Seci: 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.
Seci
Largest movements
- Tangible fixed assets -€51,781
down €51,781 (-18.0%), from €288,388 to €236,607
of which Furniture and vehicles: -€50,041
- Cash +€37,875
up €37,875 (+24.2%), from €156,246 to €194,121
mainly Net result for the year (+€158,969) and Depreciation (+€52,999)
- Receivables within one year +€14,890
up €14,890 (+25.4%), from €58,676 to €73,566
- Tax, wage and social debts +€47,136
up €47,136 (+61.9%), from €76,168 to €123,304
- Current portion of long-term debt -€27,865
no longer reported in 2025 (was €27,865)
- Reserves -€11,620
down €11,620 (-3.3%), from €352,901 to €341,281
- Accrued charges and deferred income -€6,173
down €6,173 (-82.2%), from €7,507 to €1,333
- Gross operating margin +€179,376
up €179,376 (+146.5%), from €122,417 to €301,793
- Taxes +€61,177
up €61,177 (+281.5%), from €21,729 to €82,906
- Financial income -€4,876
no longer reported in 2025 (was €4,876)
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 | €505,334 | €505,994 | +€660 | +0.1% |
| Fixed assets | 21/28 | €288,388 | €238,307 | -€50,081 | -17.4% |
| Tangible fixed assets | 22/27 | €288,388 | €236,607 | -€51,781 | -18.0% |
| Plant, machinery and equipment | 23 | €8,599 | €6,859 | -€1,740 | -20.2% |
| Furniture and vehicles | 24 | €279,789 | €229,748 | -€50,041 | -17.9% |
| Financial fixed assets | 28 | - | €1,700 | +€1,700 | |
| Current assets | 29/58 | €216,946 | €267,688 | +€50,741 | +23.4% |
| Amounts receivable within one year | 40/41 | €58,676 | €73,566 | +€14,890 | +25.4% |
| Other amounts receivable | 41 | €58,676 | €73,566 | +€14,890 | +25.4% |
| Cash at bank and in hand | 54/58 | €156,246 | €194,121 | +€37,875 | +24.2% |
| Deferred charges and accrued income | 490/1 | €2,024 | - | -€2,024 | |
| Total equity and liabilities | 10/49 | €505,334 | €505,994 | +€660 | +0.1% |
| Equity | 10/15 | €355,901 | €344,281 | -€11,620 | -3.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €352,901 | €341,281 | -€11,620 | -3.3% |
| Distributable reserves | 133 | €352,901 | €341,281 | -€11,620 | -3.3% |
| Amounts payable | 17/49 | €149,433 | €161,713 | +€12,280 | +8.2% |
| Amounts payable after more than one year | 17 | €34,068 | €34,068 | = | 0.0% |
| Financial debts | 170/4 | €34,068 | €34,068 | = | 0.0% |
| Amounts payable within one year | 42/48 | €107,858 | €126,312 | +€18,453 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €27,865 | - | -€27,865 | |
| Trade debts | 44 | €1,377 | €3,008 | +€1,631 | +118.5% |
| Suppliers | 440/4 | €1,377 | €3,008 | +€1,631 | +118.5% |
| Taxes, remuneration and social security | 45 | €76,168 | €123,304 | +€47,136 | +61.9% |
| Taxes | 450/3 | €76,168 | €123,304 | +€47,136 | +61.9% |
| Other amounts payable | 47/48 | €2,449 | - | -€2,449 | |
| Accrued charges and deferred income | 492/3 | €7,507 | €1,333 | -€6,173 | -82.2% |
| Remuneration, social security and pensions | 62 | €2,024 | €270 | -€1,754 | -86.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,394 | €52,999 | +€605 | +1.2% |
| Other operating charges | 640/8 | €4,020 | €4,333 | +€313 | +7.8% |
| Gross operating margin | 9900 | €122,417 | €301,793 | +€179,376 | +146.5% |
| Operating profit (loss) | 9901 | €63,979 | €244,190 | +€180,211 | +281.7% |
| Financial income | 75/76B | €4,876 | - | -€4,876 | |
| Recurring financial income | 75 | €4,876 | - | -€4,876 | |
| Financial charges | 65/66B | €3,683 | €2,315 | -€1,368 | -37.1% |
| Recurring financial charges | 65 | €3,683 | €2,315 | -€1,368 | -37.1% |
| Profit (loss) for the period before taxes | 9903 | €65,171 | €241,875 | +€176,703 | +271.1% |
| Income taxes | 67/77 | €21,729 | €82,906 | +€61,177 | +281.5% |
| Profit (loss) for the period | 9904 | €43,442 | €158,969 | +€115,526 | +265.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,442 | €158,969 | +€115,526 | +265.9% |
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 10 October 2026 via checked.be.