SEOS: 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.
SEOS
Largest movements
- Current investments +€209,025
up €209,025 (+105%), from €200,000 to €409,025
- Cash -€50,981
down €50,981 (-16.9%), from €301,620 to €250,639
mainly Current investments (-€209,025) and Investment in fixed assets (net) (-€86,033)
- Receivables within one year -€43,299
down €43,299 (-39.8%), from €108,877 to €65,578
of which Other amounts receivable: -€41,885
- Tangible fixed assets +€34,595
up €34,595 (+4.5%), from €773,905 to €808,500
of which Land and buildings: +€37,279
- Debts after one year +€183,161
up €183,161 (+29.4%), from €622,939 to €806,100
of which Financial debts: +€183,161
- Other debts -€29,000
down €29,000 (-65.2%), from €44,500 to €15,500
- Gross operating margin -€33,304
down €33,304 (-27.0%), from €123,186 to €89,883
- Depreciation +€25,136
up €25,136 (+95.6%), from €26,302 to €51,438
- Taxes -€14,015
down €14,015 (-98.4%), from €14,242 to €228
- Financial income -€7,842
down €7,842 (-57.3%), from €13,689 to €5,847
- Other operating charges -€3,950
down €3,950 (-36.7%), from €10,769 to €6,819
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 | €1,387,610 | €1,533,743 | +€146,132 | +10.5% |
| Fixed assets | 21/28 | €773,905 | €808,500 | +€34,595 | +4.5% |
| Tangible fixed assets | 22/27 | €773,905 | €808,500 | +€34,595 | +4.5% |
| Land and buildings | 22 | €770,343 | €807,622 | +€37,279 | +4.8% |
| Plant, machinery and equipment | 23 | €1,169 | €0 | -€1,169 | -100% |
| Furniture and vehicles | 24 | €2,393 | €878 | -€1,514 | -63.3% |
| Current assets | 29/58 | €613,705 | €725,243 | +€111,537 | +18.2% |
| Amounts receivable within one year | 40/41 | €108,877 | €65,578 | -€43,299 | -39.8% |
| Trade receivables | 40 | €6,191 | €4,777 | -€1,414 | -22.8% |
| Other amounts receivable | 41 | €102,686 | €60,802 | -€41,885 | -40.8% |
| Current investments | 50/53 | €200,000 | €409,025 | +€209,025 | +105% |
| Cash at bank and in hand | 54/58 | €301,620 | €250,639 | -€50,981 | -16.9% |
| Deferred charges and accrued income | 490/1 | €3,208 | €0 | -€3,208 | -100% |
| Total equity and liabilities | 10/49 | €1,387,610 | €1,533,743 | +€146,132 | +10.5% |
| Equity | 10/15 | €637,188 | €631,063 | -€6,125 | -1.0% |
| Contributions | 10/11 | €86,576 | €86,576 | = | 0.0% |
| Capital | 10 | €86,576 | €86,576 | = | 0.0% |
| Issued capital | 100 | €86,576 | €86,576 | = | 0.0% |
| Revaluation surpluses | 12 | €48,916 | €48,916 | = | 0.0% |
| Reserves | 13 | €193,282 | €193,188 | -€94 | 0.0% |
| Non-distributable reserves | 130/1 | €9,076 | €8,658 | -€418 | -4.6% |
| Legal reserve | 130 | €9,076 | €8,658 | -€418 | -4.6% |
| Tax-exempt reserves | 132 | €81,626 | €81,531 | -€94 | -0.1% |
| Distributable reserves | 133 | €102,581 | €102,999 | +€418 | +0.4% |
| Profit (loss) carried forward | 14 | €308,414 | €302,383 | -€6,031 | -2.0% |
| Provisions and deferred taxes | 16 | €22,053 | €22,022 | -€31 | -0.1% |
| Deferred taxes | 168 | €22,053 | €22,022 | -€31 | -0.1% |
| Amounts payable | 17/49 | €728,369 | €880,658 | +€152,289 | +20.9% |
| Amounts payable after more than one year | 17 | €622,939 | €806,100 | +€183,161 | +29.4% |
| Financial debts | 170/4 | €192,939 | €376,100 | +€183,161 | +94.9% |
| Other amounts payable | 178/9 | €430,000 | €430,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €81,093 | €59,031 | -€22,062 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | €30,671 | €41,839 | +€11,168 | +36.4% |
| Trade debts | 44 | €1,726 | €1,692 | -€34 | -2.0% |
| Suppliers | 440/4 | €1,726 | €1,692 | -€34 | -2.0% |
| Taxes, remuneration and social security | 45 | €4,195 | €0 | -€4,195 | -100% |
| Taxes | 450/3 | €2,677 | €0 | -€2,677 | -100% |
| Remuneration and social security | 454/9 | €1,518 | €0 | -€1,518 | -100% |
| Other amounts payable | 47/48 | €44,500 | €15,500 | -€29,000 | -65.2% |
| Accrued charges and deferred income | 492/3 | €24,337 | €15,527 | -€8,810 | -36.2% |
| Non-recurring operating income | 76A | €0 | €29,396 | +€29,396 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,302 | €51,438 | +€25,136 | +95.6% |
| Other operating charges | 640/8 | €10,769 | €6,819 | -€3,950 | -36.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €123,186 | €89,883 | -€33,304 | -27.0% |
| Operating profit (loss) | 9901 | €86,116 | €31,625 | -€54,490 | -63.3% |
| Financial income | 75/76B | €13,689 | €5,847 | -€7,842 | -57.3% |
| Recurring financial income | 75 | €13,689 | €5,847 | -€7,842 | -57.3% |
| Financial charges | 65/66B | €44,558 | €43,402 | -€1,156 | -2.6% |
| Recurring financial charges | 65 | €44,558 | €43,402 | -€1,156 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €55,246 | -€5,929 | -€61,176 | |
| Transfer from deferred taxes | 780 | - | €31 | +€31 | |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €14,242 | €228 | -€14,015 | -98.4% |
| Profit (loss) for the period | 9904 | €41,004 | -€6,125 | -€47,130 | |
| Transfer from tax-exempt reserves | 789 | - | €94 | +€94 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €41,004 | -€6,031 | -€47,035 |
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 16 October 2026 via checked.be.