SELRES: 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.
SELRES
Largest movements
- Cash +€22,694
up €22,694 (+79.3%), from €28,627 to €51,321
mainly Net result for the year (+€25,097) and Depreciation (+€7,465)
- Tangible fixed assets -€3,746
down €3,746 (-30.1%), from €12,438 to €8,692
of which Furniture and vehicles: -€5,814
- Receivables within one year -€1,708
down €1,708 (-1.8%), from €96,063 to €94,355
of which Trade receivables: -€1,853
- Reserves +€10,776
up €10,776 (+11.6%), from €92,663 to €103,439
- Short-term financial debts +€6,000
up €6,000 (+120%), from €5,000 to €11,000
- Tax, wage and social debts -€2,824
down €2,824 (-97.6%), from €2,893 to €70
- Other debts +€2,146
up €2,146 (+12.1%), from €17,674 to €19,820
- Gross operating margin +€24,459
up €24,459 (+126%), from €19,468 to €43,927
- Taxes +€6,821
up €6,821 (+168%), from €4,069 to €10,890
- Depreciation -€776
down €776 (-9.4%), from €8,241 to €7,465
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 | €137,128 | €154,367 | +€17,239 | +12.6% |
| Fixed assets | 21/28 | €12,438 | €8,692 | -€3,746 | -30.1% |
| Tangible fixed assets | 22/27 | €12,438 | €8,692 | -€3,746 | -30.1% |
| Plant, machinery and equipment | 23 | €2,594 | €4,662 | +€2,068 | +79.7% |
| Furniture and vehicles | 24 | €9,844 | €4,030 | -€5,814 | -59.1% |
| Current assets | 29/58 | €124,690 | €145,676 | +€20,986 | +16.8% |
| Amounts receivable within one year | 40/41 | €96,063 | €94,355 | -€1,708 | -1.8% |
| Trade receivables | 40 | €13,613 | €11,760 | -€1,853 | -13.6% |
| Other amounts receivable | 41 | €82,450 | €82,595 | +€145 | +0.2% |
| Cash at bank and in hand | 54/58 | €28,627 | €51,321 | +€22,694 | +79.3% |
| Total equity and liabilities | 10/49 | €137,128 | €154,367 | +€17,239 | +12.6% |
| Equity | 10/15 | €111,263 | €122,039 | +€10,776 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,663 | €103,439 | +€10,776 | +11.6% |
| Distributable reserves | 133 | €92,663 | €103,439 | +€10,776 | +11.6% |
| Amounts payable | 17/49 | €25,864 | €32,328 | +€6,463 | +25.0% |
| Amounts payable within one year | 42/48 | €25,864 | €32,328 | +€6,463 | +25.0% |
| Financial debts | 43 | €5,000 | €11,000 | +€6,000 | +120% |
| Other loans | 439 | €5,000 | €11,000 | +€6,000 | +120% |
| Trade debts | 44 | €297 | €1,438 | +€1,141 | +384% |
| Suppliers | 440/4 | €297 | €1,438 | +€1,141 | +384% |
| Taxes, remuneration and social security | 45 | €2,893 | €70 | -€2,824 | -97.6% |
| Taxes | 450/3 | €2,893 | €70 | -€2,824 | -97.6% |
| Other amounts payable | 47/48 | €17,674 | €19,820 | +€2,146 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,241 | €7,465 | -€776 | -9.4% |
| Other operating charges | 640/8 | €451 | €465 | +€14 | +3.2% |
| Gross operating margin | 9900 | €19,468 | €43,927 | +€24,459 | +126% |
| Operating profit (loss) | 9901 | €10,776 | €35,996 | +€25,221 | +234% |
| Financial income | 75/76B | €279 | €116 | -€162 | -58.2% |
| Recurring financial income | 75 | €279 | €116 | -€162 | -58.2% |
| Financial charges | 65/66B | €240 | €126 | -€114 | -47.5% |
| Recurring financial charges | 65 | €240 | €126 | -€114 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €10,814 | €35,987 | +€25,173 | +233% |
| Income taxes | 67/77 | €4,069 | €10,890 | +€6,821 | +168% |
| Profit (loss) for the period | 9904 | €6,745 | €25,097 | +€18,351 | +272% |
| Profit (loss) for the period to be appropriated | 9905 | €6,745 | €25,097 | +€18,351 | +272% |
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 17 October 2026 via checked.be.