SELTEC: 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.
SELTEC
Largest movements
- Tangible fixed assets +€38,115
up €38,115 (+13.0%), from €292,196 to €330,311
of which Furniture and vehicles: +€24,184
- Cash -€5,590
down €5,590 (-30.3%), from €18,449 to €12,859
mainly Investment in fixed assets (net) (-€60,808) and Debts after one year (-€28,099)
- Reserves +€32,718
up €32,718 (+17.9%), from €182,326 to €215,045
- Debts after one year -€28,099
down €28,099 (-13.9%), from €202,623 to €174,524
- Tax, wage and social debts +€13,810
up €13,810 (+59.2%), from €23,312 to €37,122
of which Taxes: +€17,195
- Other debts +€12,026
up €12,026 (+206%), from €5,850 to €17,876
- Trade debts -€5,742
down €5,742 (-20.7%), from €27,739 to €21,997
- Gross operating margin +€32,499
up €32,499 (+15.5%), from €210,050 to €242,549
- Taxes +€10,176
up €10,176 (+197%), from €5,155 to €15,331
- Depreciation +€5,117
up €5,117 (+29.1%), from €17,575 to €22,693
- Staff costs +€3,555
up €3,555 (+2.2%), from €158,694 to €162,249
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 | €477,581 | €505,429 | +€27,848 | +5.8% |
| Fixed assets | 21/28 | €292,196 | €330,311 | +€38,115 | +13.0% |
| Tangible fixed assets | 22/27 | €292,196 | €330,311 | +€38,115 | +13.0% |
| Land and buildings | 22 | €284,796 | €301,631 | +€16,835 | +5.9% |
| Plant, machinery and equipment | 23 | €7,399 | €4,496 | -€2,904 | -39.2% |
| Furniture and vehicles | 24 | - | €24,184 | +€24,184 | |
| Current assets | 29/58 | €185,385 | €175,118 | -€10,268 | -5.5% |
| Amounts receivable within one year | 40/41 | €156,076 | €153,942 | -€2,134 | -1.4% |
| Trade receivables | 40 | €137,059 | €143,694 | +€6,635 | +4.8% |
| Other amounts receivable | 41 | €19,016 | €10,248 | -€8,768 | -46.1% |
| Cash at bank and in hand | 54/58 | €18,449 | €12,859 | -€5,590 | -30.3% |
| Deferred charges and accrued income | 490/1 | €10,860 | €8,316 | -€2,544 | -23.4% |
| Total equity and liabilities | 10/49 | €477,581 | €505,429 | +€27,848 | +5.8% |
| Equity | 10/15 | €187,326 | €220,045 | +€32,718 | +17.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €182,326 | €215,045 | +€32,718 | +17.9% |
| Distributable reserves | 133 | €182,326 | €215,045 | +€32,718 | +17.9% |
| Amounts payable | 17/49 | €290,255 | €285,384 | -€4,871 | -1.7% |
| Amounts payable after more than one year | 17 | €202,623 | €174,524 | -€28,099 | -13.9% |
| Financial debts | 170/4 | €202,623 | €174,524 | -€28,099 | -13.9% |
| Amounts payable within one year | 42/48 | €87,626 | €106,874 | +€19,248 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €28,946 | €28,099 | -€846 | -2.9% |
| Trade debts | 44 | €27,739 | €21,997 | -€5,742 | -20.7% |
| Suppliers | 440/4 | €27,739 | €21,997 | -€5,742 | -20.7% |
| Advances received on contracts in progress | 46 | €1,779 | €1,779 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €23,312 | €37,122 | +€13,810 | +59.2% |
| Taxes | 450/3 | €4,820 | €22,015 | +€17,195 | +357% |
| Remuneration and social security | 454/9 | €18,492 | €15,107 | -€3,385 | -18.3% |
| Other amounts payable | 47/48 | €5,850 | €17,876 | +€12,026 | +206% |
| Accrued charges and deferred income | 492/3 | €6 | €3,987 | +€3,981 | +66,346% |
| Remuneration, social security and pensions | 62 | €158,694 | €162,249 | +€3,555 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,575 | €22,693 | +€5,117 | +29.1% |
| Other operating charges | 640/8 | €1,454 | €2,859 | +€1,406 | +96.7% |
| Gross operating margin | 9900 | €210,050 | €242,549 | +€32,499 | +15.5% |
| Operating profit (loss) | 9901 | €32,327 | €54,748 | +€22,420 | +69.4% |
| Financial charges | 65/66B | €6,016 | €6,698 | +€683 | +11.3% |
| Recurring financial charges | 65 | €6,016 | €6,698 | +€683 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €26,312 | €48,050 | +€21,738 | +82.6% |
| Income taxes | 67/77 | €5,155 | €15,331 | +€10,176 | +197% |
| Profit (loss) for the period | 9904 | €21,156 | €32,718 | +€11,562 | +54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,156 | €32,718 | +€11,562 | +54.7% |
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 16 October 2026 via checked.be.