SEC A NEUF: 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 A NEUF
Largest movements
- Receivables within one year +€12,367
up €12,367 (+29.8%), from €41,432 to €53,799
of which Trade receivables: +€13,517
- Tangible fixed assets -€11,578
down €11,578 (-25.6%), from €45,302 to €33,724
of which Plant, machinery and equipment: -€8,634
- Receivables after one year -€4,830
down €4,830 (-23.0%), from €20,986 to €16,156
- Intangible fixed assets -€4,000
down €4,000 (-50.0%), from €8,000 to €4,000
- Deferred charges and accrued income +€2,363
up €2,363 (+20.0%), from €11,832 to €14,195
- Reserves +€19,911
up €19,911 (+11,509%), from €173 to €20,084
- Tax, wage and social debts -€8,958
down €8,958 (-42.7%), from €20,995 to €12,037
- Current portion of long-term debt -€8,246
down €8,246 (-63.6%), from €12,959 to €4,713
- Debts after one year -€4,713
down €4,713 (-53.3%), from €8,842 to €4,129
- Profit (loss) carried forward -€2,880
no longer reported in 2025 (was €2,880)
- Gross operating margin -€13,861
down €13,861 (-22.5%), from €61,535 to €47,674
- Taxes -€1,830
down €1,830 (-15.2%), from €12,037 to €10,207
- Financial income -€1,410
down €1,410 (-74.0%), from €1,905 to €495
- Other operating charges -€663
down €663 (-33.7%), from €1,965 to €1,302
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 | €144,980 | €140,692 | -€4,288 | -3.0% |
| Fixed assets | 21/28 | €60,629 | €45,051 | -€15,578 | -25.7% |
| Intangible fixed assets | 21 | €8,000 | €4,000 | -€4,000 | -50.0% |
| Tangible fixed assets | 22/27 | €45,302 | €33,724 | -€11,578 | -25.6% |
| Land and buildings | 22 | €5,906 | €4,899 | -€1,007 | -17.1% |
| Plant, machinery and equipment | 23 | €26,824 | €18,190 | -€8,634 | -32.2% |
| Furniture and vehicles | 24 | €9,667 | €8,090 | -€1,577 | -16.3% |
| Other tangible fixed assets | 26 | €2,905 | €2,545 | -€360 | -12.4% |
| Financial fixed assets | 28 | €7,327 | €7,327 | = | 0.0% |
| Current assets | 29/58 | €84,351 | €95,641 | +€11,290 | +13.4% |
| Amounts receivable after more than one year | 29 | €20,986 | €16,156 | -€4,830 | -23.0% |
| Other amounts receivable | 291 | €20,986 | €16,156 | -€4,830 | -23.0% |
| Amounts receivable within one year | 40/41 | €41,432 | €53,799 | +€12,367 | +29.8% |
| Trade receivables | 40 | €37,594 | €51,111 | +€13,517 | +36.0% |
| Other amounts receivable | 41 | €3,838 | €2,688 | -€1,150 | -30.0% |
| Cash at bank and in hand | 54/58 | €10,101 | €11,491 | +€1,390 | +13.8% |
| Deferred charges and accrued income | 490/1 | €11,832 | €14,195 | +€2,363 | +20.0% |
| Total equity and liabilities | 10/49 | €144,980 | €140,692 | -€4,288 | -3.0% |
| Equity | 10/15 | €43,053 | €60,084 | +€17,031 | +39.6% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €173 | €20,084 | +€19,911 | +11,509% |
| Distributable reserves | 133 | €173 | €20,084 | +€19,911 | +11,509% |
| Profit (loss) carried forward | 14 | €2,880 | - | -€2,880 | |
| Amounts payable | 17/49 | €101,927 | €80,608 | -€21,319 | -20.9% |
| Amounts payable after more than one year | 17 | €8,842 | €4,129 | -€4,713 | -53.3% |
| Financial debts | 170/4 | €8,842 | €4,129 | -€4,713 | -53.3% |
| Amounts payable within one year | 42/48 | €93,085 | €76,479 | -€16,606 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €12,959 | €4,713 | -€8,246 | -63.6% |
| Trade debts | 44 | €59,131 | €59,729 | +€598 | +1.0% |
| Suppliers | 440/4 | €59,131 | €59,729 | +€598 | +1.0% |
| Taxes, remuneration and social security | 45 | €20,995 | €12,037 | -€8,958 | -42.7% |
| Taxes | 450/3 | €20,995 | €12,037 | -€8,958 | -42.7% |
| Non-recurring operating income | 76A | - | €901 | +€901 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,157 | €15,578 | +€421 | +2.8% |
| Other operating charges | 640/8 | €1,965 | €1,302 | -€663 | -33.7% |
| Non-recurring operating charges | 66A | €363 | - | -€363 | |
| Gross operating margin | 9900 | €61,535 | €47,674 | -€13,861 | -22.5% |
| Operating profit (loss) | 9901 | €44,050 | €30,794 | -€13,256 | -30.1% |
| Financial income | 75/76B | €1,905 | €495 | -€1,410 | -74.0% |
| Recurring financial income | 75 | €1,905 | €495 | -€1,410 | -74.0% |
| Financial charges | 65/66B | €4,067 | €4,051 | -€16 | -0.4% |
| Recurring financial charges | 65 | €4,067 | €4,051 | -€16 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €41,888 | €27,238 | -€14,650 | -35.0% |
| Income taxes | 67/77 | €12,037 | €10,207 | -€1,830 | -15.2% |
| Profit (loss) for the period | 9904 | €29,851 | €17,031 | -€12,820 | -42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,851 | €17,031 | -€12,820 | -42.9% |
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 20 October 2026 via checked.be.