SELEX'IM: 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.
SELEX'IM
Largest movements
- Receivables after one year +€171,693
up €171,693 (+23.5%), from €729,071 to €900,763
- Receivables within one year -€141,327
down €141,327 (-88.4%), from €159,885 to €18,559
of which Other amounts receivable: -€76,327
- Stocks and contracts +€90,361
up €90,361 (+22.0%), from €411,023 to €501,384
- Deferred charges and accrued income +€28,363
up €28,363 (+604%), from €4,692 to €33,055
- Cash +€21,741
up €21,741 (+162%), from €13,434 to €35,175
mainly Other debts (+€971,093) and Receivables within one year (+€141,327)
- Other debts +€971,093
up €971,093 (+2,839%), from €34,200 to €1.0m
- Reserves -€622,108
down €622,108 (-95.6%), from €650,604 to €28,496
- Debts after one year -€139,642
no longer reported in 2025 (was €139,642)
of which Financial debts: -€139,442
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Financial income +€34,623
up €34,623 (+97.6%), from €35,484 to €70,107
- Gross operating margin -€18,936
down €18,936 (-22.7%), from €83,379 to €64,443
- Financial charges +€5,532
up €5,532 (+8.2%), from €67,254 to €72,786
- Staff costs -€3,481
down €3,481 (-8.5%), from €40,832 to €37,351
- Taxes +€3,259
up €3,259 (+477%), from €682 to €3,941
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 | €1,338,575 | €1,510,944 | +€172,369 | +12.9% |
| Fixed assets | 21/28 | €20,470 | €22,008 | +€1,538 | +7.5% |
| Tangible fixed assets | 22/27 | €1,070 | €3,608 | +€2,538 | +237% |
| Plant, machinery and equipment | 23 | €1,070 | €796 | -€274 | -25.6% |
| Other tangible fixed assets | 26 | - | €2,812 | +€2,812 | |
| Financial fixed assets | 28 | €19,400 | €18,400 | -€1,000 | -5.2% |
| Current assets | 29/58 | €1,318,106 | €1,488,936 | +€170,831 | +13.0% |
| Amounts receivable after more than one year | 29 | €729,071 | €900,763 | +€171,693 | +23.5% |
| Other amounts receivable | 291 | €729,071 | €900,763 | +€171,693 | +23.5% |
| Stocks and contracts in progress | 3 | €411,023 | €501,384 | +€90,361 | +22.0% |
| Stocks | 30/36 | €411,023 | €501,384 | +€90,361 | +22.0% |
| Amounts receivable within one year | 40/41 | €159,885 | €18,559 | -€141,327 | -88.4% |
| Trade receivables | 40 | €77,500 | €12,500 | -€65,000 | -83.9% |
| Other amounts receivable | 41 | €82,385 | €6,059 | -€76,327 | -92.6% |
| Cash at bank and in hand | 54/58 | €13,434 | €35,175 | +€21,741 | +162% |
| Deferred charges and accrued income | 490/1 | €4,692 | €33,055 | +€28,363 | +604% |
| Total equity and liabilities | 10/49 | €1,338,575 | €1,510,944 | +€172,369 | +12.9% |
| Equity | 10/15 | €1,082,365 | €460,257 | -€622,108 | -57.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €650,604 | €28,496 | -€622,108 | -95.6% |
| Distributable reserves | 133 | €650,604 | €28,496 | -€622,108 | -95.6% |
| Profit (loss) carried forward | 14 | €413,161 | €413,161 | = | 0.0% |
| Amounts payable | 17/49 | €256,210 | €1,050,687 | +€794,477 | +310% |
| Amounts payable after more than one year | 17 | €139,642 | - | -€139,642 | |
| Financial debts | 170/4 | €139,442 | - | -€139,442 | |
| Other amounts payable | 178/9 | €200 | - | -€200 | |
| Amounts payable within one year | 42/48 | €116,568 | €1,040,127 | +€923,559 | +792% |
| Current portion of amounts payable after more than one year | 42 | €7,516 | - | -€7,516 | |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €20,117 | €29,725 | +€9,608 | +47.8% |
| Suppliers | 440/4 | €20,117 | €29,725 | +€9,608 | +47.8% |
| Taxes, remuneration and social security | 45 | €4,735 | €5,109 | +€375 | +7.9% |
| Remuneration and social security | 454/9 | €4,735 | €5,109 | +€375 | +7.9% |
| Other amounts payable | 47/48 | €34,200 | €1,005,293 | +€971,093 | +2,839% |
| Accrued charges and deferred income | 492/3 | - | €10,560 | +€10,560 | |
| Remuneration, social security and pensions | 62 | €40,832 | €37,351 | -€3,481 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €815 | €297 | -€518 | -63.6% |
| Other operating charges | 640/8 | €2,454 | €2,633 | +€179 | +7.3% |
| Gross operating margin | 9900 | €83,379 | €64,443 | -€18,936 | -22.7% |
| Operating profit (loss) | 9901 | €39,277 | €24,162 | -€15,115 | -38.5% |
| Financial income | 75/76B | €35,484 | €70,107 | +€34,623 | +97.6% |
| Recurring financial income | 75 | €35,484 | €70,107 | +€34,623 | +97.6% |
| Financial charges | 65/66B | €67,254 | €72,786 | +€5,532 | +8.2% |
| Recurring financial charges | 65 | €67,254 | €72,786 | +€5,532 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €7,507 | €21,483 | +€13,976 | +186% |
| Income taxes | 67/77 | €682 | €3,941 | +€3,259 | +477% |
| Profit (loss) for the period | 9904 | €6,825 | €17,542 | +€10,717 | +157% |
| Profit (loss) for the period to be appropriated | 9905 | €6,825 | €17,542 | +€10,717 | +157% |
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.