SEManagement: 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.
SEManagement
Largest movements
- Receivables within one year +€52,030
up €52,030 (+215%), from €24,200 to €76,230
- Debts after one year -€67,478
no longer reported in 2025 (was €67,478)
- Other debts +€55,934
up €55,934 (+55.2%), from €101,270 to €157,204
- Reserves +€50,520
new in 2025: €50,520
- Financial income -€25,000
down €25,000 (-100.0%), from €25,000 to €0
- Gross operating margin +€11,795
up €11,795 (+8.5%), from €137,958 to €149,753
- Taxes +€2,915
up €2,915 (+8.6%), from €33,700 to €36,615
- Financial charges -€2,096
down €2,096 (-16.8%), from €12,494 to €10,398
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 | €2,943,598 | €2,990,710 | +€47,112 | +1.6% |
| Fixed assets | 21/28 | €2,900,000 | €2,900,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,900,000 | €2,900,000 | = | 0.0% |
| Current assets | 29/58 | €43,598 | €90,710 | +€47,112 | +108% |
| Amounts receivable within one year | 40/41 | €24,200 | €76,230 | +€52,030 | +215% |
| Trade receivables | 40 | €24,200 | €76,230 | +€52,030 | +215% |
| Cash at bank and in hand | 54/58 | €19,398 | €7,158 | -€12,240 | -63.1% |
| Deferred charges and accrued income | 490/1 | - | €7,322 | +€7,322 | |
| Total equity and liabilities | 10/49 | €2,943,598 | €2,990,710 | +€47,112 | +1.6% |
| Equity | 10/15 | €2,652,817 | €2,705,029 | +€52,212 | +2.0% |
| Contributions | 10/11 | €268,600 | €268,600 | = | 0.0% |
| Reserves | 13 | - | €50,520 | +€50,520 | |
| Tax-exempt reserves | 132 | - | €50,520 | +€50,520 | |
| Profit (loss) carried forward | 14 | €2,384,217 | €2,385,909 | +€1,692 | +0.1% |
| Amounts payable | 17/49 | €290,781 | €285,681 | -€5,099 | -1.8% |
| Amounts payable after more than one year | 17 | €67,478 | - | -€67,478 | |
| Financial debts | 170/4 | €67,478 | - | -€67,478 | |
| Amounts payable within one year | 42/48 | €214,495 | €278,322 | +€63,828 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €79,661 | €67,478 | -€12,183 | -15.3% |
| Trade debts | 44 | €1,277 | €1,374 | +€97 | +7.6% |
| Suppliers | 440/4 | €1,277 | €1,374 | +€97 | +7.6% |
| Taxes, remuneration and social security | 45 | €32,287 | €52,266 | +€19,979 | +61.9% |
| Taxes | 450/3 | €32,287 | €44,266 | +€11,979 | +37.1% |
| Remuneration and social security | 454/9 | - | €8,000 | +€8,000 | |
| Other amounts payable | 47/48 | €101,270 | €157,204 | +€55,934 | +55.2% |
| Accrued charges and deferred income | 492/3 | €8,808 | €7,359 | -€1,449 | -16.4% |
| Other operating charges | 640/8 | €511 | €528 | +€17 | +3.4% |
| Gross operating margin | 9900 | €137,958 | €149,753 | +€11,795 | +8.5% |
| Operating profit (loss) | 9901 | €137,447 | €149,224 | +€11,778 | +8.6% |
| Financial income | 75/76B | €25,000 | €0 | -€25,000 | -100.0% |
| Recurring financial income | 75 | €25,000 | €0 | -€25,000 | -100.0% |
| Financial charges | 65/66B | €12,494 | €10,398 | -€2,096 | -16.8% |
| Recurring financial charges | 65 | €12,494 | €10,398 | -€2,096 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €149,953 | €138,827 | -€11,127 | -7.4% |
| Income taxes | 67/77 | €33,700 | €36,615 | +€2,915 | +8.6% |
| Profit (loss) for the period | 9904 | €116,253 | €102,212 | -€14,041 | -12.1% |
| Transfer to tax-exempt reserves | 689 | - | €50,520 | +€50,520 | |
| Profit (loss) for the period to be appropriated | 9905 | €116,253 | €51,692 | -€64,561 | -55.5% |
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 17 October 2026 via checked.be.