SELBELEC: 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.
SELBELEC
Largest movements
- Receivables within one year +€16,761
up €16,761 (+56.6%), from €29,618 to €46,379
of which Trade receivables: +€17,255
- Cash -€1,801
down €1,801 (-57.6%), from €3,126 to €1,326
mainly Receivables within one year (-€16,761) and Debts after one year (-€3,039)
- Tangible fixed assets -€1,119
down €1,119 (-22.3%), from €5,014 to €3,895
- Trade debts +€10,630
up €10,630 (+103%), from €10,316 to €20,946
- Profit (loss) carried forward +€6,133
up €6,133 (+73.6%), from €8,334 to €14,467
- Debts after one year -€3,039
down €3,039 (-24.3%), from €12,500 to €9,461
- Turnover -€65,444
no longer reported in 2025 (was €65,444)
- Purchases and services -€55,561
no longer reported in 2025 (was €55,561)
- Gross operating margin +€1,181
up €1,181 (+11.9%), from €9,883 to €11,064
- Other operating charges -€811
down €811 (-42.3%), from €1,917 to €1,105
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 | €37,759 | €51,600 | +€13,841 | +36.7% |
| Fixed assets | 21/28 | €5,014 | €3,895 | -€1,119 | -22.3% |
| Tangible fixed assets | 22/27 | €5,014 | €3,895 | -€1,119 | -22.3% |
| Plant, machinery and equipment | 23 | €5,014 | €3,895 | -€1,119 | -22.3% |
| Current assets | 29/58 | €32,745 | €47,705 | +€14,960 | +45.7% |
| Amounts receivable within one year | 40/41 | €29,618 | €46,379 | +€16,761 | +56.6% |
| Trade receivables | 40 | €21,636 | €38,891 | +€17,255 | +79.8% |
| Other amounts receivable | 41 | €7,982 | €7,488 | -€494 | -6.2% |
| Cash at bank and in hand | 54/58 | €3,126 | €1,326 | -€1,801 | -57.6% |
| Total equity and liabilities | 10/49 | €37,759 | €51,600 | +€13,841 | +36.7% |
| Equity | 10/15 | €10,334 | €16,467 | +€6,133 | +59.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,334 | €14,467 | +€6,133 | +73.6% |
| Amounts payable | 17/49 | €27,424 | €35,133 | +€7,708 | +28.1% |
| Amounts payable after more than one year | 17 | €12,500 | €9,461 | -€3,039 | -24.3% |
| Financial debts | 170/4 | €12,500 | €9,461 | -€3,039 | -24.3% |
| Amounts payable within one year | 42/48 | €14,924 | €25,672 | +€10,747 | +72.0% |
| Trade debts | 44 | €10,316 | €20,946 | +€10,630 | +103% |
| Suppliers | 440/4 | €10,316 | €20,946 | +€10,630 | +103% |
| Taxes, remuneration and social security | 45 | €4,584 | €4,701 | +€117 | +2.6% |
| Taxes | 450/3 | €2,497 | €4,684 | +€2,186 | +87.5% |
| Remuneration and social security | 454/9 | €2,087 | €18 | -€2,069 | -99.1% |
| Other amounts payable | 47/48 | €24 | €24 | = | 0.0% |
| Turnover | 70 | €65,444 | - | -€65,444 | |
| Goods, raw materials, services and sundry goods | 60/61 | €55,561 | - | -€55,561 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €579 | €1,119 | +€539 | +93.1% |
| Other operating charges | 640/8 | €1,917 | €1,105 | -€811 | -42.3% |
| Gross operating margin | 9900 | €9,883 | €11,064 | +€1,181 | +11.9% |
| Operating profit (loss) | 9901 | €7,387 | €8,840 | +€1,453 | +19.7% |
| Financial charges | 65/66B | €591 | €521 | -€70 | -11.9% |
| Recurring financial charges | 65 | €591 | €521 | -€70 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €6,796 | €8,319 | +€1,523 | +22.4% |
| Income taxes | 67/77 | €1,948 | €2,186 | +€238 | +12.2% |
| Profit (loss) for the period | 9904 | €4,848 | €6,133 | +€1,285 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,848 | €6,133 | +€1,285 | +26.5% |
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 17 October 2026 via checked.be.