SEVA PROJECTS: 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 PROJECTS
Largest movements
- Cash +€91,715
up €91,715 (+2215.7%), from €4,139 to €95,854
mainly Debts after one year (+€132,854) and Other debts (+€43,044)
- Stocks and contracts +€53,000
up €53,000 (+42.4%), from €125,000 to €178,000
- Receivables within one year +€7,050
up €7,050 (+46.8%), from €15,059 to €22,110
of which Trade receivables: +€7,721
- Deferred charges and accrued income -€5,216
down €5,216 (-18.8%), from €27,761 to €22,545
- Debts after one year +€132,854
up €132,854 (+252.4%), from €52,646 to €185,500
- Other debts +€43,044
up €43,044 (+302.1%), from €14,249 to €57,293
- Reserves -€39,885
down €39,885 (-52.3%), from €76,253 to €36,368
- Current portion of long-term debt +€4,781
up €4,781 (+60.8%), from €7,866 to €12,646
- Short-term financial debts +€4,178
new in 2025: €4,178
- Gross operating margin -€42,403
down €42,403 (-64.8%), from €65,442 to €23,039
- Depreciation -€7,775
down €7,775 (-75.3%), from €10,319 to €2,545
- Taxes -€7,177
down €7,177 (-60.8%), from €11,811 to €4,634
- Other operating charges -€5,678
down €5,678 (-76.9%), from €7,386 to €1,708
- Financial charges +€3,148
up €3,148 (+300.7%), from €1,047 to €4,195
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 | €174,504 | €318,508 | +€144,004 | +82.5% |
| Fixed assets | 21/28 | €2,545 | €0 | -€2,545 | -100.0% |
| Tangible fixed assets | 22/27 | €2,545 | €0 | -€2,545 | -100.0% |
| Furniture and vehicles | 24 | €2,545 | €0 | -€2,545 | -100.0% |
| Current assets | 29/58 | €171,960 | €318,508 | +€146,549 | +85.2% |
| Stocks and contracts in progress | 3 | €125,000 | €178,000 | +€53,000 | +42.4% |
| Stocks | 30/36 | €125,000 | €178,000 | +€53,000 | +42.4% |
| Amounts receivable within one year | 40/41 | €15,059 | €22,110 | +€7,050 | +46.8% |
| Trade receivables | 40 | €13,976 | €21,697 | +€7,721 | +55.2% |
| Other amounts receivable | 41 | €1,084 | €413 | -€671 | -61.9% |
| Cash at bank and in hand | 54/58 | €4,139 | €95,854 | +€91,715 | +2215.7% |
| Deferred charges and accrued income | 490/1 | €27,761 | €22,545 | -€5,216 | -18.8% |
| Total equity and liabilities | 10/49 | €174,504 | €318,508 | +€144,004 | +82.5% |
| Equity | 10/15 | €79,253 | €39,368 | -€39,885 | -50.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €76,253 | €36,368 | -€39,885 | -52.3% |
| Distributable reserves | 133 | €76,253 | €36,368 | -€39,885 | -52.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €95,251 | €279,140 | +€183,889 | +193.1% |
| Amounts payable after more than one year | 17 | €52,646 | €185,500 | +€132,854 | +252.4% |
| Financial debts | 170/4 | €52,646 | €185,500 | +€132,854 | +252.4% |
| Amounts payable within one year | 42/48 | €42,604 | €93,640 | +€51,036 | +119.8% |
| Current portion of amounts payable after more than one year | 42 | €7,866 | €12,646 | +€4,781 | +60.8% |
| Financial debts | 43 | - | €4,178 | +€4,178 | |
| Credit institutions | 430/8 | - | €4,178 | +€4,178 | |
| Trade debts | 44 | €2,226 | €1,388 | -€838 | -37.7% |
| Suppliers | 440/4 | €2,226 | €1,388 | -€838 | -37.7% |
| Taxes, remuneration and social security | 45 | €18,263 | €18,135 | -€128 | -0.7% |
| Taxes | 450/3 | €18,263 | €18,135 | -€128 | -0.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €14,249 | €57,293 | +€43,044 | +302.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,319 | €2,545 | -€7,775 | -75.3% |
| Other operating charges | 640/8 | €7,386 | €1,708 | -€5,678 | -76.9% |
| Gross operating margin | 9900 | €65,442 | €23,039 | -€42,403 | -64.8% |
| Operating profit (loss) | 9901 | €47,737 | €18,787 | -€28,950 | -60.6% |
| Financial income | 75/76B | €228 | €158 | -€70 | -30.9% |
| Recurring financial income | 75 | €228 | €158 | -€70 | -30.9% |
| Financial charges | 65/66B | €1,047 | €4,195 | +€3,148 | +300.7% |
| Recurring financial charges | 65 | €1,047 | €4,195 | +€3,148 | +300.7% |
| Profit (loss) for the period before taxes | 9903 | €46,918 | €14,749 | -€32,169 | -68.6% |
| Income taxes | 67/77 | €11,811 | €4,634 | -€7,177 | -60.8% |
| Profit (loss) for the period | 9904 | €35,107 | €10,115 | -€24,992 | -71.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,107 | €10,115 | -€24,992 | -71.2% |
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 4 October 2026 via checked.be.