Florent Szecel: 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.
Florent Szecel
Largest movements
- Cash +€6,533
up €6,533 (+205%), from €3,179 to €9,713
mainly Net result for the year (+€11,577) and Other debts (+€1,743)
- Receivables within one year +€4,188
up €4,188 (+15.2%), from €27,562 to €31,750
of which Trade receivables: +€6,348
- Financial fixed assets +€3,334
up €3,334 (+397%), from €840 to €4,174
- Intangible fixed assets +€1,664
new in 2025: €1,664
- Tangible fixed assets -€1,303
down €1,303 (-41.5%), from €3,137 to €1,835
- Profit (loss) carried forward +€11,577
up €11,577 (+109%), from €10,625 to €22,201
- Other debts +€1,743
up €1,743 (+11.5%), from €15,180 to €16,923
- Tax, wage and social debts +€944
up €944 (+18.3%), from €5,171 to €6,116
of which Taxes: +€2,444
- Trade debts +€513
up €513 (+44.4%), from €1,155 to €1,669
- Financial income -€10,460
no longer reported in 2025 (was €10,460)
- Gross operating margin +€5,841
up €5,841 (+50.4%), from €11,578 to €17,419
- Taxes +€2,753
up €2,753 (+3,933%), from €70 to €2,823
- Financial charges -€703
down €703 (-86.1%), from €817 to €113
- Other operating charges +€375
up €375 (+42.1%), from €892 to €1,268
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 | €35,131 | €49,909 | +€14,777 | +42.1% |
| Fixed assets | 21/28 | €3,977 | €7,672 | +€3,695 | +92.9% |
| Intangible fixed assets | 21 | - | €1,664 | +€1,664 | |
| Tangible fixed assets | 22/27 | €3,137 | €1,835 | -€1,303 | -41.5% |
| Furniture and vehicles | 24 | €3,137 | €1,835 | -€1,303 | -41.5% |
| Financial fixed assets | 28 | €840 | €4,174 | +€3,334 | +397% |
| Current assets | 29/58 | €31,154 | €42,236 | +€11,082 | +35.6% |
| Amounts receivable within one year | 40/41 | €27,562 | €31,750 | +€4,188 | +15.2% |
| Trade receivables | 40 | €17,102 | €23,450 | +€6,348 | +37.1% |
| Other amounts receivable | 41 | €10,460 | €8,300 | -€2,160 | -20.7% |
| Cash at bank and in hand | 54/58 | €3,179 | €9,713 | +€6,533 | +205% |
| Deferred charges and accrued income | 490/1 | €413 | €774 | +€361 | +87.4% |
| Total equity and liabilities | 10/49 | €35,131 | €49,909 | +€14,777 | +42.1% |
| Equity | 10/15 | €13,625 | €25,201 | +€11,577 | +85.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,625 | €22,201 | +€11,577 | +109% |
| Amounts payable | 17/49 | €21,507 | €24,707 | +€3,201 | +14.9% |
| Amounts payable within one year | 42/48 | €21,507 | €24,707 | +€3,201 | +14.9% |
| Trade debts | 44 | €1,155 | €1,669 | +€513 | +44.4% |
| Suppliers | 440/4 | €1,155 | €1,669 | +€513 | +44.4% |
| Taxes, remuneration and social security | 45 | €5,171 | €6,116 | +€944 | +18.3% |
| Taxes | 450/3 | €3,671 | €6,116 | +€2,444 | +66.6% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €15,180 | €16,923 | +€1,743 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,536 | €1,639 | +€103 | +6.7% |
| Other operating charges | 640/8 | €892 | €1,268 | +€375 | +42.1% |
| Gross operating margin | 9900 | €11,578 | €17,419 | +€5,841 | +50.4% |
| Operating profit (loss) | 9901 | €9,150 | €14,513 | +€5,362 | +58.6% |
| Financial income | 75/76B | €10,460 | - | -€10,460 | |
| Recurring financial income | 75 | €10,460 | - | -€10,460 | |
| Financial charges | 65/66B | €817 | €113 | -€703 | -86.1% |
| Recurring financial charges | 65 | €817 | €113 | -€703 | -86.1% |
| Profit (loss) for the period before taxes | 9903 | €18,794 | €14,400 | -€4,394 | -23.4% |
| Income taxes | 67/77 | €70 | €2,823 | +€2,753 | +3,933% |
| Profit (loss) for the period | 9904 | €18,724 | €11,577 | -€7,147 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,724 | €11,577 | -€7,147 | -38.2% |
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 15 October 2026 via checked.be.