Sels Cédric: what changed
What changed
Sels Cédric
NACE 43.320, Joinery installation
filed annual accounts (NBB)
Net result for the year
€261,171
2024 · €161,344+€99,826
Equity
€608,887
2024 · €447,717+€161,171
Cash
€228,330
2024 · €122,411+€105,919
Balance sheet total
€1.8m
2024 · €1.5m+€277,401
Largest movements
Assets
- Receivables within one year +€163,419
up €163,419 (+138%), from €118,324 to €281,742
of which Trade receivables: +€136,594
- Cash +€105,919
up €105,919 (+86.5%), from €122,411 to €228,330
mainly Net result for the year (+€261,171) and Depreciation (+€155,512)
Equity and liabilities
- Reserves +€161,171
up €161,171 (+36.4%), from €442,717 to €603,887
- Debts after one year -€82,709
down €82,709 (-11.1%), from €743,092 to €660,383
- Trade debts +€73,378
up €73,378 (+145%), from €50,716 to €124,094
- Other debts +€70,582
up €70,582 (+230%), from €30,629 to €101,211
- Current portion of long-term debt +€51,172
up €51,172 (+35.4%), from €144,364 to €195,535
Income statement
- Gross operating margin +€339,122
up €339,122 (+58.1%), from €583,593 to €922,715
- Staff costs +€176,802
up €176,802 (+79.8%), from €221,470 to €398,273
- Depreciation +€44,716
up €44,716 (+40.4%), from €110,796 to €155,512
- Taxes +€13,161
up €13,161 (+21.5%), from €61,267 to €74,428
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€161,344
Gross operating margin
+€339,122
Staff costs
-€176,802
Depreciation
-€44,716
Other operating charges
-€6,183
Financial income
+€5,625
Financial charges
-€4,059
Taxes
-€13,161
Result 2025
€261,171
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€413,524
Investment
-€151,067
Financing
-€156,537
Cash 2024
€122,411
From operations (derived)
+€413,524
Net result for the year
+€261,171
Depreciation
+€155,512
Stocks and contracts
-€4,677
Receivables within one year
-€163,419
Deferred charges and accrued income
-€7,831
Trade debts
+€73,378
Tax, wage and social debts
+€28,808
Other debts
+€70,582
Investment (derived)
-€151,067
Investment in fixed assets (net)
-€151,067
Financing
-€156,537
Debts after one year
-€82,709
Current portion of long-term debt
+€51,172
Short-term financial debts
-€25,000
Contributions, distributions and other
-€100,000
Cash 2025
€228,330
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,484,811 | €1,762,212 | +€277,401 | +18.7% |
| Fixed assets | 21/28 | €1,126,527 | €1,122,082 | -€4,445 | -0.4% |
| Tangible fixed assets | 22/27 | €1,126,527 | €1,122,082 | -€4,445 | -0.4% |
| Land and buildings | 22 | €613,313 | €619,410 | +€6,096 | +1.0% |
| Plant, machinery and equipment | 23 | €77,783 | €62,590 | -€15,192 | -19.5% |
| Furniture and vehicles | 24 | €334,845 | €314,401 | -€20,444 | -6.1% |
| Leasing and similar rights | 25 | €100,586 | €125,681 | +€25,094 | +24.9% |
| Current assets | 29/58 | €358,283 | €640,130 | +€281,847 | +78.7% |
| Stocks and contracts in progress | 3 | €110,972 | €115,649 | +€4,677 | +4.2% |
| Stocks | 30/36 | €110,972 | €103,660 | -€7,312 | -6.6% |
| Contracts in progress | 37 | - | €11,990 | +€11,990 | |
| Amounts receivable within one year | 40/41 | €118,324 | €281,742 | +€163,419 | +138% |
| Trade receivables | 40 | €83,847 | €220,442 | +€136,594 | +163% |
| Other amounts receivable | 41 | €34,476 | €61,300 | +€26,824 | +77.8% |
| Cash at bank and in hand | 54/58 | €122,411 | €228,330 | +€105,919 | +86.5% |
| Deferred charges and accrued income | 490/1 | €6,577 | €14,408 | +€7,831 | +119% |
| Total equity and liabilities | 10/49 | €1,484,811 | €1,762,212 | +€277,401 | +18.7% |
| Equity | 10/15 | €447,717 | €608,887 | +€161,171 | +36.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €442,717 | €603,887 | +€161,171 | +36.4% |
| Distributable reserves | 133 | €442,717 | €603,887 | +€161,171 | +36.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,037,094 | €1,153,324 | +€116,231 | +11.2% |
| Amounts payable after more than one year | 17 | €743,092 | €660,383 | -€82,709 | -11.1% |
| Financial debts | 170/4 | €743,092 | €660,383 | -€82,709 | -11.1% |
| Amounts payable within one year | 42/48 | €294,002 | €492,942 | +€198,940 | +67.7% |
| Current portion of amounts payable after more than one year | 42 | €144,364 | €195,535 | +€51,172 | +35.4% |
| Financial debts | 43 | €25,000 | €0 | -€25,000 | -100% |
| Credit institutions | 430/8 | €25,000 | €0 | -€25,000 | -100% |
| Trade debts | 44 | €50,716 | €124,094 | +€73,378 | +145% |
| Suppliers | 440/4 | €50,716 | €124,094 | +€73,378 | +145% |
| Taxes, remuneration and social security | 45 | €43,294 | €72,102 | +€28,808 | +66.5% |
| Taxes | 450/3 | €12,652 | €11,912 | -€740 | -5.8% |
| Remuneration and social security | 454/9 | €30,642 | €60,190 | +€29,548 | +96.4% |
| Other amounts payable | 47/48 | €30,629 | €101,211 | +€70,582 | +230% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €19,029 | €0 | -€19,029 | -100% |
| Remuneration, social security and pensions | 62 | €221,470 | €398,273 | +€176,802 | +79.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,796 | €155,512 | +€44,716 | +40.4% |
| Other operating charges | 640/8 | €7,610 | €13,793 | +€6,183 | +81.2% |
| Gross operating margin | 9900 | €583,593 | €922,715 | +€339,122 | +58.1% |
| Operating profit (loss) | 9901 | €243,717 | €355,137 | +€111,420 | +45.7% |
| Financial income | 75/76B | €4,152 | €9,777 | +€5,625 | +135% |
| Recurring financial income | 75 | €4,152 | €9,777 | +€5,625 | +135% |
| Financial charges | 65/66B | €25,257 | €29,316 | +€4,059 | +16.1% |
| Recurring financial charges | 65 | €25,257 | €29,316 | +€4,059 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €222,611 | €335,598 | +€112,987 | +50.8% |
| Income taxes | 67/77 | €61,267 | €74,428 | +€13,161 | +21.5% |
| Profit (loss) for the period | 9904 | €161,344 | €261,171 | +€99,826 | +61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €161,344 | €261,171 | +€99,826 | +61.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.