Selo Group: 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 Group
Largest movements
- Receivables within one year +€73,549
up €73,549 (+97.2%), from €75,702 to €149,251
of which Other amounts receivable: +€54,846
- Cash -€12,629
down €12,629 (-96.5%), from €13,083 to €454
mainly Receivables within one year (-€73,549) and Contributions, distributions and other (-€42,256)
- Financial fixed assets +€8,320
up €8,320 (+802%), from €1,038 to €9,358
- Current portion of long-term debt +€62,300
up €62,300 (+3,010%), from €2,070 to €64,370
- Other debts +€40,590
up €40,590 (+2,436%), from €1,666 to €42,256
- Trade debts -€31,543
down €31,543 (-42.3%), from €74,600 to €43,057
- Profit (loss) carried forward -€10,606
down €10,606 (-85.6%), from €12,392 to €1,786
- Short-term financial debts +€10,342
up €10,342, from €0 to €10,342
- Gross operating margin +€163,855
up €163,855 (+96.2%), from €170,328 to €334,183
- Staff costs +€130,940
up €130,940 (+109%), from €119,680 to €250,619
- Financial charges +€7,970
up €7,970 (+57.5%), from €13,864 to €21,834
- Taxes +€6,935
up €6,935 (+82.5%), from €8,410 to €15,345
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 | €130,892 | €201,036 | +€70,144 | +53.6% |
| Fixed assets | 21/28 | €14,376 | €24,028 | +€9,652 | +67.1% |
| Tangible fixed assets | 22/27 | €13,338 | €14,670 | +€1,332 | +10.0% |
| Plant, machinery and equipment | 23 | €10,655 | €6,794 | -€3,860 | -36.2% |
| Furniture and vehicles | 24 | €2,684 | €7,876 | +€5,192 | +193% |
| Financial fixed assets | 28 | €1,038 | €9,358 | +€8,320 | +802% |
| Current assets | 29/58 | €116,515 | €177,007 | +€60,492 | +51.9% |
| Amounts receivable within one year | 40/41 | €75,702 | €149,251 | +€73,549 | +97.2% |
| Trade receivables | 40 | €58,198 | €76,901 | +€18,703 | +32.1% |
| Other amounts receivable | 41 | €17,504 | €72,350 | +€54,846 | +313% |
| Cash at bank and in hand | 54/58 | €13,083 | €454 | -€12,629 | -96.5% |
| Deferred charges and accrued income | 490/1 | €27,730 | €27,303 | -€428 | -1.5% |
| Total equity and liabilities | 10/49 | €130,892 | €201,036 | +€70,144 | +53.6% |
| Equity | 10/15 | €14,392 | €3,786 | -€10,606 | -73.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,392 | €1,786 | -€10,606 | -85.6% |
| Amounts payable | 17/49 | €116,500 | €197,249 | +€80,749 | +69.3% |
| Amounts payable after more than one year | 17 | €4,088 | €1,907 | -€2,181 | -53.4% |
| Financial debts | 170/4 | €4,088 | €1,907 | -€2,181 | -53.4% |
| Amounts payable within one year | 42/48 | €112,412 | €195,342 | +€82,930 | +73.8% |
| Current portion of amounts payable after more than one year | 42 | €2,070 | €64,370 | +€62,300 | +3,010% |
| Financial debts | 43 | €0 | €10,342 | +€10,342 | |
| Credit institutions | 430/8 | €0 | €10,342 | +€10,342 | |
| Trade debts | 44 | €74,600 | €43,057 | -€31,543 | -42.3% |
| Suppliers | 440/4 | €74,600 | €43,057 | -€31,543 | -42.3% |
| Taxes, remuneration and social security | 45 | €34,076 | €35,318 | +€1,241 | +3.6% |
| Taxes | 450/3 | €20,525 | €0 | -€20,525 | -100% |
| Remuneration and social security | 454/9 | €13,551 | €35,318 | +€21,766 | +161% |
| Other amounts payable | 47/48 | €1,666 | €42,256 | +€40,590 | +2,436% |
| Remuneration, social security and pensions | 62 | €119,680 | €250,619 | +€130,940 | +109% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,915 | €6,762 | +€1,846 | +37.6% |
| Other operating charges | 640/8 | €7,885 | €7,993 | +€108 | +1.4% |
| Gross operating margin | 9900 | €170,328 | €334,183 | +€163,855 | +96.2% |
| Operating profit (loss) | 9901 | €37,848 | €68,809 | +€30,960 | +81.8% |
| Financial income | 75/76B | €95 | €20 | -€75 | -78.9% |
| Recurring financial income | 75 | €95 | €20 | -€75 | -78.9% |
| Financial charges | 65/66B | €13,864 | €21,834 | +€7,970 | +57.5% |
| Recurring financial charges | 65 | €13,864 | €21,834 | +€7,970 | +57.5% |
| Profit (loss) for the period before taxes | 9903 | €24,079 | €46,995 | +€22,916 | +95.2% |
| Income taxes | 67/77 | €8,410 | €15,345 | +€6,935 | +82.5% |
| Profit (loss) for the period | 9904 | €15,669 | €31,651 | +€15,981 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €15,669 | €31,651 | +€15,981 | +102% |
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 1 November 2026 via checked.be.