and accrued income | 490/1 | - | €114 | +€114 | |
| Total equity and liabilities | 10/49 | €608,566 | €426,332 | -€182,234 | -29.9% |
| Equity | 10/15 | €4,986 | -€128,763 | -€133,749 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€15,474 | -€149,223 | -€133,749 | -864% |
| Amounts payable | 17/49 | €603,580 | €555,095 | -€48,485 | -8.0% |
| Amounts payable after more than one year | 17 | €191,268 | €187,098 | -€4,170 | -2.2% |
| Financial debts | 170/4 | €77,294 | €73,124 | -€4,170 | -5.4% |
| Other amounts payable | 178/9 | €113,974 | €113,974 | +€0 | 0.0% |
| Amounts payable within one year | 42/48 | €370,244 | €367,997 | -€2,247 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €7,737 | €4,092 | -€3,645 | -47.1% |
| Trade debts | 44 | €132,487 | €94,031 | -€38,456 | -29.0% |
| Suppliers | 440/4 | €132,487 | €94,031 | -€38,456 | -29.0% |
| Advances received on contracts in progress | 46 | €20,925 | €20,925 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €24,854 | +€24,854 | |
| Remuneration and social security | 454/9 | - | €24,854 | +€24,854 | |
| Other amounts payable | 47/48 | €209,095 | €224,095 | +€15,000 | +7.2% |
| Accrued charges and deferred income | 492/3 | €42,068 | - | -€42,068 | |
| Remuneration, social security and pensions | 62 | €35,321 | €27,888 | -€7,433 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,673 | €121,085 | -€19,588 | -13.9% |
| Other operating charges | 640/8 | €25,181 | €15,343 | -€9,838 | -39.1% |
| Gross operating margin | 9900 | €57,451 | €32,805 | -€24,646 | -42.9% |
| Operating profit (loss) | 9901 | -€143,724 | -€131,510 | +€12,214 | +8.5% |
| Financial income | 75/76B | €79 | - | -€79 | |
| Recurring financial income | 75 | €79 | - | -€79 | |
| Financial charges | 65/66B | €1,648 | €2,239 | +€591 | +35.9% |
| Recurring financial charges | 65 | €1,648 | €2,239 | +€591 | +35.9% |
| Profit (loss) for the period before taxes | 9903 | -€145,293 | -€133,749 | +€11,544 | +7.9% |
| Income taxes | 67/77 | €6,747 | - | -€6,747 | |
| Profit (loss) for the period | 9904 | -€152,040 | -€133,749 | +€18,291 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€152,040 | -€133,749 | +€18,291 | +12.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.