DE.SE.COR: 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.
DE.SE.COR
Largest movements
- Cash +€34,669
up €34,669 (+37.3%), from €92,845 to €127,513
mainly Net result for the year (+€36,773) and Depreciation (+€34,101)
- Tangible fixed assets -€26,910
down €26,910 (-33.8%), from €79,583 to €52,672
- Reserves +€35,055
up €35,055 (+13.3%), from €262,680 to €297,735
of which Distributable reserves: +€35,055
- Debts after one year -€16,823
down €16,823 (-43.8%), from €38,447 to €21,624
- Trade debts -€6,459
down €6,459 (-69.8%), from €9,253 to €2,794
- Other debts -€4,702
down €4,702 (-22.4%), from €21,024 to €16,322
- Gross operating margin -€4,071
down €4,071 (-4.6%), from €88,007 to €83,935
- Financial income +€2,197
up €2,197 (+60.5%), from €3,632 to €5,829
of which Financial income: +€2,031
- Depreciation +€1,012
up €1,012 (+3.1%), from €33,088 to €34,101
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 | €376,975 | €385,244 | +€8,268 | +2.2% |
| Fixed assets | 21/28 | €79,583 | €52,672 | -€26,910 | -33.8% |
| Tangible fixed assets | 22/27 | €79,583 | €52,672 | -€26,910 | -33.8% |
| Furniture and vehicles | 24 | €79,583 | €52,672 | -€26,910 | -33.8% |
| Current assets | 29/58 | €297,393 | €332,571 | +€35,179 | +11.8% |
| Amounts receivable after more than one year | 29 | €180,000 | €180,000 | = | 0.0% |
| Other amounts receivable | 291 | €180,000 | €180,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,898 | €20,197 | +€299 | +1.5% |
| Trade receivables | 40 | €19,898 | €20,197 | +€299 | +1.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €92,845 | €127,513 | +€34,669 | +37.3% |
| Deferred charges and accrued income | 490/1 | €4,650 | €4,861 | +€211 | +4.5% |
| Total equity and liabilities | 10/49 | €376,975 | €385,244 | +€8,268 | +2.2% |
| Equity | 10/15 | €281,280 | €316,335 | +€35,055 | +12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €262,680 | €297,735 | +€35,055 | +13.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €59 | €59 | = | 0.0% |
| Distributable reserves | 133 | €262,621 | €297,676 | +€35,055 | +13.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €95,695 | €68,909 | -€26,787 | -28.0% |
| Amounts payable after more than one year | 17 | €38,447 | €21,624 | -€16,823 | -43.8% |
| Financial debts | 170/4 | €38,447 | €21,624 | -€16,823 | -43.8% |
| Amounts payable within one year | 42/48 | €56,998 | €47,034 | -€9,964 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €16,411 | €16,823 | +€412 | +2.5% |
| Trade debts | 44 | €9,253 | €2,794 | -€6,459 | -69.8% |
| Suppliers | 440/4 | €9,253 | €2,794 | -€6,459 | -69.8% |
| Taxes, remuneration and social security | 45 | €10,311 | €11,095 | +€784 | +7.6% |
| Taxes | 450/3 | €8,171 | €8,955 | +€784 | +9.6% |
| Remuneration and social security | 454/9 | €2,140 | €2,140 | = | 0.0% |
| Other amounts payable | 47/48 | €21,024 | €16,322 | -€4,702 | -22.4% |
| Accrued charges and deferred income | 492/3 | €250 | €250 | +€1 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,088 | €34,101 | +€1,012 | +3.1% |
| Other operating charges | 640/8 | €937 | €916 | -€21 | -2.2% |
| Non-recurring operating charges | 66A | €359 | €0 | -€359 | -100.0% |
| Gross operating margin | 9900 | €88,007 | €83,935 | -€4,071 | -4.6% |
| Operating profit (loss) | 9901 | €53,622 | €48,919 | -€4,703 | -8.8% |
| Financial income | 75/76B | €3,632 | €5,829 | +€2,197 | +60.5% |
| Recurring financial income | 75 | €3,632 | €5,664 | +€2,031 | +55.9% |
| Non-recurring financial income | 76B | - | €165 | +€165 | |
| Financial charges | 65/66B | €1,832 | €1,393 | -€439 | -24.0% |
| Recurring financial charges | 65 | €1,832 | €1,393 | -€439 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €55,422 | €53,355 | -€2,067 | -3.7% |
| Income taxes | 67/77 | €16,698 | €16,582 | -€116 | -0.7% |
| Profit (loss) for the period | 9904 | €38,724 | €36,773 | -€1,951 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,724 | €36,773 | -€1,951 | -5.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.