SEBACA: 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.
SEBACA
Largest movements
- Cash +€29,768
up €29,768 (+42.2%), from €70,501 to €100,269
mainly Net result for the year (+€42,074) and Depreciation (+€14,405)
- Tangible fixed assets -€11,247
down €11,247 (-52.3%), from €21,515 to €10,268
of which Plant, machinery and equipment: -€7,743
- Stocks and contracts +€3,592
up €3,592 (+33.1%), from €10,837 to €14,429
- Receivables within one year -€1,566
no longer reported in 2025 (was €1,566)
of which Other amounts receivable: -€1,123
- Reserves +€42,074
up €42,074 (+87.7%), from €47,994 to €90,068
- Other debts -€19,500
down €19,500 (-42.7%), from €45,675 to €26,176
- Trade debts -€5,279
down €5,279 (-64.1%), from €8,230 to €2,951
- Tax, wage and social debts +€3,774
up €3,774 (+39.8%), from €9,477 to €13,251
of which Taxes: +€3,043
- Gross operating margin +€27,160
up €27,160 (+22.5%), from €120,616 to €147,776
- Taxes +€5,876
up €5,876 (+54.1%), from €10,856 to €16,732
- Staff costs +€4,810
up €4,810 (+7.4%), from €64,627 to €69,437
- Financial charges +€1,567
up €1,567 (+55.1%), from €2,846 to €4,413
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 | €114,376 | €135,445 | +€21,069 | +18.4% |
| Fixed assets | 21/28 | €28,983 | €17,129 | -€11,854 | -40.9% |
| Intangible fixed assets | 21 | €7,468 | €6,581 | -€888 | -11.9% |
| Tangible fixed assets | 22/27 | €21,515 | €10,268 | -€11,247 | -52.3% |
| Plant, machinery and equipment | 23 | €13,690 | €5,947 | -€7,743 | -56.6% |
| Furniture and vehicles | 24 | €6,996 | €3,681 | -€3,315 | -47.4% |
| Other tangible fixed assets | 26 | €829 | €639 | -€190 | -22.9% |
| Financial fixed assets | 28 | - | €281 | +€281 | |
| Current assets | 29/58 | €85,393 | €118,316 | +€32,923 | +38.6% |
| Stocks and contracts in progress | 3 | €10,837 | €14,429 | +€3,592 | +33.1% |
| Stocks | 30/36 | €10,837 | €14,429 | +€3,592 | +33.1% |
| Amounts receivable within one year | 40/41 | €1,566 | - | -€1,566 | |
| Trade receivables | 40 | €443 | - | -€443 | |
| Other amounts receivable | 41 | €1,123 | - | -€1,123 | |
| Cash at bank and in hand | 54/58 | €70,501 | €100,269 | +€29,768 | +42.2% |
| Deferred charges and accrued income | 490/1 | €2,489 | €3,618 | +€1,130 | +45.4% |
| Total equity and liabilities | 10/49 | €114,376 | €135,445 | +€21,069 | +18.4% |
| Equity | 10/15 | €50,994 | €93,068 | +€42,074 | +82.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €47,994 | €90,068 | +€42,074 | +87.7% |
| Distributable reserves | 133 | €47,994 | €90,068 | +€42,074 | +87.7% |
| Amounts payable | 17/49 | €63,383 | €42,378 | -€21,005 | -33.1% |
| Amounts payable within one year | 42/48 | €63,383 | €42,378 | -€21,005 | -33.1% |
| Trade debts | 44 | €8,230 | €2,951 | -€5,279 | -64.1% |
| Suppliers | 440/4 | €8,230 | €2,951 | -€5,279 | -64.1% |
| Taxes, remuneration and social security | 45 | €9,477 | €13,251 | +€3,774 | +39.8% |
| Taxes | 450/3 | €5,017 | €8,060 | +€3,043 | +60.7% |
| Remuneration and social security | 454/9 | €4,460 | €5,191 | +€731 | +16.4% |
| Other amounts payable | 47/48 | €45,675 | €26,176 | -€19,500 | -42.7% |
| Remuneration, social security and pensions | 62 | €64,627 | €69,437 | +€4,810 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,249 | €14,405 | +€156 | +1.1% |
| Other operating charges | 640/8 | €1,827 | €1,278 | -€549 | -30.1% |
| Gross operating margin | 9900 | €120,616 | €147,776 | +€27,160 | +22.5% |
| Operating profit (loss) | 9901 | €39,913 | €62,657 | +€22,744 | +57.0% |
| Financial income | 75/76B | €40 | €562 | +€523 | +1320.3% |
| Recurring financial income | 75 | €40 | €562 | +€523 | +1320.3% |
| Financial charges | 65/66B | €2,846 | €4,413 | +€1,567 | +55.1% |
| Recurring financial charges | 65 | €2,846 | €4,413 | +€1,567 | +55.1% |
| Profit (loss) for the period before taxes | 9903 | €37,107 | €58,806 | +€21,699 | +58.5% |
| Income taxes | 67/77 | €10,856 | €16,732 | +€5,876 | +54.1% |
| Profit (loss) for the period | 9904 | €26,251 | €42,074 | +€15,823 | +60.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,251 | €42,074 | +€15,823 | +60.3% |
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.