SECO MGT: 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 MGT
Largest movements
- Tangible fixed assets +€59,277
up €59,277 (+977%), from €6,064 to €65,342
of which Furniture and vehicles: +€60,654
- Current investments +€25,000
up €25,000 (+14.3%), from €175,000 to €200,000
- Reserves +€75,000
up €75,000 (+46.1%), from €162,700 to €237,700
- Financial charges -€31,417
down €31,417 (-96.1%), from €32,704 to €1,287
- Gross operating margin +€20,292
up €20,292 (+17.8%), from €113,976 to €134,269
- Depreciation +€11,065
up €11,065 (+275%), from €4,017 to €15,082
- Taxes +€8,915
up €8,915 (+28.0%), from €31,881 to €40,796
- Other operating charges +€2,724
up €2,724 (+5,559%), from €49 to €2,773
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 | €1,164,467 | €1,240,981 | +€76,513 | +6.6% |
| Fixed assets | 21/28 | €949,066 | €1,008,343 | +€59,277 | +6.2% |
| Tangible fixed assets | 22/27 | €6,064 | €65,342 | +€59,277 | +977% |
| Furniture and vehicles | 24 | €3,918 | €64,572 | +€60,654 | +1,548% |
| Other tangible fixed assets | 26 | €2,146 | €770 | -€1,376 | -64.1% |
| Financial fixed assets | 28 | €943,001 | €943,001 | = | 0.0% |
| Current assets | 29/58 | €215,402 | €232,638 | +€17,236 | +8.0% |
| Amounts receivable within one year | 40/41 | €15,709 | €13,404 | -€2,305 | -14.7% |
| Trade receivables | 40 | €15,709 | €13,404 | -€2,305 | -14.7% |
| Current investments | 50/53 | €175,000 | €200,000 | +€25,000 | +14.3% |
| Cash at bank and in hand | 54/58 | €24,692 | €19,234 | -€5,458 | -22.1% |
| Total equity and liabilities | 10/49 | €1,164,467 | €1,240,981 | +€76,513 | +6.6% |
| Equity | 10/15 | €172,998 | €251,159 | +€78,161 | +45.2% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €162,700 | €237,700 | +€75,000 | +46.1% |
| Distributable reserves | 133 | €162,700 | €237,700 | +€75,000 | +46.1% |
| Profit (loss) carried forward | 14 | €2,098 | €5,259 | +€3,161 | +151% |
| Amounts payable | 17/49 | €991,469 | €989,822 | -€1,648 | -0.2% |
| Amounts payable within one year | 42/48 | €991,469 | €989,822 | -€1,648 | -0.2% |
| Trade debts | 44 | €2,278 | €3,038 | +€760 | +33.4% |
| Suppliers | 440/4 | €2,278 | €3,038 | +€760 | +33.4% |
| Taxes, remuneration and social security | 45 | €6,622 | €15,141 | +€8,519 | +129% |
| Taxes | 450/3 | €6,622 | €15,141 | +€8,519 | +129% |
| Other amounts payable | 47/48 | €982,570 | €971,643 | -€10,927 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,017 | €15,082 | +€11,065 | +275% |
| Other operating charges | 640/8 | €49 | €2,773 | +€2,724 | +5,559% |
| Non-recurring operating charges | 66A | - | €324 | +€324 | |
| Gross operating margin | 9900 | €113,976 | €134,269 | +€20,292 | +17.8% |
| Operating profit (loss) | 9901 | €109,910 | €116,090 | +€6,180 | +5.6% |
| Financial income | 75/76B | €4,272 | €4,154 | -€119 | -2.8% |
| Recurring financial income | 75 | €4,272 | €4,154 | -€119 | -2.8% |
| Financial charges | 65/66B | €32,704 | €1,287 | -€31,417 | -96.1% |
| Recurring financial charges | 65 | €32,704 | €1,287 | -€31,417 | -96.1% |
| Profit (loss) for the period before taxes | 9903 | €81,478 | €118,957 | +€37,479 | +46.0% |
| Income taxes | 67/77 | €31,881 | €40,796 | +€8,915 | +28.0% |
| Profit (loss) for the period | 9904 | €49,597 | €78,161 | +€28,564 | +57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,597 | €78,161 | +€28,564 | +57.6% |
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 25 October 2026 via checked.be.