SELECTED COMMERCIAL GROUP: 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.
SELECTED COMMERCIAL GROUP
Largest movements
- Receivables within one year +€24,054
up €24,054 (+17.1%), from €140,821 to €164,876
of which Trade receivables: +€14,869
- Tangible fixed assets +€13,642
up €13,642 (+127%), from €10,773 to €24,415
of which Leasing and similar rights: +€19,180
- Cash -€13,150
down €13,150 (-8.4%), from €156,877 to €143,727
mainly Receivables within one year (-€24,054) and Investment in fixed assets (net) (-€20,908)
- Reserves +€15,184
up €15,184 (+10.2%), from €148,475 to €163,659
of which Distributable reserves: +€15,184
- Debts after one year +€6,896
up €6,896 (+127%), from €5,432 to €12,328
- Gross operating margin +€6,027
up €6,027 (+24.5%), from €24,623 to €30,649
- Write-downs -€5,761
down €5,761 (-100%), from €5,761 to €0
- Taxes +€3,038
up €3,038 (+98.8%), from €3,073 to €6,111
- Depreciation +€932
up €932 (+14.7%), from €6,334 to €7,266
- Other operating charges +€350
up €350 (+22.7%), from €1,543 to €1,892
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 | €333,615 | €357,139 | +€23,525 | +7.1% |
| Fixed assets | 21/28 | €11,106 | €24,747 | +€13,642 | +123% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €10,773 | €24,415 | +€13,642 | +127% |
| Plant, machinery and equipment | 23 | €929 | €748 | -€181 | -19.4% |
| Furniture and vehicles | 24 | €2,408 | €1,428 | -€979 | -40.7% |
| Leasing and similar rights | 25 | €0 | €19,180 | +€19,180 | |
| Other tangible fixed assets | 26 | €7,437 | €3,058 | -€4,378 | -58.9% |
| Financial fixed assets | 28 | €333 | €333 | = | 0.0% |
| Current assets | 29/58 | €322,509 | €332,392 | +€9,883 | +3.1% |
| Amounts receivable after more than one year | 29 | €2,500 | €2,500 | = | 0.0% |
| Trade receivables | 290 | €2,500 | €2,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €20,076 | €20,576 | +€500 | +2.5% |
| Stocks | 30/36 | €20,076 | €20,576 | +€500 | +2.5% |
| Amounts receivable within one year | 40/41 | €140,821 | €164,876 | +€24,054 | +17.1% |
| Trade receivables | 40 | €134,368 | €149,237 | +€14,869 | +11.1% |
| Other amounts receivable | 41 | €6,453 | €15,639 | +€9,186 | +142% |
| Cash at bank and in hand | 54/58 | €156,877 | €143,727 | -€13,150 | -8.4% |
| Deferred charges and accrued income | 490/1 | €2,235 | €713 | -€1,522 | -68.1% |
| Total equity and liabilities | 10/49 | €333,615 | €357,139 | +€23,525 | +7.1% |
| Equity | 10/15 | €289,480 | €303,659 | +€14,179 | +4.9% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €148,475 | €163,659 | +€15,184 | +10.2% |
| Tax-exempt reserves | 132 | €1,121 | €1,121 | = | 0.0% |
| Distributable reserves | 133 | €147,354 | €162,538 | +€15,184 | +10.3% |
| Profit (loss) carried forward | 14 | €1,005 | €0 | -€1,005 | -100% |
| Amounts payable | 17/49 | €44,135 | €53,481 | +€9,346 | +21.2% |
| Amounts payable after more than one year | 17 | €5,432 | €12,328 | +€6,896 | +127% |
| Financial debts | 170/4 | €5,432 | €12,328 | +€6,896 | +127% |
| Amounts payable within one year | 42/48 | €38,702 | €41,152 | +€2,450 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €5,332 | €8,542 | +€3,211 | +60.2% |
| Trade debts | 44 | €9,667 | €8,632 | -€1,036 | -10.7% |
| Suppliers | 440/4 | €9,667 | €8,632 | -€1,036 | -10.7% |
| Taxes, remuneration and social security | 45 | €15,968 | €15,873 | -€95 | -0.6% |
| Taxes | 450/3 | €15,968 | €15,873 | -€95 | -0.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €7,735 | €8,105 | +€370 | +4.8% |
| Non-recurring operating income | 76A | €1,453 | €0 | -€1,453 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,334 | €7,266 | +€932 | +14.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,761 | €0 | -€5,761 | -100% |
| Other operating charges | 640/8 | €1,543 | €1,892 | +€350 | +22.7% |
| Gross operating margin | 9900 | €24,623 | €30,649 | +€6,027 | +24.5% |
| Operating profit (loss) | 9901 | €10,985 | €21,491 | +€10,506 | +95.6% |
| Financial income | 75/76B | €547 | €430 | -€117 | -21.4% |
| Recurring financial income | 75 | €547 | €430 | -€117 | -21.4% |
| Financial charges | 65/66B | €1,810 | €1,631 | -€179 | -9.9% |
| Recurring financial charges | 65 | €1,810 | €1,631 | -€179 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €9,722 | €20,290 | +€10,568 | +109% |
| Income taxes | 67/77 | €3,073 | €6,111 | +€3,038 | +98.8% |
| Profit (loss) for the period | 9904 | €6,648 | €14,179 | +€7,531 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €6,648 | €14,179 | +€7,531 | +113% |
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 19 October 2026 via checked.be.