SEZAI: 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.
SEZAI
Largest movements
- Receivables within one year -€16,618
down €16,618 (-99.2%), from €16,744 to €126
of which Other amounts receivable: -€9,786
- Tangible fixed assets -€6,004
down €6,004 (-12.5%), from €48,042 to €42,037
of which Land and buildings: -€4,188
- Stocks and contracts -€3,713
no longer reported in 2025 (was €3,713)
- Cash +€1,537
up €1,537 (+14.5%), from €10,616 to €12,153
mainly Receivables within one year (+€16,618) and Depreciation (+€6,004)
- Debts after one year -€12,435
down €12,435 (-25.7%), from €48,310 to €35,875
- Profit (loss) carried forward -€8,225
down €8,225 (-98.1%), from -€8,384 to -€16,608
- Other debts -€6,639
down €6,639 (-91.0%), from €7,297 to €658
- Tax, wage and social debts +€1,371
up €1,371 (+1234.5%), from €111 to €1,482
of which Remuneration and social security: +€1,482
- Current portion of long-term debt +€1,008
up €1,008 (+9.3%), from €10,881 to €11,889
- Gross operating margin +€7,677
up €7,677, from -€7,618 to €59
- Depreciation +€3,583
up €3,583 (+148.0%), from €2,421 to €6,004
- Financial charges +€1,139
up €1,139 (+73.1%), from €1,557 to €2,696
- Staff costs -€948
down €948 (-80.2%), from €1,183 to €235
- Financial income +€754
up €754 (+1562.4%), from €48 to €803
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 | €79,114 | €54,316 | -€24,798 | -31.3% |
| Fixed assets | 21/28 | €48,042 | €42,037 | -€6,004 | -12.5% |
| Tangible fixed assets | 22/27 | €48,042 | €42,037 | -€6,004 | -12.5% |
| Land and buildings | 22 | €40,493 | €36,305 | -€4,188 | -10.3% |
| Furniture and vehicles | 24 | €1,380 | €863 | -€518 | -37.5% |
| Other tangible fixed assets | 26 | €6,169 | €4,870 | -€1,299 | -21.1% |
| Current assets | 29/58 | €31,072 | €12,279 | -€18,794 | -60.5% |
| Stocks and contracts in progress | 3 | €3,713 | - | -€3,713 | |
| Stocks | 30/36 | €3,713 | - | -€3,713 | |
| Amounts receivable within one year | 40/41 | €16,744 | €126 | -€16,618 | -99.2% |
| Trade receivables | 40 | €6,832 | - | -€6,832 | |
| Other amounts receivable | 41 | €9,912 | €126 | -€9,786 | -98.7% |
| Cash at bank and in hand | 54/58 | €10,616 | €12,153 | +€1,537 | +14.5% |
| Total equity and liabilities | 10/49 | €79,114 | €54,316 | -€24,798 | -31.3% |
| Equity | 10/15 | €12,076 | €3,852 | -€8,225 | -68.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,384 | -€16,608 | -€8,225 | -98.1% |
| Amounts payable | 17/49 | €67,038 | €50,464 | -€16,574 | -24.7% |
| Amounts payable after more than one year | 17 | €48,310 | €35,875 | -€12,435 | -25.7% |
| Financial debts | 170/4 | €48,310 | €35,875 | -€12,435 | -25.7% |
| Amounts payable within one year | 42/48 | €18,728 | €14,589 | -€4,139 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €10,881 | €11,889 | +€1,008 | +9.3% |
| Trade debts | 44 | €440 | €561 | +€121 | +27.6% |
| Suppliers | 440/4 | €440 | €561 | +€121 | +27.6% |
| Taxes, remuneration and social security | 45 | €111 | €1,482 | +€1,371 | +1234.5% |
| Taxes | 450/3 | €111 | - | -€111 | |
| Remuneration and social security | 454/9 | - | €1,482 | +€1,482 | |
| Other amounts payable | 47/48 | €7,297 | €658 | -€6,639 | -91.0% |
| Non-recurring operating income | 76A | €7,772 | - | -€7,772 | |
| Remuneration, social security and pensions | 62 | €1,183 | €235 | -€948 | -80.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,421 | €6,004 | +€3,583 | +148.0% |
| Other operating charges | 640/8 | €698 | €151 | -€547 | -78.4% |
| Gross operating margin | 9900 | -€7,618 | €59 | +€7,677 | |
| Operating profit (loss) | 9901 | -€11,921 | -€6,331 | +€5,589 | +46.9% |
| Financial income | 75/76B | €48 | €803 | +€754 | +1562.4% |
| Recurring financial income | 75 | €48 | €803 | +€754 | +1562.4% |
| Financial charges | 65/66B | €1,557 | €2,696 | +€1,139 | +73.1% |
| Recurring financial charges | 65 | €1,557 | €2,696 | +€1,139 | +73.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,430 | -€8,225 | +€5,205 | +38.8% |
| Profit (loss) for the period | 9904 | -€13,430 | -€8,225 | +€5,205 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,430 | -€8,225 | +€5,205 | +38.8% |
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 6 October 2026 via checked.be.