SELEKT: what changed
Two fiscal 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.
SELEKT
Largest movements
- Receivables within one year -€570,497
down €570,497 (-98.6%), from €578,567 to €8,070
of which Other amounts receivable: -€569,779
- Tangible fixed assets +€339,752
up €339,752 (+12.6%), from €2.7m to €3.0m
of which Land and buildings: +€340,517
- Cash +€333,835
up €333,835 (+643.7%), from €51,858 to €385,692
mainly Receivables within one year (+€570,497) and Current investments (+€205,619)
- Current investments -€205,619
down €205,619 (-73.0%), from €281,673 to €76,054
- Debts after one year -€142,121
down €142,121 (-7.5%), from €1.9m to €1.8m
- Depreciation +€49,292
up €49,292 (+44.2%), from €111,514 to €160,806
- Gross operating margin +€45,043
up €45,043 (+17.8%), from €253,457 to €298,500
- Financial charges +€44,457
up €44,457 (+99.7%), from €44,606 to €89,063
- Taxes -€16,907
down €16,907 (-69.2%), from €24,427 to €7,520
- Financial income -€8,924
down €8,924 (-57.3%), from €15,587 to €6,663
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.
Cash bridge derived
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 | €3,653,040 | €3,540,255 | -€112,786 | -3.1% |
| Fixed assets | 21/28 | €2,735,270 | €3,070,021 | +€334,752 | +12.2% |
| Tangible fixed assets | 22/27 | €2,688,599 | €3,028,350 | +€339,752 | +12.6% |
| Land and buildings | 22 | €2,687,358 | €3,027,875 | +€340,517 | +12.7% |
| Furniture and vehicles | 24 | €1,241 | €476 | -€765 | -61.7% |
| Financial fixed assets | 28 | €46,671 | €41,671 | -€5,000 | -10.7% |
| Current assets | 29/58 | €917,771 | €470,233 | -€447,537 | -48.8% |
| Amounts receivable within one year | 40/41 | €578,567 | €8,070 | -€570,497 | -98.6% |
| Trade receivables | 40 | €8,788 | €8,070 | -€718 | -8.2% |
| Other amounts receivable | 41 | €569,779 | - | -€569,779 | |
| Current investments | 50/53 | €281,673 | €76,054 | -€205,619 | -73.0% |
| Cash at bank and in hand | 54/58 | €51,858 | €385,692 | +€333,835 | +643.7% |
| Deferred charges and accrued income | 490/1 | €5,673 | €417 | -€5,256 | -92.6% |
| Total equity and liabilities | 10/49 | €3,653,040 | €3,540,255 | -€112,786 | -3.1% |
| Equity | 10/15 | €679,612 | €696,679 | +€17,067 | +2.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €473,505 | €490,572 | +€17,067 | +3.6% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,111 | €5,347 | -€764 | -12.5% |
| Distributable reserves | 133 | €367,394 | €385,225 | +€17,831 | +4.9% |
| Profit (loss) carried forward | 14 | €106,107 | €106,107 | = | 0.0% |
| Provisions and deferred taxes | 16 | €3,147 | €2,753 | -€393 | -12.5% |
| Deferred taxes | 168 | €3,147 | €2,753 | -€393 | -12.5% |
| Amounts payable | 17/49 | €2,970,282 | €2,840,822 | -€129,459 | -4.4% |
| Amounts payable after more than one year | 17 | €1,894,830 | €1,752,709 | -€142,121 | -7.5% |
| Financial debts | 170/4 | €1,894,830 | €1,752,709 | -€142,121 | -7.5% |
| Amounts payable within one year | 42/48 | €1,045,849 | €1,053,882 | +€8,034 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €117,401 | €142,121 | +€24,721 | +21.1% |
| Trade debts | 44 | €13,920 | €6,474 | -€7,446 | -53.5% |
| Suppliers | 440/4 | €13,920 | €6,474 | -€7,446 | -53.5% |
| Taxes, remuneration and social security | 45 | €14,528 | €5,288 | -€9,241 | -63.6% |
| Taxes | 450/3 | €14,528 | €5,288 | -€9,241 | -63.6% |
| Other amounts payable | 47/48 | €900,000 | €900,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €29,603 | €34,231 | +€4,628 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,514 | €160,806 | +€49,292 | +44.2% |
| Other operating charges | 640/8 | €27,512 | €28,167 | +€655 | +2.4% |
| Non-recurring operating charges | 66A | - | €2,933 | +€2,933 | |
| Gross operating margin | 9900 | €253,457 | €298,500 | +€45,043 | +17.8% |
| Operating profit (loss) | 9901 | €114,431 | €106,594 | -€7,837 | -6.8% |
| Financial income | 75/76B | €15,587 | €6,663 | -€8,924 | -57.3% |
| Recurring financial income | 75 | €15,587 | €6,663 | -€8,924 | -57.3% |
| Financial charges | 65/66B | €44,606 | €89,063 | +€44,457 | +99.7% |
| Recurring financial charges | 65 | €44,606 | €89,063 | +€44,457 | +99.7% |
| Profit (loss) for the period before taxes | 9903 | €85,412 | €24,194 | -€61,218 | -71.7% |
| Transfer from deferred taxes | 780 | €393 | €393 | = | 0.0% |
| Income taxes | 67/77 | €24,427 | €7,520 | -€16,907 | -69.2% |
| Profit (loss) for the period | 9904 | €61,379 | €17,067 | -€44,311 | -72.2% |
| Transfer from tax-exempt reserves | 789 | €764 | €764 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €62,142 | €17,831 | -€44,311 | -71.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.