SELECTAIR: 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.
SELECTAIR
Largest movements
- Cash -€51,043
down €51,043 (-28.6%), from €178,680 to €127,637
mainly Receivables within one year (-€50,904) and Trade debts (-€33,299)
- Receivables within one year +€50,904
up €50,904 (+110%), from €46,190 to €97,094
of which Trade receivables: +€45,316
- Current investments -€49,749
down €49,749 (-15.5%), from €321,614 to €271,865
- Intangible fixed assets +€10,969
up €10,969 (+227%), from €4,831 to €15,801
- Trade debts -€33,299
down €33,299 (-31.5%), from €105,567 to €72,268
- Debts after one year -€11,830
down €11,830 (-21.8%), from €54,343 to €42,512
- Profit (loss) carried forward -€9,166
down €9,166 (-3.7%), from €246,510 to €237,344
- Other debts +€7,501
up €7,501 (+10.6%), from €70,473 to €77,974
- Staff costs +€55,072
up €55,072 (+26.7%), from €206,114 to €261,186
- Gross operating margin +€27,478
up €27,478 (+11.4%), from €241,175 to €268,653
- Taxes -€7,838
down €7,838 (-87.4%), from €8,966 to €1,128
- Depreciation -€3,911
down €3,911 (-25.0%), from €15,633 to €11,723
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 | €668,210 | €628,262 | -€39,948 | -6.0% |
| Fixed assets | 21/28 | €121,726 | €131,666 | +€9,941 | +8.2% |
| Intangible fixed assets | 21 | €4,831 | €15,801 | +€10,969 | +227% |
| Tangible fixed assets | 22/27 | €116,895 | €115,866 | -€1,029 | -0.9% |
| Land and buildings | 22 | €115,063 | €110,343 | -€4,720 | -4.1% |
| Furniture and vehicles | 24 | €1,831 | €5,523 | +€3,691 | +202% |
| Current assets | 29/58 | €546,484 | €496,596 | -€49,889 | -9.1% |
| Amounts receivable within one year | 40/41 | €46,190 | €97,094 | +€50,904 | +110% |
| Trade receivables | 40 | €30,118 | €75,434 | +€45,316 | +150% |
| Other amounts receivable | 41 | €16,072 | €21,660 | +€5,588 | +34.8% |
| Current investments | 50/53 | €321,614 | €271,865 | -€49,749 | -15.5% |
| Cash at bank and in hand | 54/58 | €178,680 | €127,637 | -€51,043 | -28.6% |
| Total equity and liabilities | 10/49 | €668,210 | €628,262 | -€39,948 | -6.0% |
| Equity | 10/15 | €402,065 | €395,399 | -€6,666 | -1.7% |
| Contributions | 10/11 | €91,250 | €93,750 | +€2,500 | +2.7% |
| Reserves | 13 | €64,305 | €64,305 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,055 | €0 | -€8,055 | -100% |
| Reserves not available under the articles | 1311 | €8,055 | €0 | -€8,055 | -100% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | - | €8,055 | +€8,055 | |
| Profit (loss) carried forward | 14 | €246,510 | €237,344 | -€9,166 | -3.7% |
| Amounts payable | 17/49 | €266,145 | €232,863 | -€33,282 | -12.5% |
| Amounts payable after more than one year | 17 | €54,343 | €42,512 | -€11,830 | -21.8% |
| Financial debts | 170/4 | €54,343 | €42,512 | -€11,830 | -21.8% |
| Amounts payable within one year | 42/48 | €211,802 | €188,941 | -€22,862 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €11,288 | €11,830 | +€542 | +4.8% |
| Trade debts | 44 | €105,567 | €72,268 | -€33,299 | -31.5% |
| Suppliers | 440/4 | €105,567 | €72,268 | -€33,299 | -31.5% |
| Taxes, remuneration and social security | 45 | €24,474 | €26,868 | +€2,394 | +9.8% |
| Remuneration and social security | 454/9 | €24,474 | €26,868 | +€2,394 | +9.8% |
| Other amounts payable | 47/48 | €70,473 | €77,974 | +€7,501 | +10.6% |
| Accrued charges and deferred income | 492/3 | - | €1,410 | +€1,410 | |
| Non-recurring operating income | 76A | - | €1,250 | +€1,250 | |
| Remuneration, social security and pensions | 62 | €206,114 | €261,186 | +€55,072 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,633 | €11,723 | -€3,911 | -25.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,088 | +€2,088 | |
| Other operating charges | 640/8 | €2,365 | €1,837 | -€528 | -22.3% |
| Gross operating margin | 9900 | €241,175 | €268,653 | +€27,478 | +11.4% |
| Operating profit (loss) | 9901 | €17,062 | -€8,181 | -€25,243 | |
| Financial income | 75/76B | €7,929 | €6,845 | -€1,084 | -13.7% |
| Recurring financial income | 75 | €7,929 | €6,845 | -€1,084 | -13.7% |
| Financial charges | 65/66B | €7,841 | €6,703 | -€1,139 | -14.5% |
| Recurring financial charges | 65 | €7,841 | €6,703 | -€1,139 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €17,150 | -€8,039 | -€25,189 | |
| Income taxes | 67/77 | €8,966 | €1,128 | -€7,838 | -87.4% |
| Profit (loss) for the period | 9904 | €8,184 | -€9,166 | -€17,351 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,184 | -€9,166 | -€17,351 |
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.