SECLA: 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.
SECLA
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Reserves +€40,494
up €40,494 (+15.7%), from €258,098 to €298,592
- Debts after one year -€20,303
down €20,303 (-49.6%), from €40,951 to €20,648
- Short-term financial debts -€13,017
down €13,017 (-35.8%), from €36,381 to €23,364
- Current portion of long-term debt -€12,397
down €12,397 (-37.9%), from €32,700 to €20,303
- Depreciation -€12,450
down €12,450 (-31.3%), from €39,777 to €27,327
- Taxes +€5,606
up €5,606 (+70.9%), from €7,907 to €13,513
- Gross operating margin +€4,989
up €4,989 (+5.8%), from €85,328 to €90,317
- Financial charges -€3,110
down €3,110 (-26.7%), from €11,631 to €8,521
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 | €550,844 | €546,365 | -€4,480 | -0.8% |
| Fixed assets | 21/28 | €424,896 | €428,866 | +€3,970 | +0.9% |
| Tangible fixed assets | 22/27 | €215,796 | €219,766 | +€3,970 | +1.8% |
| Land and buildings | 22 | €215,796 | €219,766 | +€3,970 | +1.8% |
| Financial fixed assets | 28 | €209,100 | €209,100 | = | 0.0% |
| Current assets | 29/58 | €125,948 | €117,499 | -€8,449 | -6.7% |
| Amounts receivable within one year | 40/41 | €116,623 | €111,333 | -€5,290 | -4.5% |
| Trade receivables | 40 | €2,783 | €56 | -€2,727 | -98.0% |
| Other amounts receivable | 41 | €113,840 | €111,276 | -€2,564 | -2.3% |
| Cash at bank and in hand | 54/58 | €9,306 | €4,717 | -€4,589 | -49.3% |
| Deferred charges and accrued income | 490/1 | €19 | €1,450 | +€1,430 | +7418.2% |
| Total equity and liabilities | 10/49 | €550,844 | €546,365 | -€4,480 | -0.8% |
| Equity | 10/15 | €333,098 | €373,592 | +€40,494 | +12.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €258,098 | €298,592 | +€40,494 | +15.7% |
| Distributable reserves | 133 | €258,098 | €298,592 | +€40,494 | +15.7% |
| Amounts payable | 17/49 | €217,746 | €172,772 | -€44,974 | -20.7% |
| Amounts payable after more than one year | 17 | €40,951 | €20,648 | -€20,303 | -49.6% |
| Financial debts | 170/4 | €40,951 | €20,648 | -€20,303 | -49.6% |
| Amounts payable within one year | 42/48 | €172,639 | €148,244 | -€24,395 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €32,700 | €20,303 | -€12,397 | -37.9% |
| Financial debts | 43 | €36,381 | €23,364 | -€13,017 | -35.8% |
| Credit institutions | 430/8 | €36,381 | €23,364 | -€13,017 | -35.8% |
| Trade debts | 44 | €100 | €1,543 | +€1,443 | +1443.3% |
| Suppliers | 440/4 | €100 | €1,543 | +€1,443 | +1443.3% |
| Taxes, remuneration and social security | 45 | - | €3,513 | +€3,513 | |
| Taxes | 450/3 | - | €3,513 | +€3,513 | |
| Other amounts payable | 47/48 | €103,458 | €99,521 | -€3,937 | -3.8% |
| Accrued charges and deferred income | 492/3 | €4,157 | €3,880 | -€276 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,777 | €27,327 | -€12,450 | -31.3% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €85,328 | €90,317 | +€4,989 | +5.8% |
| Operating profit (loss) | 9901 | €45,101 | €62,528 | +€17,426 | +38.6% |
| Financial charges | 65/66B | €11,631 | €8,521 | -€3,110 | -26.7% |
| Recurring financial charges | 65 | €11,631 | €8,521 | -€3,110 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €33,471 | €54,007 | +€20,537 | +61.4% |
| Income taxes | 67/77 | €7,907 | €13,513 | +€5,606 | +70.9% |
| Profit (loss) for the period | 9904 | €25,564 | €40,494 | +€14,930 | +58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,564 | €40,494 | +€14,930 | +58.4% |
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 9 October 2026 via checked.be.