Sevo-Style: 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.
Sevo-Style
Largest movements
- Stocks and contracts +€53,439
up €53,439 (+36.5%), from €146,604 to €200,044
of which Contracts in progress: +€52,547
- Financial fixed assets -€49,884
down €49,884 (-69.5%), from €71,800 to €21,916
- Current investments +€43,751
new in 2025: €43,751
- Receivables within one year -€32,903
down €32,903 (-19.5%), from €169,096 to €136,192
of which Trade receivables: -€36,367
- Cash -€29,645
down €29,645 (-6.2%), from €475,026 to €445,380
mainly Debts after one year (-€98,096) and Stocks and contracts (-€53,439)
- Debts after one year -€98,096
down €98,096 (-56.0%), from €175,229 to €77,133
of which Financial debts: -€98,096
- Reserves +€82,010
up €82,010 (+29.5%), from €278,223 to €360,232
- Trade debts -€24,239
down €24,239 (-30.2%), from €80,165 to €55,926
- Advances received +€16,726
up €16,726 (+6.3%), from €265,540 to €282,266
- Gross operating margin +€8,561
up €8,561 (+5.4%), from €158,864 to €167,425
- Staff costs +€5,943
up €5,943 (+15.0%), from €39,576 to €45,519
- Depreciation +€2,025
up €2,025 (+4.9%), from €41,517 to €43,542
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 | €1,016,990 | €1,000,355 | -€16,635 | -1.6% |
| Fixed assets | 21/28 | €225,845 | €174,757 | -€51,088 | -22.6% |
| Intangible fixed assets | 21 | €6,366 | €873 | -€5,493 | -86.3% |
| Tangible fixed assets | 22/27 | €147,679 | €151,968 | +€4,289 | +2.9% |
| Plant, machinery and equipment | 23 | €10,777 | €3,418 | -€7,359 | -68.3% |
| Furniture and vehicles | 24 | €4,428 | €38,005 | +€33,577 | +758% |
| Other tangible fixed assets | 26 | €132,473 | €110,545 | -€21,929 | -16.6% |
| Financial fixed assets | 28 | €71,800 | €21,916 | -€49,884 | -69.5% |
| Current assets | 29/58 | €791,145 | €825,598 | +€34,453 | +4.4% |
| Stocks and contracts in progress | 3 | €146,604 | €200,044 | +€53,439 | +36.5% |
| Stocks | 30/36 | €126,935 | €127,827 | +€892 | +0.7% |
| Contracts in progress | 37 | €19,669 | €72,217 | +€52,547 | +267% |
| Amounts receivable within one year | 40/41 | €169,096 | €136,192 | -€32,903 | -19.5% |
| Trade receivables | 40 | €129,147 | €92,780 | -€36,367 | -28.2% |
| Other amounts receivable | 41 | €39,949 | €43,412 | +€3,463 | +8.7% |
| Current investments | 50/53 | - | €43,751 | +€43,751 | |
| Cash at bank and in hand | 54/58 | €475,026 | €445,380 | -€29,645 | -6.2% |
| Deferred charges and accrued income | 490/1 | €419 | €230 | -€188 | -45.0% |
| Total equity and liabilities | 10/49 | €1,016,990 | €1,000,355 | -€16,635 | -1.6% |
| Equity | 10/15 | €378,223 | €460,232 | +€82,010 | +21.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €278,223 | €360,232 | +€82,010 | +29.5% |
| Distributable reserves | 133 | €278,223 | €360,232 | +€82,010 | +29.5% |
| Amounts payable | 17/49 | €638,767 | €540,122 | -€98,645 | -15.4% |
| Amounts payable after more than one year | 17 | €175,229 | €77,133 | -€98,096 | -56.0% |
| Financial debts | 170/4 | €175,229 | €77,133 | -€98,096 | -56.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €463,149 | €462,727 | -€422 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €50,605 | €51,524 | +€918 | +1.8% |
| Trade debts | 44 | €80,165 | €55,926 | -€24,239 | -30.2% |
| Suppliers | 440/4 | €80,165 | €55,926 | -€24,239 | -30.2% |
| Advances received on contracts in progress | 46 | €265,540 | €282,266 | +€16,726 | +6.3% |
| Taxes, remuneration and social security | 45 | €66,838 | €73,011 | +€6,172 | +9.2% |
| Taxes | 450/3 | €55,110 | €68,274 | +€13,164 | +23.9% |
| Remuneration and social security | 454/9 | €11,728 | €4,737 | -€6,992 | -59.6% |
| Accrued charges and deferred income | 492/3 | €389 | €262 | -€126 | -32.5% |
| Non-recurring operating income | 76A | - | €3,784 | +€3,784 | |
| Remuneration, social security and pensions | 62 | €39,576 | €45,519 | +€5,943 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,517 | €43,542 | +€2,025 | +4.9% |
| Other operating charges | 640/8 | €1,860 | €1,729 | -€131 | -7.1% |
| Gross operating margin | 9900 | €158,864 | €167,425 | +€8,561 | +5.4% |
| Operating profit (loss) | 9901 | €75,911 | €76,635 | +€724 | +1.0% |
| Financial income | 75/76B | €48,509 | €47,025 | -€1,484 | -3.1% |
| Recurring financial income | 75 | €48,509 | €47,025 | -€1,484 | -3.1% |
| Financial charges | 65/66B | €4,031 | €4,432 | +€402 | +10.0% |
| Recurring financial charges | 65 | €4,031 | €4,432 | +€402 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €120,389 | €119,227 | -€1,162 | -1.0% |
| Income taxes | 67/77 | €37,765 | €37,218 | -€547 | -1.4% |
| Profit (loss) for the period | 9904 | €82,624 | €82,010 | -€615 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €82,624 | €82,010 | -€615 | -0.7% |
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 17 October 2026 via checked.be.