SELIS MANAGEMENT: 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.
SELIS MANAGEMENT
Largest movements
- Cash -€229,427
down €229,427 (-78.2%), from €293,257 to €63,830
- Receivables within one year -€35,352
down €35,352 (-10.5%), from €335,564 to €300,212
of which Trade receivables: -€21,638
- Deferred charges and accrued income +€19,208
up €19,208 (+211%), from €9,116 to €28,323
- Tangible fixed assets +€18,001
up €18,001 (+25.1%), from €71,810 to €89,811
of which Plant, machinery and equipment: +€21,943
- Reserves -€183,207
down €183,207 (-30.6%), from €598,068 to €414,862
- Other debts +€94,569
up €94,569 (+26.9%), from €352,061 to €446,630
- Debts after one year -€91,679
down €91,679 (-57.9%), from €158,336 to €66,657
of which Other amounts payable: -€91,679
- Accrued charges and deferred income -€58,819
down €58,819 (-71.4%), from €82,346 to €23,527
- Trade debts +€44,354
up €44,354 (+97.7%), from €45,399 to €89,753
- Gross operating margin -€172,479
down €172,479 (-31.2%), from €553,398 to €380,919
- Staff costs +€117,413
up €117,413 (+82.8%), from €141,830 to €259,243
- Taxes -€35,324
down €35,324 (-95.5%), from €37,003 to €1,679
- Other operating charges -€35,092
down €35,092 (-16.7%), from €209,948 to €174,856
- Depreciation +€24,990
up €24,990 (+75.7%), from €32,990 to €57,980
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,536,973 | €1,309,402 | -€227,571 | -14.8% |
| Fixed assets | 21/28 | €899,037 | €917,038 | +€18,001 | +2.0% |
| Tangible fixed assets | 22/27 | €71,810 | €89,811 | +€18,001 | +25.1% |
| Land and buildings | 22 | €2,881 | €6,924 | +€4,043 | +140% |
| Plant, machinery and equipment | 23 | €51,206 | €73,149 | +€21,943 | +42.9% |
| Furniture and vehicles | 24 | €15,470 | €8,611 | -€6,859 | -44.3% |
| Other tangible fixed assets | 26 | €2,253 | €1,127 | -€1,127 | -50.0% |
| Financial fixed assets | 28 | €827,227 | €827,227 | = | 0.0% |
| Current assets | 29/58 | €637,937 | €392,365 | -€245,572 | -38.5% |
| Amounts receivable within one year | 40/41 | €335,564 | €300,212 | -€35,352 | -10.5% |
| Trade receivables | 40 | €252,778 | €231,140 | -€21,638 | -8.6% |
| Other amounts receivable | 41 | €82,786 | €69,072 | -€13,714 | -16.6% |
| Cash at bank and in hand | 54/58 | €293,257 | €63,830 | -€229,427 | -78.2% |
| Deferred charges and accrued income | 490/1 | €9,116 | €28,323 | +€19,208 | +211% |
| Total equity and liabilities | 10/49 | €1,536,973 | €1,309,402 | -€227,571 | -14.8% |
| Equity | 10/15 | €838,068 | €654,862 | -€183,207 | -21.9% |
| Contributions | 10/11 | €240,000 | €240,000 | = | 0.0% |
| Reserves | 13 | €598,068 | €414,862 | -€183,207 | -30.6% |
| Distributable reserves | 133 | €598,068 | €414,862 | -€183,207 | -30.6% |
| Amounts payable | 17/49 | €698,905 | €654,541 | -€44,364 | -6.3% |
| Amounts payable after more than one year | 17 | €158,336 | €66,657 | -€91,679 | -57.9% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Other amounts payable | 178/9 | €108,336 | €16,657 | -€91,679 | -84.6% |
| Amounts payable within one year | 42/48 | €458,223 | €564,357 | +€106,134 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €1,608 | - | -€1,608 | |
| Trade debts | 44 | €45,399 | €89,753 | +€44,354 | +97.7% |
| Suppliers | 440/4 | €45,399 | €89,753 | +€44,354 | +97.7% |
| Taxes, remuneration and social security | 45 | €59,154 | €27,973 | -€31,181 | -52.7% |
| Taxes | 450/3 | €35,187 | €7,791 | -€27,396 | -77.9% |
| Remuneration and social security | 454/9 | €23,967 | €20,183 | -€3,785 | -15.8% |
| Other amounts payable | 47/48 | €352,061 | €446,630 | +€94,569 | +26.9% |
| Accrued charges and deferred income | 492/3 | €82,346 | €23,527 | -€58,819 | -71.4% |
| Non-recurring operating income | 76A | €7,088 | €7,000 | -€88 | -1.2% |
| Remuneration, social security and pensions | 62 | €141,830 | €259,243 | +€117,413 | +82.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,990 | €57,980 | +€24,990 | +75.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €40,087 | €64,381 | +€24,294 | +60.6% |
| Other operating charges | 640/8 | €209,948 | €174,856 | -€35,092 | -16.7% |
| Non-recurring operating charges | 66A | €1,727 | €3,366 | +€1,639 | +94.9% |
| Gross operating margin | 9900 | €553,398 | €380,919 | -€172,479 | -31.2% |
| Operating profit (loss) | 9901 | €126,815 | -€178,907 | -€305,721 | |
| Financial income | 75/76B | €0 | €5,759 | +€5,758 | +1,919,473% |
| Recurring financial income | 75 | €0 | €5,759 | +€5,758 | +1,919,473% |
| Financial charges | 65/66B | €7,157 | €8,379 | +€1,223 | +17.1% |
| Recurring financial charges | 65 | €7,157 | €8,379 | +€1,223 | +17.1% |
| Profit (loss) for the period before taxes | 9903 | €119,658 | -€181,527 | -€301,186 | |
| Income taxes | 67/77 | €37,003 | €1,679 | -€35,324 | -95.5% |
| Profit (loss) for the period | 9904 | €82,655 | -€183,207 | -€265,862 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,655 | -€183,207 | -€265,862 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.