SECEO: 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.
SECEO
Largest movements
- Current investments +€49,208
up €49,208 (+38.2%), from €128,759 to €177,968
- Cash -€19,026
down €19,026 (-11.0%), from €173,168 to €154,142
mainly Current investments (-€49,208) and Contributions, distributions and other (-€35,833)
- Tangible fixed assets -€15,447
down €15,447 (-26.2%), from €58,936 to €43,489
of which Furniture and vehicles: -€14,400
- Provisions +€16,713
new in 2025: €16,713
- Other debts -€14,269
down €14,269 (-94.5%), from €15,102 to €833
- Trade debts +€7,735
up €7,735 (+1417.9%), from €545 to €8,280
- Reserves +€5,000
up €5,000 (+2.2%), from €230,620 to €235,620
of which Distributable reserves: +€5,000
- Provisions +€16,713
new in 2025: €16,713
- Gross operating margin +€8,313
up €8,313 (+10.1%), from €82,231 to €90,543
- Taxes -€1,001
down €1,001 (-5.5%), from €18,186 to €17,185
- Depreciation -€947
down €947 (-5.8%), from €16,394 to €15,447
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 | €384,068 | €400,606 | +€16,537 | +4.3% |
| Fixed assets | 21/28 | €58,936 | €43,489 | -€15,447 | -26.2% |
| Tangible fixed assets | 22/27 | €58,936 | €43,489 | -€15,447 | -26.2% |
| Land and buildings | 22 | €1,850 | €1,850 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,658 | €2,611 | -€1,047 | -28.6% |
| Furniture and vehicles | 24 | €53,428 | €39,028 | -€14,400 | -27.0% |
| Current assets | 29/58 | €325,132 | €357,117 | +€31,984 | +9.8% |
| Amounts receivable within one year | 40/41 | €23,205 | €25,007 | +€1,802 | +7.8% |
| Trade receivables | 40 | €17,707 | €14,157 | -€3,550 | -20.1% |
| Other amounts receivable | 41 | €5,498 | €10,850 | +€5,352 | +97.3% |
| Current investments | 50/53 | €128,759 | €177,968 | +€49,208 | +38.2% |
| Cash at bank and in hand | 54/58 | €173,168 | €154,142 | -€19,026 | -11.0% |
| Total equity and liabilities | 10/49 | €384,068 | €400,606 | +€16,537 | +4.3% |
| Equity | 10/15 | €362,477 | €368,739 | +€6,262 | +1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €230,620 | €235,620 | +€5,000 | +2.2% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €230,000 | €235,000 | +€5,000 | +2.2% |
| Profit (loss) carried forward | 14 | €125,657 | €126,919 | +€1,262 | +1.0% |
| Provisions and deferred taxes | 16 | - | €16,713 | +€16,713 | |
| Provisions for liabilities and charges | 160/5 | - | €16,713 | +€16,713 | |
| Environmental obligations | 163 | - | €16,713 | +€16,713 | |
| Amounts payable | 17/49 | €21,591 | €15,153 | -€6,438 | -29.8% |
| Amounts payable within one year | 42/48 | €21,591 | €14,754 | -€6,837 | -31.7% |
| Trade debts | 44 | €545 | €8,280 | +€7,735 | +1417.9% |
| Suppliers | 440/4 | €545 | €8,280 | +€7,735 | +1417.9% |
| Taxes, remuneration and social security | 45 | €5,943 | €5,641 | -€303 | -5.1% |
| Taxes | 450/3 | €5,943 | €5,641 | -€303 | -5.1% |
| Other amounts payable | 47/48 | €15,102 | €833 | -€14,269 | -94.5% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,394 | €15,447 | -€947 | -5.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €16,713 | +€16,713 | |
| Other operating charges | 640/8 | €607 | €840 | +€232 | +38.3% |
| Gross operating margin | 9900 | €82,231 | €90,543 | +€8,313 | +10.1% |
| Operating profit (loss) | 9901 | €65,230 | €57,544 | -€7,686 | -11.8% |
| Financial income | 75/76B | €1,837 | €2,391 | +€554 | +30.2% |
| Recurring financial income | 75 | €1,837 | €2,391 | +€554 | +30.2% |
| Financial charges | 65/66B | €1,088 | €654 | -€433 | -39.8% |
| Recurring financial charges | 65 | €1,088 | €654 | -€433 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €65,979 | €59,281 | -€6,698 | -10.2% |
| Income taxes | 67/77 | €18,186 | €17,185 | -€1,001 | -5.5% |
| Profit (loss) for the period | 9904 | €47,792 | €42,095 | -€5,697 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,792 | €42,095 | -€5,697 | -11.9% |
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 7 October 2026 via checked.be.