SELO: 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.
SELO
Largest movements
- Tangible fixed assets +€345,845
up €345,845 (+3074.1%), from €11,250 to €357,096
of which Land and buildings: +€311,051
- Cash -€210,411
down €210,411 (-96.3%), from €218,416 to €8,005
mainly Investment in fixed assets (net) (-€359,332) and Net result for the year (-€23,530)
- Receivables within one year -€34,189
down €34,189 (-59.0%), from €57,921 to €23,732
of which Trade receivables: -€42,602
- Debts after one year +€112,264
up €112,264 (+469.8%), from €23,895 to €136,158
- Profit (loss) carried forward -€23,530
new in 2025: -€23,530
- Current portion of long-term debt +€11,189
up €11,189 (+198.3%), from €5,643 to €16,832
- Tax, wage and social debts +€3,944
up €3,944 (+21.8%), from €18,068 to €22,012
of which Taxes: +€2,194
- Gross operating margin -€406,735
down €406,735, from €405,854 to -€881
- Taxes -€87,913
down €87,913 (-99.8%), from €88,068 to €155
- Financial charges -€42,969
down €42,969 (-92.2%), from €46,624 to €3,655
- Depreciation +€11,940
up €11,940 (+771.8%), from €1,547 to €13,487
- Other operating charges +€5,023
up €5,023 (+1527.2%), from €329 to €5,352
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 | €287,587 | €391,808 | +€104,221 | +36.2% |
| Fixed assets | 21/28 | €11,250 | €357,096 | +€345,845 | +3074.1% |
| Tangible fixed assets | 22/27 | €11,250 | €357,096 | +€345,845 | +3074.1% |
| Land and buildings | 22 | - | €311,051 | +€311,051 | |
| Plant, machinery and equipment | 23 | €2,250 | €1,555 | -€695 | -30.9% |
| Furniture and vehicles | 24 | €9,000 | €44,490 | +€35,490 | +394.3% |
| Current assets | 29/58 | €276,337 | €34,713 | -€241,625 | -87.4% |
| Amounts receivable within one year | 40/41 | €57,921 | €23,732 | -€34,189 | -59.0% |
| Trade receivables | 40 | €45,143 | €2,541 | -€42,602 | -94.4% |
| Other amounts receivable | 41 | €12,779 | €21,191 | +€8,412 | +65.8% |
| Cash at bank and in hand | 54/58 | €218,416 | €8,005 | -€210,411 | -96.3% |
| Deferred charges and accrued income | 490/1 | - | €2,976 | +€2,976 | |
| Total equity and liabilities | 10/49 | €287,587 | €391,808 | +€104,221 | +36.2% |
| Equity | 10/15 | €239,981 | €216,452 | -€23,530 | -9.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €178,008 | €178,008 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €171,811 | €171,811 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€23,530 | -€23,530 | |
| Amounts payable | 17/49 | €47,606 | €175,356 | +€127,750 | +268.3% |
| Amounts payable after more than one year | 17 | €23,895 | €136,158 | +€112,264 | +469.8% |
| Financial debts | 170/4 | €23,895 | €136,158 | +€112,264 | +469.8% |
| Amounts payable within one year | 42/48 | €23,711 | €39,198 | +€15,487 | +65.3% |
| Current portion of amounts payable after more than one year | 42 | €5,643 | €16,832 | +€11,189 | +198.3% |
| Trade debts | 44 | - | €354 | +€354 | |
| Suppliers | 440/4 | - | €354 | +€354 | |
| Taxes, remuneration and social security | 45 | €18,068 | €22,012 | +€3,944 | +21.8% |
| Taxes | 450/3 | €18,068 | €20,262 | +€2,194 | +12.1% |
| Remuneration and social security | 454/9 | - | €1,750 | +€1,750 | |
| Non-recurring operating income | 76A | €402,517 | - | -€402,517 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,547 | €13,487 | +€11,940 | +771.8% |
| Other operating charges | 640/8 | €329 | €5,352 | +€5,023 | +1527.2% |
| Gross operating margin | 9900 | €405,854 | -€881 | -€406,735 | |
| Operating profit (loss) | 9901 | €403,979 | -€19,720 | -€423,698 | |
| Financial income | 75/76B | €2 | €1 | -€1 | -74.0% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -74.0% |
| Financial charges | 65/66B | €46,624 | €3,655 | -€42,969 | -92.2% |
| Recurring financial charges | 65 | €46,624 | €3,655 | -€42,969 | -92.2% |
| Profit (loss) for the period before taxes | 9903 | €357,356 | -€23,374 | -€380,730 | |
| Income taxes | 67/77 | €88,068 | €155 | -€87,913 | -99.8% |
| Profit (loss) for the period | 9904 | €269,288 | -€23,530 | -€292,817 | |
| Profit (loss) for the period to be appropriated | 9905 | €269,288 | -€23,530 | -€292,817 |
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 1 October 2026 via checked.be.