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 +€94,335
up €94,335 (+636.1%), from €14,830 to €109,166
mainly Current portion of long-term debt (+€97,433) and Net result for the year (+€95,966)
- Debts after one year -€104,980
down €104,980 (-14.1%), from €743,684 to €638,704
- Current portion of long-term debt +€97,433
up €97,433 (+1421.3%), from €6,855 to €104,289
- Reserves +€95,966
up €95,966 (+1235.2%), from €7,769 to €103,735
- Financial income +€100,000
new in 2025: €100,000
- Financial charges +€21,453
up €21,453 (+973.1%), from €2,205 to €23,658
- Gross operating margin +€10,060
up €10,060 (+47.7%), from €21,092 to €31,152
- Taxes -€2,323
down €2,323 (-92.4%), from €2,516 to €192
- Other operating charges +€2,130
up €2,130 (+226.6%), from €940 to €3,069
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 | €1,098,063 | €1,187,961 | +€89,898 | +8.2% |
| Fixed assets | 21/28 | €1,082,937 | €1,076,736 | -€6,201 | -0.6% |
| Tangible fixed assets | 22/27 | €32,984 | €26,783 | -€6,201 | -18.8% |
| Furniture and vehicles | 24 | - | €1,928 | +€1,928 | |
| Leasing and similar rights | 25 | €32,984 | €24,854 | -€8,129 | -24.6% |
| Financial fixed assets | 28 | €1,049,953 | €1,049,953 | = | 0.0% |
| Current assets | 29/58 | €15,126 | €111,225 | +€96,099 | +635.3% |
| Cash at bank and in hand | 54/58 | €14,830 | €109,166 | +€94,335 | +636.1% |
| Deferred charges and accrued income | 490/1 | €296 | €2,059 | +€1,764 | +596.5% |
| Total equity and liabilities | 10/49 | €1,098,063 | €1,187,961 | +€89,898 | +8.2% |
| Equity | 10/15 | €332,701 | €428,667 | +€95,966 | +28.8% |
| Contributions | 10/11 | €324,932 | €324,932 | = | 0.0% |
| Reserves | 13 | €7,769 | €103,735 | +€95,966 | +1235.2% |
| Distributable reserves | 133 | €7,769 | €103,735 | +€95,966 | +1235.2% |
| Amounts payable | 17/49 | €765,362 | €759,294 | -€6,068 | -0.8% |
| Amounts payable after more than one year | 17 | €743,684 | €638,704 | -€104,980 | -14.1% |
| Financial debts | 170/4 | €743,684 | €638,704 | -€104,980 | -14.1% |
| Amounts payable within one year | 42/48 | €21,677 | €120,590 | +€98,912 | +456.3% |
| Current portion of amounts payable after more than one year | 42 | €6,855 | €104,289 | +€97,433 | +1421.3% |
| Trade debts | 44 | €4,412 | €3,331 | -€1,081 | -24.5% |
| Suppliers | 440/4 | €4,412 | €3,331 | -€1,081 | -24.5% |
| Taxes, remuneration and social security | 45 | €6,812 | €7,586 | +€774 | +11.4% |
| Taxes | 450/3 | €6,812 | €7,586 | +€774 | +11.4% |
| Other amounts payable | 47/48 | €3,598 | €5,384 | +€1,786 | +49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,663 | €8,267 | +€604 | +7.9% |
| Other operating charges | 640/8 | €940 | €3,069 | +€2,130 | +226.6% |
| Gross operating margin | 9900 | €21,092 | €31,152 | +€10,060 | +47.7% |
| Operating profit (loss) | 9901 | €12,489 | €19,816 | +€7,326 | +58.7% |
| Financial income | 75/76B | - | €100,000 | +€100,000 | |
| Recurring financial income | 75 | - | €100,000 | +€100,000 | |
| Financial charges | 65/66B | €2,205 | €23,658 | +€21,453 | +973.1% |
| Recurring financial charges | 65 | €2,205 | €23,658 | +€21,453 | +973.1% |
| Profit (loss) for the period before taxes | 9903 | €10,285 | €96,158 | +€85,873 | +835.0% |
| Income taxes | 67/77 | €2,516 | €192 | -€2,323 | -92.4% |
| Profit (loss) for the period | 9904 | €7,769 | €95,966 | +€88,197 | +1135.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,769 | €95,966 | +€88,197 | +1135.2% |
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 5 October 2026 via checked.be.