SELS: 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.
SELS
Largest movements
- Tangible fixed assets -€21,059
down €21,059 (-56.6%), from €37,219 to €16,160
- Cash +€16,945
up €16,945 (+44.1%), from €38,395 to €55,340
mainly Depreciation (+€21,059) and Trade debts (+€18,548)
- Stocks and contracts +€8,264
up €8,264 (+26.7%), from €31,003 to €39,266
of which Contracts in progress: +€12,897
- Receivables within one year +€8,047
up €8,047 (+58.0%), from €13,875 to €21,922
of which Trade receivables: +€7,212
- Trade debts +€18,548
up €18,548 (+124%), from €14,905 to €33,453
- Current portion of long-term debt -€6,309
down €6,309 (-59.8%), from €10,546 to €4,237
- Debts after one year -€4,237
down €4,237 (-100%), from €4,237 to €0
- Reserves +€3,934
up €3,934 (+6.0%), from €65,132 to €69,066
- Other debts +€2,234
up €2,234 (+228%), from €979 to €3,213
- Staff costs +€16,652
up €16,652 (+13.2%), from €126,163 to €142,815
- Gross operating margin +€9,463
up €9,463 (+5.3%), from €179,949 to €189,412
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 | €125,827 | €139,262 | +€13,434 | +10.7% |
| Fixed assets | 21/28 | €37,219 | €16,160 | -€21,059 | -56.6% |
| Tangible fixed assets | 22/27 | €37,219 | €16,160 | -€21,059 | -56.6% |
| Furniture and vehicles | 24 | €37,219 | €16,160 | -€21,059 | -56.6% |
| Current assets | 29/58 | €88,608 | €123,101 | +€34,493 | +38.9% |
| Stocks and contracts in progress | 3 | €31,003 | €39,266 | +€8,264 | +26.7% |
| Stocks | 30/36 | €15,655 | €11,022 | -€4,633 | -29.6% |
| Contracts in progress | 37 | €15,347 | €28,244 | +€12,897 | +84.0% |
| Amounts receivable within one year | 40/41 | €13,875 | €21,922 | +€8,047 | +58.0% |
| Trade receivables | 40 | €13,863 | €21,075 | +€7,212 | +52.0% |
| Other amounts receivable | 41 | €12 | €847 | +€835 | +7,245% |
| Cash at bank and in hand | 54/58 | €38,395 | €55,340 | +€16,945 | +44.1% |
| Deferred charges and accrued income | 490/1 | €5,336 | €6,572 | +€1,236 | +23.2% |
| Total equity and liabilities | 10/49 | €125,827 | €139,262 | +€13,434 | +10.7% |
| Equity | 10/15 | €83,732 | €87,666 | +€3,934 | +4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €65,132 | €69,066 | +€3,934 | +6.0% |
| Distributable reserves | 133 | €65,132 | €69,066 | +€3,934 | +6.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,095 | €51,596 | +€9,500 | +22.6% |
| Amounts payable after more than one year | 17 | €4,237 | €0 | -€4,237 | -100% |
| Financial debts | 170/4 | €4,237 | €0 | -€4,237 | -100% |
| Amounts payable within one year | 42/48 | €37,858 | €51,596 | +€13,738 | +36.3% |
| Current portion of amounts payable after more than one year | 42 | €10,546 | €4,237 | -€6,309 | -59.8% |
| Trade debts | 44 | €14,905 | €33,453 | +€18,548 | +124% |
| Suppliers | 440/4 | €14,905 | €33,453 | +€18,548 | +124% |
| Taxes, remuneration and social security | 45 | €11,427 | €10,692 | -€735 | -6.4% |
| Taxes | 450/3 | €4,737 | €3,163 | -€1,574 | -33.2% |
| Remuneration and social security | 454/9 | €6,690 | €7,529 | +€838 | +12.5% |
| Other amounts payable | 47/48 | €979 | €3,213 | +€2,234 | +228% |
| Remuneration, social security and pensions | 62 | €126,163 | €142,815 | +€16,652 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,222 | €21,059 | -€1,163 | -5.2% |
| Other operating charges | 640/8 | €2,586 | €2,951 | +€365 | +14.1% |
| Gross operating margin | 9900 | €179,949 | €189,412 | +€9,463 | +5.3% |
| Operating profit (loss) | 9901 | €28,979 | €22,587 | -€6,392 | -22.1% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €2,710 | €3,218 | +€508 | +18.7% |
| Recurring financial charges | 65 | €2,710 | €3,218 | +€508 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €26,269 | €19,378 | -€6,892 | -26.2% |
| Income taxes | 67/77 | €6,720 | €5,444 | -€1,276 | -19.0% |
| Profit (loss) for the period | 9904 | €19,550 | €13,934 | -€5,616 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,550 | €13,934 | -€5,616 | -28.7% |
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 15 October 2026 via checked.be.