Selas: 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.
Selas
Largest movements
- Receivables within one year +€180,499
up €180,499 (+66.3%), from €272,101 to €452,600
of which Trade receivables: +€175,844
- Intangible fixed assets -€45,341
down €45,341 (-81.5%), from €55,600 to €10,259
- Cash -€34,819
down €34,819 (-8.3%), from €417,336 to €382,518
mainly Receivables within one year (-€180,499) and Debts after one year (-€55,094)
- Deferred charges and accrued income +€15,744
up €15,744 (+157%), from €10,047 to €25,791
- Trade debts +€84,418
up €84,418 (+361%), from €23,413 to €107,830
- Reserves +€68,949
up €68,949 (+15.3%), from €449,824 to €518,773
- Tax, wage and social debts +€65,458
up €65,458 (+43.2%), from €151,388 to €216,846
of which Remuneration and social security: +€39,362
- Debts after one year -€55,094
down €55,094 (-92.8%), from €59,382 to €4,288
- Short-term financial debts -€28,463
down €28,463 (-100%), from €28,463 to €0
- Staff costs +€170,871
up €170,871 (+35.8%), from €477,245 to €648,116
- Taxes -€44,712
down €44,712 (-63.7%), from €70,173 to €25,461
- Depreciation -€17,132
down €17,132 (-20.4%), from €83,950 to €66,818
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 | €800,990 | €918,870 | +€117,879 | +14.7% |
| Fixed assets | 21/28 | €101,506 | €57,962 | -€43,545 | -42.9% |
| Intangible fixed assets | 21 | €55,600 | €10,259 | -€45,341 | -81.5% |
| Tangible fixed assets | 22/27 | €43,696 | €45,493 | +€1,796 | +4.1% |
| Plant, machinery and equipment | 23 | €18,412 | €29,142 | +€10,731 | +58.3% |
| Furniture and vehicles | 24 | €21,425 | €13,503 | -€7,922 | -37.0% |
| Other tangible fixed assets | 26 | €3,859 | €2,848 | -€1,012 | -26.2% |
| Financial fixed assets | 28 | €2,210 | €2,210 | = | 0.0% |
| Current assets | 29/58 | €699,484 | €860,908 | +€161,424 | +23.1% |
| Amounts receivable within one year | 40/41 | €272,101 | €452,600 | +€180,499 | +66.3% |
| Trade receivables | 40 | €272,101 | €447,944 | +€175,844 | +64.6% |
| Other amounts receivable | 41 | - | €4,655 | +€4,655 | |
| Cash at bank and in hand | 54/58 | €417,336 | €382,518 | -€34,819 | -8.3% |
| Deferred charges and accrued income | 490/1 | €10,047 | €25,791 | +€15,744 | +157% |
| Total equity and liabilities | 10/49 | €800,990 | €918,870 | +€117,879 | +14.7% |
| Equity | 10/15 | €469,824 | €538,773 | +€68,949 | +14.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €449,824 | €518,773 | +€68,949 | +15.3% |
| Distributable reserves | 133 | €449,824 | €518,773 | +€68,949 | +15.3% |
| Amounts payable | 17/49 | €331,166 | €380,096 | +€48,930 | +14.8% |
| Amounts payable after more than one year | 17 | €59,382 | €4,288 | -€55,094 | -92.8% |
| Financial debts | 170/4 | €59,382 | €4,288 | -€55,094 | -92.8% |
| Amounts payable within one year | 42/48 | €267,864 | €375,808 | +€107,944 | +40.3% |
| Current portion of amounts payable after more than one year | 42 | €57,162 | €51,132 | -€6,030 | -10.5% |
| Financial debts | 43 | €28,463 | €0 | -€28,463 | -100% |
| Other loans | 439 | €28,463 | €0 | -€28,463 | -100% |
| Trade debts | 44 | €23,413 | €107,830 | +€84,418 | +361% |
| Suppliers | 440/4 | €23,413 | €107,830 | +€84,418 | +361% |
| Taxes, remuneration and social security | 45 | €151,388 | €216,846 | +€65,458 | +43.2% |
| Taxes | 450/3 | €96,849 | €122,945 | +€26,096 | +26.9% |
| Remuneration and social security | 454/9 | €54,539 | €93,901 | +€39,362 | +72.2% |
| Other amounts payable | 47/48 | €7,438 | €0 | -€7,438 | -100% |
| Accrued charges and deferred income | 492/3 | €3,921 | €0 | -€3,921 | -100% |
| Non-recurring operating income | 76A | €42,413 | €0 | -€42,413 | -100% |
| Remuneration, social security and pensions | 62 | €477,245 | €648,116 | +€170,871 | +35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,950 | €66,818 | -€17,132 | -20.4% |
| Other operating charges | 640/8 | €1,085 | €1,081 | -€4 | -0.4% |
| Gross operating margin | 9900 | €810,958 | €813,419 | +€2,461 | +0.3% |
| Operating profit (loss) | 9901 | €248,678 | €97,405 | -€151,274 | -60.8% |
| Financial income | 75/76B | €495 | €338 | -€158 | -31.9% |
| Recurring financial income | 75 | €495 | €338 | -€158 | -31.9% |
| Financial charges | 65/66B | €5,202 | €3,332 | -€1,870 | -35.9% |
| Recurring financial charges | 65 | €5,202 | €3,332 | -€1,870 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €243,972 | €94,410 | -€149,562 | -61.3% |
| Income taxes | 67/77 | €70,173 | €25,461 | -€44,712 | -63.7% |
| Profit (loss) for the period | 9904 | €173,799 | €68,949 | -€104,850 | -60.3% |
| Profit (loss) for the period to be appropriated | 9905 | €173,799 | €68,949 | -€104,850 | -60.3% |
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 26 October 2026 via checked.be.