SECA-INVEST: what changed
SECA-INVEST
Largest movements
- Tangible fixed assets -€26,586
down €26,586 (-2.5%), from €1.0m to €1.0m
of which Land and buildings: -€21,705
- Deferred charges and accrued income +€15,000
new in 2025: €15,000
- Cash -€11,677
down €11,677 (-89.7%), from €13,025 to €1,347
mainly Net result for the year (-€25,962) and Deferred charges and accrued income (-€15,000)
- Profit (loss) carried forward -€25,962
down €25,962 (-21.8%), from -€119,190 to -€145,152
- Gross operating margin +€12,386
up €12,386, from -€8,462 to €3,924
- Taxes +€151
up €151 (+91.8%), from €164 to €315
- Other operating charges -€117
down €117 (-4.1%), from €2,896 to €2,779
- Financial charges -€92
down €92 (-30.7%), from €299 to €207
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,055,835 | €1,032,571 | -€23,263 | -2.2% |
| Fixed assets | 21/28 | €1,042,810 | €1,016,224 | -€26,586 | -2.5% |
| Tangible fixed assets | 22/27 | €1,042,810 | €1,016,224 | -€26,586 | -2.5% |
| Land and buildings | 22 | €1,032,433 | €1,010,728 | -€21,705 | -2.1% |
| Furniture and vehicles | 24 | €10,377 | €5,496 | -€4,881 | -47.0% |
| Current assets | 29/58 | €13,025 | €16,347 | +€3,323 | +25.5% |
| Cash at bank and in hand | 54/58 | €13,025 | €1,347 | -€11,677 | -89.7% |
| Deferred charges and accrued income | 490/1 | - | €15,000 | +€15,000 | |
| Total equity and liabilities | 10/49 | €1,055,835 | €1,032,571 | -€23,263 | -2.2% |
| Equity | 10/15 | €102,722 | €76,759 | -€25,962 | -25.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €159,912 | €159,912 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €153,712 | €153,712 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€119,190 | -€145,152 | -€25,962 | -21.8% |
| Amounts payable | 17/49 | €953,113 | €955,812 | +€2,699 | +0.3% |
| Amounts payable within one year | 42/48 | €953,113 | €955,812 | +€2,699 | +0.3% |
| Trade debts | 44 | - | €1,392 | +€1,392 | |
| Suppliers | 440/4 | - | €1,392 | +€1,392 | |
| Taxes, remuneration and social security | 45 | - | €141 | +€141 | |
| Taxes | 450/3 | - | €141 | +€141 | |
| Other amounts payable | 47/48 | €953,113 | €954,280 | +€1,167 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,586 | €26,586 | = | 0.0% |
| Other operating charges | 640/8 | €2,896 | €2,779 | -€117 | -4.1% |
| Gross operating margin | 9900 | -€8,462 | €3,924 | +€12,386 | |
| Operating profit (loss) | 9901 | -€37,944 | -€25,440 | +€12,504 | +33.0% |
| Financial income | 75/76B | €0 | €1 | +€0 | +410% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +410% |
| Financial charges | 65/66B | €299 | €207 | -€92 | -30.7% |
| Recurring financial charges | 65 | €299 | €207 | -€92 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | -€38,243 | -€25,647 | +€12,596 | +32.9% |
| Income taxes | 67/77 | €164 | €315 | +€151 | +91.8% |
| Profit (loss) for the period | 9904 | -€38,408 | -€25,962 | +€12,445 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,408 | -€25,962 | +€12,445 | +32.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.