SESHAT: 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.
What changed
SESHAT
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€235,952
2024 · -€351,013+€586,966
Equity
€11.1m
2024 · €10.9m+€235,952
Cash
€86,415
2024 · €14,619+€71,796
Balance sheet total
€23.8m
2024 · €23.4m+€412,298
Largest movements
Assets
- Receivables within one year +€364,946
up €364,946 (+75.0%), from €486,561 to €851,507
of which Trade receivables: +€231,238
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€745,622
up €745,622 (+205%), from €364,146 to €1.1m
- Financial charges +€160,059
up €160,059 (+30.1%), from €531,016 to €691,075
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.
Result 2024
-€351,013
Gross operating margin
+€745,622
Staff costs
+€4,109
Depreciation
-€1,763
Other operating charges
-€717
Financial income
-€165
Financial charges
-€160,059
Taxes
-€61
Result 2025
€235,952
raises the resultlowers the result
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.
From operations
+€77,296
Investment
-€5,500
Financing
€0
Cash 2024
€14,619
From operations (derived)
+€77,296
Net result for the year
+€235,952
Depreciation
+€31,543
Receivables within one year
-€364,946
Deferred charges and accrued income
-€1,598
Trade debts
+€9,336
Tax, wage and social debts
-€9,694
Other debts
+€20,908
Accrued charges and deferred income
+€155,795
Investment (derived)
-€5,500
Investment in fixed assets (net)
-€5,500
Cash 2025
€86,415
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,418,864 | €23,831,162 | +€412,298 | +1.8% |
| Fixed assets | 21/28 | €22,915,352 | €22,889,309 | -€26,043 | -0.1% |
| Tangible fixed assets | 22/27 | €120,617 | €94,574 | -€26,043 | -21.6% |
| Plant, machinery and equipment | 23 | €11,794 | €9,076 | -€2,718 | -23.0% |
| Furniture and vehicles | 24 | €108,823 | €85,498 | -€23,325 | -21.4% |
| Financial fixed assets | 28 | €22,794,735 | €22,794,735 | = | 0.0% |
| Current assets | 29/58 | €503,513 | €941,853 | +€438,340 | +87.1% |
| Amounts receivable within one year | 40/41 | €486,561 | €851,507 | +€364,946 | +75.0% |
| Trade receivables | 40 | €480,762 | €712,000 | +€231,238 | +48.1% |
| Other amounts receivable | 41 | €5,799 | €139,507 | +€133,709 | +2,306% |
| Cash at bank and in hand | 54/58 | €14,619 | €86,415 | +€71,796 | +491% |
| Deferred charges and accrued income | 490/1 | €2,333 | €3,931 | +€1,598 | +68.5% |
| Total equity and liabilities | 10/49 | €23,418,864 | €23,831,162 | +€412,298 | +1.8% |
| Equity | 10/15 | €10,899,925 | €11,135,877 | +€235,952 | +2.2% |
| Contributions | 10/11 | €11,305,250 | €11,305,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€405,325 | -€169,373 | +€235,952 | +58.2% |
| Amounts payable | 17/49 | €12,518,939 | €12,695,285 | +€176,345 | +1.4% |
| Amounts payable after more than one year | 17 | €11,289,490 | €11,289,490 | = | 0.0% |
| Other amounts payable | 178/9 | €11,289,490 | €11,289,490 | = | 0.0% |
| Amounts payable within one year | 42/48 | €698,843 | €719,394 | +€20,550 | +2.9% |
| Trade debts | 44 | €2,592 | €11,928 | +€9,336 | +360% |
| Suppliers | 440/4 | €2,592 | €11,928 | +€9,336 | +360% |
| Taxes, remuneration and social security | 45 | €14,249 | €4,555 | -€9,694 | -68.0% |
| Taxes | 450/3 | €745 | €201 | -€543 | -73.0% |
| Remuneration and social security | 454/9 | €13,505 | €4,354 | -€9,151 | -67.8% |
| Other amounts payable | 47/48 | €682,003 | €702,911 | +€20,908 | +3.1% |
| Accrued charges and deferred income | 492/3 | €530,606 | €686,401 | +€155,795 | +29.4% |
| Remuneration, social security and pensions | 62 | €153,561 | €149,453 | -€4,109 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,780 | €31,543 | +€1,763 | +5.9% |
| Other operating charges | 640/8 | €691 | €1,407 | +€717 | +104% |
| Gross operating margin | 9900 | €364,146 | €1,109,768 | +€745,622 | +205% |
| Operating profit (loss) | 9901 | €180,114 | €927,365 | +€747,251 | +415% |
| Financial income | 75/76B | €165 | €0 | -€165 | -100% |
| Recurring financial income | 75 | €165 | €0 | -€165 | -100% |
| Financial charges | 65/66B | €531,016 | €691,075 | +€160,059 | +30.1% |
| Recurring financial charges | 65 | €531,016 | €691,075 | +€160,059 | +30.1% |
| Profit (loss) for the period before taxes | 9903 | -€350,737 | €236,290 | +€587,027 | |
| Income taxes | 67/77 | €277 | €338 | +€61 | +22.2% |
| Profit (loss) for the period | 9904 | -€351,013 | €235,952 | +€586,966 | |
| Profit (loss) for the period to be appropriated | 9905 | -€351,013 | €235,952 | +€586,966 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.