SELSation: 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.
SELSation
Largest movements
- Cash -€326,753
down €326,753 (-98.5%), from €331,608 to €4,855
mainly Current investments (-€318,381) and Other debts (-€32,615)
- Current investments +€318,381
new in 2025: €318,381
- Receivables within one year +€5,713
up €5,713 (+193%), from €2,954 to €8,666
of which Other amounts receivable: +€4,997
- Tangible fixed assets -€5,218
down €5,218 (-17.9%), from €29,134 to €23,916
of which Other tangible fixed assets: -€4,988
- Other debts -€32,615
down €32,615 (-69.6%), from €46,851 to €14,236
- Reserves +€29,653
up €29,653 (+10.1%), from €293,594 to €323,247
- Accrued charges and deferred income -€6,440
no longer reported in 2025 (was €6,440)
- Trade debts +€3,774
up €3,774 (+208%), from €1,818 to €5,592
- Gross operating margin -€12,804
down €12,804 (-16.8%), from €76,071 to €63,267
- Other operating charges +€1,158
up €1,158 (+75.0%), from €1,544 to €2,702
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 | €376,880 | €368,280 | -€8,599 | -2.3% |
| Fixed assets | 21/28 | €29,134 | €23,916 | -€5,218 | -17.9% |
| Tangible fixed assets | 22/27 | €29,134 | €23,916 | -€5,218 | -17.9% |
| Plant, machinery and equipment | 23 | €1,954 | €1,724 | -€230 | -11.8% |
| Other tangible fixed assets | 26 | €27,180 | €22,192 | -€4,988 | -18.4% |
| Current assets | 29/58 | €347,745 | €344,364 | -€3,381 | -1.0% |
| Stocks and contracts in progress | 3 | €13,183 | €12,462 | -€721 | -5.5% |
| Stocks | 30/36 | €13,183 | €12,462 | -€721 | -5.5% |
| Amounts receivable within one year | 40/41 | €2,954 | €8,666 | +€5,713 | +193% |
| Trade receivables | 40 | - | €716 | +€716 | |
| Other amounts receivable | 41 | €2,954 | €7,951 | +€4,997 | +169% |
| Current investments | 50/53 | - | €318,381 | +€318,381 | |
| Cash at bank and in hand | 54/58 | €331,608 | €4,855 | -€326,753 | -98.5% |
| Total equity and liabilities | 10/49 | €376,880 | €368,280 | -€8,599 | -2.3% |
| Equity | 10/15 | €312,194 | €341,847 | +€29,653 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €293,594 | €323,247 | +€29,653 | +10.1% |
| Distributable reserves | 133 | €293,594 | €323,247 | +€29,653 | +10.1% |
| Amounts payable | 17/49 | €64,686 | €26,434 | -€38,252 | -59.1% |
| Amounts payable within one year | 42/48 | €58,246 | €26,434 | -€31,813 | -54.6% |
| Financial debts | 43 | - | €46 | +€46 | |
| Credit institutions | 430/8 | - | €46 | +€46 | |
| Trade debts | 44 | €1,818 | €5,592 | +€3,774 | +208% |
| Suppliers | 440/4 | €1,818 | €5,592 | +€3,774 | +208% |
| Taxes, remuneration and social security | 45 | €9,578 | €6,561 | -€3,017 | -31.5% |
| Taxes | 450/3 | €9,192 | €6,195 | -€2,997 | -32.6% |
| Remuneration and social security | 454/9 | €386 | €366 | -€20 | -5.1% |
| Other amounts payable | 47/48 | €46,851 | €14,236 | -€32,615 | -69.6% |
| Accrued charges and deferred income | 492/3 | €6,440 | - | -€6,440 | |
| Remuneration, social security and pensions | 62 | €6,643 | €7,249 | +€606 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,736 | €7,808 | +€72 | +0.9% |
| Other operating charges | 640/8 | €1,544 | €2,702 | +€1,158 | +75.0% |
| Gross operating margin | 9900 | €76,071 | €63,267 | -€12,804 | -16.8% |
| Operating profit (loss) | 9901 | €60,148 | €45,508 | -€14,640 | -24.3% |
| Financial income | 75/76B | €5 | €94 | +€90 | +1,994% |
| Recurring financial income | 75 | €5 | €94 | +€90 | +1,994% |
| Financial charges | 65/66B | €3,524 | €2,947 | -€577 | -16.4% |
| Recurring financial charges | 65 | €3,524 | €2,947 | -€577 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €56,629 | €42,656 | -€13,973 | -24.7% |
| Income taxes | 67/77 | €13,046 | €13,003 | -€43 | -0.3% |
| Profit (loss) for the period | 9904 | €43,583 | €29,653 | -€13,930 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,583 | €29,653 | -€13,930 | -32.0% |
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 14 October 2026 via checked.be.