SELVA: 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.
SELVA
Largest movements
- Receivables within one year +€363,365
up €363,365 (+7267.3%), from €5,000 to €368,365
of which Other amounts receivable: +€295,000
- Cash -€182,426
down €182,426 (-27.2%), from €671,591 to €489,165
mainly Receivables within one year (-€363,365) and Contributions, distributions and other (-€123,400)
- Current investments +€30,078
up €30,078 (+4.5%), from €675,118 to €705,196
- Reserves +€192,392
up €192,392 (+16.1%), from €1.2m to €1.4m
of which Distributable reserves: +€192,392
- Tax, wage and social debts +€16,083
up €16,083 (+23.3%), from €68,979 to €85,061
of which Taxes: +€15,661
- Financial income +€49,923
up €49,923 (+4260.7%), from €1,172 to €51,095
- Taxes +€22,763
up €22,763 (+15.4%), from €148,215 to €170,978
- Gross operating margin -€13,036
down €13,036 (-2.3%), from €577,475 to €564,439
- Financial charges +€10,049
up €10,049 (+134.1%), from €7,495 to €17,545
of which Financial charges: +€10,049
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 | €1,358,177 | €1,575,947 | +€217,770 | +16.0% |
| Fixed assets | 21/28 | €4,208 | €3,073 | -€1,135 | -27.0% |
| Tangible fixed assets | 22/27 | €4,146 | €3,011 | -€1,135 | -27.4% |
| Plant, machinery and equipment | 23 | €3,381 | €2,553 | -€828 | -24.5% |
| Furniture and vehicles | 24 | €765 | €459 | -€307 | -40.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €1,353,969 | €1,572,874 | +€218,905 | +16.2% |
| Amounts receivable within one year | 40/41 | €5,000 | €368,365 | +€363,365 | +7267.3% |
| Trade receivables | 40 | €0 | €68,365 | +€68,365 | |
| Other amounts receivable | 41 | €5,000 | €300,000 | +€295,000 | +5900.0% |
| Current investments | 50/53 | €675,118 | €705,196 | +€30,078 | +4.5% |
| Cash at bank and in hand | 54/58 | €671,591 | €489,165 | -€182,426 | -27.2% |
| Deferred charges and accrued income | 490/1 | €2,260 | €10,148 | +€7,887 | +348.9% |
| Total equity and liabilities | 10/49 | €1,358,177 | €1,575,947 | +€217,770 | +16.0% |
| Equity | 10/15 | €1,257,005 | €1,449,397 | +€192,392 | +15.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,195,005 | €1,387,397 | +€192,392 | +16.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,188,805 | €1,381,197 | +€192,392 | +16.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €101,172 | €126,550 | +€25,378 | +25.1% |
| Amounts payable within one year | 42/48 | €99,111 | €126,180 | +€27,069 | +27.3% |
| Trade debts | 44 | €10,917 | €7,464 | -€3,453 | -31.6% |
| Suppliers | 440/4 | €10,917 | €7,464 | -€3,453 | -31.6% |
| Taxes, remuneration and social security | 45 | €68,979 | €85,061 | +€16,083 | +23.3% |
| Taxes | 450/3 | €57,201 | €72,862 | +€15,661 | +27.4% |
| Remuneration and social security | 454/9 | €11,777 | €12,199 | +€422 | +3.6% |
| Other amounts payable | 47/48 | €19,216 | €33,655 | +€14,439 | +75.1% |
| Accrued charges and deferred income | 492/3 | €2,061 | €370 | -€1,691 | -82.1% |
| Remuneration, social security and pensions | 62 | €103,828 | €107,818 | +€3,991 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,450 | €1,135 | -€315 | -21.7% |
| Other operating charges | 640/8 | €2,417 | €2,267 | -€151 | -6.2% |
| Gross operating margin | 9900 | €577,475 | €564,439 | -€13,036 | -2.3% |
| Operating profit (loss) | 9901 | €469,780 | €453,219 | -€16,561 | -3.5% |
| Financial income | 75/76B | €1,172 | €51,095 | +€49,923 | +4260.7% |
| Recurring financial income | 75 | €1,172 | €51,095 | +€49,923 | +4260.7% |
| Financial charges | 65/66B | €7,495 | €17,545 | +€10,049 | +134.1% |
| Recurring financial charges | 65 | €7,495 | €17,545 | +€10,049 | +134.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €463,456 | €486,770 | +€23,313 | +5.0% |
| Income taxes | 67/77 | €148,215 | €170,978 | +€22,763 | +15.4% |
| Profit (loss) for the period | 9904 | €315,242 | €315,792 | +€550 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €315,242 | €315,792 | +€550 | +0.2% |
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 28 September 2026 via checked.be.