SELL: what changed
SELL
Largest movements
- Tangible fixed assets +€266,843
up €266,843 (+55.4%), from €482,017 to €748,861
of which Land and buildings: +€269,210
- Cash +€59,422
up €59,422 (+273%), from €21,730 to €81,152
mainly Other debts (+€250,456) and Net result for the year (+€78,638)
- Receivables within one year +€19,414
up €19,414 (+48.7%), from €39,879 to €59,292
of which Other amounts receivable: +€32,119
- Other debts +€250,456
up €250,456 (+66.7%), from €375,433 to €625,889
- Profit (loss) carried forward +€78,638
up €78,638 (+86.5%), from €90,944 to €169,582
- Trade debts +€69,646
up €69,646 (+3,274%), from €2,127 to €71,773
- Debts after one year -€23,664
down €23,664 (-17.8%), from €133,220 to €109,555
- Tax, wage and social debts -€18,423
down €18,423 (-84.3%), from €21,860 to €3,437
- Gross operating margin +€25,613
up €25,613 (+23.3%), from €109,879 to €135,491
- Taxes +€3,622
up €3,622 (+14.7%), from €24,632 to €28,254
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €678,626 | €1,024,305 | +€345,679 | +50.9% |
| Fixed assets | 21/28 | €617,017 | €883,861 | +€266,843 | +43.2% |
| Tangible fixed assets | 22/27 | €482,017 | €748,861 | +€266,843 | +55.4% |
| Land and buildings | 22 | €474,454 | €743,664 | +€269,210 | +56.7% |
| Furniture and vehicles | 24 | €7,563 | €5,197 | -€2,367 | -31.3% |
| Financial fixed assets | 28 | €135,000 | €135,000 | = | 0.0% |
| Current assets | 29/58 | €61,609 | €140,445 | +€78,836 | +128% |
| Amounts receivable within one year | 40/41 | €39,879 | €59,292 | +€19,414 | +48.7% |
| Trade receivables | 40 | €30,105 | €17,400 | -€12,705 | -42.2% |
| Other amounts receivable | 41 | €9,774 | €41,893 | +€32,119 | +329% |
| Cash at bank and in hand | 54/58 | €21,730 | €81,152 | +€59,422 | +273% |
| Total equity and liabilities | 10/49 | €678,626 | €1,024,305 | +€345,679 | +50.9% |
| Equity | 10/15 | €111,349 | €189,987 | +€78,638 | +70.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,944 | €169,582 | +€78,638 | +86.5% |
| Amounts payable | 17/49 | €567,277 | €834,318 | +€267,042 | +47.1% |
| Amounts payable after more than one year | 17 | €133,220 | €109,555 | -€23,664 | -17.8% |
| Financial debts | 170/4 | €133,220 | €109,555 | -€23,664 | -17.8% |
| Amounts payable within one year | 42/48 | €434,057 | €724,763 | +€290,706 | +67.0% |
| Current portion of amounts payable after more than one year | 42 | €34,637 | €23,664 | -€10,973 | -31.7% |
| Trade debts | 44 | €2,127 | €71,773 | +€69,646 | +3,274% |
| Suppliers | 440/4 | €2,127 | €71,773 | +€69,646 | +3,274% |
| Taxes, remuneration and social security | 45 | €21,860 | €3,437 | -€18,423 | -84.3% |
| Taxes | 450/3 | €21,860 | €3,437 | -€18,423 | -84.3% |
| Other amounts payable | 47/48 | €375,433 | €625,889 | +€250,456 | +66.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,863 | €23,238 | +€374 | +1.6% |
| Other operating charges | 640/8 | €2,116 | €2,662 | +€546 | +25.8% |
| Gross operating margin | 9900 | €109,879 | €135,491 | +€25,613 | +23.3% |
| Operating profit (loss) | 9901 | €84,899 | €109,592 | +€24,692 | +29.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €3,367 | €2,699 | -€668 | -19.8% |
| Recurring financial charges | 65 | €3,367 | €2,699 | -€668 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €81,534 | €106,892 | +€25,358 | +31.1% |
| Income taxes | 67/77 | €24,632 | €28,254 | +€3,622 | +14.7% |
| Profit (loss) for the period | 9904 | €56,902 | €78,638 | +€21,736 | +38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,902 | €78,638 | +€21,736 | +38.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.