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 +€443,252
up €443,252 (+999.7%), from €44,340 to €487,592
mainly Investment in fixed assets (net) (+€250,793) and Net result for the year (+€136,316)
- Tangible fixed assets -€273,223
down €273,223 (-23.4%), from €1.2m to €893,979
- Reserves +€122,500
up €122,500 (+453.7%), from €27,000 to €149,500
- Tax, wage and social debts +€64,380
up €64,380 (+1251.9%), from €5,142 to €69,522
- Debts after one year -€32,950
down €32,950 (-4.0%), from €833,870 to €800,920
of which Financial debts: -€32,950
- Gross operating margin +€195,294
up €195,294 (+299.0%), from €65,314 to €260,609
- Taxes +€64,380
up €64,380 (+4174.0%), from €1,542 to €65,922
- Depreciation -€8,711
down €8,711 (-28.0%), from €31,141 to €22,430
- Other operating charges +€5,937
up €5,937 (+143.9%), from €4,127 to €10,064
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 | €1,212,069 | €1,382,098 | +€170,029 | +14.0% |
| Fixed assets | 21/28 | €1,167,202 | €893,979 | -€273,223 | -23.4% |
| Tangible fixed assets | 22/27 | €1,167,202 | €893,979 | -€273,223 | -23.4% |
| Land and buildings | 22 | €1,167,202 | €893,979 | -€273,223 | -23.4% |
| Current assets | 29/58 | €44,867 | €488,119 | +€443,252 | +987.9% |
| Amounts receivable within one year | 40/41 | €527 | €527 | = | 0.0% |
| Other amounts receivable | 41 | €527 | €527 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €44,340 | €487,592 | +€443,252 | +999.7% |
| Total equity and liabilities | 10/49 | €1,212,069 | €1,382,098 | +€170,029 | +14.0% |
| Equity | 10/15 | €313,628 | €449,944 | +€136,316 | +43.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €27,000 | €149,500 | +€122,500 | +453.7% |
| Distributable reserves | 133 | €27,000 | €149,500 | +€122,500 | +453.7% |
| Profit (loss) carried forward | 14 | -€13,372 | €444 | +€13,816 | |
| Amounts payable | 17/49 | €898,441 | €932,154 | +€33,713 | +3.8% |
| Amounts payable after more than one year | 17 | €833,870 | €800,920 | -€32,950 | -4.0% |
| Financial debts | 170/4 | €533,870 | €500,920 | -€32,950 | -6.2% |
| Other amounts payable | 178/9 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €64,571 | €129,310 | +€64,739 | +100.3% |
| Current portion of amounts payable after more than one year | 42 | €32,027 | €32,950 | +€922 | +2.9% |
| Trade debts | 44 | - | €998 | +€998 | |
| Suppliers | 440/4 | - | €998 | +€998 | |
| Taxes, remuneration and social security | 45 | €5,142 | €69,522 | +€64,380 | +1251.9% |
| Taxes | 450/3 | €5,142 | €69,522 | +€64,380 | +1251.9% |
| Other amounts payable | 47/48 | €27,402 | €25,839 | -€1,562 | -5.7% |
| Accrued charges and deferred income | 492/3 | - | €1,924 | +€1,924 | |
| Non-recurring operating income | 76A | - | €244,426 | +€244,426 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,141 | €22,430 | -€8,711 | -28.0% |
| Other operating charges | 640/8 | €4,127 | €10,064 | +€5,937 | +143.9% |
| Gross operating margin | 9900 | €65,314 | €260,609 | +€195,294 | +299.0% |
| Operating profit (loss) | 9901 | €30,047 | €228,114 | +€198,068 | +659.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €24,398 | €25,876 | +€1,478 | +6.1% |
| Recurring financial charges | 65 | €24,398 | €25,876 | +€1,478 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €5,648 | €202,238 | +€196,590 | +3480.6% |
| Income taxes | 67/77 | €1,542 | €65,922 | +€64,380 | +4174.0% |
| Profit (loss) for the period | 9904 | €4,106 | €136,316 | +€132,210 | +3220.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,106 | €136,316 | +€132,210 | +3220.1% |
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 12 October 2026 via checked.be.