SeC: what changed
Two fiscal 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
- Stocks and contracts +€19,436
new in 2025: €19,436
- Receivables within one year +€5,943
up €5,943 (+578.2%), from €1,028 to €6,971
of which Other amounts receivable: +€5,078
- Cash +€3,944
up €3,944 (+785.6%), from €502 to €4,446
mainly Trade debts (+€38,912) and Other debts (+€2,157)
- Trade debts +€38,912
up €38,912 (+16833.9%), from €231 to €39,143
- Profit (loss) carried forward -€10,979
down €10,979 (-184.0%), from -€5,968 to -€16,947
- Other debts +€2,157
new in 2025: €2,157
- Tax, wage and social debts -€521
no longer reported in 2025 (was €521)
- Gross operating margin -€6,896
down €6,896 (-193.9%), from -€3,556 to -€10,452
- Other operating charges -€1,122
down €1,122 (-70.5%), from €1,591 to €468
- Depreciation -€809
no longer reported in 2025 (was €809)
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 | €1,530 | €30,853 | +€29,323 | +1916.5% |
| Current assets | 29/58 | €1,530 | €30,853 | +€29,323 | +1916.5% |
| Stocks and contracts in progress | 3 | - | €19,436 | +€19,436 | |
| Stocks | 30/36 | - | €19,436 | +€19,436 | |
| Amounts receivable within one year | 40/41 | €1,028 | €6,971 | +€5,943 | +578.2% |
| Trade receivables | 40 | €278 | €1,143 | +€865 | +311.1% |
| Other amounts receivable | 41 | €750 | €5,828 | +€5,078 | +677.1% |
| Cash at bank and in hand | 54/58 | €502 | €4,446 | +€3,944 | +785.6% |
| Total equity and liabilities | 10/49 | €1,530 | €30,853 | +€29,323 | +1916.5% |
| Equity | 10/15 | €532 | -€10,447 | -€10,979 | |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,968 | -€16,947 | -€10,979 | -184.0% |
| Amounts payable | 17/49 | €998 | €41,300 | +€40,302 | +4039.0% |
| Amounts payable within one year | 42/48 | €998 | €41,300 | +€40,302 | +4039.0% |
| Trade debts | 44 | €231 | €39,143 | +€38,912 | +16833.9% |
| Suppliers | 440/4 | €231 | €39,143 | +€38,912 | +16833.9% |
| Advances received on contracts in progress | 46 | €246 | - | -€246 | |
| Taxes, remuneration and social security | 45 | €521 | - | -€521 | |
| Taxes | 450/3 | €521 | - | -€521 | |
| Other amounts payable | 47/48 | - | €2,157 | +€2,157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €809 | - | -€809 | |
| Other operating charges | 640/8 | €1,591 | €468 | -€1,122 | -70.5% |
| Gross operating margin | 9900 | -€3,556 | -€10,452 | -€6,896 | -193.9% |
| Operating profit (loss) | 9901 | -€5,956 | -€10,920 | -€4,965 | -83.4% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €20 | €58 | +€39 | +198.2% |
| Recurring financial charges | 65 | €20 | €58 | +€39 | +198.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,968 | -€10,979 | -€5,011 | -84.0% |
| Profit (loss) for the period | 9904 | -€5,968 | -€10,979 | -€5,011 | -84.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,968 | -€10,979 | -€5,011 | -84.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.