SESA: 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.
SESA
Largest movements
- Cash +€2,400
up €2,400 (+599.1%), from €401 to €2,800
mainly Other debts (+€29,463) and Depreciation (+€3,697)
- Tangible fixed assets +€1,276
up €1,276 (+1.2%), from €110,687 to €111,963
of which Other tangible fixed assets: +€4,606
- Other debts +€29,463
up €29,463 (+10.4%), from €282,523 to €311,986
- Profit (loss) carried forward -€23,313
down €23,313 (-9.7%), from -€239,772 to -€263,086
- Trade debts -€2,199
down €2,199 (-95.0%), from €2,315 to €115
- Accrued charges and deferred income -€1,259
down €1,259 (-94.3%), from €1,335 to €76
- Financial charges +€1,010
up €1,010 (+6.4%), from €15,681 to €16,691
of which Financial charges: +€510
- Other operating charges +€916
up €916 (+90.6%), from €1,010 to €1,926
- Depreciation +€220
up €220 (+6.3%), from €3,477 to €3,697
- Gross operating margin +€201
up €201 (+16.7%), from -€1,200 to -€999
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 | €114,992 | €117,684 | +€2,691 | +2.3% |
| Fixed assets | 21/28 | €110,687 | €111,963 | +€1,276 | +1.2% |
| Tangible fixed assets | 22/27 | €110,687 | €111,963 | +€1,276 | +1.2% |
| Land and buildings | 22 | €109,073 | €106,307 | -€2,766 | -2.5% |
| Plant, machinery and equipment | 23 | €204 | - | -€204 | |
| Furniture and vehicles | 24 | €1,410 | €1,050 | -€360 | -25.5% |
| Other tangible fixed assets | 26 | - | €4,606 | +€4,606 | |
| Current assets | 29/58 | €4,305 | €5,721 | +€1,416 | +32.9% |
| Amounts receivable within one year | 40/41 | €3,387 | €2,420 | -€967 | -28.6% |
| Trade receivables | 40 | €556 | - | -€556 | |
| Other amounts receivable | 41 | €2,831 | €2,420 | -€411 | -14.5% |
| Cash at bank and in hand | 54/58 | €401 | €2,800 | +€2,400 | +599.1% |
| Deferred charges and accrued income | 490/1 | €518 | €501 | -€17 | -3.3% |
| Total equity and liabilities | 10/49 | €114,992 | €117,684 | +€2,691 | +2.3% |
| Equity | 10/15 | -€171,180 | -€194,494 | -€23,313 | -13.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€239,772 | -€263,086 | -€23,313 | -9.7% |
| Amounts payable | 17/49 | €286,173 | €312,177 | +€26,005 | +9.1% |
| Amounts payable within one year | 42/48 | €284,838 | €312,101 | +€27,264 | +9.6% |
| Trade debts | 44 | €2,315 | €115 | -€2,199 | -95.0% |
| Suppliers | 440/4 | €2,315 | €115 | -€2,199 | -95.0% |
| Other amounts payable | 47/48 | €282,523 | €311,986 | +€29,463 | +10.4% |
| Accrued charges and deferred income | 492/3 | €1,335 | €76 | -€1,259 | -94.3% |
| Non-recurring operating income | 76A | - | €980 | +€980 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,477 | €3,697 | +€220 | +6.3% |
| Other operating charges | 640/8 | €1,010 | €1,926 | +€916 | +90.6% |
| Gross operating margin | 9900 | -€1,200 | -€999 | +€201 | +16.7% |
| Operating profit (loss) | 9901 | -€5,688 | -€6,622 | -€935 | -16.4% |
| Financial charges | 65/66B | €15,681 | €16,691 | +€1,010 | +6.4% |
| Recurring financial charges | 65 | €15,681 | €16,191 | +€510 | +3.3% |
| Non-recurring financial charges | 66B | - | €500 | +€500 | |
| Profit (loss) for the period before taxes | 9903 | -€21,369 | -€23,313 | -€1,945 | -9.1% |
| Profit (loss) for the period | 9904 | -€21,369 | -€23,313 | -€1,945 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,369 | -€23,313 | -€1,945 | -9.1% |
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 4 October 2026 via checked.be.