SELA PROJECT: 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.
SELA PROJECT
Largest movements
- Financial fixed assets +€240,000
new in 2025: €240,000
- Cash +€25,196
up €25,196 (+106.2%), from €23,725 to €48,921
mainly Debts after one year (+€105,219) and Other debts (+€74,225)
- Receivables within one year -€4,000
down €4,000 (-100.0%), from €4,000 to €0
- Debts after one year +€105,219
new in 2025: €105,219
- Other debts +€74,225
up €74,225 (+4385.7%), from €1,692 to €75,917
- Reserves +€43,523
up €43,523 (+292.9%), from €14,861 to €58,384
- Current portion of long-term debt +€34,293
new in 2025: €34,293
- Tax, wage and social debts +€6,174
up €6,174 (+103.9%), from €5,945 to €12,119
- Gross operating margin +€46,300
up €46,300 (+240.2%), from €19,277 to €65,578
- Taxes +€11,965
up €11,965 (+285.3%), from €4,193 to €16,158
- Financial charges +€4,855
up €4,855 (+4724.6%), from €103 to €4,957
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 | €29,458 | €291,300 | +€261,842 | +888.9% |
| Fixed assets | 21/28 | €1,733 | €241,373 | +€239,640 | +13828.6% |
| Tangible fixed assets | 22/27 | €1,733 | €1,373 | -€360 | -20.8% |
| Plant, machinery and equipment | 23 | €1,733 | €1,373 | -€360 | -20.8% |
| Financial fixed assets | 28 | - | €240,000 | +€240,000 | |
| Current assets | 29/58 | €27,725 | €49,927 | +€22,202 | +80.1% |
| Amounts receivable within one year | 40/41 | €4,000 | €0 | -€4,000 | -100.0% |
| Other amounts receivable | 41 | €4,000 | €0 | -€4,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €23,725 | €48,921 | +€25,196 | +106.2% |
| Deferred charges and accrued income | 490/1 | - | €1,006 | +€1,006 | |
| Total equity and liabilities | 10/49 | €29,458 | €291,300 | +€261,842 | +888.9% |
| Equity | 10/15 | €19,861 | €63,384 | +€43,523 | +219.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €14,861 | €58,384 | +€43,523 | +292.9% |
| Distributable reserves | 133 | €14,861 | €58,384 | +€43,523 | +292.9% |
| Amounts payable | 17/49 | €9,597 | €227,915 | +€218,319 | +2274.9% |
| Amounts payable after more than one year | 17 | - | €105,219 | +€105,219 | |
| Financial debts | 170/4 | - | €105,219 | +€105,219 | |
| Amounts payable within one year | 42/48 | €9,597 | €122,697 | +€113,100 | +1178.5% |
| Current portion of amounts payable after more than one year | 42 | - | €34,293 | +€34,293 | |
| Trade debts | 44 | €1,960 | €367 | -€1,593 | -81.3% |
| Suppliers | 440/4 | €1,960 | €367 | -€1,593 | -81.3% |
| Taxes, remuneration and social security | 45 | €5,945 | €12,119 | +€6,174 | +103.9% |
| Taxes | 450/3 | €5,945 | €12,119 | +€6,174 | +103.9% |
| Other amounts payable | 47/48 | €1,692 | €75,917 | +€74,225 | +4385.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67 | €360 | +€293 | +436.8% |
| Other operating charges | 640/8 | €53 | €579 | +€526 | +991.9% |
| Gross operating margin | 9900 | €19,277 | €65,578 | +€46,300 | +240.2% |
| Operating profit (loss) | 9901 | €19,157 | €64,639 | +€45,482 | +237.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | +300.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300.0% |
| Financial charges | 65/66B | €103 | €4,957 | +€4,855 | +4724.6% |
| Recurring financial charges | 65 | €103 | €4,957 | +€4,855 | +4724.6% |
| Profit (loss) for the period before taxes | 9903 | €19,054 | €59,682 | +€40,627 | +213.2% |
| Income taxes | 67/77 | €4,193 | €16,158 | +€11,965 | +285.3% |
| Profit (loss) for the period | 9904 | €14,861 | €43,523 | +€28,663 | +192.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,861 | €43,523 | +€28,663 | +192.9% |
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 9 October 2026 via checked.be.