SELS & DELBAEN: 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 & DELBAEN
Largest movements
- Cash +€16,060
up €16,060 (+40.9%), from €39,239 to €55,300
mainly Net result for the year (+€17,305) and Tax, wage and social debts (+€4,317)
- Receivables within one year +€4,183
up €4,183 (+44.7%), from €9,355 to €13,539
of which Other amounts receivable: +€4,883
- Profit (loss) carried forward +€15,639
up €15,639 (+47.9%), from €32,619 to €48,258
- Tax, wage and social debts +€4,317
up €4,317 (+57.9%), from €7,454 to €11,771
of which Taxes: +€2,367
- Trade debts -€1,632
down €1,632 (-80.9%), from €2,017 to €385
- Other debts +€822
up €822 (+2,131%), from €39 to €860
- Depreciation -€6,267
down €6,267 (-81.3%), from €7,707 to €1,440
- Gross operating margin +€2,791
up €2,791 (+12.9%), from €21,627 to €24,418
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 | €50,735 | €69,881 | +€19,146 | +37.7% |
| Fixed assets | 21/28 | €1,672 | €992 | -€680 | -40.7% |
| Tangible fixed assets | 22/27 | €1,672 | €992 | -€680 | -40.7% |
| Plant, machinery and equipment | 23 | - | €692 | +€692 | |
| Furniture and vehicles | 24 | €1,672 | €300 | -€1,372 | -82.1% |
| Current assets | 29/58 | €49,063 | €68,889 | +€19,826 | +40.4% |
| Amounts receivable within one year | 40/41 | €9,355 | €13,539 | +€4,183 | +44.7% |
| Trade receivables | 40 | €9,182 | €8,482 | -€700 | -7.6% |
| Other amounts receivable | 41 | €173 | €5,056 | +€4,883 | +2,816% |
| Cash at bank and in hand | 54/58 | €39,239 | €55,300 | +€16,060 | +40.9% |
| Deferred charges and accrued income | 490/1 | €469 | €51 | -€418 | -89.1% |
| Total equity and liabilities | 10/49 | €50,735 | €69,881 | +€19,146 | +37.7% |
| Equity | 10/15 | €41,225 | €56,864 | +€15,639 | +37.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €2,406 | €2,406 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,406 | €2,406 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €2,406 | +€2,406 | |
| Other | 1319 | €2,406 | - | -€2,406 | |
| Profit (loss) carried forward | 14 | €32,619 | €48,258 | +€15,639 | +47.9% |
| Amounts payable | 17/49 | €9,509 | €13,016 | +€3,507 | +36.9% |
| Amounts payable within one year | 42/48 | €9,509 | €13,016 | +€3,507 | +36.9% |
| Trade debts | 44 | €2,017 | €385 | -€1,632 | -80.9% |
| Suppliers | 440/4 | €2,017 | €385 | -€1,632 | -80.9% |
| Taxes, remuneration and social security | 45 | €7,454 | €11,771 | +€4,317 | +57.9% |
| Taxes | 450/3 | €7,454 | €9,821 | +€2,367 | +31.8% |
| Remuneration and social security | 454/9 | - | €1,950 | +€1,950 | |
| Other amounts payable | 47/48 | €39 | €860 | +€822 | +2,131% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,707 | €1,440 | -€6,267 | -81.3% |
| Other operating charges | 640/8 | €887 | €1,016 | +€128 | +14.5% |
| Gross operating margin | 9900 | €21,627 | €24,418 | +€2,791 | +12.9% |
| Operating profit (loss) | 9901 | €13,032 | €21,963 | +€8,930 | +68.5% |
| Financial income | 75/76B | €130 | €0 | -€129 | -99.6% |
| Recurring financial income | 75 | €130 | €0 | -€129 | -99.6% |
| Financial charges | 65/66B | €67 | €72 | +€5 | +7.4% |
| Recurring financial charges | 65 | €67 | €72 | +€5 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €13,095 | €21,891 | +€8,796 | +67.2% |
| Income taxes | 67/77 | €4,554 | €4,586 | +€32 | +0.7% |
| Profit (loss) for the period | 9904 | €8,541 | €17,305 | +€8,764 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €8,541 | €17,305 | +€8,764 | +103% |
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 26 October 2026 via checked.be.