SELMUS: 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.
SELMUS
Largest movements
- Receivables within one year -€572,591
down €572,591 (-78.4%), from €730,137 to €157,546
of which Other amounts receivable: -€524,753
- Current investments +€100,000
new in 2025: €100,000
- Receivables after one year -€95,330
down €95,330 (-30.5%), from €312,935 to €217,605
- Cash +€65,391
up €65,391 (+80.1%), from €81,667 to €147,058
mainly Receivables within one year (+€572,591) and Receivables after one year (+€95,330)
- Tangible fixed assets +€48,843
up €48,843 (+4.8%), from €1.0m to €1.1m
of which Land and buildings: +€50,573
- Reserves -€490,071
down €490,071 (-27.9%), from €1.8m to €1.3m
- Other debts +€90,475
new in 2025: €90,475
- Trade debts -€33,648
down €33,648 (-58.5%), from €57,473 to €23,825
- Gross operating margin +€116,668
up €116,668, from -€108,335 to €8,334
- Financial income -€17,512
down €17,512 (-43.9%), from €39,907 to €22,396
of which Non-recurring financial income: -€20,693
- Financial charges -€11,749
down €11,749 (-59.4%), from €19,788 to €8,038
of which Non-recurring financial charges: -€9,300
- Write-downs -€10,000
down €10,000 (-100%), from €10,000 to €0
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 | €2,868,853 | €2,396,126 | -€472,726 | -16.5% |
| Fixed assets | 21/28 | €1,705,835 | €1,754,678 | +€48,843 | +2.9% |
| Tangible fixed assets | 22/27 | €1,026,033 | €1,074,876 | +€48,843 | +4.8% |
| Land and buildings | 22 | €1,021,427 | €1,072,000 | +€50,573 | +5.0% |
| Plant, machinery and equipment | 23 | €849 | €741 | -€108 | -12.8% |
| Furniture and vehicles | 24 | €3,757 | €2,135 | -€1,622 | -43.2% |
| Financial fixed assets | 28 | €679,802 | €679,802 | = | 0.0% |
| Current assets | 29/58 | €1,163,017 | €641,448 | -€521,569 | -44.8% |
| Amounts receivable after more than one year | 29 | €312,935 | €217,605 | -€95,330 | -30.5% |
| Other amounts receivable | 291 | €312,935 | €217,605 | -€95,330 | -30.5% |
| Stocks and contracts in progress | 3 | €25,928 | €13,293 | -€12,634 | -48.7% |
| Stocks | 30/36 | €25,928 | €13,293 | -€12,634 | -48.7% |
| Amounts receivable within one year | 40/41 | €730,137 | €157,546 | -€572,591 | -78.4% |
| Trade receivables | 40 | €157,000 | €109,163 | -€47,837 | -30.5% |
| Other amounts receivable | 41 | €573,137 | €48,383 | -€524,753 | -91.6% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €81,667 | €147,058 | +€65,391 | +80.1% |
| Deferred charges and accrued income | 490/1 | €12,351 | €5,945 | -€6,405 | -51.9% |
| Total equity and liabilities | 10/49 | €2,868,853 | €2,396,126 | -€472,726 | -16.5% |
| Equity | 10/15 | €2,714,632 | €2,224,561 | -€490,071 | -18.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Revaluation surpluses | 12 | €936,182 | €936,182 | = | 0.0% |
| Reserves | 13 | €1,757,990 | €1,267,919 | -€490,071 | -27.9% |
| Distributable reserves | 133 | €1,757,990 | €1,267,919 | -€490,071 | -27.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €154,221 | €171,566 | +€17,345 | +11.2% |
| Amounts payable after more than one year | 17 | €55,749 | €31,708 | -€24,041 | -43.1% |
| Financial debts | 170/4 | €55,749 | €31,708 | -€24,041 | -43.1% |
| Amounts payable within one year | 42/48 | €98,119 | €139,505 | +€41,386 | +42.2% |
| Current portion of amounts payable after more than one year | 42 | €34,805 | €24,041 | -€10,764 | -30.9% |
| Trade debts | 44 | €57,473 | €23,825 | -€33,648 | -58.5% |
| Suppliers | 440/4 | €57,473 | €23,825 | -€33,648 | -58.5% |
| Taxes, remuneration and social security | 45 | €5,841 | €1,164 | -€4,677 | -80.1% |
| Taxes | 450/3 | €5,841 | €1,164 | -€4,677 | -80.1% |
| Other amounts payable | 47/48 | - | €90,475 | +€90,475 | |
| Accrued charges and deferred income | 492/3 | €353 | €353 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €229 | €0 | -€229 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,758 | €6,790 | +€1,033 | +17.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,000 | €0 | -€10,000 | -100% |
| Other operating charges | 640/8 | €5,552 | €5,972 | +€420 | +7.6% |
| Non-recurring operating charges | 66A | €1,680 | €0 | -€1,680 | -100% |
| Gross operating margin | 9900 | -€108,335 | €8,334 | +€116,668 | |
| Operating profit (loss) | 9901 | -€131,553 | -€4,429 | +€127,125 | +96.6% |
| Financial income | 75/76B | €39,907 | €22,396 | -€17,512 | -43.9% |
| Recurring financial income | 75 | €19,214 | €22,396 | +€3,182 | +16.6% |
| Non-recurring financial income | 76B | €20,693 | €0 | -€20,693 | -100% |
| Financial charges | 65/66B | €19,788 | €8,038 | -€11,749 | -59.4% |
| Recurring financial charges | 65 | €10,488 | €8,038 | -€2,449 | -23.4% |
| Non-recurring financial charges | 66B | €9,300 | €0 | -€9,300 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€111,434 | €9,929 | +€121,363 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€111,434 | €9,929 | +€121,363 | |
| Profit (loss) for the period to be appropriated | 9905 | -€111,434 | €9,929 | +€121,363 |
Source: filed annual accounts (NBB), financial years ended 29 February 2024 and 28 February 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.