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.
S E C
Largest movements
- Cash -€2,313
down €2,313 (-39.3%), from €5,880 to €3,567
mainly Net result for the year (-€2,514) and Tax, wage and social debts (-€1,163)
- Tangible fixed assets -€832
down €832 (-62.0%), from €1,342 to €511
- Receivables within one year -€577
down €577 (-21.4%), from €2,695 to €2,118
of which Trade receivables: -€354
- Deferred charges and accrued income +€218
up €218 (+98.6%), from €221 to €440
- Profit (loss) carried forward -€2,514
down €2,514 (-21.4%), from -€11,747 to -€14,261
- Tax, wage and social debts -€1,163
down €1,163 (-23.4%), from €4,976 to €3,813
- Accrued charges and deferred income +€370
new in 2025: €370
- Advances received -€329
no longer reported in 2025 (was €329)
- Depreciation -€1,044
down €1,044 (-55.7%), from €1,876 to €832
- Gross operating margin -€628
down €628 (-20.2%), from €3,103 to €2,475
- Taxes -€214
down €214 (-12.0%), from €1,784 to €1,569
- Other operating charges +€66
up €66 (+3.0%), from €2,189 to €2,255
- Financial charges +€49
up €49 (+17.4%), from €283 to €333
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 | €14,339 | €10,835 | -€3,503 | -24.4% |
| Fixed assets | 21/28 | €5,542 | €4,711 | -€832 | -15.0% |
| Tangible fixed assets | 22/27 | €1,342 | €511 | -€832 | -62.0% |
| Furniture and vehicles | 24 | €1,342 | €511 | -€832 | -62.0% |
| Financial fixed assets | 28 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €8,796 | €6,125 | -€2,672 | -30.4% |
| Amounts receivable within one year | 40/41 | €2,695 | €2,118 | -€577 | -21.4% |
| Trade receivables | 40 | €2,472 | €2,118 | -€354 | -14.3% |
| Other amounts receivable | 41 | €223 | - | -€223 | |
| Cash at bank and in hand | 54/58 | €5,880 | €3,567 | -€2,313 | -39.3% |
| Deferred charges and accrued income | 490/1 | €221 | €440 | +€218 | +98.6% |
| Total equity and liabilities | 10/49 | €14,339 | €10,835 | -€3,503 | -24.4% |
| Equity | 10/15 | €8,731 | €6,217 | -€2,514 | -28.8% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €1,728 | €1,728 | = | 0.0% |
| Distributable reserves | 133 | €1,728 | €1,728 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,747 | -€14,261 | -€2,514 | -21.4% |
| Amounts payable | 17/49 | €5,607 | €4,618 | -€989 | -17.6% |
| Amounts payable within one year | 42/48 | €5,607 | €4,249 | -€1,359 | -24.2% |
| Trade debts | 44 | €302 | €435 | +€133 | +44.1% |
| Suppliers | 440/4 | €302 | €435 | +€133 | +44.1% |
| Advances received on contracts in progress | 46 | €329 | - | -€329 | |
| Taxes, remuneration and social security | 45 | €4,976 | €3,813 | -€1,163 | -23.4% |
| Taxes | 450/3 | €4,976 | €3,813 | -€1,163 | -23.4% |
| Accrued charges and deferred income | 492/3 | - | €370 | +€370 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,876 | €832 | -€1,044 | -55.7% |
| Other operating charges | 640/8 | €2,189 | €2,255 | +€66 | +3.0% |
| Gross operating margin | 9900 | €3,103 | €2,475 | -€628 | -20.2% |
| Operating profit (loss) | 9901 | -€962 | -€612 | +€350 | +36.4% |
| Financial income | 75/76B | €1 | €0 | -€1 | -74.3% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -74.3% |
| Financial charges | 65/66B | €283 | €333 | +€49 | +17.4% |
| Recurring financial charges | 65 | €283 | €333 | +€49 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,244 | -€945 | +€299 | +24.1% |
| Income taxes | 67/77 | €1,784 | €1,569 | -€214 | -12.0% |
| Profit (loss) for the period | 9904 | -€3,028 | -€2,514 | +€514 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,028 | -€2,514 | +€514 | +17.0% |
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 10 October 2026 via checked.be.