SEVA: 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.
SEVA
Largest movements
- Receivables within one year +€169,794
up €169,794 (+238.9%), from €71,079 to €240,873
of which Trade receivables: +€189,932
- Tangible fixed assets +€148,687
up €148,687 (+68.0%), from €218,632 to €367,319
of which Furniture and vehicles: +€150,124
- Cash -€50,511
down €50,511 (-68.7%), from €73,560 to €23,049
mainly Receivables within one year (-€169,794) and Investment in fixed assets (net) (-€162,157)
- Deferred charges and accrued income +€32,280
up €32,280 (+27.2%), from €118,890 to €151,170
- Trade debts +€141,879
up €141,879 (+400.4%), from €35,438 to €177,317
- Debts after one year +€78,913
up €78,913 (+62.4%), from €126,449 to €205,363
of which Financial debts: +€78,913
- Profit (loss) carried forward +€61,057
up €61,057 (+32.5%), from €187,583 to €248,640
- Current portion of long-term debt +€41,150
up €41,150 (+645.9%), from €6,371 to €47,521
- Other debts -€15,168
down €15,168 (-24.6%), from €61,643 to €46,475
- Financial charges +€21,856
up €21,856 (+43.9%), from €49,808 to €71,664
- Gross operating margin +€17,236
up €17,236 (+13.0%), from €132,783 to €150,019
- Financial income +€15,319
up €15,319 (+64472.9%), from €24 to €15,343
of which Non-recurring financial income: +€15,000
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 | €483,377 | €789,113 | +€305,736 | +63.3% |
| Fixed assets | 21/28 | €218,632 | €367,520 | +€148,889 | +68.1% |
| Intangible fixed assets | 21 | - | €202 | +€202 | |
| Tangible fixed assets | 22/27 | €218,632 | €367,319 | +€148,687 | +68.0% |
| Land and buildings | 22 | €202,000 | €202,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €968 | €2,352 | +€1,384 | +142.9% |
| Furniture and vehicles | 24 | €3,457 | €153,582 | +€150,124 | +4342.4% |
| Other tangible fixed assets | 26 | €12,206 | €9,385 | -€2,821 | -23.1% |
| Current assets | 29/58 | €264,746 | €421,593 | +€156,848 | +59.2% |
| Stocks and contracts in progress | 3 | €1,217 | €6,502 | +€5,284 | +434.1% |
| Stocks | 30/36 | €1,217 | €6,502 | +€5,284 | +434.1% |
| Amounts receivable within one year | 40/41 | €71,079 | €240,873 | +€169,794 | +238.9% |
| Trade receivables | 40 | €46,408 | €236,340 | +€189,932 | +409.3% |
| Other amounts receivable | 41 | €24,671 | €4,533 | -€20,138 | -81.6% |
| Cash at bank and in hand | 54/58 | €73,560 | €23,049 | -€50,511 | -68.7% |
| Deferred charges and accrued income | 490/1 | €118,890 | €151,170 | +€32,280 | +27.2% |
| Total equity and liabilities | 10/49 | €483,377 | €789,113 | +€305,736 | +63.3% |
| Equity | 10/15 | €195,638 | €256,695 | +€61,057 | +31.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €187,583 | €248,640 | +€61,057 | +32.5% |
| Provisions and deferred taxes | 16 | €56,165 | €53,881 | -€2,284 | -4.1% |
| Provisions for liabilities and charges | 160/5 | €56,165 | €53,881 | -€2,284 | -4.1% |
| Other liabilities and charges | 164/5 | €56,165 | €53,881 | -€2,284 | -4.1% |
| Amounts payable | 17/49 | €231,574 | €478,538 | +€246,964 | +106.6% |
| Amounts payable after more than one year | 17 | €126,449 | €205,363 | +€78,913 | +62.4% |
| Financial debts | 170/4 | €50,885 | €129,799 | +€78,913 | +155.1% |
| Other amounts payable | 178/9 | €75,564 | €75,564 | = | 0.0% |
| Amounts payable within one year | 42/48 | €105,052 | €271,313 | +€166,260 | +158.3% |
| Current portion of amounts payable after more than one year | 42 | €6,371 | €47,521 | +€41,150 | +645.9% |
| Trade debts | 44 | €35,438 | €177,317 | +€141,879 | +400.4% |
| Suppliers | 440/4 | €35,438 | €177,317 | +€141,879 | +400.4% |
| Taxes, remuneration and social security | 45 | €1,601 | €0 | -€1,601 | -100.0% |
| Taxes | 450/3 | €1,601 | €0 | -€1,601 | -100.0% |
| Other amounts payable | 47/48 | €61,643 | €46,475 | -€15,168 | -24.6% |
| Accrued charges and deferred income | 492/3 | €73 | €1,863 | +€1,790 | +2468.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,957 | €13,268 | +€311 | +2.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,520 | -€2,284 | +€1,236 | +35.1% |
| Other operating charges | 640/8 | €1,066 | €1,358 | +€292 | +27.4% |
| Non-recurring operating charges | 66A | - | €488 | +€488 | |
| Gross operating margin | 9900 | €132,783 | €150,019 | +€17,236 | +13.0% |
| Operating profit (loss) | 9901 | €122,280 | €137,189 | +€14,909 | +12.2% |
| Financial income | 75/76B | €24 | €15,343 | +€15,319 | +64472.9% |
| Recurring financial income | 75 | €24 | €343 | +€319 | +1341.6% |
| Non-recurring financial income | 76B | - | €15,000 | +€15,000 | |
| Financial charges | 65/66B | €49,808 | €71,664 | +€21,856 | +43.9% |
| Recurring financial charges | 65 | €49,808 | €71,664 | +€21,856 | +43.9% |
| Profit (loss) for the period before taxes | 9903 | €72,496 | €80,868 | +€8,372 | +11.5% |
| Income taxes | 67/77 | €18,458 | €19,812 | +€1,354 | +7.3% |
| Profit (loss) for the period | 9904 | €54,038 | €61,057 | +€7,019 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,038 | €61,057 | +€7,019 | +13.0% |
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.