SENELCO: 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.
SENELCO
Largest movements
- Receivables within one year -€29,266
down €29,266 (-7.1%), from €413,281 to €384,015
of which Other amounts receivable: -€36,370
- Cash -€23,060
down €23,060 (-47.9%), from €48,147 to €25,087
mainly Net result for the year (-€57,848) and Tax, wage and social debts (-€5,285)
- Tangible fixed assets -€13,250
down €13,250 (-33.5%), from €39,496 to €26,246
of which Leasing and similar rights: -€8,462
- Reserves -€30,599
down €30,599 (-91.1%), from €33,599 to €3,000
of which Distributable reserves: -€30,599
- Profit (loss) carried forward -€27,249
down €27,249 (-14.7%), from €185,496 to €158,247
- Tax, wage and social debts -€5,285
down €5,285 (-34.8%), from €15,179 to €9,894
of which Remuneration and social security: -€5,291
- Gross operating margin -€76,211
down €76,211, from €40,104 to -€36,107
- Other operating charges -€29,185
down €29,185 (-87.8%), from €33,248 to €4,063
- Depreciation -€22,180
down €22,180 (-62.6%), from €35,431 to €13,251
- Taxes -€13,484
no longer reported in 2025 (was €13,484)
- Financial charges -€9,812
down €9,812 (-75.5%), from €13,000 to €3,188
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 | €500,924 | €435,865 | -€65,059 | -13.0% |
| Fixed assets | 21/28 | €39,496 | €26,246 | -€13,250 | -33.5% |
| Tangible fixed assets | 22/27 | €39,496 | €26,246 | -€13,250 | -33.5% |
| Furniture and vehicles | 24 | €4,940 | €152 | -€4,788 | -96.9% |
| Leasing and similar rights | 25 | €34,556 | €26,094 | -€8,462 | -24.5% |
| Current assets | 29/58 | €461,428 | €409,619 | -€51,809 | -11.2% |
| Stocks and contracts in progress | 3 | - | €517 | +€517 | |
| Stocks | 30/36 | - | €517 | +€517 | |
| Amounts receivable within one year | 40/41 | €413,281 | €384,015 | -€29,266 | -7.1% |
| Trade receivables | 40 | €31,061 | €38,165 | +€7,104 | +22.9% |
| Other amounts receivable | 41 | €382,220 | €345,850 | -€36,370 | -9.5% |
| Cash at bank and in hand | 54/58 | €48,147 | €25,087 | -€23,060 | -47.9% |
| Total equity and liabilities | 10/49 | €500,924 | €435,865 | -€65,059 | -13.0% |
| Equity | 10/15 | €249,095 | €191,247 | -€57,848 | -23.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €33,599 | €3,000 | -€30,599 | -91.1% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €30,599 | - | -€30,599 | |
| Profit (loss) carried forward | 14 | €185,496 | €158,247 | -€27,249 | -14.7% |
| Amounts payable | 17/49 | €251,829 | €244,618 | -€7,211 | -2.9% |
| Amounts payable after more than one year | 17 | €29,949 | €29,949 | = | 0.0% |
| Other amounts payable | 178/9 | €29,949 | €29,949 | = | 0.0% |
| Amounts payable within one year | 42/48 | €221,880 | €214,669 | -€7,211 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €15,888 | €11,614 | -€4,274 | -26.9% |
| Trade debts | 44 | €190,813 | €193,161 | +€2,348 | +1.2% |
| Suppliers | 440/4 | €190,813 | €193,161 | +€2,348 | +1.2% |
| Taxes, remuneration and social security | 45 | €15,179 | €9,894 | -€5,285 | -34.8% |
| Taxes | 450/3 | €6,459 | €6,465 | +€6 | +0.1% |
| Remuneration and social security | 454/9 | €8,720 | €3,429 | -€5,291 | -60.7% |
| Remuneration, social security and pensions | 62 | €8,400 | €1,239 | -€7,161 | -85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,431 | €13,251 | -€22,180 | -62.6% |
| Other operating charges | 640/8 | €33,248 | €4,063 | -€29,185 | -87.8% |
| Gross operating margin | 9900 | €40,104 | -€36,107 | -€76,211 | |
| Operating profit (loss) | 9901 | -€36,975 | -€54,660 | -€17,685 | -47.8% |
| Financial charges | 65/66B | €13,000 | €3,188 | -€9,812 | -75.5% |
| Recurring financial charges | 65 | €13,000 | €3,188 | -€9,812 | -75.5% |
| Profit (loss) for the period before taxes | 9903 | -€49,975 | -€57,848 | -€7,873 | -15.8% |
| Income taxes | 67/77 | €13,484 | - | -€13,484 | |
| Profit (loss) for the period | 9904 | -€63,459 | -€57,848 | +€5,611 | +8.8% |
| Transfer from tax-exempt reserves | 789 | - | €30,599 | +€30,599 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,459 | -€27,249 | +€36,210 | +57.1% |
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 23 October 2026 via checked.be.