SELINKO: 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.
SELINKO
Largest movements
- Cash -€363,503
down €363,503 (-48.6%), from €747,510 to €384,007
mainly Net result for the year (-€1.6m) and Investment in fixed assets (net) (-€136,220)
- Intangible fixed assets -€120,638
down €120,638 (-19.4%), from €622,933 to €502,294
- Profit (loss) carried forward -€1.6m
down €1.6m (-21.0%), from -€7.5m to -€9.1m
- Other debts +€999,655
up €999,655 (+62.5%), from €1.6m to €2.6m
- Trade debts +€104,248
up €104,248 (+930%), from €11,209 to €115,457
- Accrued charges and deferred income +€32,780
up €32,780 (+193%), from €17,008 to €49,788
- Tax, wage and social debts -€29,985
down €29,985 (-45.6%), from €65,696 to €35,711
of which Taxes: -€22,027
- Gross operating margin -€771,552
down €771,552, from €30,300 to -€741,252
- Financial charges +€85,600
up €85,600 (+488%), from €17,554 to €103,153
- Write-downs +€43,457
new in 2025: €43,457
- Staff costs +€29,426
up €29,426 (+11.5%), from €255,430 to €284,857
- Depreciation +€22,509
up €22,509 (+9.8%), from €228,611 to €251,120
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 | €1,545,826 | €1,049,110 | -€496,716 | -32.1% |
| Fixed assets | 21/28 | €630,034 | €515,133 | -€114,901 | -18.2% |
| Intangible fixed assets | 21 | €622,933 | €502,294 | -€120,638 | -19.4% |
| Tangible fixed assets | 22/27 | €7,102 | €9,763 | +€2,662 | +37.5% |
| Furniture and vehicles | 24 | €7,102 | €8,676 | +€1,575 | +22.2% |
| Other tangible fixed assets | 26 | - | €1,087 | +€1,087 | |
| Financial fixed assets | 28 | - | €3,076 | +€3,076 | |
| Current assets | 29/58 | €915,791 | €533,977 | -€381,815 | -41.7% |
| Amounts receivable within one year | 40/41 | €125,482 | €119,397 | -€6,085 | -4.8% |
| Trade receivables | 40 | €103,286 | €54,351 | -€48,936 | -47.4% |
| Other amounts receivable | 41 | €22,195 | €65,046 | +€42,851 | +193% |
| Cash at bank and in hand | 54/58 | €747,510 | €384,007 | -€363,503 | -48.6% |
| Deferred charges and accrued income | 490/1 | €42,800 | €30,573 | -€12,227 | -28.6% |
| Total equity and liabilities | 10/49 | €1,545,826 | €1,049,110 | -€496,716 | -32.1% |
| Equity | 10/15 | -€194,472 | -€1,774,447 | -€1.6m | -812% |
| Contributions | 10/11 | €7,315,512 | €7,315,512 | = | 0.0% |
| Capital | 10 | €7,010,927 | €7,010,927 | = | 0.0% |
| Issued capital | 100 | €7,010,927 | €7,010,927 | = | 0.0% |
| Contributions outside capital | 11 | €304,585 | €304,585 | = | 0.0% |
| Share premium | 1100/10 | €304,585 | €304,585 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,509,983 | -€9,089,959 | -€1.6m | -21.0% |
| Amounts payable | 17/49 | €1,740,298 | €2,823,557 | +€1.1m | +62.2% |
| Amounts payable after more than one year | 17 | €23,438 | €4,688 | -€18,750 | -80.0% |
| Financial debts | 170/4 | €23,438 | €4,688 | -€18,750 | -80.0% |
| Amounts payable within one year | 42/48 | €1,699,852 | €2,769,082 | +€1.1m | +62.9% |
| Current portion of amounts payable after more than one year | 42 | €23,438 | €18,750 | -€4,688 | -20.0% |
| Trade debts | 44 | €11,209 | €115,457 | +€104,248 | +930% |
| Suppliers | 440/4 | €11,209 | €115,457 | +€104,248 | +930% |
| Taxes, remuneration and social security | 45 | €65,696 | €35,711 | -€29,985 | -45.6% |
| Taxes | 450/3 | €27,300 | €5,273 | -€22,027 | -80.7% |
| Remuneration and social security | 454/9 | €38,396 | €30,438 | -€7,958 | -20.7% |
| Other amounts payable | 47/48 | €1,599,510 | €2,599,164 | +€999,655 | +62.5% |
| Accrued charges and deferred income | 492/3 | €17,008 | €49,788 | +€32,780 | +193% |
| Remuneration, social security and pensions | 62 | €255,430 | €284,857 | +€29,426 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228,611 | €251,120 | +€22,509 | +9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €43,457 | +€43,457 | |
| Other operating charges | 640/8 | €1,440 | €15,328 | +€13,888 | +964% |
| Non-recurring operating charges | 66A | - | €157,424 | +€157,424 | |
| Gross operating margin | 9900 | €30,300 | -€741,252 | -€771,552 | |
| Operating profit (loss) | 9901 | -€455,182 | -€1,493,437 | -€1.0m | -228% |
| Financial income | 75/76B | €19,036 | €0 | -€19,036 | -100.0% |
| Recurring financial income | 75 | €19,036 | €0 | -€19,036 | -100.0% |
| Financial charges | 65/66B | €17,554 | €103,153 | +€85,600 | +488% |
| Recurring financial charges | 65 | €17,554 | €103,153 | +€85,600 | +488% |
| Profit (loss) for the period before taxes | 9903 | -€453,699 | -€1,596,590 | -€1.1m | -252% |
| Income taxes | 67/77 | €146 | -€16,615 | -€16,761 | |
| Profit (loss) for the period | 9904 | -€453,845 | -€1,579,976 | -€1.1m | -248% |
| Profit (loss) for the period to be appropriated | 9905 | -€453,845 | -€1,579,976 | -€1.1m | -248% |
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.