SEUTIN: 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.
SEUTIN
Largest movements
- Receivables within one year -€70,995
down €70,995 (-54.0%), from €131,552 to €60,557
of which Trade receivables: -€52,350
- Tangible fixed assets +€4,800
up €4,800 (+136%), from €3,538 to €8,337
of which Other tangible fixed assets: +€4,112
- Cash -€4,763
down €4,763 (-74.0%), from €6,436 to €1,673
mainly Contributions, distributions and other (-€29,624) and Net result for the year (-€23,586)
- Deferred charges and accrued income -€2,200
down €2,200 (-19.3%), from €11,382 to €9,182
- Intangible fixed assets -€1,870
down €1,870 (-17.9%), from €10,423 to €8,553
- Reserves -€29,624
down €29,624 (-26.3%), from €112,661 to €83,038
- Profit (loss) carried forward -€23,586
down €23,586, from €0 to -€23,586
- Short-term financial debts -€11,645
down €11,645 (-45.4%), from €25,624 to €13,979
of which Credit institutions: -€11,708
- Trade debts -€4,043
down €4,043 (-80.6%), from €5,013 to €971
- Tax, wage and social debts -€3,763
down €3,763 (-33.4%), from €11,268 to €7,505
of which Remuneration and social security: -€3,949
- Gross operating margin -€190,254
down €190,254, from €167,334 to -€22,919
- Staff costs -€32,765
down €32,765, from €28,816 to -€3,949
- Taxes -€32,134
down €32,134 (-99.4%), from €32,319 to €185
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 | €163,331 | €88,303 | -€75,028 | -45.9% |
| Fixed assets | 21/28 | €13,961 | €16,891 | +€2,930 | +21.0% |
| Intangible fixed assets | 21 | €10,423 | €8,553 | -€1,870 | -17.9% |
| Tangible fixed assets | 22/27 | €3,538 | €8,337 | +€4,800 | +136% |
| Plant, machinery and equipment | 23 | €941 | €2,029 | +€1,088 | +116% |
| Furniture and vehicles | 24 | €1,132 | €732 | -€400 | -35.3% |
| Other tangible fixed assets | 26 | €1,465 | €5,577 | +€4,112 | +281% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €149,370 | €71,412 | -€77,958 | -52.2% |
| Amounts receivable within one year | 40/41 | €131,552 | €60,557 | -€70,995 | -54.0% |
| Trade receivables | 40 | €100,000 | €47,650 | -€52,350 | -52.4% |
| Other amounts receivable | 41 | €31,552 | €12,907 | -€18,644 | -59.1% |
| Cash at bank and in hand | 54/58 | €6,436 | €1,673 | -€4,763 | -74.0% |
| Deferred charges and accrued income | 490/1 | €11,382 | €9,182 | -€2,200 | -19.3% |
| Total equity and liabilities | 10/49 | €163,331 | €88,303 | -€75,028 | -45.9% |
| Equity | 10/15 | €118,861 | €65,651 | -€53,210 | -44.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €112,661 | €83,038 | -€29,624 | -26.3% |
| Distributable reserves | 133 | €112,661 | €83,038 | -€29,624 | -26.3% |
| Profit (loss) carried forward | 14 | €0 | -€23,586 | -€23,586 | |
| Amounts payable | 17/49 | €44,469 | €22,651 | -€21,818 | -49.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €44,189 | €22,454 | -€21,735 | -49.2% |
| Current portion of amounts payable after more than one year | 42 | €2,283 | €0 | -€2,283 | -100% |
| Financial debts | 43 | €25,624 | €13,979 | -€11,645 | -45.4% |
| Credit institutions | 430/8 | €25,624 | €13,916 | -€11,708 | -45.7% |
| Other loans | 439 | - | €63 | +€63 | |
| Trade debts | 44 | €5,013 | €971 | -€4,043 | -80.6% |
| Suppliers | 440/4 | €5,013 | €971 | -€4,043 | -80.6% |
| Taxes, remuneration and social security | 45 | €11,268 | €7,505 | -€3,763 | -33.4% |
| Taxes | 450/3 | €7,319 | €7,505 | +€185 | +2.5% |
| Remuneration and social security | 454/9 | €3,949 | €0 | -€3,949 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €281 | €197 | -€83 | -29.7% |
| Non-recurring operating income | 76A | €350,000 | €0 | -€350,000 | -100% |
| Remuneration, social security and pensions | 62 | €28,816 | -€3,949 | -€32,765 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,921 | €3,310 | +€389 | +13.3% |
| Other operating charges | 640/8 | €2,025 | €837 | -€1,187 | -58.6% |
| Gross operating margin | 9900 | €167,334 | -€22,919 | -€190,254 | |
| Operating profit (loss) | 9901 | €133,573 | -€23,118 | -€156,691 | |
| Financial income | 75/76B | €1,731 | €1,676 | -€55 | -3.2% |
| Recurring financial income | 75 | €1,731 | €1,676 | -€55 | -3.2% |
| Financial charges | 65/66B | €2,063 | €1,959 | -€104 | -5.0% |
| Recurring financial charges | 65 | €2,063 | €1,959 | -€104 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €133,241 | -€23,401 | -€156,642 | |
| Income taxes | 67/77 | €32,319 | €185 | -€32,134 | -99.4% |
| Profit (loss) for the period | 9904 | €100,921 | -€23,586 | -€124,507 | |
| Profit (loss) for the period to be appropriated | 9905 | €100,921 | -€23,586 | -€124,507 |
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 13 October 2026 via checked.be.