SECLA +: 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.
SECLA +
Largest movements
- Cash -€122,495
down €122,495 (-43.6%), from €281,044 to €158,549
mainly Stocks and contracts (-€44,562) and Receivables within one year (-€37,585)
- Stocks and contracts +€44,562
up €44,562 (+27.0%), from €164,961 to €209,522
of which Stocks: +€24,390
- Receivables within one year +€37,585
up €37,585 (+14.3%), from €262,049 to €299,634
of which Trade receivables: +€58,155
- Tangible fixed assets -€23,278
down €23,278 (-24.3%), from €95,640 to €72,362
of which Furniture and vehicles: -€14,444
- Tax, wage and social debts -€33,574
down €33,574 (-42.5%), from €78,951 to €45,378
of which Taxes: -€24,339
- Debts after one year -€26,246
down €26,246 (-60.3%), from €43,490 to €17,244
- Other debts -€13,798
down €13,798 (-12.4%), from €111,178 to €97,380
- Staff costs +€67,955
up €67,955 (+9.6%), from €706,614 to €774,569
- Gross operating margin +€42,247
up €42,247 (+5.0%), from €839,782 to €882,029
- Financial charges -€14,072
down €14,072 (-39.6%), from €35,512 to €21,440
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 | €812,876 | €749,784 | -€63,092 | -7.8% |
| Fixed assets | 21/28 | €95,640 | €72,362 | -€23,278 | -24.3% |
| Tangible fixed assets | 22/27 | €95,640 | €72,362 | -€23,278 | -24.3% |
| Land and buildings | 22 | €6,185 | €8,205 | +€2,020 | +32.6% |
| Plant, machinery and equipment | 23 | €43,940 | €33,086 | -€10,854 | -24.7% |
| Furniture and vehicles | 24 | €45,514 | €31,071 | -€14,444 | -31.7% |
| Current assets | 29/58 | €717,236 | €677,423 | -€39,814 | -5.6% |
| Stocks and contracts in progress | 3 | €164,961 | €209,522 | +€44,562 | +27.0% |
| Stocks | 30/36 | €164,961 | €189,351 | +€24,390 | +14.8% |
| Contracts in progress | 37 | - | €20,171 | +€20,171 | |
| Amounts receivable within one year | 40/41 | €262,049 | €299,634 | +€37,585 | +14.3% |
| Trade receivables | 40 | €189,952 | €248,107 | +€58,155 | +30.6% |
| Other amounts receivable | 41 | €72,097 | €51,527 | -€20,570 | -28.5% |
| Cash at bank and in hand | 54/58 | €281,044 | €158,549 | -€122,495 | -43.6% |
| Deferred charges and accrued income | 490/1 | €9,183 | €9,718 | +€535 | +5.8% |
| Total equity and liabilities | 10/49 | €812,876 | €749,784 | -€63,092 | -7.8% |
| Equity | 10/15 | €223,285 | €229,633 | +€6,348 | +2.8% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €13,285 | €19,633 | +€6,348 | +47.8% |
| Distributable reserves | 133 | €13,285 | €19,633 | +€6,348 | +47.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €589,592 | €520,151 | -€69,441 | -11.8% |
| Amounts payable after more than one year | 17 | €43,490 | €17,244 | -€26,246 | -60.3% |
| Financial debts | 170/4 | €43,490 | €17,244 | -€26,246 | -60.3% |
| Amounts payable within one year | 42/48 | €537,818 | €493,745 | -€44,074 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €25,129 | €26,246 | +€1,117 | +4.4% |
| Financial debts | 43 | €204,797 | €207,405 | +€2,607 | +1.3% |
| Credit institutions | 430/8 | €204,797 | €207,405 | +€2,607 | +1.3% |
| Trade debts | 44 | €117,763 | €117,337 | -€427 | -0.4% |
| Suppliers | 440/4 | €117,763 | €117,337 | -€427 | -0.4% |
| Taxes, remuneration and social security | 45 | €78,951 | €45,378 | -€33,574 | -42.5% |
| Taxes | 450/3 | €45,534 | €21,195 | -€24,339 | -53.5% |
| Remuneration and social security | 454/9 | €33,418 | €24,183 | -€9,235 | -27.6% |
| Other amounts payable | 47/48 | €111,178 | €97,380 | -€13,798 | -12.4% |
| Accrued charges and deferred income | 492/3 | €8,283 | €9,162 | +€879 | +10.6% |
| Non-recurring operating income | 76A | €2,300 | €5,938 | +€3,638 | +158.2% |
| Remuneration, social security and pensions | 62 | €706,614 | €774,569 | +€67,955 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,066 | €24,709 | +€1,644 | +7.1% |
| Other operating charges | 640/8 | €11,845 | €11,659 | -€186 | -1.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €839,782 | €882,029 | +€42,247 | +5.0% |
| Operating profit (loss) | 9901 | €98,258 | €71,091 | -€27,167 | -27.6% |
| Financial income | 75/76B | €1,918 | €385 | -€1,533 | -79.9% |
| Recurring financial income | 75 | €1,918 | €385 | -€1,533 | -79.9% |
| Financial charges | 65/66B | €35,512 | €21,440 | -€14,072 | -39.6% |
| Recurring financial charges | 65 | €35,512 | €21,440 | -€14,072 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €64,663 | €50,036 | -€14,628 | -22.6% |
| Income taxes | 67/77 | €5,322 | €8,687 | +€3,365 | +63.2% |
| Profit (loss) for the period | 9904 | €59,341 | €41,348 | -€17,993 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,341 | €41,348 | -€17,993 | -30.3% |
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 7 October 2026 via checked.be.