Selesa: 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.
Selesa
Largest movements
- Tangible fixed assets +€139,857
up €139,857 (+53.2%), from €262,733 to €402,590
of which Land and buildings: +€160,225
- Cash +€69,383
up €69,383 (+103%), from €67,541 to €136,924
mainly Debts after one year (+€105,029) and Net result for the year (+€49,308)
- Receivables within one year -€19,195
down €19,195 (-58.0%), from €33,110 to €13,915
- Debts after one year +€105,029
up €105,029 (+71.6%), from €146,710 to €251,739
- Reserves +€49,308
up €49,308 (+29.2%), from €169,039 to €218,347
- Trade debts +€22,668
up €22,668 (+216%), from €10,511 to €33,179
- Tax, wage and social debts +€14,085
up €14,085 (+67.6%), from €20,838 to €34,923
- Gross operating margin -€21,036
down €21,036 (-17.1%), from €123,007 to €101,970
- Taxes -€4,920
down €4,920 (-27.3%), from €17,995 to €13,076
- Depreciation +€2,769
up €2,769 (+9.4%), from €29,535 to €32,305
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 | €364,050 | €556,505 | +€192,456 | +52.9% |
| Fixed assets | 21/28 | €262,733 | €402,590 | +€139,857 | +53.2% |
| Tangible fixed assets | 22/27 | €262,733 | €402,590 | +€139,857 | +53.2% |
| Land and buildings | 22 | €11,023 | €171,248 | +€160,225 | +1,454% |
| Plant, machinery and equipment | 23 | €18,748 | €16,245 | -€2,503 | -13.4% |
| Furniture and vehicles | 24 | €50,614 | €42,374 | -€8,240 | -16.3% |
| Leasing and similar rights | 25 | €182,348 | €172,723 | -€9,625 | -5.3% |
| Current assets | 29/58 | €101,317 | €153,915 | +€52,598 | +51.9% |
| Amounts receivable within one year | 40/41 | €33,110 | €13,915 | -€19,195 | -58.0% |
| Trade receivables | 40 | €33,110 | €13,915 | -€19,195 | -58.0% |
| Cash at bank and in hand | 54/58 | €67,541 | €136,924 | +€69,383 | +103% |
| Deferred charges and accrued income | 490/1 | €666 | €3,076 | +€2,410 | +362% |
| Total equity and liabilities | 10/49 | €364,050 | €556,505 | +€192,456 | +52.9% |
| Equity | 10/15 | €172,039 | €221,347 | +€49,308 | +28.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €169,039 | €218,347 | +€49,308 | +29.2% |
| Distributable reserves | 133 | €169,039 | €218,347 | +€49,308 | +29.2% |
| Amounts payable | 17/49 | €192,011 | €335,158 | +€143,147 | +74.6% |
| Amounts payable after more than one year | 17 | €146,710 | €251,739 | +€105,029 | +71.6% |
| Financial debts | 170/4 | €146,710 | €251,739 | +€105,029 | +71.6% |
| Amounts payable within one year | 42/48 | €43,228 | €83,098 | +€39,870 | +92.2% |
| Current portion of amounts payable after more than one year | 42 | €5,501 | €5,721 | +€220 | +4.0% |
| Trade debts | 44 | €10,511 | €33,179 | +€22,668 | +216% |
| Suppliers | 440/4 | €10,511 | €33,179 | +€22,668 | +216% |
| Taxes, remuneration and social security | 45 | €20,838 | €34,923 | +€14,085 | +67.6% |
| Taxes | 450/3 | €20,838 | €34,923 | +€14,085 | +67.6% |
| Other amounts payable | 47/48 | €6,378 | €9,276 | +€2,897 | +45.4% |
| Accrued charges and deferred income | 492/3 | €2,073 | €322 | -€1,752 | -84.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,535 | €32,305 | +€2,769 | +9.4% |
| Other operating charges | 640/8 | €786 | €1,317 | +€531 | +67.5% |
| Non-recurring operating charges | 66A | - | €1,546 | +€1,546 | |
| Gross operating margin | 9900 | €123,007 | €101,970 | -€21,036 | -17.1% |
| Operating profit (loss) | 9901 | €92,685 | €66,803 | -€25,882 | -27.9% |
| Financial income | 75/76B | €2,426 | €2,334 | -€92 | -3.8% |
| Recurring financial income | 75 | €2,426 | €2,334 | -€92 | -3.8% |
| Non-recurring financial income | 76B | €2,426 | €2,334 | -€92 | -3.8% |
| Financial charges | 65/66B | €6,390 | €6,753 | +€362 | +5.7% |
| Recurring financial charges | 65 | €6,390 | €6,753 | +€362 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €88,721 | €62,384 | -€26,337 | -29.7% |
| Income taxes | 67/77 | €17,995 | €13,076 | -€4,920 | -27.3% |
| Profit (loss) for the period | 9904 | €70,725 | €49,308 | -€21,417 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,725 | €49,308 | -€21,417 | -30.3% |
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 21 October 2026 via checked.be.