Severini: 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.
Severini
Largest movements
- Receivables within one year +€123,635
up €123,635 (+89.5%), from €138,119 to €261,754
of which Trade receivables: +€127,566
- Cash -€87,934
down €87,934 (-47.4%), from €185,466 to €97,532
mainly Contributions, distributions and other (-€225,000) and Receivables within one year (-€123,635)
- Tangible fixed assets -€13,911
down €13,911 (-19.3%), from €71,907 to €57,996
of which Land and buildings: -€8,880
- Other debts +€53,750
up €53,750 (+38.4%), from €140,000 to €193,750
- Reserves -€46,687
down €46,687 (-95.7%), from €48,774 to €2,087
of which Distributable reserves: -€46,687
- Tax, wage and social debts +€25,822
up €25,822 (+93.7%), from €27,571 to €53,393
- Debts after one year -€25,125
down €25,125 (-68.2%), from €36,866 to €11,741
- Current portion of long-term debt +€12,646
new in 2025: €12,646
- Turnover +€163,469
up €163,469 (+11.4%), from €1.4m to €1.6m
- Purchases and services +€157,044
up €157,044 (+14.1%), from €1.1m to €1.3m
- Depreciation -€19,373
down €19,373 (-58.2%), from €33,284 to €13,911
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 | €395,491 | €417,282 | +€21,791 | +5.5% |
| Fixed assets | 21/28 | €71,907 | €57,996 | -€13,911 | -19.3% |
| Tangible fixed assets | 22/27 | €71,907 | €57,996 | -€13,911 | -19.3% |
| Land and buildings | 22 | €62,159 | €53,279 | -€8,880 | -14.3% |
| Furniture and vehicles | 24 | €8,192 | €3,472 | -€4,720 | -57.6% |
| Other tangible fixed assets | 26 | €1,556 | €1,244 | -€311 | -20.0% |
| Current assets | 29/58 | €323,585 | €359,286 | +€35,702 | +11.0% |
| Amounts receivable within one year | 40/41 | €138,119 | €261,754 | +€123,635 | +89.5% |
| Trade receivables | 40 | €134,152 | €261,718 | +€127,566 | +95.1% |
| Other amounts receivable | 41 | €3,967 | €37 | -€3,930 | -99.1% |
| Cash at bank and in hand | 54/58 | €185,466 | €97,532 | -€87,934 | -47.4% |
| Total equity and liabilities | 10/49 | €395,491 | €417,282 | +€21,791 | +5.5% |
| Equity | 10/15 | €79,774 | €33,087 | -€46,687 | -58.5% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Capital | 10 | €31,000 | €31,000 | = | 0.0% |
| Issued capital | 100 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €48,774 | €2,087 | -€46,687 | -95.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €46,914 | €227 | -€46,687 | -99.5% |
| Amounts payable | 17/49 | €315,718 | €384,195 | +€68,478 | +21.7% |
| Amounts payable after more than one year | 17 | €36,866 | €11,741 | -€25,125 | -68.2% |
| Financial debts | 170/4 | €36,866 | €11,741 | -€25,125 | -68.2% |
| Amounts payable within one year | 42/48 | €278,851 | €372,454 | +€93,603 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | - | €12,646 | +€12,646 | |
| Trade debts | 44 | €111,280 | €112,665 | +€1,385 | +1.2% |
| Suppliers | 440/4 | €111,280 | €112,665 | +€1,385 | +1.2% |
| Taxes, remuneration and social security | 45 | €27,571 | €53,393 | +€25,822 | +93.7% |
| Taxes | 450/3 | €27,571 | €53,393 | +€25,822 | +93.7% |
| Other amounts payable | 47/48 | €140,000 | €193,750 | +€53,750 | +38.4% |
| Turnover | 70 | €1,429,312 | €1,592,781 | +€163,469 | +11.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,116,701 | €1,273,745 | +€157,044 | +14.1% |
| Remuneration, social security and pensions | 62 | €1,938 | €2,037 | +€98 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,284 | €13,911 | -€19,373 | -58.2% |
| Other operating charges | 640/8 | €2,122 | €8,986 | +€6,863 | +323.4% |
| Gross operating margin | 9900 | €262,282 | €274,607 | +€12,325 | +4.7% |
| Operating profit (loss) | 9901 | €224,938 | €249,674 | +€24,736 | +11.0% |
| Financial income | 75/76B | €0 | €1 | +€0 | +78.0% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +78.0% |
| Non-recurring financial income | 76B | €0 | €1 | +€0 | +78.0% |
| Financial charges | 65/66B | €1,095 | €615 | -€480 | -43.8% |
| Recurring financial charges | 65 | €1,095 | €511 | -€585 | -53.4% |
| Non-recurring financial charges | 66B | - | €105 | +€105 | |
| Profit (loss) for the period before taxes | 9903 | €223,843 | €249,059 | +€25,216 | +11.3% |
| Income taxes | 67/77 | €74,500 | €70,746 | -€3,754 | -5.0% |
| Profit (loss) for the period | 9904 | €149,343 | €178,313 | +€28,971 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €149,343 | €178,313 | +€28,971 | +19.4% |
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 10 October 2026 via checked.be.