A-SEC: 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.
A-SEC
Largest movements
- Cash -€32,711
down €32,711 (-52.6%), from €62,208 to €29,498
mainly Contributions, distributions and other (-€629,727) and Other debts (-€10,157)
- Tangible fixed assets -€1,047
down €1,047 (-81.4%), from €1,286 to €239
- Receivables within one year -€1,019
down €1,019 (-93.4%), from €1,091 to €72
- Profit (loss) carried forward -€31,945
down €31,945, from €31,400 to -€545
- Other debts -€10,157
no longer reported in 2025 (was €10,157)
- Tax, wage and social debts +€7,583
up €7,583 (+405%), from €1,872 to €9,455
of which Taxes: +€7,696
- Gross operating margin +€496,670
up €496,670 (+165%), from €301,291 to €797,961
- Taxes +€129,514
up €129,514 (+197%), from €65,641 to €195,156
- Staff costs -€16,590
down €16,590 (-83.2%), from €19,949 to €3,359
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.
Derived cash bridge
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 | €64,585 | €30,093 | -€34,493 | -53.4% |
| Fixed assets | 21/28 | €1,286 | €239 | -€1,047 | -81.4% |
| Tangible fixed assets | 22/27 | €1,286 | €239 | -€1,047 | -81.4% |
| Furniture and vehicles | 24 | €1,286 | €239 | -€1,047 | -81.4% |
| Current assets | 29/58 | €63,299 | €29,854 | -€33,445 | -52.8% |
| Amounts receivable within one year | 40/41 | €1,091 | €72 | -€1,019 | -93.4% |
| Other amounts receivable | 41 | €1,091 | €72 | -€1,019 | -93.4% |
| Cash at bank and in hand | 54/58 | €62,208 | €29,498 | -€32,711 | -52.6% |
| Deferred charges and accrued income | 490/1 | - | €284 | +€284 | |
| Total equity and liabilities | 10/49 | €64,585 | €30,093 | -€34,493 | -53.4% |
| Equity | 10/15 | €51,860 | €19,915 | -€31,945 | -61.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €31,400 | -€545 | -€31,945 | |
| Amounts payable | 17/49 | €12,725 | €10,178 | -€2,548 | -20.0% |
| Amounts payable within one year | 42/48 | €12,725 | €10,178 | -€2,548 | -20.0% |
| Financial debts | 43 | - | €14 | +€14 | |
| Credit institutions | 430/8 | - | €14 | +€14 | |
| Trade debts | 44 | €696 | €709 | +€13 | +1.8% |
| Suppliers | 440/4 | €696 | €709 | +€13 | +1.8% |
| Taxes, remuneration and social security | 45 | €1,872 | €9,455 | +€7,583 | +405% |
| Taxes | 450/3 | €1,759 | €9,455 | +€7,696 | +438% |
| Remuneration and social security | 454/9 | €113 | - | -€113 | |
| Other amounts payable | 47/48 | €10,157 | - | -€10,157 | |
| Remuneration, social security and pensions | 62 | €19,949 | €3,359 | -€16,590 | -83.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,348 | €1,047 | -€1,300 | -55.4% |
| Other operating charges | 640/8 | €998 | €511 | -€487 | -48.8% |
| Gross operating margin | 9900 | €301,291 | €797,961 | +€496,670 | +165% |
| Operating profit (loss) | 9901 | €277,996 | €793,043 | +€515,047 | +185% |
| Financial income | 75/76B | €725 | €23 | -€702 | -96.8% |
| Recurring financial income | 75 | €725 | €23 | -€702 | -96.8% |
| Financial charges | 65/66B | €554 | €128 | -€426 | -76.9% |
| Recurring financial charges | 65 | €554 | €128 | -€426 | -76.9% |
| Profit (loss) for the period before taxes | 9903 | €278,167 | €792,938 | +€514,771 | +185% |
| Income taxes | 67/77 | €65,641 | €195,156 | +€129,514 | +197% |
| Profit (loss) for the period | 9904 | €212,525 | €597,782 | +€385,257 | +181% |
| Profit (loss) for the period to be appropriated | 9905 | €212,525 | €597,782 | +€385,257 | +181% |
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 30 October 2026 via checked.be.