Selco: what changed
Two fiscal 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.
Selco
Largest movements
- Tangible fixed assets -€108,679
down €108,679 (-4.4%), from €2.4m to €2.3m
of which Other tangible fixed assets: -€108,679
- Cash -€58,601
down €58,601 (-83.4%), from €70,234 to €11,633
mainly Net result for the year (-€136,016) and Investment in fixed assets (net) (-€50,000)
- Financial fixed assets +€50,000
up €50,000 (+71.4%), from €70,000 to €120,000
- Profit (loss) carried forward -€136,016
down €136,016 (-4.8%), from €2.8m to €2.7m
- Gross operating margin -€29,668
down €29,668 (-204.9%), from -€14,479 to -€44,147
- Depreciation +€25,018
up €25,018 (+29.9%), from €83,661 to €108,679
- Financial income -€6,070
down €6,070 (-18.4%), from €32,967 to €26,897
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 | €4,761,632 | €4,633,367 | -€128,265 | -2.7% |
| Fixed assets | 21/28 | €2,517,784 | €2,459,105 | -€58,679 | -2.3% |
| Tangible fixed assets | 22/27 | €2,447,784 | €2,339,105 | -€108,679 | -4.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €2,447,784 | €2,339,105 | -€108,679 | -4.4% |
| Financial fixed assets | 28 | €70,000 | €120,000 | +€50,000 | +71.4% |
| Current assets | 29/58 | €2,243,847 | €2,174,262 | -€69,586 | -3.1% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €11,372 | €11,372 | = | 0.0% |
| Stocks | 30/36 | €11,372 | €11,372 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,092 | €0 | -€9,092 | -100.0% |
| Trade receivables | 40 | €9,092 | €0 | -€9,092 | -100.0% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Current investments | 50/53 | €2,100,606 | €2,100,611 | +€4 | 0.0% |
| Cash at bank and in hand | 54/58 | €70,234 | €11,633 | -€58,601 | -83.4% |
| Deferred charges and accrued income | 490/1 | €2,544 | €646 | -€1,898 | -74.6% |
| Total equity and liabilities | 10/49 | €4,761,632 | €4,633,367 | -€128,265 | -2.7% |
| Equity | 10/15 | €4,750,635 | €4,614,619 | -€136,016 | -2.9% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €1,619,523 | €1,619,523 | = | 0.0% |
| Non-distributable reserves | 130/1 | €99,901 | €99,901 | = | 0.0% |
| Legal reserve | 130 | €99,901 | €99,901 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €1,519,622 | €1,519,622 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,831,111 | €2,695,096 | -€136,016 | -4.8% |
| Amounts payable | 17/49 | €10,997 | €18,748 | +€7,751 | +70.5% |
| Amounts payable within one year | 42/48 | €5,301 | €15,348 | +€10,047 | +189.5% |
| Trade debts | 44 | €301 | €185 | -€116 | -38.6% |
| Suppliers | 440/4 | €301 | €185 | -€116 | -38.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,000 | €15,163 | +€10,163 | +203.3% |
| Accrued charges and deferred income | 492/3 | €5,696 | €3,400 | -€2,296 | -40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,661 | €108,679 | +€25,018 | +29.9% |
| Other operating charges | 640/8 | €10,115 | €10,034 | -€81 | -0.8% |
| Gross operating margin | 9900 | -€14,479 | -€44,147 | -€29,668 | -204.9% |
| Operating profit (loss) | 9901 | -€108,256 | -€162,861 | -€54,605 | -50.4% |
| Financial income | 75/76B | €32,967 | €26,897 | -€6,070 | -18.4% |
| Recurring financial income | 75 | €32,967 | €26,897 | -€6,070 | -18.4% |
| Financial charges | 65/66B | €54 | €52 | -€2 | -3.1% |
| Recurring financial charges | 65 | €54 | €52 | -€2 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | -€75,342 | -€136,016 | -€60,674 | -80.5% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€75,342 | -€136,016 | -€60,674 | -80.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€75,342 | -€136,016 | -€60,674 | -80.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.