SELTEC: what changed
Two fiscal 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
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash +€67,974
up €67,974 (+183.4%), from €37,064 to €105,038
mainly Current investments (+€150,000) and Depreciation (+€11,762)
- Tangible fixed assets +€42,792
up €42,792 (+9.6%), from €445,203 to €487,995
of which Furniture and vehicles: +€51,247
- Debts after one year -€19,745
down €19,745 (-10.8%), from €182,870 to €163,125
- Profit (loss) carried forward -€19,017
down €19,017 (-55.0%), from €34,555 to €15,538
- Depreciation -€5,393
down €5,393 (-31.4%), from €17,155 to €11,762
- Financial income +€4,200
new in 2025: €4,200
- Taxes +€1,524
up €1,524 (+576.5%), from €264 to €1,788
- Gross operating margin +€1,006
up €1,006 (+17.8%), from -€5,659 to -€4,653
- Other operating charges -€247
down €247 (-12.0%), from €2,065 to €1,818
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.
Cash bridge derived
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 | €652,729 | €607,672 | -€45,058 | -6.9% |
| Fixed assets | 21/28 | €445,203 | €487,995 | +€42,792 | +9.6% |
| Tangible fixed assets | 22/27 | €445,203 | €487,995 | +€42,792 | +9.6% |
| Land and buildings | 22 | €439,641 | €429,604 | -€10,037 | -2.3% |
| Plant, machinery and equipment | 23 | - | €1,701 | +€1,701 | |
| Furniture and vehicles | 24 | €4,679 | €55,926 | +€51,247 | +1095.1% |
| Other tangible fixed assets | 26 | €882 | €764 | -€118 | -13.4% |
| Current assets | 29/58 | €207,527 | €119,676 | -€87,850 | -42.3% |
| Amounts receivable within one year | 40/41 | €20,383 | €14,183 | -€6,201 | -30.4% |
| Trade receivables | 40 | €4,371 | - | -€4,371 | |
| Other amounts receivable | 41 | €16,012 | €14,183 | -€1,829 | -11.4% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €37,064 | €105,038 | +€67,974 | +183.4% |
| Deferred charges and accrued income | 490/1 | €80 | €456 | +€376 | +473.0% |
| Total equity and liabilities | 10/49 | €652,729 | €607,672 | -€45,058 | -6.9% |
| Equity | 10/15 | €420,901 | €401,884 | -€19,017 | -4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €367,746 | €367,746 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €365,886 | €365,886 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,555 | €15,538 | -€19,017 | -55.0% |
| Amounts payable | 17/49 | €231,829 | €205,788 | -€26,041 | -11.2% |
| Amounts payable after more than one year | 17 | €182,870 | €163,125 | -€19,745 | -10.8% |
| Financial debts | 170/4 | €182,870 | €163,125 | -€19,745 | -10.8% |
| Amounts payable within one year | 42/48 | €48,959 | €42,663 | -€6,296 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €22,393 | €19,744 | -€2,649 | -11.8% |
| Trade debts | 44 | €1,054 | €1,758 | +€704 | +66.8% |
| Suppliers | 440/4 | €1,054 | €1,758 | +€704 | +66.8% |
| Taxes, remuneration and social security | 45 | €3,641 | €2,266 | -€1,375 | -37.8% |
| Taxes | 450/3 | €641 | €266 | -€375 | -58.5% |
| Remuneration and social security | 454/9 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Other amounts payable | 47/48 | €21,870 | €18,895 | -€2,975 | -13.6% |
| Non-recurring operating income | 76A | - | €3,232 | +€3,232 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,155 | €11,762 | -€5,393 | -31.4% |
| Other operating charges | 640/8 | €2,065 | €1,818 | -€247 | -12.0% |
| Gross operating margin | 9900 | -€5,659 | -€4,653 | +€1,006 | +17.8% |
| Operating profit (loss) | 9901 | -€24,879 | -€18,233 | +€6,646 | +26.7% |
| Financial income | 75/76B | - | €4,200 | +€4,200 | |
| Recurring financial income | 75 | - | €4,200 | +€4,200 | |
| Financial charges | 65/66B | €3,243 | €3,196 | -€47 | -1.5% |
| Recurring financial charges | 65 | €3,243 | €3,196 | -€47 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | -€28,122 | -€17,229 | +€10,894 | +38.7% |
| Income taxes | 67/77 | €264 | €1,788 | +€1,524 | +576.5% |
| Profit (loss) for the period | 9904 | -€28,387 | -€19,017 | +€9,370 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,387 | -€19,017 | +€9,370 | +33.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.