SEVE: 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.
SEVE
Largest movements
- Cash -€34,406
down €34,406 (-53.6%), from €64,179 to €29,773
mainly Net result for the year (-€50,829) and Debts after one year (-€5,908)
- Current investments -€15,137
down €15,137 (-50.2%), from €30,137 to €15,000
- Receivables within one year -€4,572
down €4,572 (-47.2%), from €9,692 to €5,120
of which Trade receivables: -€9,589
- Tangible fixed assets -€4,252
down €4,252 (-27.0%), from €15,778 to €11,525
of which Land and buildings: -€4,017
- Profit (loss) carried forward -€50,829
new in 2025: -€50,829
- Debts after one year -€5,908
no longer reported in 2025 (was €5,908)
- Tax, wage and social debts -€2,440
down €2,440 (-35.8%), from €6,822 to €4,382
- Financial charges +€89,584
up €89,584 (+7639.0%), from €1,173 to €90,757
of which Non-recurring financial charges: +€89,626
- Gross operating margin +€15,690
up €15,690 (+52.8%), from €29,698 to €45,388
- Taxes -€8,585
down €8,585 (-98.5%), from €8,717 to €132
- Financial income +€515
up €515 (+41.3%), from €1,246 to €1,760
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 | €122,041 | €63,514 | -€58,528 | -48.0% |
| Fixed assets | 21/28 | €16,072 | €11,820 | -€4,252 | -26.5% |
| Tangible fixed assets | 22/27 | €15,778 | €11,525 | -€4,252 | -27.0% |
| Land and buildings | 22 | €4,285 | €268 | -€4,017 | -93.7% |
| Furniture and vehicles | 24 | €11,492 | €9,396 | -€2,096 | -18.2% |
| Assets under construction and advance payments | 27 | - | €1,861 | +€1,861 | |
| Financial fixed assets | 28 | €294 | €294 | = | 0.0% |
| Current assets | 29/58 | €105,969 | €51,694 | -€54,275 | -51.2% |
| Amounts receivable within one year | 40/41 | €9,692 | €5,120 | -€4,572 | -47.2% |
| Trade receivables | 40 | €9,692 | €103 | -€9,589 | -98.9% |
| Other amounts receivable | 41 | - | €5,018 | +€5,018 | |
| Current investments | 50/53 | €30,137 | €15,000 | -€15,137 | -50.2% |
| Cash at bank and in hand | 54/58 | €64,179 | €29,773 | -€34,406 | -53.6% |
| Deferred charges and accrued income | 490/1 | €1,961 | €1,801 | -€160 | -8.2% |
| Total equity and liabilities | 10/49 | €122,041 | €63,514 | -€58,528 | -48.0% |
| Equity | 10/15 | €91,438 | €40,609 | -€50,829 | -55.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €72,838 | €72,838 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,800 | €8,800 | = | 0.0% |
| Distributable reserves | 133 | €64,038 | €64,038 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€50,829 | -€50,829 | |
| Amounts payable | 17/49 | €30,603 | €22,905 | -€7,698 | -25.2% |
| Amounts payable after more than one year | 17 | €5,908 | - | -€5,908 | |
| Financial debts | 170/4 | €5,908 | - | -€5,908 | |
| Amounts payable within one year | 42/48 | €24,695 | €22,905 | -€1,790 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €6,158 | €5,908 | -€250 | -4.1% |
| Financial debts | 43 | €3,068 | €2,948 | -€120 | -3.9% |
| Credit institutions | 430/8 | €3,068 | €2,948 | -€120 | -3.9% |
| Trade debts | 44 | €5,122 | €5,937 | +€814 | +15.9% |
| Suppliers | 440/4 | €5,122 | €5,937 | +€814 | +15.9% |
| Taxes, remuneration and social security | 45 | €6,822 | €4,382 | -€2,440 | -35.8% |
| Taxes | 450/3 | €6,822 | €4,382 | -€2,440 | -35.8% |
| Other amounts payable | 47/48 | €3,525 | €3,730 | +€206 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,978 | €6,232 | +€255 | +4.3% |
| Other operating charges | 640/8 | €1,007 | €856 | -€151 | -15.0% |
| Gross operating margin | 9900 | €29,698 | €45,388 | +€15,690 | +52.8% |
| Operating profit (loss) | 9901 | €22,714 | €38,300 | +€15,586 | +68.6% |
| Financial income | 75/76B | €1,246 | €1,760 | +€515 | +41.3% |
| Recurring financial income | 75 | €1,246 | €1,760 | +€515 | +41.3% |
| Financial charges | 65/66B | €1,173 | €90,757 | +€89,584 | +7639.0% |
| Recurring financial charges | 65 | €1,173 | €1,131 | -€42 | -3.6% |
| Non-recurring financial charges | 66B | - | €89,626 | +€89,626 | |
| Profit (loss) for the period before taxes | 9903 | €22,786 | -€50,697 | -€73,484 | |
| Income taxes | 67/77 | €8,717 | €132 | -€8,585 | -98.5% |
| Profit (loss) for the period | 9904 | €14,069 | -€50,829 | -€64,899 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,069 | -€50,829 | -€64,899 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.