SELVAX: 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.
SELVAX
Largest movements
- Cash -€146,306
down €146,306 (-56.9%), from €257,073 to €110,767
mainly Contributions, distributions and other (-€152,483) and Current investments (-€47,885)
- Current investments +€47,885
up €47,885 (+9.4%), from €509,000 to €556,885
- Receivables within one year +€11,120
up €11,120 (+41.6%), from €26,741 to €37,861
of which Other amounts receivable: +€9,893
- Reserves -€49,510
down €49,510 (-9.9%), from €499,513 to €450,003
- Other debts -€38,984
down €38,984 (-20.0%), from €194,435 to €155,451
- Financial income +€30,858
up €30,858 (+1088.5%), from €2,835 to €33,693
- Gross operating margin +€8,631
up €8,631 (+8.4%), from €102,427 to €111,058
- Taxes +€6,936
up €6,936 (+25.4%), from €27,279 to €34,215
- Depreciation -€1,665
down €1,665 (-35.6%), from €4,682 to €3,017
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 | €797,863 | €705,905 | -€91,958 | -11.5% |
| Fixed assets | 21/28 | €3,409 | €392 | -€3,017 | -88.5% |
| Tangible fixed assets | 22/27 | €3,409 | €392 | -€3,017 | -88.5% |
| Plant, machinery and equipment | 23 | €1,056 | €392 | -€663 | -62.8% |
| Furniture and vehicles | 24 | €2,354 | €0 | -€2,354 | -100.0% |
| Current assets | 29/58 | €794,454 | €705,513 | -€88,941 | -11.2% |
| Amounts receivable within one year | 40/41 | €26,741 | €37,861 | +€11,120 | +41.6% |
| Trade receivables | 40 | €26,741 | €27,968 | +€1,227 | +4.6% |
| Other amounts receivable | 41 | - | €9,893 | +€9,893 | |
| Current investments | 50/53 | €509,000 | €556,885 | +€47,885 | +9.4% |
| Cash at bank and in hand | 54/58 | €257,073 | €110,767 | -€146,306 | -56.9% |
| Deferred charges and accrued income | 490/1 | €1,640 | €0 | -€1,640 | -100.0% |
| Total equity and liabilities | 10/49 | €797,863 | €705,905 | -€91,958 | -11.5% |
| Equity | 10/15 | €588,113 | €538,603 | -€49,510 | -8.4% |
| Contributions | 10/11 | €88,600 | €88,600 | = | 0.0% |
| Reserves | 13 | €499,513 | €450,003 | -€49,510 | -9.9% |
| Distributable reserves | 133 | €499,513 | €450,003 | -€49,510 | -9.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €209,750 | €167,302 | -€42,449 | -20.2% |
| Amounts payable within one year | 42/48 | €209,750 | €167,302 | -€42,449 | -20.2% |
| Trade debts | 44 | €3,929 | €2,979 | -€950 | -24.2% |
| Suppliers | 440/4 | €3,929 | €2,979 | -€950 | -24.2% |
| Taxes, remuneration and social security | 45 | €11,386 | €8,871 | -€2,515 | -22.1% |
| Taxes | 450/3 | €11,386 | €8,871 | -€2,515 | -22.1% |
| Other amounts payable | 47/48 | €194,435 | €155,451 | -€38,984 | -20.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,682 | €3,017 | -€1,665 | -35.6% |
| Other operating charges | 640/8 | €799 | €601 | -€197 | -24.7% |
| Gross operating margin | 9900 | €102,427 | €111,058 | +€8,631 | +8.4% |
| Operating profit (loss) | 9901 | €96,946 | €107,440 | +€10,494 | +10.8% |
| Financial income | 75/76B | €2,835 | €33,693 | +€30,858 | +1088.5% |
| Recurring financial income | 75 | €2,835 | €33,693 | +€30,858 | +1088.5% |
| Financial charges | 65/66B | €4,703 | €3,944 | -€759 | -16.1% |
| Recurring financial charges | 65 | €4,703 | €3,944 | -€759 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €95,077 | €137,189 | +€42,111 | +44.3% |
| Income taxes | 67/77 | €27,279 | €34,215 | +€6,936 | +25.4% |
| Profit (loss) for the period | 9904 | €67,798 | €102,973 | +€35,175 | +51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,798 | €102,973 | +€35,175 | +51.9% |
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 2 October 2026 via checked.be.