SELI: 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.
SELI
Largest movements
- Receivables within one year +€30,329
up €30,329 (+234%), from €12,956 to €43,285
of which Other amounts receivable: +€24,352
- Tangible fixed assets -€6,613
down €6,613 (-31.9%), from €20,752 to €14,139
of which Furniture and vehicles: -€5,483
- Tax, wage and social debts +€26,687
up €26,687 (+177%), from €15,066 to €41,753
of which Taxes: +€25,927
- Other debts +€6,515
up €6,515 (+1,846%), from €353 to €6,868
- Trade debts -€5,855
down €5,855 (-25.1%), from €23,362 to €17,507
- Current portion of long-term debt -€5,146
down €5,146 (-74.9%), from €6,871 to €1,726
- Gross operating margin -€66,844
down €66,844 (-87.5%), from €76,377 to €9,533
- Taxes -€15,066
no longer reported in 2025 (was €15,066)
- Financial income -€2,780
down €2,780 (-91.3%), from €3,046 to €266
- Depreciation +€2,246
up €2,246 (+51.4%), from €4,368 to €6,614
- Financial charges +€769
up €769 (+91.9%), from €837 to €1,606
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 | €156,054 | €178,828 | +€22,774 | +14.6% |
| Fixed assets | 21/28 | €20,752 | €14,139 | -€6,613 | -31.9% |
| Tangible fixed assets | 22/27 | €20,752 | €14,139 | -€6,613 | -31.9% |
| Plant, machinery and equipment | 23 | €3,240 | €2,111 | -€1,130 | -34.9% |
| Furniture and vehicles | 24 | €17,511 | €12,028 | -€5,483 | -31.3% |
| Current assets | 29/58 | €135,303 | €164,690 | +€29,387 | +21.7% |
| Amounts receivable after more than one year | 29 | €116,000 | €116,000 | = | 0.0% |
| Other amounts receivable | 291 | €116,000 | €116,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,956 | €43,285 | +€30,329 | +234% |
| Trade receivables | 40 | €10,315 | €16,292 | +€5,977 | +57.9% |
| Other amounts receivable | 41 | €2,641 | €26,993 | +€24,352 | +922% |
| Cash at bank and in hand | 54/58 | €5,723 | €5,404 | -€319 | -5.6% |
| Deferred charges and accrued income | 490/1 | €623 | - | -€623 | |
| Total equity and liabilities | 10/49 | €156,054 | €178,828 | +€22,774 | +14.6% |
| Equity | 10/15 | €61,332 | €62,464 | +€1,133 | +1.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,832 | €59,964 | +€1,133 | +1.9% |
| Amounts payable | 17/49 | €94,723 | €116,364 | +€21,641 | +22.8% |
| Amounts payable after more than one year | 17 | €9,571 | €9,010 | -€560 | -5.9% |
| Financial debts | 170/4 | €9,571 | €9,010 | -€560 | -5.9% |
| Amounts payable within one year | 42/48 | €45,652 | €67,854 | +€22,202 | +48.6% |
| Current portion of amounts payable after more than one year | 42 | €6,871 | €1,726 | -€5,146 | -74.9% |
| Trade debts | 44 | €23,362 | €17,507 | -€5,855 | -25.1% |
| Suppliers | 440/4 | €23,362 | €17,507 | -€5,855 | -25.1% |
| Taxes, remuneration and social security | 45 | €15,066 | €41,753 | +€26,687 | +177% |
| Taxes | 450/3 | €15,066 | €40,993 | +€25,927 | +172% |
| Remuneration and social security | 454/9 | - | €760 | +€760 | |
| Other amounts payable | 47/48 | €353 | €6,868 | +€6,515 | +1,846% |
| Accrued charges and deferred income | 492/3 | €39,500 | €39,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €447 | +€447 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,368 | €6,614 | +€2,246 | +51.4% |
| Other operating charges | 640/8 | €321 | - | -€321 | |
| Gross operating margin | 9900 | €76,377 | €9,533 | -€66,844 | -87.5% |
| Operating profit (loss) | 9901 | €71,688 | €2,472 | -€69,216 | -96.6% |
| Financial income | 75/76B | €3,046 | €266 | -€2,780 | -91.3% |
| Recurring financial income | 75 | €3,046 | €266 | -€2,780 | -91.3% |
| Financial charges | 65/66B | €837 | €1,606 | +€769 | +91.9% |
| Recurring financial charges | 65 | €837 | €1,606 | +€769 | +91.9% |
| Profit (loss) for the period before taxes | 9903 | €73,898 | €1,133 | -€72,765 | -98.5% |
| Income taxes | 67/77 | €15,066 | - | -€15,066 | |
| Profit (loss) for the period | 9904 | €58,832 | €1,133 | -€57,699 | -98.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,832 | €1,133 | -€57,699 | -98.1% |
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 14 October 2026 via checked.be.