SELECT HOLDING: 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.
What changed
SELECT HOLDING
NACE 82.990, Other business support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.6m
2024 · €3.7m-€1.1m
Equity
€20.9m
2024 · €18.3m+€2.6m
Cash
€217,861
2024 · €246,396-€28,535
Balance sheet total
€42.5m
2024 · €41.7m+€823,847
Largest movements
Assets
- Receivables within one year +€861,157
up €861,157 (+34.1%), from €2.5m to €3.4m
of which Trade receivables: +€909,795
Equity and liabilities
- Profit (loss) carried forward +€2.6m
up €2.6m (+50.4%), from €5.1m to €7.7m
- Debts after one year -€1.3m
down €1.3m (-7.2%), from €17.4m to €16.2m
- Trade debts +€1.0m
up €1.0m (+164%), from €621,459 to €1.6m
- Current portion of long-term debt -€975,283
down €975,283 (-40.4%), from €2.4m to €1.4m
- Other debts -€503,283
down €503,283 (-17.7%), from €2.9m to €2.3m
Income statement
- Financial income -€700,000
down €700,000 (-18.9%), from €3.7m to €3.0m
- Services and other goods +€547,167
up €547,167 (+23.5%), from €2.3m to €2.9m
- Financial charges -€259,546
down €259,546 (-19.6%), from €1.3m to €1.1m
- Turnover -€195,874
down €195,874 (-5.1%), from €3.8m to €3.6m
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
€3.7m
Turnover
-€195,874
Other operating income
+€975
Services and other goods
-€547,167
Staff costs
+€36,852
Depreciation
+€20,702
Other operating charges
-€344
Financial income
-€700,000
Financial charges
+€259,546
Taxes
+€61
Result 2025
€2.6m
raises the resultlowers the result
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.
From operations
+€2.2m
Investment
€0
Financing
-€2.2m
Cash 2024
€246,396
From operations (derived)
+€2.2m
Net result for the year
+€2.6m
Depreciation
+€3,953
Receivables within one year
-€861,157
Smaller working-capital items
+€2,804
Trade debts
+€1.0m
Other debts
-€503,283
Accrued charges and deferred income
-€15,897
Financing
-€2.2m
Debts after one year
-€1.3m
Current portion of long-term debt
-€975,283
Cash 2025
€217,861
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,688,199 | €42,512,046 | +€823,847 | +2.0% |
| Formation expenses | 20 | €7,117 | €4,128 | -€2,989 | -42.0% |
| Fixed assets | 21/28 | €38,901,687 | €38,900,723 | -€964 | 0.0% |
| Intangible fixed assets | 21 | €964 | - | -€964 | |
| Financial fixed assets | 28 | €38,900,723 | €38,900,723 | = | 0.0% |
| Affiliated companies | 280/1 | €38,900,723 | €38,900,723 | = | 0.0% |
| Participating interests | 280 | €38,900,723 | €38,900,723 | = | 0.0% |
| Current assets | 29/58 | €2,779,395 | €3,607,195 | +€827,800 | +29.8% |
| Amounts receivable within one year | 40/41 | €2,527,318 | €3,388,474 | +€861,157 | +34.1% |
| Trade receivables | 40 | €2,305,735 | €3,215,530 | +€909,795 | +39.5% |
| Other amounts receivable | 41 | €221,583 | €172,945 | -€48,638 | -22.0% |
| Cash at bank and in hand | 54/58 | €246,396 | €217,861 | -€28,535 | -11.6% |
| Deferred charges and accrued income | 490/1 | €5,682 | €859 | -€4,822 | -84.9% |
| Total equity and liabilities | 10/49 | €41,688,199 | €42,512,046 | +€823,847 | +2.0% |
| Equity | 10/15 | €18,286,309 | €20,850,488 | +€2.6m | +14.0% |
| Contributions | 10/11 | €13,200,000 | €13,200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,086,309 | €7,650,488 | +€2.6m | +50.4% |
| Amounts payable | 17/49 | €23,401,891 | €21,661,558 | -€1.7m | -7.4% |
| Amounts payable after more than one year | 17 | €17,427,356 | €16,163,893 | -€1.3m | -7.2% |
| Financial debts | 170/4 | €17,427,356 | €16,163,893 | -€1.3m | -7.2% |
| Subordinated loans | 170 | €13,200,000 | €13,200,000 | = | 0.0% |
| Credit institutions | 173 | €4,227,356 | €2,963,893 | -€1.3m | -29.9% |
| Amounts payable within one year | 42/48 | €5,949,289 | €5,488,315 | -€460,974 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €2,414,447 | €1,439,165 | -€975,283 | -40.4% |
| Trade debts | 44 | €621,459 | €1,641,069 | +€1.0m | +164% |
| Suppliers | 440/4 | €621,459 | €1,641,069 | +€1.0m | +164% |
| Taxes, remuneration and social security | 45 | €62,739 | €60,721 | -€2,018 | -3.2% |
| Taxes | 450/3 | €43,286 | €43,164 | -€122 | -0.3% |
| Remuneration and social security | 454/9 | €19,453 | €17,557 | -€1,896 | -9.7% |
| Other amounts payable | 47/48 | €2,850,644 | €2,347,361 | -€503,283 | -17.7% |
| Accrued charges and deferred income | 492/3 | €25,246 | €9,349 | -€15,897 | -63.0% |
| Operating income | 70/76A | €3,811,353 | €3,616,454 | -€194,899 | -5.1% |
| Turnover | 70 | €3,808,662 | €3,612,788 | -€195,874 | -5.1% |
| Other operating income | 74 | €2,691 | €3,666 | +€975 | +36.2% |
| Operating charges | 60/66A | €2,495,221 | €2,985,178 | +€489,957 | +19.6% |
| Services and other goods | 61 | €2,324,589 | €2,871,757 | +€547,167 | +23.5% |
| Remuneration, social security and pensions | 62 | €144,146 | €107,294 | -€36,852 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,655 | €3,953 | -€20,702 | -84.0% |
| Other operating charges | 640/8 | €1,831 | €2,175 | +€344 | +18.8% |
| Operating profit (loss) | 9901 | €1,316,132 | €631,276 | -€684,856 | -52.0% |
| Financial income | 75/76B | €3,700,000 | €3,000,000 | -€700,000 | -18.9% |
| Recurring financial income | 75 | €3,700,000 | €3,000,000 | -€700,000 | -18.9% |
| Income from financial fixed assets | 750 | €3,700,000 | €3,000,000 | -€700,000 | -18.9% |
| Financial charges | 65/66B | €1,326,379 | €1,066,833 | -€259,546 | -19.6% |
| Recurring financial charges | 65 | €1,326,379 | €1,066,833 | -€259,546 | -19.6% |
| Debt charges | 650 | €1,326,110 | €1,066,448 | -€259,662 | -19.6% |
| Other financial charges | 652/9 | €270 | €385 | +€116 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | €3,689,753 | €2,564,442 | -€1.1m | -30.5% |
| Income taxes | 67/77 | €323 | €263 | -€61 | -18.7% |
| Taxes | 670/3 | €323 | €263 | -€61 | -18.7% |
| Profit (loss) for the period | 9904 | €3,689,429 | €2,564,180 | -€1.1m | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,689,429 | €2,564,180 | -€1.1m | -30.5% |
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 16 October 2026 via checked.be.