SECMAER: 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.
SECMAER
Largest movements
- Cash +€39,079
up €39,079 (+69.9%), from €55,894 to €94,973
mainly Depreciation (+€51,589) and Receivables within one year (+€31,443)
- Receivables within one year -€31,443
down €31,443 (-35.5%), from €88,533 to €57,090
of which Other amounts receivable: -€33,195
- Trade debts +€16,334
up €16,334 (+24.9%), from €65,674 to €82,008
- Gross operating margin +€87,835
up €87,835, from -€36,422 to €51,414
- Financial charges -€34,059
down €34,059, from €32,202 to -€1,857
- Depreciation +€24,210
up €24,210 (+88.4%), from €27,379 to €51,589
- Financial income -€5,828
down €5,828 (-99.8%), from €5,837 to €9
- Other operating charges -€906
down €906 (-6.8%), from €13,248 to €12,342
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 | €1,091,995 | €1,099,662 | +€7,667 | +0.7% |
| Fixed assets | 21/28 | €874,557 | €882,874 | +€8,317 | +1.0% |
| Intangible fixed assets | 21 | - | €2,223 | +€2,223 | |
| Tangible fixed assets | 22/27 | €874,557 | €880,651 | +€6,093 | +0.7% |
| Land and buildings | 22 | €844,870 | €862,128 | +€17,258 | +2.0% |
| Plant, machinery and equipment | 23 | €24,509 | €18,523 | -€5,985 | -24.4% |
| Furniture and vehicles | 24 | €5,179 | - | -€5,179 | |
| Current assets | 29/58 | €217,437 | €216,788 | -€650 | -0.3% |
| Stocks and contracts in progress | 3 | €71,705 | €63,675 | -€8,031 | -11.2% |
| Stocks | 30/36 | €71,705 | €63,675 | -€8,031 | -11.2% |
| Amounts receivable within one year | 40/41 | €88,533 | €57,090 | -€31,443 | -35.5% |
| Trade receivables | 40 | €34,638 | €36,390 | +€1,752 | +5.1% |
| Other amounts receivable | 41 | €53,895 | €20,700 | -€33,195 | -61.6% |
| Cash at bank and in hand | 54/58 | €55,894 | €94,973 | +€39,079 | +69.9% |
| Deferred charges and accrued income | 490/1 | €1,304 | €1,050 | -€254 | -19.5% |
| Total equity and liabilities | 10/49 | €1,091,995 | €1,099,662 | +€7,667 | +0.7% |
| Equity | 10/15 | €430,136 | €419,485 | -€10,651 | -2.5% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €294,700 | €294,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €294,700 | €294,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,836 | €56,185 | -€10,651 | -15.9% |
| Amounts payable | 17/49 | €661,858 | €680,177 | +€18,318 | +2.8% |
| Amounts payable after more than one year | 17 | €475,673 | €481,401 | +€5,728 | +1.2% |
| Financial debts | 170/4 | €474,713 | €480,441 | +€5,728 | +1.2% |
| Other amounts payable | 178/9 | €960 | €960 | = | 0.0% |
| Amounts payable within one year | 42/48 | €186,186 | €198,775 | +€12,590 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €58,523 | €59,272 | +€748 | +1.3% |
| Trade debts | 44 | €65,674 | €82,008 | +€16,334 | +24.9% |
| Suppliers | 440/4 | €65,674 | €82,008 | +€16,334 | +24.9% |
| Taxes, remuneration and social security | 45 | €2,313 | €3,923 | +€1,610 | +69.6% |
| Taxes | 450/3 | €2,313 | €3,923 | +€1,610 | +69.6% |
| Other amounts payable | 47/48 | €59,674 | €53,572 | -€6,103 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,379 | €51,589 | +€24,210 | +88.4% |
| Other operating charges | 640/8 | €13,248 | €12,342 | -€906 | -6.8% |
| Gross operating margin | 9900 | -€36,422 | €51,414 | +€87,835 | |
| Operating profit (loss) | 9901 | -€77,049 | -€12,517 | +€64,532 | +83.8% |
| Financial income | 75/76B | €5,837 | €9 | -€5,828 | -99.8% |
| Recurring financial income | 75 | €5,837 | €9 | -€5,828 | -99.8% |
| Financial charges | 65/66B | €32,202 | -€1,857 | -€34,059 | |
| Recurring financial charges | 65 | €32,202 | -€1,857 | -€34,059 | |
| Profit (loss) for the period before taxes | 9903 | -€103,414 | -€10,651 | +€92,763 | +89.7% |
| Profit (loss) for the period | 9904 | -€103,414 | -€10,651 | +€92,763 | +89.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€103,414 | -€10,651 | +€92,763 | +89.7% |
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 3 October 2026 via checked.be.