Secardis: 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.
Secardis
Largest movements
- Deferred charges and accrued income +€99,596
up €99,596 (+314.1%), from €31,704 to €131,300
- Cash -€99,585
down €99,585 (-54.9%), from €181,433 to €81,848
mainly Contributions, distributions and other (-€353,998) and Deferred charges and accrued income (-€99,596)
- Intangible fixed assets -€80,000
down €80,000 (-50.0%), from €160,000 to €80,000
- Tangible fixed assets -€49,735
down €49,735 (-6.5%), from €763,852 to €714,117
of which Leasing and similar rights: -€29,306
- Debts after one year -€89,916
down €89,916 (-15.0%), from €600,532 to €510,617
- Reserves -€21,334
down €21,334 (-92.0%), from €23,194 to €1,860
of which Distributable reserves: -€21,334
- Gross operating margin -€10,755
down €10,755 (-1.7%), from €632,814 to €622,059
- Depreciation +€9,010
up €9,010 (+7.3%), from €122,835 to €131,845
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 | €1,148,952 | €1,024,774 | -€124,178 | -10.8% |
| Fixed assets | 21/28 | €923,852 | €794,117 | -€129,735 | -14.0% |
| Intangible fixed assets | 21 | €160,000 | €80,000 | -€80,000 | -50.0% |
| Tangible fixed assets | 22/27 | €763,852 | €714,117 | -€49,735 | -6.5% |
| Plant, machinery and equipment | 23 | €2,147 | €1,157 | -€990 | -46.1% |
| Furniture and vehicles | 24 | €87,668 | €68,230 | -€19,438 | -22.2% |
| Leasing and similar rights | 25 | €674,037 | €644,731 | -€29,306 | -4.3% |
| Current assets | 29/58 | €225,100 | €230,657 | +€5,557 | +2.5% |
| Amounts receivable within one year | 40/41 | €11,964 | €17,510 | +€5,546 | +46.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €11,964 | €17,510 | +€5,546 | +46.4% |
| Cash at bank and in hand | 54/58 | €181,433 | €81,848 | -€99,585 | -54.9% |
| Deferred charges and accrued income | 490/1 | €31,704 | €131,300 | +€99,596 | +314.1% |
| Total equity and liabilities | 10/49 | €1,148,952 | €1,024,774 | -€124,178 | -10.8% |
| Equity | 10/15 | €41,794 | €20,460 | -€21,334 | -51.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €23,194 | €1,860 | -€21,334 | -92.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €21,334 | €0 | -€21,334 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,107,158 | €1,004,314 | -€102,845 | -9.3% |
| Amounts payable after more than one year | 17 | €600,532 | €510,617 | -€89,916 | -15.0% |
| Financial debts | 170/4 | €600,532 | €510,617 | -€89,916 | -15.0% |
| Amounts payable within one year | 42/48 | €506,626 | €493,697 | -€12,929 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €95,137 | €89,916 | -€5,222 | -5.5% |
| Trade debts | 44 | €959 | €178 | -€781 | -81.4% |
| Suppliers | 440/4 | €959 | €178 | -€781 | -81.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €410,530 | €403,603 | -€6,926 | -1.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €21,800 | €0 | -€21,800 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,835 | €131,845 | +€9,010 | +7.3% |
| Other operating charges | 640/8 | €4,451 | €4,940 | +€489 | +11.0% |
| Gross operating margin | 9900 | €632,814 | €622,059 | -€10,755 | -1.7% |
| Operating profit (loss) | 9901 | €505,528 | €485,274 | -€20,254 | -4.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €44,515 | €43,156 | -€1,359 | -3.1% |
| Recurring financial charges | 65 | €44,515 | €43,156 | -€1,359 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €461,014 | €442,118 | -€18,896 | -4.1% |
| Income taxes | 67/77 | €113,440 | €109,454 | -€3,986 | -3.5% |
| Profit (loss) for the period | 9904 | €347,574 | €332,664 | -€14,910 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €347,574 | €332,664 | -€14,910 | -4.3% |
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.