SELECTO: 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.
SELECTO
Largest movements
- Receivables within one year -€96,634
down €96,634 (-31.9%), from €302,666 to €206,033
of which Other amounts receivable: -€94,324
- Cash +€81,959
up €81,959 (+33.5%), from €244,435 to €326,394
mainly Net result for the year (+€190,229) and Receivables within one year (+€96,634)
- Tangible fixed assets +€9,956
up €9,956 (+18.5%), from €53,743 to €63,698
of which Plant, machinery and equipment: +€16,516
- Profit (loss) carried forward -€17,771
down €17,771 (-14.7%), from €120,824 to €103,053
- Trade debts +€12,936
up €12,936 (+12.9%), from €100,315 to €113,251
- Debts after one year -€9,011
down €9,011 (-53.5%), from €16,845 to €7,834
- Other debts +€7,663
up €7,663 (+3.3%), from €232,985 to €240,648
- Staff costs -€45,769
down €45,769 (-12.3%), from €372,013 to €326,245
- Gross operating margin +€32,755
up €32,755 (+6.4%), from €512,584 to €545,339
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 | €628,556 | €619,373 | -€9,183 | -1.5% |
| Fixed assets | 21/28 | €54,358 | €63,929 | +€9,572 | +17.6% |
| Intangible fixed assets | 21 | €425 | €41 | -€384 | -90.3% |
| Tangible fixed assets | 22/27 | €53,743 | €63,698 | +€9,956 | +18.5% |
| Plant, machinery and equipment | 23 | €16,429 | €32,944 | +€16,516 | +101% |
| Furniture and vehicles | 24 | €35,016 | €28,942 | -€6,074 | -17.3% |
| Other tangible fixed assets | 26 | €2,298 | €1,812 | -€486 | -21.1% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €574,198 | €555,443 | -€18,754 | -3.3% |
| Stocks and contracts in progress | 3 | €21,544 | €19,946 | -€1,598 | -7.4% |
| Stocks | 30/36 | €21,544 | €19,946 | -€1,598 | -7.4% |
| Amounts receivable within one year | 40/41 | €302,666 | €206,033 | -€96,634 | -31.9% |
| Trade receivables | 40 | €21,203 | €18,894 | -€2,309 | -10.9% |
| Other amounts receivable | 41 | €281,464 | €187,139 | -€94,324 | -33.5% |
| Cash at bank and in hand | 54/58 | €244,435 | €326,394 | +€81,959 | +33.5% |
| Deferred charges and accrued income | 490/1 | €5,553 | €3,071 | -€2,481 | -44.7% |
| Total equity and liabilities | 10/49 | €628,556 | €619,373 | -€9,183 | -1.5% |
| Equity | 10/15 | €230,824 | €213,053 | -€17,771 | -7.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,824 | €103,053 | -€17,771 | -14.7% |
| Amounts payable | 17/49 | €397,731 | €406,319 | +€8,588 | +2.2% |
| Amounts payable after more than one year | 17 | €16,845 | €7,834 | -€9,011 | -53.5% |
| Financial debts | 170/4 | €16,845 | €7,834 | -€9,011 | -53.5% |
| Amounts payable within one year | 42/48 | €380,036 | €396,666 | +€16,629 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €8,605 | €9,011 | +€406 | +4.7% |
| Trade debts | 44 | €100,315 | €113,251 | +€12,936 | +12.9% |
| Suppliers | 440/4 | €100,315 | €113,251 | +€12,936 | +12.9% |
| Advances received on contracts in progress | 46 | €1,312 | €1,392 | +€80 | +6.1% |
| Taxes, remuneration and social security | 45 | €36,819 | €32,364 | -€4,455 | -12.1% |
| Taxes | 450/3 | €14,448 | €14,065 | -€382 | -2.6% |
| Remuneration and social security | 454/9 | €22,372 | €18,299 | -€4,073 | -18.2% |
| Other amounts payable | 47/48 | €232,985 | €240,648 | +€7,663 | +3.3% |
| Accrued charges and deferred income | 492/3 | €850 | €1,820 | +€970 | +114% |
| Non-recurring operating income | 76A | €988 | €163 | -€825 | -83.5% |
| Remuneration, social security and pensions | 62 | €372,013 | €326,245 | -€45,769 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,540 | €14,801 | -€739 | -4.8% |
| Other operating charges | 640/8 | €4,564 | €762 | -€3,802 | -83.3% |
| Gross operating margin | 9900 | €512,584 | €545,339 | +€32,755 | +6.4% |
| Operating profit (loss) | 9901 | €120,467 | €203,531 | +€83,065 | +69.0% |
| Financial income | 75/76B | €39 | €164 | +€125 | +324% |
| Recurring financial income | 75 | €39 | €164 | +€125 | +324% |
| Financial charges | 65/66B | €16,096 | €13,287 | -€2,810 | -17.5% |
| Recurring financial charges | 65 | €16,096 | €13,287 | -€2,810 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €104,409 | €190,409 | +€86,000 | +82.4% |
| Income taxes | 67/77 | €2,723 | €180 | -€2,544 | -93.4% |
| Profit (loss) for the period | 9904 | €101,686 | €190,229 | +€88,544 | +87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €101,686 | €190,229 | +€88,544 | +87.1% |
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 18 October 2026 via checked.be.