SENRAB: 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.
SENRAB
Largest movements
- Cash +€83,204
up €83,204 (+73.9%), from €112,535 to €195,738
mainly Net result for the year (+€80,744) and Receivables within one year (+€63,824)
- Receivables within one year -€63,824
down €63,824 (-39.4%), from €162,037 to €98,213
of which Trade receivables: -€100,814
- Tangible fixed assets +€30,787
up €30,787 (+30.1%), from €102,412 to €133,199
- Trade debts +€48,730
up €48,730 (+50.2%), from €97,039 to €145,769
- Tax, wage and social debts +€28,931
up €28,931 (+67.5%), from €42,865 to €71,795
of which Taxes: +€27,554
- Other debts -€27,744
down €27,744 (-13.1%), from €211,866 to €184,122
- Gross operating margin +€133,463
up €133,463 (+114%), from €117,450 to €250,914
- Taxes +€20,657
up €20,657 (+297%), from €6,956 to €27,613
- Staff costs +€14,804
up €14,804 (+22.0%), from €67,286 to €82,091
- Other operating charges +€10,012
up €10,012 (+83.7%), from €11,962 to €21,974
- Depreciation +€4,170
up €4,170 (+16.3%), from €25,630 to €29,799
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 | €413,863 | €463,780 | +€49,917 | +12.1% |
| Fixed assets | 21/28 | €125,559 | €160,622 | +€35,063 | +27.9% |
| Intangible fixed assets | 21 | €1,547 | €5,823 | +€4,276 | +276% |
| Tangible fixed assets | 22/27 | €102,412 | €133,199 | +€30,787 | +30.1% |
| Furniture and vehicles | 24 | €102,412 | €133,199 | +€30,787 | +30.1% |
| Financial fixed assets | 28 | €21,600 | €21,600 | = | 0.0% |
| Current assets | 29/58 | €288,304 | €303,158 | +€14,853 | +5.2% |
| Amounts receivable within one year | 40/41 | €162,037 | €98,213 | -€63,824 | -39.4% |
| Trade receivables | 40 | €162,037 | €61,224 | -€100,814 | -62.2% |
| Other amounts receivable | 41 | - | €36,989 | +€36,989 | |
| Cash at bank and in hand | 54/58 | €112,535 | €195,738 | +€83,204 | +73.9% |
| Deferred charges and accrued income | 490/1 | €13,733 | €9,206 | -€4,526 | -33.0% |
| Total equity and liabilities | 10/49 | €413,863 | €463,780 | +€49,917 | +12.1% |
| Equity | 10/15 | €62,093 | €62,093 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,493 | €43,493 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €41,633 | €41,633 | = | 0.0% |
| Amounts payable | 17/49 | €351,770 | €401,687 | +€49,917 | +14.2% |
| Amounts payable within one year | 42/48 | €351,770 | €401,687 | +€49,917 | +14.2% |
| Trade debts | 44 | €97,039 | €145,769 | +€48,730 | +50.2% |
| Suppliers | 440/4 | €97,039 | €145,769 | +€48,730 | +50.2% |
| Taxes, remuneration and social security | 45 | €42,865 | €71,795 | +€28,931 | +67.5% |
| Taxes | 450/3 | €32,064 | €59,618 | +€27,554 | +85.9% |
| Remuneration and social security | 454/9 | €10,801 | €12,177 | +€1,377 | +12.7% |
| Other amounts payable | 47/48 | €211,866 | €184,122 | -€27,744 | -13.1% |
| Non-recurring operating income | 76A | €6,421 | - | -€6,421 | |
| Remuneration, social security and pensions | 62 | €67,286 | €82,091 | +€14,804 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,630 | €29,799 | +€4,170 | +16.3% |
| Other operating charges | 640/8 | €11,962 | €21,974 | +€10,012 | +83.7% |
| Gross operating margin | 9900 | €117,450 | €250,914 | +€133,463 | +114% |
| Operating profit (loss) | 9901 | €12,573 | €117,050 | +€104,477 | +831% |
| Financial income | 75/76B | €83 | €281 | +€198 | +237% |
| Recurring financial income | 75 | €83 | €281 | +€198 | +237% |
| Financial charges | 65/66B | €4,987 | €8,974 | +€3,987 | +79.9% |
| Recurring financial charges | 65 | €4,987 | €8,974 | +€3,987 | +79.9% |
| Profit (loss) for the period before taxes | 9903 | €7,669 | €108,357 | +€100,688 | +1,313% |
| Income taxes | 67/77 | €6,956 | €27,613 | +€20,657 | +297% |
| Profit (loss) for the period | 9904 | €713 | €80,744 | +€80,031 | +11,227% |
| Profit (loss) for the period to be appropriated | 9905 | €713 | €80,744 | +€80,031 | +11,227% |
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 15 October 2026 via checked.be.