SEC: 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.
SEC
Largest movements
- Cash +€66,842
up €66,842 (+689.7%), from €9,691 to €76,533
mainly Net result for the year (+€76,736) and Depreciation (+€25,781)
- Tangible fixed assets -€24,666
down €24,666 (-6.3%), from €388,826 to €364,159
of which Land and buildings: -€23,791
- Reserves +€76,736
up €76,736 (+35.9%), from €213,882 to €290,617
- Debts after one year -€37,786
down €37,786 (-26.1%), from €144,589 to €106,804
- Tax, wage and social debts +€18,951
up €18,951 (+2677.9%), from €708 to €19,659
- Trade debts -€9,668
down €9,668 (-79.3%), from €12,198 to €2,531
- Current portion of long-term debt -€8,244
down €8,244 (-17.9%), from €46,030 to €37,786
- Gross operating margin +€73,754
up €73,754 (+91.3%), from €80,823 to €154,578
- Taxes +€23,238
up €23,238 (+170.4%), from €13,638 to €36,877
- Financial charges -€2,271
down €2,271 (-19.6%), from €11,561 to €9,290
- Other operating charges +€2,057
up €2,057 (+53.2%), from €3,866 to €5,923
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 | €423,607 | €464,899 | +€41,292 | +9.7% |
| Fixed assets | 21/28 | €389,921 | €365,254 | -€24,666 | -6.3% |
| Tangible fixed assets | 22/27 | €388,826 | €364,159 | -€24,666 | -6.3% |
| Land and buildings | 22 | €383,981 | €360,190 | -€23,791 | -6.2% |
| Furniture and vehicles | 24 | €4,845 | €3,969 | -€876 | -18.1% |
| Financial fixed assets | 28 | €1,095 | €1,095 | = | 0.0% |
| Current assets | 29/58 | €33,686 | €99,645 | +€65,959 | +195.8% |
| Amounts receivable within one year | 40/41 | €23,674 | €22,850 | -€824 | -3.5% |
| Other amounts receivable | 41 | €23,674 | €22,850 | -€824 | -3.5% |
| Cash at bank and in hand | 54/58 | €9,691 | €76,533 | +€66,842 | +689.7% |
| Deferred charges and accrued income | 490/1 | €322 | €262 | -€60 | -18.5% |
| Total equity and liabilities | 10/49 | €423,607 | €464,899 | +€41,292 | +9.7% |
| Equity | 10/15 | €220,082 | €296,817 | +€76,736 | +34.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €213,882 | €290,617 | +€76,736 | +35.9% |
| Distributable reserves | 133 | €213,882 | €290,617 | +€76,736 | +35.9% |
| Amounts payable | 17/49 | €203,525 | €168,082 | -€35,443 | -17.4% |
| Amounts payable after more than one year | 17 | €144,589 | €106,804 | -€37,786 | -26.1% |
| Financial debts | 170/4 | €144,589 | €106,804 | -€37,786 | -26.1% |
| Amounts payable within one year | 42/48 | €58,936 | €61,279 | +€2,342 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €46,030 | €37,786 | -€8,244 | -17.9% |
| Financial debts | 43 | - | €1,303 | +€1,303 | |
| Credit institutions | 430/8 | - | €1,303 | +€1,303 | |
| Trade debts | 44 | €12,198 | €2,531 | -€9,668 | -79.3% |
| Suppliers | 440/4 | €12,198 | €2,531 | -€9,668 | -79.3% |
| Taxes, remuneration and social security | 45 | €708 | €19,659 | +€18,951 | +2677.9% |
| Taxes | 450/3 | €708 | €19,659 | +€18,951 | +2677.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,577 | €25,781 | +€204 | +0.8% |
| Other operating charges | 640/8 | €3,866 | €5,923 | +€2,057 | +53.2% |
| Gross operating margin | 9900 | €80,823 | €154,578 | +€73,754 | +91.3% |
| Operating profit (loss) | 9901 | €51,380 | €122,873 | +€71,493 | +139.1% |
| Financial income | 75/76B | €41 | €29 | -€11 | -28.1% |
| Recurring financial income | 75 | €41 | €29 | -€11 | -28.1% |
| Financial charges | 65/66B | €11,561 | €9,290 | -€2,271 | -19.6% |
| Recurring financial charges | 65 | €11,561 | €9,290 | -€2,271 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €39,859 | €113,612 | +€73,753 | +185.0% |
| Income taxes | 67/77 | €13,638 | €36,877 | +€23,238 | +170.4% |
| Profit (loss) for the period | 9904 | €26,221 | €76,736 | +€50,515 | +192.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,221 | €76,736 | +€50,515 | +192.7% |
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 9 October 2026 via checked.be.