SELVAUX: 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.
SELVAUX
Largest movements
- Cash +€19,282
up €19,282 (+86.5%), from €22,286 to €41,568
mainly Net result for the year (+€44,427) and Other debts (+€34,527)
- Tangible fixed assets +€9,006
up €9,006 (+112%), from €8,064 to €17,071
- Receivables within one year +€4,397
up €4,397 (+13.2%), from €33,415 to €37,813
of which Trade receivables: +€4,397
- Deferred charges and accrued income +€3,425
up €3,425 (+1,526%), from €224 to €3,649
- Other debts +€34,527
up €34,527 (+2,047%), from €1,687 to €36,214
- Reserves +€4,427
up €4,427 (+11.0%), from €40,266 to €44,693
- Tax, wage and social debts -€2,964
down €2,964 (-28.7%), from €10,339 to €7,375
- Gross operating margin +€44,136
up €44,136 (+271%), from €16,310 to €60,446
- Taxes +€8,491
up €8,491 (+286%), from €2,974 to €11,465
- Financial charges +€1,254
up €1,254 (+690%), from €182 to €1,436
- Depreciation +€855
up €855 (+49.7%), from €1,720 to €2,574
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 | €63,990 | €100,100 | +€36,111 | +56.4% |
| Fixed assets | 21/28 | €8,064 | €17,071 | +€9,006 | +112% |
| Tangible fixed assets | 22/27 | €8,064 | €17,071 | +€9,006 | +112% |
| Furniture and vehicles | 24 | €8,064 | €17,071 | +€9,006 | +112% |
| Current assets | 29/58 | €55,925 | €83,030 | +€27,104 | +48.5% |
| Amounts receivable within one year | 40/41 | €33,415 | €37,813 | +€4,397 | +13.2% |
| Trade receivables | 40 | €33,415 | €37,813 | +€4,397 | +13.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €22,286 | €41,568 | +€19,282 | +86.5% |
| Deferred charges and accrued income | 490/1 | €224 | €3,649 | +€3,425 | +1,526% |
| Total equity and liabilities | 10/49 | €63,990 | €100,100 | +€36,111 | +56.4% |
| Equity | 10/15 | €50,266 | €54,693 | +€4,427 | +8.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €40,266 | €44,693 | +€4,427 | +11.0% |
| Distributable reserves | 133 | €40,266 | €44,693 | +€4,427 | +11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €13,724 | €45,408 | +€31,684 | +231% |
| Amounts payable within one year | 42/48 | €13,724 | €45,117 | +€31,393 | +229% |
| Trade debts | 44 | €1,698 | €1,529 | -€170 | -10.0% |
| Suppliers | 440/4 | €1,698 | €1,529 | -€170 | -10.0% |
| Taxes, remuneration and social security | 45 | €10,339 | €7,375 | -€2,964 | -28.7% |
| Taxes | 450/3 | €10,339 | €7,375 | -€2,964 | -28.7% |
| Other amounts payable | 47/48 | €1,687 | €36,214 | +€34,527 | +2,047% |
| Accrued charges and deferred income | 492/3 | - | €290 | +€290 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,720 | €2,574 | +€855 | +49.7% |
| Other operating charges | 640/8 | €972 | €544 | -€428 | -44.1% |
| Gross operating margin | 9900 | €16,310 | €60,446 | +€44,136 | +271% |
| Operating profit (loss) | 9901 | €13,618 | €57,328 | +€43,710 | +321% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €182 | €1,436 | +€1,254 | +690% |
| Recurring financial charges | 65 | €182 | €1,436 | +€1,254 | +690% |
| Profit (loss) for the period before taxes | 9903 | €13,436 | €55,892 | +€42,456 | +316% |
| Income taxes | 67/77 | €2,974 | €11,465 | +€8,491 | +286% |
| Profit (loss) for the period | 9904 | €10,462 | €44,427 | +€33,964 | +325% |
| Profit (loss) for the period to be appropriated | 9905 | €10,462 | €44,427 | +€33,964 | +325% |
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.