SELECT INVEST: 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 INVEST
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€13,940
2025 · €1,917+€12,023
Equity
€4.5m
2025 · €4.6m-€20,102
Cash
€9,629
2025 · €78,729-€69,100
Balance sheet total
€7.8m
2025 · €7.7m+€67,218
Largest movements
Assets
- Current investments +€100,035
new in 2026: €100,035
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€62,429
up €62,429 (+31.9%), from €195,907 to €258,336
- Financial charges +€47,557
up €47,557 (+31.9%), from €149,075 to €196,632
- Depreciation +€4,695
up €4,695 (+27.7%), from €16,948 to €21,643
- Financial income +€2,664
up €2,664 (+10,656%), from €25 to €2,689
From the 2025 result to the 2026 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 2025
€1,917
Gross operating margin
+€62,429
Depreciation
-€4,695
Other operating charges
-€817
Financial income
+€2,664
Financial charges
-€47,557
Result 2026
€13,940
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€75,145
Investment
-€180,963
Financing
+€36,718
Cash 2025
€78,729
From operations (derived)
+€75,145
Net result for the year
+€13,940
Depreciation
+€21,643
Receivables within one year
+€19,941
Deferred charges and accrued income
+€3,062
Trade debts
-€1,025
Tax, wage and social debts
+€17,492
Accrued charges and deferred income
+€93
Investment (derived)
-€180,963
Investment in fixed assets (net)
-€80,929
Current investments
-€100,035
Financing
+€36,718
Debts after one year
+€70,760
Contributions, distributions and other
-€34,042
Cash 2026
€9,629
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,685,707 | €7,752,924 | +€67,218 | +0.9% |
| Fixed assets | 21/28 | €7,575,661 | €7,634,947 | +€59,286 | +0.8% |
| Tangible fixed assets | 22/27 | €548,806 | €554,952 | +€6,146 | +1.1% |
| Land and buildings | 22 | €548,806 | €554,952 | +€6,146 | +1.1% |
| Financial fixed assets | 28 | €7,026,855 | €7,079,995 | +€53,140 | +0.8% |
| Current assets | 29/58 | €110,045 | €117,977 | +€7,932 | +7.2% |
| Amounts receivable within one year | 40/41 | €26,992 | €7,051 | -€19,941 | -73.9% |
| Trade receivables | 40 | €142 | €37 | -€105 | -74.2% |
| Other amounts receivable | 41 | €26,850 | €7,015 | -€19,836 | -73.9% |
| Current investments | 50/53 | - | €100,035 | +€100,035 | |
| Cash at bank and in hand | 54/58 | €78,729 | €9,629 | -€69,100 | -87.8% |
| Deferred charges and accrued income | 490/1 | €4,324 | €1,263 | -€3,062 | -70.8% |
| Total equity and liabilities | 10/49 | €7,685,707 | €7,752,924 | +€67,218 | +0.9% |
| Equity | 10/15 | €4,559,443 | €4,539,341 | -€20,102 | -0.4% |
| Contributions | 10/11 | €248,377 | €248,377 | = | 0.0% |
| Capital | 10 | €248,377 | €248,377 | = | 0.0% |
| Issued capital | 100 | €248,377 | €248,377 | = | 0.0% |
| Reserves | 13 | €672,048 | €638,006 | -€34,042 | -5.1% |
| Non-distributable reserves | 130/1 | €435,719 | €25,000 | -€410,719 | -94.3% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Other | 1319 | €410,719 | - | -€410,719 | |
| Tax-exempt reserves | 132 | €100,198 | €376,677 | +€276,479 | +276% |
| Distributable reserves | 133 | €136,131 | €236,329 | +€100,198 | +73.6% |
| Profit (loss) carried forward | 14 | €3,639,018 | €3,652,959 | +€13,940 | +0.4% |
| Amounts payable | 17/49 | €3,126,264 | €3,213,583 | +€87,319 | +2.8% |
| Amounts payable after more than one year | 17 | €3,053,410 | €3,124,170 | +€70,760 | +2.3% |
| Financial debts | 170/4 | - | €3,124,170 | +€3.1m | |
| Other amounts payable | 178/9 | €3,053,410 | - | -€3.1m | |
| Amounts payable within one year | 42/48 | €64,089 | €80,556 | +€16,467 | +25.7% |
| Trade debts | 44 | €20,957 | €19,932 | -€1,025 | -4.9% |
| Suppliers | 440/4 | €20,957 | €19,932 | -€1,025 | -4.9% |
| Taxes, remuneration and social security | 45 | €43,132 | €60,624 | +€17,492 | +40.6% |
| Taxes | 450/3 | €43,132 | €60,624 | +€17,492 | +40.6% |
| Accrued charges and deferred income | 492/3 | €8,764 | €8,857 | +€93 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,948 | €21,643 | +€4,695 | +27.7% |
| Other operating charges | 640/8 | €27,993 | €28,810 | +€817 | +2.9% |
| Gross operating margin | 9900 | €195,907 | €258,336 | +€62,429 | +31.9% |
| Operating profit (loss) | 9901 | €150,967 | €207,883 | +€56,916 | +37.7% |
| Financial income | 75/76B | €25 | €2,689 | +€2,664 | +10,656% |
| Recurring financial income | 75 | €25 | €2,689 | +€2,664 | +10,656% |
| Financial charges | 65/66B | €149,075 | €196,632 | +€47,557 | +31.9% |
| Recurring financial charges | 65 | €149,075 | €196,632 | +€47,557 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | €1,917 | €13,940 | +€12,023 | +627% |
| Profit (loss) for the period | 9904 | €1,917 | €13,940 | +€12,023 | +627% |
| Transfer from tax-exempt reserves | 789 | - | €100,198 | +€100,198 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,917 | €114,138 | +€112,221 | +5,854% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.