SEBEM: 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.
SEBEM
Largest movements
- Tangible fixed assets -€52,589
down €52,589 (-4.2%), from €1.3m to €1.2m
of which Furniture and vehicles: -€28,050
- Receivables within one year -€17,013
down €17,013 (-46.9%), from €36,300 to €19,287
- Debts after one year -€81,230
down €81,230 (-10.4%), from €783,345 to €702,114
of which Financial debts: -€51,266
- Reserves -€49,754
down €49,754 (-69.4%), from €71,687 to €21,934
of which Distributable reserves: -€49,754
- Profit (loss) carried forward +€43,028
up €43,028 (+20.1%), from -€213,877 to -€170,849
- Trade debts +€17,174
up €17,174 (+399.0%), from €4,304 to €21,478
- Gross operating margin +€106,908
up €106,908 (+1990.7%), from €5,370 to €112,278
- Depreciation +€24,597
up €24,597 (+47.3%), from €52,032 to €76,629
- Financial charges +€2,553
up €2,553 (+22.2%), from €11,495 to €14,048
- Staff costs +€2,432
up €2,432 (+12.6%), from €19,318 to €21,750
- Financial income -€2,019
down €2,019 (-99.4%), from €2,031 to €11
of which Financial income: -€2,019
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 | €1,304,744 | €1,232,180 | -€72,564 | -5.6% |
| Fixed assets | 21/28 | €1,250,430 | €1,197,841 | -€52,589 | -4.2% |
| Tangible fixed assets | 22/27 | €1,250,430 | €1,197,841 | -€52,589 | -4.2% |
| Land and buildings | 22 | €1,118,730 | €1,094,396 | -€24,334 | -2.2% |
| Plant, machinery and equipment | 23 | €783 | €578 | -€205 | -26.1% |
| Furniture and vehicles | 24 | €130,917 | €102,866 | -€28,050 | -21.4% |
| Current assets | 29/58 | €54,314 | €34,339 | -€19,975 | -36.8% |
| Amounts receivable within one year | 40/41 | €36,300 | €19,287 | -€17,013 | -46.9% |
| Trade receivables | 40 | €36,300 | €19,287 | -€17,013 | -46.9% |
| Cash at bank and in hand | 54/58 | €18,014 | €15,052 | -€2,962 | -16.4% |
| Total equity and liabilities | 10/49 | €1,304,744 | €1,232,180 | -€72,564 | -5.6% |
| Equity | 10/15 | €453,857 | €447,132 | -€6,725 | -1.5% |
| Contributions | 10/11 | €596,047 | €596,047 | = | 0.0% |
| Reserves | 13 | €71,687 | €21,934 | -€49,754 | -69.4% |
| Non-distributable reserves | 130/1 | €21,934 | €21,934 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,934 | €21,934 | = | 0.0% |
| Distributable reserves | 133 | €49,754 | - | -€49,754 | |
| Profit (loss) carried forward | 14 | -€213,877 | -€170,849 | +€43,028 | +20.1% |
| Amounts payable | 17/49 | €850,887 | €785,048 | -€65,839 | -7.7% |
| Amounts payable after more than one year | 17 | €783,345 | €702,114 | -€81,230 | -10.4% |
| Financial debts | 170/4 | €338,705 | €287,439 | -€51,266 | -15.1% |
| Other amounts payable | 178/9 | €444,639 | €414,675 | -€29,964 | -6.7% |
| Amounts payable within one year | 42/48 | €67,542 | €82,934 | +€15,392 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €54,125 | €51,266 | -€2,859 | -5.3% |
| Trade debts | 44 | €4,304 | €21,478 | +€17,174 | +399.0% |
| Suppliers | 440/4 | €4,304 | €21,478 | +€17,174 | +399.0% |
| Taxes, remuneration and social security | 45 | €9,113 | €10,190 | +€1,077 | +11.8% |
| Taxes | 450/3 | €8,267 | €8,462 | +€196 | +2.4% |
| Remuneration and social security | 454/9 | €846 | €1,727 | +€881 | +104.1% |
| Remuneration, social security and pensions | 62 | €19,318 | €21,750 | +€2,432 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,032 | €76,629 | +€24,597 | +47.3% |
| Other operating charges | 640/8 | €4,767 | €5,680 | +€913 | +19.1% |
| Non-recurring operating charges | 66A | €36,652 | - | -€36,652 | |
| Gross operating margin | 9900 | €5,370 | €112,278 | +€106,908 | +1990.7% |
| Operating profit (loss) | 9901 | -€107,398 | €8,219 | +€115,618 | |
| Financial income | 75/76B | €2,031 | €11 | -€2,019 | -99.4% |
| Recurring financial income | 75 | €2,031 | €11 | -€2,019 | -99.4% |
| Non-recurring financial income | 76B | €2,031 | €11 | -€2,019 | -99.4% |
| Financial charges | 65/66B | €11,495 | €14,048 | +€2,553 | +22.2% |
| Recurring financial charges | 65 | €11,495 | €14,048 | +€2,553 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | -€116,863 | -€5,818 | +€111,045 | +95.0% |
| Income taxes | 67/77 | €2,681 | €908 | -€1,773 | -66.1% |
| Profit (loss) for the period | 9904 | -€119,544 | -€6,725 | +€112,819 | +94.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€119,544 | -€6,725 | +€112,819 | +94.4% |
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.