SELIN: 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.
SELIN
Largest movements
- Receivables within one year -€3,743
down €3,743 (-14.5%), from €25,874 to €22,130
of which Trade receivables: -€3,743
- Tangible fixed assets +€1,328
up €1,328 (+44.0%), from €3,020 to €4,348
- Deferred charges and accrued income -€1,005
no longer reported in 2025 (was €1,005)
- Profit (loss) carried forward +€11,550
up €11,550 (+14.9%), from -€77,286 to -€65,736
- Debts after one year -€9,964
down €9,964 (-14.1%), from €70,766 to €60,802
- Tax, wage and social debts -€4,145
down €4,145 (-25.0%), from €16,586 to €12,441
of which Taxes: -€3,593
- Trade debts -€446
down €446 (-13.1%), from €3,400 to €2,954
- Staff costs -€28,610
no longer reported in 2025 (was €28,610)
- Gross operating margin -€17,230
down €17,230 (-40.6%), from €42,430 to €25,200
- Other operating charges -€1,764
down €1,764 (-30.2%), from €5,841 to €4,077
- Financial charges +€987
up €987 (+35.4%), from €2,788 to €3,775
- Depreciation +€910
up €910 (+62.2%), from €1,462 to €2,372
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 | €40,026 | €36,629 | -€3,397 | -8.5% |
| Fixed assets | 21/28 | €3,115 | €4,443 | +€1,328 | +42.6% |
| Tangible fixed assets | 22/27 | €3,020 | €4,348 | +€1,328 | +44.0% |
| Furniture and vehicles | 24 | €3,020 | €4,348 | +€1,328 | +44.0% |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €36,911 | €32,186 | -€4,725 | -12.8% |
| Amounts receivable within one year | 40/41 | €25,874 | €22,130 | -€3,743 | -14.5% |
| Trade receivables | 40 | €22,874 | €19,130 | -€3,743 | -16.4% |
| Other amounts receivable | 41 | €3,000 | €3,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,032 | €10,055 | +€23 | +0.2% |
| Deferred charges and accrued income | 490/1 | €1,005 | - | -€1,005 | |
| Total equity and liabilities | 10/49 | €40,026 | €36,629 | -€3,397 | -8.5% |
| Equity | 10/15 | -€61,876 | -€50,326 | +€11,550 | +18.7% |
| Contributions | 10/11 | €13,550 | €13,550 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€77,286 | -€65,736 | +€11,550 | +14.9% |
| Amounts payable | 17/49 | €101,901 | €86,955 | -€14,947 | -14.7% |
| Amounts payable after more than one year | 17 | €70,766 | €60,802 | -€9,964 | -14.1% |
| Financial debts | 170/4 | €70,766 | €60,802 | -€9,964 | -14.1% |
| Amounts payable within one year | 42/48 | €31,135 | €26,153 | -€4,982 | -16.0% |
| Financial debts | 43 | €6,149 | €5,758 | -€391 | -6.4% |
| Credit institutions | 430/8 | €6,149 | €5,758 | -€391 | -6.4% |
| Trade debts | 44 | €3,400 | €2,954 | -€446 | -13.1% |
| Suppliers | 440/4 | €3,400 | €2,954 | -€446 | -13.1% |
| Taxes, remuneration and social security | 45 | €16,586 | €12,441 | -€4,145 | -25.0% |
| Taxes | 450/3 | €13,473 | €9,879 | -€3,593 | -26.7% |
| Remuneration and social security | 454/9 | €3,113 | €2,561 | -€552 | -17.7% |
| Other amounts payable | 47/48 | €5,000 | €5,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €28,610 | - | -€28,610 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,462 | €2,372 | +€910 | +62.2% |
| Other operating charges | 640/8 | €5,841 | €4,077 | -€1,764 | -30.2% |
| Gross operating margin | 9900 | €42,430 | €25,200 | -€17,230 | -40.6% |
| Operating profit (loss) | 9901 | €6,517 | €18,752 | +€12,235 | +187.8% |
| Financial income | 75/76B | €28 | €54 | +€26 | +92.2% |
| Recurring financial income | 75 | €28 | €54 | +€26 | +92.2% |
| Financial charges | 65/66B | €2,788 | €3,775 | +€987 | +35.4% |
| Recurring financial charges | 65 | €2,788 | €3,775 | +€987 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | €3,756 | €15,030 | +€11,274 | +300.1% |
| Income taxes | 67/77 | €3,177 | €3,480 | +€303 | +9.5% |
| Profit (loss) for the period | 9904 | €579 | €11,550 | +€10,971 | +1893.6% |
| Profit (loss) for the period to be appropriated | 9905 | €579 | €11,550 | +€10,971 | +1893.6% |
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 3 October 2026 via checked.be.