Sela: what changed
Sela
Largest movements
- Cash -€12,622
down €12,622 (-44.8%), from €28,168 to €15,546
mainly Receivables within one year (-€10,111) and Tax, wage and social debts (-€3,557)
- Receivables within one year +€10,111
up €10,111 (+135%), from €7,466 to €17,577
of which Other amounts receivable: +€8,364
- Reserves +€7,694
up €7,694 (+28.5%), from €27,039 to €34,733
- Tax, wage and social debts -€3,557
down €3,557 (-62.2%), from €5,715 to €2,158
- Current portion of long-term debt -€2,256
down €2,256 (-65.6%), from €3,440 to €1,184
- Trade debts -€1,972
down €1,972 (-46.0%), from €4,291 to €2,319
- Debts after one year -€1,184
down €1,184 (-100%), from €1,184 to €0
- Gross operating margin -€7,649
down €7,649 (-31.8%), from €24,073 to €16,424
- Depreciation -€2,973
down €2,973 (-75.9%), from €3,919 to €946
- Financial charges +€973
up €973 (+97.5%), from €998 to €1,971
- Taxes -€422
down €422 (-7.6%), from €5,580 to €5,158
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €47,497 | €45,394 | -€2,103 | -4.4% |
| Fixed assets | 21/28 | €2,455 | €2,588 | +€133 | +5.4% |
| Tangible fixed assets | 22/27 | €2,455 | €2,588 | +€133 | +5.4% |
| Plant, machinery and equipment | 23 | €135 | €1,019 | +€884 | +655% |
| Furniture and vehicles | 24 | €2,320 | €1,569 | -€751 | -32.4% |
| Current assets | 29/58 | €45,042 | €42,806 | -€2,236 | -5.0% |
| Stocks and contracts in progress | 3 | €9,125 | €8,987 | -€138 | -1.5% |
| Stocks | 30/36 | €9,125 | €8,987 | -€138 | -1.5% |
| Amounts receivable within one year | 40/41 | €7,466 | €17,577 | +€10,111 | +135% |
| Trade receivables | 40 | €6,392 | €8,139 | +€1,747 | +27.3% |
| Other amounts receivable | 41 | €1,074 | €9,438 | +€8,364 | +779% |
| Cash at bank and in hand | 54/58 | €28,168 | €15,546 | -€12,622 | -44.8% |
| Deferred charges and accrued income | 490/1 | €282 | €696 | +€413 | +146% |
| Total equity and liabilities | 10/49 | €47,497 | €45,394 | -€2,103 | -4.4% |
| Equity | 10/15 | €32,039 | €39,733 | +€7,694 | +24.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,039 | €34,733 | +€7,694 | +28.5% |
| Distributable reserves | 133 | €27,039 | €34,733 | +€7,694 | +28.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €15,458 | €5,661 | -€9,797 | -63.4% |
| Amounts payable after more than one year | 17 | €1,184 | €0 | -€1,184 | -100% |
| Financial debts | 170/4 | €1,184 | €0 | -€1,184 | -100% |
| Amounts payable within one year | 42/48 | €14,273 | €5,661 | -€8,612 | -60.3% |
| Current portion of amounts payable after more than one year | 42 | €3,440 | €1,184 | -€2,256 | -65.6% |
| Financial debts | 43 | €130 | €0 | -€130 | -100% |
| Credit institutions | 430/8 | €130 | €0 | -€130 | -100% |
| Trade debts | 44 | €4,291 | €2,319 | -€1,972 | -46.0% |
| Suppliers | 440/4 | €4,291 | €2,319 | -€1,972 | -46.0% |
| Taxes, remuneration and social security | 45 | €5,715 | €2,158 | -€3,557 | -62.2% |
| Taxes | 450/3 | €5,715 | €2,158 | -€3,557 | -62.2% |
| Other amounts payable | 47/48 | €697 | €0 | -€697 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,919 | €946 | -€2,973 | -75.9% |
| Other operating charges | 640/8 | €631 | €679 | +€48 | +7.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €24,073 | €16,424 | -€7,649 | -31.8% |
| Operating profit (loss) | 9901 | €19,523 | €14,799 | -€4,724 | -24.2% |
| Financial income | 75/76B | €0 | €24 | +€24 | |
| Recurring financial income | 75 | €0 | €24 | +€24 | |
| Financial charges | 65/66B | €998 | €1,971 | +€973 | +97.5% |
| Recurring financial charges | 65 | €998 | €1,971 | +€973 | +97.5% |
| Profit (loss) for the period before taxes | 9903 | €18,525 | €12,852 | -€5,673 | -30.6% |
| Income taxes | 67/77 | €5,580 | €5,158 | -€422 | -7.6% |
| Profit (loss) for the period | 9904 | €12,945 | €7,694 | -€5,251 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,945 | €7,694 | -€5,251 | -40.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.