SELSation: what changed
SELSation
Largest movements
- Cash -€326,753
down €326,753 (-98.5%), from €331,608 to €4,855
mainly Current investments (-€318,381) and Other debts (-€32,615)
- Current investments +€318,381
new in 2025: €318,381
- Receivables within one year +€5,713
up €5,713 (+193%), from €2,954 to €8,666
of which Other amounts receivable: +€4,997
- Tangible fixed assets -€5,218
down €5,218 (-17.9%), from €29,134 to €23,916
of which Other tangible fixed assets: -€4,988
- Other debts -€32,615
down €32,615 (-69.6%), from €46,851 to €14,236
- Reserves +€29,653
up €29,653 (+10.1%), from €293,594 to €323,247
- Accrued charges and deferred income -€6,440
no longer reported in 2025 (was €6,440)
- Trade debts +€3,774
up €3,774 (+208%), from €1,818 to €5,592
- Gross operating margin -€12,804
down €12,804 (-16.8%), from €76,071 to €63,267
- Other operating charges +€1,158
up €1,158 (+75.0%), from €1,544 to €2,702
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 | €376,880 | €368,280 | -€8,599 | -2.3% |
| Fixed assets | 21/28 | €29,134 | €23,916 | -€5,218 | -17.9% |
| Tangible fixed assets | 22/27 | €29,134 | €23,916 | -€5,218 | -17.9% |
| Plant, machinery and equipment | 23 | €1,954 | €1,724 | -€230 | -11.8% |
| Other tangible fixed assets | 26 | €27,180 | €22,192 | -€4,988 | -18.4% |
| Current assets | 29/58 | €347,745 | €344,364 | -€3,381 | -1.0% |
| Stocks and contracts in progress | 3 | €13,183 | €12,462 | -€721 | -5.5% |
| Stocks | 30/36 | €13,183 | €12,462 | -€721 | -5.5% |
| Amounts receivable within one year | 40/41 | €2,954 | €8,666 | +€5,713 | +193% |
| Trade receivables | 40 | - | €716 | +€716 | |
| Other amounts receivable | 41 | €2,954 | €7,951 | +€4,997 | +169% |
| Current investments | 50/53 | - | €318,381 | +€318,381 | |
| Cash at bank and in hand | 54/58 | €331,608 | €4,855 | -€326,753 | -98.5% |
| Total equity and liabilities | 10/49 | €376,880 | €368,280 | -€8,599 | -2.3% |
| Equity | 10/15 | €312,194 | €341,847 | +€29,653 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €293,594 | €323,247 | +€29,653 | +10.1% |
| Distributable reserves | 133 | €293,594 | €323,247 | +€29,653 | +10.1% |
| Amounts payable | 17/49 | €64,686 | €26,434 | -€38,252 | -59.1% |
| Amounts payable within one year | 42/48 | €58,246 | €26,434 | -€31,813 | -54.6% |
| Financial debts | 43 | - | €46 | +€46 | |
| Credit institutions | 430/8 | - | €46 | +€46 | |
| Trade debts | 44 | €1,818 | €5,592 | +€3,774 | +208% |
| Suppliers | 440/4 | €1,818 | €5,592 | +€3,774 | +208% |
| Taxes, remuneration and social security | 45 | €9,578 | €6,561 | -€3,017 | -31.5% |
| Taxes | 450/3 | €9,192 | €6,195 | -€2,997 | -32.6% |
| Remuneration and social security | 454/9 | €386 | €366 | -€20 | -5.1% |
| Other amounts payable | 47/48 | €46,851 | €14,236 | -€32,615 | -69.6% |
| Accrued charges and deferred income | 492/3 | €6,440 | - | -€6,440 | |
| Remuneration, social security and pensions | 62 | €6,643 | €7,249 | +€606 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,736 | €7,808 | +€72 | +0.9% |
| Other operating charges | 640/8 | €1,544 | €2,702 | +€1,158 | +75.0% |
| Gross operating margin | 9900 | €76,071 | €63,267 | -€12,804 | -16.8% |
| Operating profit (loss) | 9901 | €60,148 | €45,508 | -€14,640 | -24.3% |
| Financial income | 75/76B | €5 | €94 | +€90 | +1,994% |
| Recurring financial income | 75 | €5 | €94 | +€90 | +1,994% |
| Financial charges | 65/66B | €3,524 | €2,947 | -€577 | -16.4% |
| Recurring financial charges | 65 | €3,524 | €2,947 | -€577 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €56,629 | €42,656 | -€13,973 | -24.7% |
| Income taxes | 67/77 | €13,046 | €13,003 | -€43 | -0.3% |
| Profit (loss) for the period | 9904 | €43,583 | €29,653 | -€13,930 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,583 | €29,653 | -€13,930 | -32.0% |
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 2 November 2026 via checked.be.