Seco Holding & Management: 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 Holding & Management
Largest movements
- Financial fixed assets +€50,000
up €50,000 (+8.3%), from €600,000 to €650,000
- Cash +€20,612
up €20,612 (+80.1%), from €25,733 to €46,345
mainly Net result for the year (+€160,889) and Other debts (+€124,642)
- Receivables within one year -€14,192
down €14,192 (-65.6%), from €21,639 to €7,447
of which Trade receivables: -€10,000
- Other debts +€124,642
up €124,642 (+2,597%), from €4,800 to €129,442
- Debts after one year -€107,759
down €107,759 (-35.0%), from €308,282 to €200,524
of which Financial debts: -€57,759
- Reserves +€60,800
up €60,800 (+32.0%), from €190,000 to €250,800
- Tax, wage and social debts -€11,750
down €11,750 (-83.4%), from €14,086 to €2,336
- Profit (loss) carried forward -€8,911
down €8,911 (-93.5%), from €9,534 to €624
- Financial charges -€243,396
down €243,396 (-95.0%), from €256,336 to €12,940
of which Non-recurring financial charges: -€240,000
- Financial income +€103,520
up €103,520 (+261%), from €39,680 to €143,200
of which Financial income: +€59,520
- Taxes +€14,925
up €14,925 (+120%), from €12,411 to €27,336
- Gross operating margin -€7,985
down €7,985 (-11.9%), from €67,366 to €59,381
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 | €647,789 | €703,792 | +€56,003 | +8.6% |
| Fixed assets | 21/28 | €600,418 | €650,000 | +€49,583 | +8.3% |
| Tangible fixed assets | 22/27 | €418 | €0 | -€418 | -100% |
| Furniture and vehicles | 24 | €418 | €0 | -€418 | -100% |
| Financial fixed assets | 28 | €600,000 | €650,000 | +€50,000 | +8.3% |
| Current assets | 29/58 | €47,371 | €53,792 | +€6,420 | +13.6% |
| Amounts receivable within one year | 40/41 | €21,639 | €7,447 | -€14,192 | -65.6% |
| Trade receivables | 40 | €16,050 | €6,050 | -€10,000 | -62.3% |
| Other amounts receivable | 41 | €5,589 | €1,397 | -€4,192 | -75.0% |
| Cash at bank and in hand | 54/58 | €25,733 | €46,345 | +€20,612 | +80.1% |
| Total equity and liabilities | 10/49 | €647,789 | €703,792 | +€56,003 | +8.6% |
| Equity | 10/15 | €249,534 | €301,424 | +€51,889 | +20.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €190,000 | €250,800 | +€60,800 | +32.0% |
| Distributable reserves | 133 | €190,000 | €250,800 | +€60,800 | +32.0% |
| Profit (loss) carried forward | 14 | €9,534 | €624 | -€8,911 | -93.5% |
| Amounts payable | 17/49 | €398,255 | €402,368 | +€4,113 | +1.0% |
| Amounts payable after more than one year | 17 | €308,282 | €200,524 | -€107,759 | -35.0% |
| Financial debts | 170/4 | €208,282 | €150,524 | -€57,759 | -27.7% |
| Other amounts payable | 178/9 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Amounts payable within one year | 42/48 | €79,934 | €194,289 | +€114,355 | +143% |
| Current portion of amounts payable after more than one year | 42 | €56,407 | €57,759 | +€1,352 | +2.4% |
| Financial debts | 43 | €4,641 | €4,752 | +€111 | +2.4% |
| Credit institutions | 430/8 | €4,641 | €4,752 | +€111 | +2.4% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €14,086 | €2,336 | -€11,750 | -83.4% |
| Taxes | 450/3 | €14,086 | €2,336 | -€11,750 | -83.4% |
| Other amounts payable | 47/48 | €4,800 | €129,442 | +€124,642 | +2,597% |
| Accrued charges and deferred income | 492/3 | €10,039 | €7,556 | -€2,483 | -24.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €418 | €418 | -€0 | -0.1% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €67,366 | €59,381 | -€7,985 | -11.9% |
| Operating profit (loss) | 9901 | €65,981 | €57,965 | -€8,016 | -12.1% |
| Financial income | 75/76B | €39,680 | €143,200 | +€103,520 | +261% |
| Recurring financial income | 75 | €39,680 | €99,200 | +€59,520 | +150% |
| Non-recurring financial income | 76B | - | €44,000 | +€44,000 | |
| Financial charges | 65/66B | €256,336 | €12,940 | -€243,396 | -95.0% |
| Recurring financial charges | 65 | €16,336 | €12,940 | -€3,396 | -20.8% |
| Non-recurring financial charges | 66B | €240,000 | €0 | -€240,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€150,675 | €188,225 | +€338,901 | |
| Income taxes | 67/77 | €12,411 | €27,336 | +€14,925 | +120% |
| Profit (loss) for the period | 9904 | -€163,086 | €160,889 | +€323,976 | |
| Profit (loss) for the period to be appropriated | 9905 | -€163,086 | €160,889 | +€323,976 |
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 28 October 2026 via checked.be.