S.E.Q.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.Q.C.
Largest movements
- Tangible fixed assets -€17,402
down €17,402 (-5.1%), from €344,284 to €326,881
of which Leasing and similar rights: -€25,367
- Cash -€8,510
down €8,510 (-6.2%), from €137,960 to €129,450
mainly Debts after one year (-€71,434) and Contributions, distributions and other (-€15,000)
- Debts after one year -€71,434
down €71,434 (-22.3%), from €320,000 to €248,566
- Reserves +€50,025
up €50,025 (+36.2%), from €138,250 to €188,275
of which Distributable reserves: +€50,025
- Trade debts +€9,518
up €9,518 (+250%), from €3,814 to €13,332
- Tax, wage and social debts -€6,031
down €6,031 (-55.3%), from €10,904 to €4,873
- Other debts -€5,609
down €5,609 (-27.2%), from €20,609 to €15,000
- Gross operating margin +€56,689
up €56,689 (+113%), from €50,117 to €106,807
- Depreciation +€15,592
up €15,592 (+129%), from €12,102 to €27,694
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 | €505,051 | €479,196 | -€25,855 | -5.1% |
| Fixed assets | 21/28 | €344,284 | €326,881 | -€17,402 | -5.1% |
| Tangible fixed assets | 22/27 | €344,284 | €326,881 | -€17,402 | -5.1% |
| Land and buildings | 22 | €5,000 | €5,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,662 | €6,173 | +€2,511 | +68.6% |
| Furniture and vehicles | 24 | - | €5,454 | +€5,454 | |
| Leasing and similar rights | 25 | €335,622 | €310,254 | -€25,367 | -7.6% |
| Current assets | 29/58 | €160,768 | €152,315 | -€8,453 | -5.3% |
| Amounts receivable within one year | 40/41 | €21,622 | €22,865 | +€1,243 | +5.7% |
| Trade receivables | 40 | €21,622 | €22,865 | +€1,243 | +5.7% |
| Cash at bank and in hand | 54/58 | €137,960 | €129,450 | -€8,510 | -6.2% |
| Deferred charges and accrued income | 490/1 | €1,186 | - | -€1,186 | |
| Total equity and liabilities | 10/49 | €505,051 | €479,196 | -€25,855 | -5.1% |
| Equity | 10/15 | €147,401 | €197,425 | +€50,025 | +33.9% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €138,250 | €188,275 | +€50,025 | +36.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €136,390 | €186,415 | +€50,025 | +36.7% |
| Profit (loss) carried forward | 14 | -€3,349 | -€3,349 | = | 0.0% |
| Amounts payable | 17/49 | €357,651 | €281,771 | -€75,880 | -21.2% |
| Amounts payable after more than one year | 17 | €320,000 | €248,566 | -€71,434 | -22.3% |
| Financial debts | 170/4 | €320,000 | €248,566 | -€71,434 | -22.3% |
| Amounts payable within one year | 42/48 | €35,326 | €33,205 | -€2,121 | -6.0% |
| Trade debts | 44 | €3,814 | €13,332 | +€9,518 | +250% |
| Suppliers | 440/4 | €3,814 | €13,332 | +€9,518 | +250% |
| Taxes, remuneration and social security | 45 | €10,904 | €4,873 | -€6,031 | -55.3% |
| Taxes | 450/3 | €10,904 | €4,873 | -€6,031 | -55.3% |
| Other amounts payable | 47/48 | €20,609 | €15,000 | -€5,609 | -27.2% |
| Accrued charges and deferred income | 492/3 | €2,325 | - | -€2,325 | |
| Non-recurring operating income | 76A | €3,350 | €3,450 | +€100 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,102 | €27,694 | +€15,592 | +129% |
| Gross operating margin | 9900 | €50,117 | €106,807 | +€56,689 | +113% |
| Operating profit (loss) | 9901 | €38,015 | €79,113 | +€41,098 | +108% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Profit (loss) for the period before taxes | 9903 | €38,018 | €79,113 | +€41,095 | +108% |
| Income taxes | 67/77 | €14,290 | €14,088 | -€202 | -1.4% |
| Profit (loss) for the period | 9904 | €23,728 | €65,025 | +€41,297 | +174% |
| Profit (loss) for the period to be appropriated | 9905 | €23,728 | €65,025 | +€41,297 | +174% |
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 18 October 2026 via checked.be.