S.E.C.: 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.
What changed
S.E.C.
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.2m
2024 · -€683,731-€520,019
Equity
€12.3m
2024 · €13.5m-€1.2m
Cash
€71,747
2024 · €234,955-€163,207
Balance sheet total
€41.4m
2024 · €43.3m-€1.9m
Largest movements
Assets
- Tangible fixed assets -€1.8m
down €1.8m (-4.6%), from €38.6m to €36.9m
Equity and liabilities
- Profit (loss) carried forward -€1.2m
down €1.2m (-94.2%), from -€1.3m to -€2.5m
- Revaluation surpluses -€846,731
down €846,731 (-6.6%), from €12.9m to €12.0m
- Reserves +€846,731
up €846,731 (+47.9%), from €1.8m to €2.6m
of which Distributable reserves: +€846,731
- Debts after one year -€646,912
down €646,912 (-4.8%), from €13.4m to €12.8m
Income statement
- Gross operating margin -€552,836
down €552,836 (-27.0%), from €2.0m to €1.5m
- Financial charges -€32,777
down €32,777 (-3.7%), from €884,188 to €851,412
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.
Result 2024
-€683,731
Gross operating margin
-€552,836
Depreciation
+€5,544
Other operating charges
-€6,696
Financial income
+€1,193
Financial charges
+€32,777
Result 2025
-€1.2m
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.
From operations
+€541,119
Investment
-€9,533
Financing
-€694,793
Cash 2024
€234,955
From operations (derived)
+€541,119
Net result for the year
-€1.2m
Depreciation
+€1.8m
Receivables within one year
-€37,046
Smaller working-capital items
-€405
Trade debts
+€12,808
Other debts
+€95,732
Accrued charges and deferred income
-€95,415
Investment (derived)
-€9,533
Investment in fixed assets (net)
-€9,533
Financing
-€694,793
Debts after one year
-€646,912
Current portion of long-term debt
-€39,348
Short-term financial debts
-€8,534
Cash 2025
€71,747
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €43,297,463 | €41,410,290 | -€1.9m | -4.4% |
| Fixed assets | 21/28 | €43,057,827 | €41,298,166 | -€1.8m | -4.1% |
| Tangible fixed assets | 22/27 | €38,620,327 | €36,860,666 | -€1.8m | -4.6% |
| Land and buildings | 22 | €38,620,327 | €36,860,666 | -€1.8m | -4.6% |
| Financial fixed assets | 28 | €4,437,500 | €4,437,500 | = | 0.0% |
| Current assets | 29/58 | €239,636 | €112,123 | -€127,513 | -53.2% |
| Amounts receivable within one year | 40/41 | €1,509 | €38,555 | +€37,046 | +2454.3% |
| Other amounts receivable | 41 | €1,509 | €38,555 | +€37,046 | +2454.3% |
| Cash at bank and in hand | 54/58 | €234,955 | €71,747 | -€163,207 | -69.5% |
| Deferred charges and accrued income | 490/1 | €3,172 | €1,820 | -€1,351 | -42.6% |
| Total equity and liabilities | 10/49 | €43,297,463 | €41,410,290 | -€1.9m | -4.4% |
| Equity | 10/15 | €13,466,939 | €12,263,189 | -€1.2m | -8.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €12,877,065 | €12,030,335 | -€846,731 | -6.6% |
| Reserves | 13 | €1,768,153 | €2,614,883 | +€846,731 | +47.9% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €1,758,153 | €2,604,883 | +€846,731 | +48.2% |
| Profit (loss) carried forward | 14 | -€1,278,279 | -€2,482,028 | -€1.2m | -94.2% |
| Amounts payable | 17/49 | €29,830,525 | €29,147,100 | -€683,424 | -2.3% |
| Amounts payable after more than one year | 17 | €13,438,643 | €12,791,732 | -€646,912 | -4.8% |
| Financial debts | 170/4 | €13,438,643 | €12,791,732 | -€646,912 | -4.8% |
| Amounts payable within one year | 42/48 | €16,296,466 | €16,355,369 | +€58,903 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €686,260 | €646,912 | -€39,348 | -5.7% |
| Financial debts | 43 | €11,508,534 | €11,500,000 | -€8,534 | -0.1% |
| Credit institutions | 430/8 | €11,508,534 | €11,500,000 | -€8,534 | -0.1% |
| Trade debts | 44 | €119,641 | €132,450 | +€12,808 | +10.7% |
| Suppliers | 440/4 | €119,641 | €132,450 | +€12,808 | +10.7% |
| Taxes, remuneration and social security | 45 | €1,756 | - | -€1,756 | |
| Taxes | 450/3 | €1,756 | - | -€1,756 | |
| Other amounts payable | 47/48 | €3,980,275 | €4,076,007 | +€95,732 | +2.4% |
| Accrued charges and deferred income | 492/3 | €95,415 | - | -€95,415 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,774,738 | €1,769,194 | -€5,544 | -0.3% |
| Other operating charges | 640/8 | €72,678 | €79,374 | +€6,696 | +9.2% |
| Gross operating margin | 9900 | €2,047,091 | €1,494,254 | -€552,836 | -27.0% |
| Operating profit (loss) | 9901 | €199,675 | -€354,314 | -€553,989 | |
| Financial income | 75/76B | €783 | €1,976 | +€1,193 | +152.5% |
| Recurring financial income | 75 | €783 | €1,976 | +€1,193 | +152.5% |
| Financial charges | 65/66B | €884,188 | €851,412 | -€32,777 | -3.7% |
| Recurring financial charges | 65 | €884,188 | €851,412 | -€32,777 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€683,731 | -€1,203,749 | -€520,019 | -76.1% |
| Profit (loss) for the period | 9904 | -€683,731 | -€1,203,749 | -€520,019 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€683,731 | -€1,203,749 | -€520,019 | -76.1% |
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 9 October 2026 via checked.be.