SELIAC: 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.
SELIAC
Largest movements
- Receivables within one year -€158,202
down €158,202 (-39.6%), from €399,905 to €241,703
of which Trade receivables: -€132,983
- Stocks and contracts +€83,786
up €83,786 (+30.8%), from €271,620 to €355,406
- Tangible fixed assets +€71,767
up €71,767 (+79.6%), from €90,109 to €161,876
of which Other tangible fixed assets: +€44,919
- Cash +€29,830
up €29,830 (+144.3%), from €20,676 to €50,506
mainly Receivables within one year (+€158,202) and Net result for the year (+€95,104)
- Intangible fixed assets +€18,353
up €18,353 (+560.7%), from €3,274 to €21,627
- Profit (loss) carried forward +€95,104
up €95,104, from -€9,189 to €85,915
- Trade debts -€80,995
down €80,995 (-29.8%), from €271,428 to €190,434
- Tax, wage and social debts +€41,777
up €41,777 (+15.6%), from €267,409 to €309,186
of which Taxes: +€23,305
- Debts after one year -€16,334
down €16,334 (-56.0%), from €29,147 to €12,812
- Gross operating margin +€86,889
up €86,889 (+12.1%), from €719,248 to €806,137
- Staff costs -€75,194
down €75,194 (-12.8%), from €586,412 to €511,218
- Taxes +€44,654
up €44,654 (+345.3%), from €12,931 to €57,585
- Financial charges -€33,598
down €33,598 (-51.0%), from €65,891 to €32,292
- Depreciation +€24,435
up €24,435 (+60.3%), from €40,508 to €64,943
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 | €844,628 | €887,058 | +€42,430 | +5.0% |
| Formation expenses | 20 | €42,551 | €28,367 | -€14,184 | -33.3% |
| Fixed assets | 21/28 | €96,982 | €187,102 | +€90,120 | +92.9% |
| Intangible fixed assets | 21 | €3,274 | €21,627 | +€18,353 | +560.7% |
| Tangible fixed assets | 22/27 | €90,109 | €161,876 | +€71,767 | +79.6% |
| Plant, machinery and equipment | 23 | €2,634 | €23,456 | +€20,821 | +790.4% |
| Furniture and vehicles | 24 | €46,483 | €52,510 | +€6,026 | +13.0% |
| Other tangible fixed assets | 26 | €40,991 | €85,910 | +€44,919 | +109.6% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €705,095 | €671,589 | -€33,506 | -4.8% |
| Stocks and contracts in progress | 3 | €271,620 | €355,406 | +€83,786 | +30.8% |
| Stocks | 30/36 | €271,620 | €355,406 | +€83,786 | +30.8% |
| Amounts receivable within one year | 40/41 | €399,905 | €241,703 | -€158,202 | -39.6% |
| Trade receivables | 40 | €371,918 | €238,935 | -€132,983 | -35.8% |
| Other amounts receivable | 41 | €27,986 | €2,768 | -€25,219 | -90.1% |
| Cash at bank and in hand | 54/58 | €20,676 | €50,506 | +€29,830 | +144.3% |
| Deferred charges and accrued income | 490/1 | €12,894 | €23,974 | +€11,081 | +85.9% |
| Total equity and liabilities | 10/49 | €844,628 | €887,058 | +€42,430 | +5.0% |
| Equity | 10/15 | €21,741 | €116,845 | +€95,104 | +437.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €930 | €930 | = | 0.0% |
| Non-distributable reserves | 130/1 | €930 | €930 | = | 0.0% |
| Reserves not available under the articles | 1311 | €930 | €930 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,189 | €85,915 | +€95,104 | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Amounts payable | 17/49 | €822,888 | €770,213 | -€52,674 | -6.4% |
| Amounts payable after more than one year | 17 | €29,147 | €12,812 | -€16,334 | -56.0% |
| Financial debts | 170/4 | €29,147 | €12,812 | -€16,334 | -56.0% |
| Amounts payable within one year | 42/48 | €790,141 | €757,401 | -€32,740 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €20,392 | €16,334 | -€4,058 | -19.9% |
| Financial debts | 43 | €209,491 | €213,469 | +€3,977 | +1.9% |
| Credit institutions | 430/8 | €209,491 | €213,469 | +€3,977 | +1.9% |
| Trade debts | 44 | €271,428 | €190,434 | -€80,995 | -29.8% |
| Suppliers | 440/4 | €271,428 | €190,434 | -€80,995 | -29.8% |
| Advances received on contracts in progress | 46 | €18,112 | €24,016 | +€5,905 | +32.6% |
| Taxes, remuneration and social security | 45 | €267,409 | €309,186 | +€41,777 | +15.6% |
| Taxes | 450/3 | €66,869 | €90,174 | +€23,305 | +34.9% |
| Remuneration and social security | 454/9 | €200,540 | €219,013 | +€18,472 | +9.2% |
| Other amounts payable | 47/48 | €3,308 | €3,961 | +€653 | +19.7% |
| Accrued charges and deferred income | 492/3 | €3,600 | €0 | -€3,600 | -100.0% |
| Non-recurring operating income | 76A | €22,368 | €3,141 | -€19,228 | -86.0% |
| Remuneration, social security and pensions | 62 | €586,412 | €511,218 | -€75,194 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,508 | €64,943 | +€24,435 | +60.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€897 | €751 | +€1,648 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €10,086 | €24,256 | +€14,171 | +140.5% |
| Non-recurring operating charges | 66A | €25,802 | €20,085 | -€5,717 | -22.2% |
| Gross operating margin | 9900 | €719,248 | €806,137 | +€86,889 | +12.1% |
| Operating profit (loss) | 9901 | €57,337 | €184,882 | +€127,545 | +222.4% |
| Financial income | 75/76B | €122 | €100 | -€22 | -18.0% |
| Recurring financial income | 75 | €122 | €100 | -€22 | -18.0% |
| Financial charges | 65/66B | €65,891 | €32,292 | -€33,598 | -51.0% |
| Recurring financial charges | 65 | €65,891 | €32,292 | -€33,598 | -51.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,432 | €152,689 | +€161,122 | |
| Income taxes | 67/77 | €12,931 | €57,585 | +€44,654 | +345.3% |
| Profit (loss) for the period | 9904 | -€21,363 | €95,104 | +€116,467 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,363 | €95,104 | +€116,467 |
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.