SELVAIS: 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.
What changed
SELVAIS
NACE 47.730, Retail sale of pharmaceutical products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3,364
2024 · -€95,288+€98,652
Equity
€820,079
2024 · €816,715+€3,364
Cash
€78,671
2024 · €150,756-€72,085
Balance sheet total
€1.8m
2024 · €1.8m-€18,347
Largest movements
Assets
- Receivables within one year +€85,228
up €85,228 (+27.2%), from €313,657 to €398,885
of which Trade receivables: +€79,500
- Cash -€72,085
down €72,085 (-47.8%), from €150,756 to €78,671
mainly Receivables within one year (-€85,228) and Stocks and contracts (-€22,141)
- Tangible fixed assets -€52,992
down €52,992 (-9.0%), from €590,126 to €537,135
- Stocks and contracts +€22,141
up €22,141 (+3.3%), from €662,209 to €684,350
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€225,023
up €225,023 (+22.3%), from €1.0m to €1.2m
- Staff costs +€134,618
up €134,618 (+13.6%), from €992,225 to €1.1m
- Provisions -€18,277
down €18,277, from €18,109 to -€168
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.
Result 2024
-€95,288
Gross operating margin
+€225,023
Staff costs
-€134,618
Depreciation
+€4,222
Provisions
+€18,277
Other operating charges
-€3,738
Other operating items
-€14,000
Financial income
+€502
Financial charges
+€3,638
Taxes
-€655
Result 2025
€3,364
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€54,276
Investment
-€2,809
Financing
-€15,000
Cash 2024
€150,756
From operations (derived)
-€54,276
Net result for the year
+€3,364
Depreciation
+€56,440
Stocks and contracts
-€22,141
Receivables within one year
-€85,228
Provisions
-€168
Trade debts
-€2,160
Tax, wage and social debts
-€222
Other debts
-€4,161
Investment (derived)
-€2,809
Investment in fixed assets (net)
-€2,809
Financing
-€15,000
Debts after one year
-€15,000
Cash 2025
€78,671
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,772,015 | €1,753,668 | -€18,347 | -1.0% |
| Fixed assets | 21/28 | €590,766 | €537,135 | -€53,631 | -9.1% |
| Intangible fixed assets | 21 | €639 | €0 | -€639 | -100% |
| Tangible fixed assets | 22/27 | €590,126 | €537,135 | -€52,992 | -9.0% |
| Land and buildings | 22 | €497,701 | €474,224 | -€23,477 | -4.7% |
| Plant, machinery and equipment | 23 | €41,551 | €28,076 | -€13,475 | -32.4% |
| Furniture and vehicles | 24 | €50,874 | €34,835 | -€16,039 | -31.5% |
| Current assets | 29/58 | €1,181,249 | €1,216,533 | +€35,284 | +3.0% |
| Stocks and contracts in progress | 3 | €662,209 | €684,350 | +€22,141 | +3.3% |
| Stocks | 30/36 | €662,209 | €684,350 | +€22,141 | +3.3% |
| Amounts receivable within one year | 40/41 | €313,657 | €398,885 | +€85,228 | +27.2% |
| Trade receivables | 40 | €313,657 | €393,157 | +€79,500 | +25.3% |
| Other amounts receivable | 41 | €0 | €5,728 | +€5,728 | |
| Current investments | 50/53 | €54,627 | €54,627 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €150,756 | €78,671 | -€72,085 | -47.8% |
| Total equity and liabilities | 10/49 | €1,772,015 | €1,753,668 | -€18,347 | -1.0% |
| Equity | 10/15 | €816,715 | €820,079 | +€3,364 | +0.4% |
| 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 | €53,477 | €53,477 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,450 | €6,450 | = | 0.0% |
| Legal reserve | 130 | €6,450 | €6,450 | = | 0.0% |
| Distributable reserves | 133 | €47,027 | €47,027 | = | 0.0% |
| Profit (loss) carried forward | 14 | €701,238 | €704,602 | +€3,364 | +0.5% |
| Provisions and deferred taxes | 16 | €27,787 | €27,619 | -€168 | -0.6% |
| Provisions for liabilities and charges | 160/5 | €27,787 | €27,619 | -€168 | -0.6% |
| Other liabilities and charges | 164/5 | €27,787 | €27,619 | -€168 | -0.6% |
| Amounts payable | 17/49 | €927,513 | €905,970 | -€21,543 | -2.3% |
| Amounts payable after more than one year | 17 | €105,000 | €90,000 | -€15,000 | -14.3% |
| Financial debts | 170/4 | €105,000 | €90,000 | -€15,000 | -14.3% |
| Amounts payable within one year | 42/48 | €822,513 | €815,970 | -€6,543 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €15,000 | = | 0.0% |
| Trade debts | 44 | €560,223 | €558,064 | -€2,160 | -0.4% |
| Suppliers | 440/4 | €560,223 | €558,064 | -€2,160 | -0.4% |
| Taxes, remuneration and social security | 45 | €176,239 | €176,017 | -€222 | -0.1% |
| Taxes | 450/3 | €49,360 | €34,043 | -€15,317 | -31.0% |
| Remuneration and social security | 454/9 | €126,879 | €141,974 | +€15,095 | +11.9% |
| Other amounts payable | 47/48 | €71,051 | €66,889 | -€4,161 | -5.9% |
| Non-recurring operating income | 76A | - | €5,860 | +€5,860 | |
| Remuneration, social security and pensions | 62 | €992,225 | €1,126,842 | +€134,618 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,663 | €56,440 | -€4,222 | -7.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €18,109 | -€168 | -€18,277 | |
| Other operating charges | 640/8 | €16,418 | €20,155 | +€3,738 | +22.8% |
| Non-recurring operating charges | 66A | - | €14,000 | +€14,000 | |
| Gross operating margin | 9900 | €1,011,034 | €1,236,057 | +€225,023 | +22.3% |
| Operating profit (loss) | 9901 | -€76,380 | €18,788 | +€95,167 | |
| Financial income | 75/76B | €728 | €1,230 | +€502 | +68.9% |
| Recurring financial income | 75 | €728 | €1,230 | +€502 | +68.9% |
| Financial charges | 65/66B | €13,974 | €10,336 | -€3,638 | -26.0% |
| Recurring financial charges | 65 | €13,974 | €10,336 | -€3,638 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | -€89,626 | €9,681 | +€99,307 | |
| Income taxes | 67/77 | €5,662 | €6,317 | +€655 | +11.6% |
| Profit (loss) for the period | 9904 | -€95,288 | €3,364 | +€98,652 | |
| Profit (loss) for the period to be appropriated | 9905 | -€95,288 | €3,364 | +€98,652 |
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.