Selo Belgium: 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.
Selo Belgium
Largest movements
- Receivables within one year +€420,602
up €420,602 (+33.7%), from €1.2m to €1.7m
of which Trade receivables: +€414,071
- Stocks and contracts +€215,968
up €215,968 (+9.8%), from €2.2m to €2.4m
- Reserves +€507,446
up €507,446 (+41.5%), from €1.2m to €1.7m
- Trade debts +€457,445
up €457,445 (+32.3%), from €1.4m to €1.9m
- Other debts -€282,617
down €282,617 (-43.0%), from €657,306 to €374,688
- Gross operating margin +€229,303
up €229,303 (+21.2%), from €1.1m to €1.3m
- Taxes +€55,332
up €55,332 (+45.6%), from €121,272 to €176,604
- Financial charges -€30,232
down €30,232 (-30.5%), from €99,152 to €68,921
- Write-downs -€15,000
new in 2025: -€15,000
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 | €3,600,038 | €4,236,565 | +€636,527 | +17.7% |
| Fixed assets | 21/28 | €9,558 | €10,203 | +€645 | +6.7% |
| Tangible fixed assets | 22/27 | €9,558 | €10,203 | +€645 | +6.7% |
| Furniture and vehicles | 24 | €9,558 | €10,203 | +€645 | +6.7% |
| Current assets | 29/58 | €3,590,480 | €4,226,362 | +€635,882 | +17.7% |
| Stocks and contracts in progress | 3 | €2,194,705 | €2,410,672 | +€215,968 | +9.8% |
| Stocks | 30/36 | €2,194,705 | €2,410,672 | +€215,968 | +9.8% |
| Amounts receivable within one year | 40/41 | €1,249,451 | €1,670,053 | +€420,602 | +33.7% |
| Trade receivables | 40 | €1,209,718 | €1,623,789 | +€414,071 | +34.2% |
| Other amounts receivable | 41 | €39,733 | €46,264 | +€6,531 | +16.4% |
| Cash at bank and in hand | 54/58 | €146,324 | €145,637 | -€688 | -0.5% |
| Total equity and liabilities | 10/49 | €3,600,038 | €4,236,565 | +€636,527 | +17.7% |
| Equity | 10/15 | €1,241,639 | €1,749,086 | +€507,446 | +40.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,223,089 | €1,730,536 | +€507,446 | +41.5% |
| Distributable reserves | 133 | €1,223,089 | €1,730,536 | +€507,446 | +41.5% |
| Amounts payable | 17/49 | €2,358,399 | €2,487,479 | +€129,080 | +5.5% |
| Amounts payable within one year | 42/48 | €2,358,399 | €2,487,479 | +€129,080 | +5.5% |
| Financial debts | 43 | €39,132 | - | -€39,132 | |
| Credit institutions | 430/8 | €39,132 | - | -€39,132 | |
| Trade debts | 44 | €1,414,065 | €1,871,510 | +€457,445 | +32.3% |
| Suppliers | 440/4 | €1,414,065 | €1,871,510 | +€457,445 | +32.3% |
| Taxes, remuneration and social security | 45 | €247,896 | €241,281 | -€6,615 | -2.7% |
| Taxes | 450/3 | €124,357 | €128,360 | +€4,003 | +3.2% |
| Remuneration and social security | 454/9 | €123,539 | €112,921 | -€10,618 | -8.6% |
| Other amounts payable | 47/48 | €657,306 | €374,688 | -€282,617 | -43.0% |
| Remuneration, social security and pensions | 62 | €566,886 | €569,265 | +€2,380 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,575 | €2,681 | +€106 | +4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€15,000 | -€15,000 | |
| Other operating charges | 640/8 | €1,618 | €1,088 | -€530 | -32.8% |
| Gross operating margin | 9900 | €1,081,701 | €1,311,004 | +€229,303 | +21.2% |
| Operating profit (loss) | 9901 | €510,624 | €752,971 | +€242,347 | +47.5% |
| Financial income | 75/76B | €12,121 | - | -€12,121 | |
| Recurring financial income | 75 | €12,121 | - | -€12,121 | |
| Financial charges | 65/66B | €99,152 | €68,921 | -€30,232 | -30.5% |
| Recurring financial charges | 65 | €99,152 | €68,921 | -€30,232 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €423,593 | €684,050 | +€260,457 | +61.5% |
| Income taxes | 67/77 | €121,272 | €176,604 | +€55,332 | +45.6% |
| Profit (loss) for the period | 9904 | €302,321 | €507,446 | +€205,125 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €302,321 | €507,446 | +€205,125 | +67.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.