SECO GROUP: 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.
SECO GROUP
Largest movements
- Financial fixed assets +€15.8m
up €15.8m (+133%), from €11.9m to €27.7m
of which Affiliated companies: +€15.8m
- Current investments -€6.4m
down €6.4m (-94.3%), from €6.7m to €380,565
- Receivables within one year -€3.9m
down €3.9m (-97.4%), from €4.0m to €105,226
of which Other amounts receivable: -€3.9m
- Receivables after one year -€2.3m
no longer reported in 2025 (was €2.3m)
- Cash +€1.0m
up €1.0m (+23.9%), from €4.2m to €5.2m
mainly Current investments (+€6.4m) and Debts after one year (+€4.0m)
- Debts after one year +€4.0m
new in 2025: €4.0m
- Other debts -€3.0m
down €3.0m (-89.6%), from €3.3m to €343,269
- Profit (loss) carried forward +€2.5m
up €2.5m (+19.0%), from €13.4m to €16.0m
- Current portion of long-term debt +€666,676
new in 2025: €666,676
- Financial income -€5.6m
down €5.6m (-57.1%), from €9.8m to €4.2m
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.
Derived cash bridge
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 | €29,128,076 | €33,383,107 | +€4.3m | +14.6% |
| Fixed assets | 21/28 | €11,899,838 | €27,689,796 | +€15.8m | +133% |
| Financial fixed assets | 28 | €11,899,838 | €27,689,796 | +€15.8m | +133% |
| Affiliated companies | 280/1 | €11,899,275 | €27,689,233 | +€15.8m | +133% |
| Participating interests | 280 | €10,407,996 | €18,908,842 | +€8.5m | +81.7% |
| Amounts receivable | 281 | €1,491,279 | €8,780,391 | +€7.3m | +489% |
| Other financial fixed assets | 284/8 | €563 | €563 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €563 | €563 | = | 0.0% |
| Current assets | 29/58 | €17,228,239 | €5,693,311 | -€11.5m | -67.0% |
| Amounts receivable after more than one year | 29 | €2,275,000 | - | -€2.3m | |
| Other amounts receivable | 291 | €2,275,000 | - | -€2.3m | |
| Amounts receivable within one year | 40/41 | €4,010,749 | €105,226 | -€3.9m | -97.4% |
| Trade receivables | 40 | €95,474 | €105,226 | +€9,752 | +10.2% |
| Other amounts receivable | 41 | €3,915,275 | - | -€3.9m | |
| Current investments | 50/53 | €6,730,565 | €380,565 | -€6.4m | -94.3% |
| Other investments | 51/53 | €6,730,565 | €380,565 | -€6.4m | -94.3% |
| Cash at bank and in hand | 54/58 | €4,199,295 | €5,200,903 | +€1.0m | +23.9% |
| Deferred charges and accrued income | 490/1 | €12,629 | €6,617 | -€6,012 | -47.6% |
| Total equity and liabilities | 10/49 | €29,128,076 | €33,383,107 | +€4.3m | +14.6% |
| Equity | 10/15 | €25,779,396 | €28,328,452 | +€2.5m | +9.9% |
| Contributions | 10/11 | €12,203,896 | €12,203,896 | = | 0.0% |
| Reserves | 13 | €154,380 | €154,380 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,677 | €24,677 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,677 | €24,677 | = | 0.0% |
| Distributable reserves | 133 | €129,703 | €129,703 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,421,120 | €15,970,176 | +€2.5m | +19.0% |
| Amounts payable | 17/49 | €3,348,681 | €5,054,655 | +€1.7m | +50.9% |
| Amounts payable after more than one year | 17 | - | €4,007,263 | +€4.0m | |
| Financial debts | 170/4 | - | €4,007,263 | +€4.0m | |
| Credit institutions | 173 | - | €4,007,263 | +€4.0m | |
| Amounts payable within one year | 42/48 | €3,319,038 | €1,027,892 | -€2.3m | -69.0% |
| Current portion of amounts payable after more than one year | 42 | - | €666,676 | +€666,676 | |
| Trade debts | 44 | €17,304 | €17,946 | +€643 | +3.7% |
| Suppliers | 440/4 | €17,304 | €17,946 | +€643 | +3.7% |
| Other amounts payable | 47/48 | €3,301,734 | €343,269 | -€3.0m | -89.6% |
| Accrued charges and deferred income | 492/3 | €29,643 | €19,500 | -€10,143 | -34.2% |
| Operating charges | 60/66A | €242,314 | €327,008 | +€84,694 | +35.0% |
| Services and other goods | 61 | €240,591 | €325,026 | +€84,435 | +35.1% |
| Other operating charges | 640/8 | €1,723 | €1,982 | +€259 | +15.0% |
| Operating profit (loss) | 9901 | -€242,314 | -€327,008 | -€84,694 | -35.0% |
| Financial income | 75/76B | €9,815,116 | €4,207,085 | -€5.6m | -57.1% |
| Recurring financial income | 75 | €9,815,116 | €4,207,085 | -€5.6m | -57.1% |
| Income from financial fixed assets | 750 | €9,511,835 | €4,008,813 | -€5.5m | -57.9% |
| Income from current assets | 751 | €303,280 | €198,272 | -€105,008 | -34.6% |
| Financial charges | 65/66B | €2,463 | €88,555 | +€86,092 | +3,495% |
| Recurring financial charges | 65 | €2,463 | €88,555 | +€86,092 | +3,495% |
| Debt charges | 650 | - | €85,426 | +€85,426 | |
| Other financial charges | 652/9 | €2,463 | €3,129 | +€666 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €9,570,338 | €3,791,523 | -€5.8m | -60.4% |
| Profit (loss) for the period | 9904 | €9,570,338 | €3,791,523 | -€5.8m | -60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,570,338 | €3,791,523 | -€5.8m | -60.4% |
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 26 October 2026 via checked.be.