Sesi: 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.
Sesi
Largest movements
- Receivables within one year -€146,681
down €146,681 (-51.3%), from €285,738 to €139,057
of which Other amounts receivable: -€74,539
- Tangible fixed assets +€50,635
up €50,635 (+3.7%), from €1.4m to €1.4m
of which Land and buildings: +€52,248
- Other debts +€231,936
up €231,936 (+121.8%), from €190,368 to €422,303
- Debts after one year -€156,987
no longer reported in 2025 (was €156,987)
- Current portion of long-term debt -€120,167
down €120,167 (-77.4%), from €155,339 to €35,172
- Reserves -€108,479
down €108,479 (-12.0%), from €900,692 to €792,213
of which Distributable reserves: -€108,479
- Tax, wage and social debts +€39,272
up €39,272 (+66.6%), from €58,954 to €98,226
of which Remuneration and social security: +€24,530
- Gross operating margin -€114,083
down €114,083 (-14.7%), from €776,721 to €662,638
- Taxes -€45,070
down €45,070 (-42.0%), from €107,347 to €62,277
- Depreciation +€44,043
up €44,043 (+144.4%), from €30,507 to €74,549
- Financial charges -€10,861
down €10,861 (-60.9%), from €17,838 to €6,977
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 | €3,315,034 | €3,217,227 | -€97,807 | -3.0% |
| Fixed assets | 21/28 | €2,963,551 | €3,014,186 | +€50,635 | +1.7% |
| Tangible fixed assets | 22/27 | €1,359,575 | €1,410,210 | +€50,635 | +3.7% |
| Land and buildings | 22 | €1,126,284 | €1,178,532 | +€52,248 | +4.6% |
| Plant, machinery and equipment | 23 | €31,282 | €21,159 | -€10,123 | -32.4% |
| Furniture and vehicles | 24 | €58,150 | €44,662 | -€13,488 | -23.2% |
| Other tangible fixed assets | 26 | €143,859 | €165,858 | +€21,998 | +15.3% |
| Financial fixed assets | 28 | €1,603,976 | €1,603,976 | = | 0.0% |
| Current assets | 29/58 | €351,483 | €203,041 | -€148,442 | -42.2% |
| Amounts receivable after more than one year | 29 | €51,000 | €51,000 | = | 0.0% |
| Other amounts receivable | 291 | €51,000 | €51,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €285,738 | €139,057 | -€146,681 | -51.3% |
| Trade receivables | 40 | €211,199 | €139,057 | -€72,142 | -34.2% |
| Other amounts receivable | 41 | €74,539 | - | -€74,539 | |
| Cash at bank and in hand | 54/58 | €3,486 | €1,564 | -€1,922 | -55.1% |
| Deferred charges and accrued income | 490/1 | €11,259 | €11,420 | +€162 | +1.4% |
| Total equity and liabilities | 10/49 | €3,315,034 | €3,217,227 | -€97,807 | -3.0% |
| Equity | 10/15 | €2,681,601 | €2,573,122 | -€108,479 | -4.0% |
| Contributions | 10/11 | €624,382 | €624,382 | = | 0.0% |
| Capital | 10 | €624,382 | €624,382 | = | 0.0% |
| Issued capital | 100 | €656,918 | €656,918 | = | 0.0% |
| Uncalled capital | 101 | €32,536 | €32,536 | = | 0.0% |
| Reserves | 13 | €900,692 | €792,213 | -€108,479 | -12.0% |
| Non-distributable reserves | 130/1 | €65,692 | €65,692 | = | 0.0% |
| Legal reserve | 130 | €65,692 | €65,692 | = | 0.0% |
| Distributable reserves | 133 | €835,000 | €726,521 | -€108,479 | -13.0% |
| Profit (loss) carried forward | 14 | €1,156,527 | €1,156,527 | = | 0.0% |
| Amounts payable | 17/49 | €633,433 | €644,105 | +€10,672 | +1.7% |
| Amounts payable after more than one year | 17 | €156,987 | - | -€156,987 | |
| Financial debts | 170/4 | €156,987 | - | -€156,987 | |
| Amounts payable within one year | 42/48 | €476,447 | €644,105 | +€167,659 | +35.2% |
| Current portion of amounts payable after more than one year | 42 | €155,339 | €35,172 | -€120,167 | -77.4% |
| Trade debts | 44 | €71,785 | €88,403 | +€16,618 | +23.1% |
| Suppliers | 440/4 | €71,785 | €88,403 | +€16,618 | +23.1% |
| Taxes, remuneration and social security | 45 | €58,954 | €98,226 | +€39,272 | +66.6% |
| Taxes | 450/3 | €26,952 | €41,694 | +€14,742 | +54.7% |
| Remuneration and social security | 454/9 | €32,003 | €56,533 | +€24,530 | +76.7% |
| Other amounts payable | 47/48 | €190,368 | €422,303 | +€231,936 | +121.8% |
| Non-recurring operating income | 76A | €21,998 | €21,998 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €379,910 | €382,095 | +€2,184 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,507 | €74,549 | +€44,043 | +144.4% |
| Other operating charges | 640/8 | €3,622 | €5,231 | +€1,608 | +44.4% |
| Gross operating margin | 9900 | €776,721 | €662,638 | -€114,083 | -14.7% |
| Operating profit (loss) | 9901 | €362,681 | €200,763 | -€161,919 | -44.6% |
| Financial income | 75/76B | €18 | €12 | -€6 | -34.6% |
| Recurring financial income | 75 | €18 | €12 | -€6 | -34.6% |
| Financial charges | 65/66B | €17,838 | €6,977 | -€10,861 | -60.9% |
| Recurring financial charges | 65 | €17,838 | €6,977 | -€10,861 | -60.9% |
| Profit (loss) for the period before taxes | 9903 | €344,862 | €193,798 | -€151,064 | -43.8% |
| Income taxes | 67/77 | €107,347 | €62,277 | -€45,070 | -42.0% |
| Profit (loss) for the period | 9904 | €237,515 | €131,521 | -€105,994 | -44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €237,515 | €131,521 | -€105,994 | -44.6% |
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 3 October 2026 via checked.be.