SELECT GROUP: 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.
What changed
SELECT GROUP
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.5m
2024 · €3.1m-€4.6m
Equity
€1.8m
2024 · €3.3m-€1.5m
Cash
€291,576
2024 · €175,160+€116,415
Balance sheet total
€39.8m
2024 · €39.7m+€76,864
Largest movements
Assets
- Receivables within one year +€1.2m
up €1.2m (+9.9%), from €12.2m to €13.4m
of which Trade receivables: +€1.3m
- Financial fixed assets -€903,653
down €903,653 (-3.7%), from €24.3m to €23.4m
of which Companies linked by participating interests: -€532,287
Equity and liabilities
- Short-term financial debts +€6.3m
up €6.3m (+28.3%), from €22.1m to €28.4m
of which Other loans: +€3.8m
- Other debts -€3.0m
down €3.0m (-99.6%), from €3.0m to €11,593
- Profit (loss) carried forward -€1.5m
down €1.5m, from €852,825 to -€659,525
- Debts after one year -€1.4m
down €1.4m (-16.4%), from €8.7m to €7.3m
Income statement
- Financial income -€2.4m
down €2.4m (-46.8%), from €5.1m to €2.7m
of which Non-recurring financial income: -€1.5m
- Financial charges +€499,258
up €499,258 (+24.8%), from €2.0m to €2.5m
of which Non-recurring financial charges: +€943,385
- Turnover -€210,741
down €210,741 (-3.3%), from €6.5m to €6.2m
- Depreciation +€121,770
up €121,770 (+46.8%), from €260,327 to €382,097
- Services and other goods +€105,960
up €105,960 (+2.7%), from €4.0m to €4.1m
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.
Result 2024
€3.1m
Turnover
-€210,741
Other operating income
+€25,105
Services and other goods
-€105,960
Staff costs
+€48,561
Depreciation
-€121,770
Write-downs
-€3,905
Other operating charges
-€892
Other operating items
-€1.4m
Financial income
-€2.4m
Financial charges
-€499,258
Taxes
+€1,724
Result 2025
-€1.5m
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.
From operations
-€5.5m
Investment
+€736,119
Financing
+€4.9m
Cash 2024
€175,160
From operations (derived)
-€5.5m
Net result for the year
-€1.5m
Depreciation
+€382,097
Receivables within one year
-€1.2m
Deferred charges and accrued income
+€130,308
Trade debts
-€129,124
Tax, wage and social debts
-€64,304
Other debts
-€3.0m
Accrued charges and deferred income
-€103,650
Investment (derived)
+€736,119
Investment in fixed assets (net)
+€736,119
Financing
+€4.9m
Debts after one year
-€1.4m
Current portion of long-term debt
+€43,471
Short-term financial debts
+€6.3m
Cash 2025
€291,576
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,721,068 | €39,797,931 | +€76,864 | +0.2% |
| Formation expenses | 20 | €714 | €237 | -€477 | -66.8% |
| Fixed assets | 21/28 | €26,760,293 | €25,642,554 | -€1.1m | -4.2% |
| Intangible fixed assets | 21 | €927,394 | €850,810 | -€76,585 | -8.3% |
| Tangible fixed assets | 22/27 | €1,496,480 | €1,358,978 | -€137,502 | -9.2% |
| Land and buildings | 22 | €1,391,456 | €1,295,465 | -€95,991 | -6.9% |
| Plant, machinery and equipment | 23 | €91,240 | €51,529 | -€39,710 | -43.5% |
| Furniture and vehicles | 24 | €8,956 | €7,792 | -€1,163 | -13.0% |
| Other tangible fixed assets | 26 | €1,928 | €1,291 | -€637 | -33.0% |
| Assets under construction and advance payments | 27 | €2,900 | €2,900 | = | 0.0% |
| Financial fixed assets | 28 | €24,336,419 | €23,432,766 | -€903,653 | -3.7% |
| Affiliated companies | 280/1 | €23,802,807 | €23,431,441 | -€371,366 | -1.6% |
| Participating interests | 280 | €21,603,387 | €21,317,896 | -€285,491 | -1.3% |
| Amounts receivable | 281 | €2,199,420 | €2,113,545 | -€85,875 | -3.9% |
| Companies linked by participating interests | 282/3 | €532,287 | - | -€532,287 | |
| Participating interests | 282 | €132,618 | - | -€132,618 | |
| Amounts receivable | 283 | €399,669 | - | -€399,669 | |
| Other financial fixed assets | 284/8 | €1,325 | €1,325 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,325 | €1,325 | = | 0.0% |
| Current assets | 29/58 | €12,960,061 | €14,155,141 | +€1.2m | +9.2% |
| Amounts receivable within one year | 40/41 | €12,234,378 | €13,443,350 | +€1.2m | +9.9% |
| Trade receivables | 40 | €3,316,343 | €4,665,086 | +€1.3m | +40.7% |
| Other amounts receivable | 41 | €8,918,034 | €8,778,264 | -€139,770 | -1.6% |
| Cash at bank and in hand | 54/58 | €175,160 | €291,576 | +€116,415 | +66.5% |
| Deferred charges and accrued income | 490/1 | €550,523 | €420,216 | -€130,308 | -23.7% |
| Total equity and liabilities | 10/49 | €39,721,068 | €39,797,931 | +€76,864 | +0.2% |
| Equity | 10/15 | €3,277,928 | €1,765,578 | -€1.5m | -46.1% |
| Contributions | 10/11 | €2,204,639 | €2,204,639 | = | 0.0% |
| Capital | 10 | €2,204,639 | €2,204,639 | = | 0.0% |
| Issued capital | 100 | €2,204,639 | €2,204,639 | = | 0.0% |
| Reserves | 13 | €220,464 | €220,464 | = | 0.0% |
| Non-distributable reserves | 130/1 | €220,464 | €220,464 | = | 0.0% |
| Legal reserve | 130 | €220,464 | €220,464 | = | 0.0% |
| Profit (loss) carried forward | 14 | €852,825 | -€659,525 | -€1.5m | |
| Amounts payable | 17/49 | €36,443,140 | €38,032,353 | +€1.6m | +4.4% |
| Amounts payable after more than one year | 17 | €8,684,553 | €7,264,578 | -€1.4m | -16.4% |
| Financial debts | 170/4 | €8,684,553 | €7,264,578 | -€1.4m | -16.4% |
| Subordinated loans | 170 | €180,000 | €180,000 | = | 0.0% |
| Credit institutions | 173 | €5,400,478 | €4,184,578 | -€1.2m | -22.5% |
| Other loans | 174 | €3,104,075 | €2,900,000 | -€204,075 | -6.6% |
| Amounts payable within one year | 42/48 | €27,493,586 | €30,606,425 | +€3.1m | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €1,373,404 | €1,416,875 | +€43,471 | +3.2% |
| Financial debts | 43 | €22,092,468 | €28,354,737 | +€6.3m | +28.3% |
| Credit institutions | 430/8 | - | €2,500,000 | +€2.5m | |
| Other loans | 439 | €22,092,468 | €25,854,737 | +€3.8m | +17.0% |
| Trade debts | 44 | €823,548 | €694,424 | -€129,124 | -15.7% |
| Suppliers | 440/4 | €823,548 | €694,424 | -€129,124 | -15.7% |
| Taxes, remuneration and social security | 45 | €193,100 | €128,797 | -€64,304 | -33.3% |
| Taxes | 450/3 | €2,463 | €2,354 | -€109 | -4.4% |
| Remuneration and social security | 454/9 | €190,637 | €126,443 | -€64,194 | -33.7% |
| Other amounts payable | 47/48 | €3,011,067 | €11,593 | -€3.0m | -99.6% |
| Accrued charges and deferred income | 492/3 | €265,001 | €161,350 | -€103,650 | -39.1% |
| Operating income | 70/76A | €6,645,019 | €6,460,740 | -€184,279 | -2.8% |
| Turnover | 70 | €6,450,939 | €6,240,198 | -€210,741 | -3.3% |
| Other operating income | 74 | €194,080 | €219,185 | +€25,105 | +12.9% |
| Non-recurring operating income | 76A | - | €1,357 | +€1,357 | |
| Operating charges | 60/66A | €6,625,752 | €8,186,245 | +€1.6m | +23.6% |
| Services and other goods | 61 | €3,970,736 | €4,076,696 | +€105,960 | +2.7% |
| Remuneration, social security and pensions | 62 | €1,175,267 | €1,126,706 | -€48,561 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €260,327 | €382,097 | +€121,770 | +46.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,677 | €228 | +€3,905 | |
| Other operating charges | 640/8 | €16,459 | €17,351 | +€892 | +5.4% |
| Non-recurring operating charges | 66A | €1,206,640 | €2,583,167 | +€1.4m | +114.1% |
| Operating profit (loss) | 9901 | €19,267 | -€1,725,505 | -€1.7m | |
| Financial income | 75/76B | €5,127,906 | €2,727,390 | -€2.4m | -46.8% |
| Recurring financial income | 75 | €3,634,956 | €2,696,368 | -€938,589 | -25.8% |
| Income from financial fixed assets | 750 | €2,796,719 | €1,906,818 | -€889,902 | -31.8% |
| Income from current assets | 751 | €838,237 | €789,544 | -€48,693 | -5.8% |
| Other financial income | 752/9 | - | €6 | +€6 | |
| Non-recurring financial income | 76B | €1,492,950 | €31,023 | -€1.5m | -97.9% |
| Financial charges | 65/66B | €2,011,875 | €2,511,133 | +€499,258 | +24.8% |
| Recurring financial charges | 65 | €1,811,875 | €1,367,747 | -€444,128 | -24.5% |
| Debt charges | 650 | €1,809,515 | €1,362,355 | -€447,161 | -24.7% |
| Other financial charges | 652/9 | €2,360 | €5,393 | +€3,033 | +128.5% |
| Non-recurring financial charges | 66B | €200,000 | €1,143,385 | +€943,385 | +471.7% |
| Profit (loss) for the period before taxes | 9903 | €3,135,298 | -€1,509,248 | -€4.6m | |
| Income taxes | 67/77 | €4,826 | €3,102 | -€1,724 | -35.7% |
| Taxes | 670/3 | €4,826 | €3,102 | -€1,724 | -35.7% |
| Profit (loss) for the period | 9904 | €3,130,472 | -€1,512,350 | -€4.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €3,130,472 | -€1,512,350 | -€4.6m |
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 30 September 2026 via checked.be.