SECO SURVEY: what changed
SECO SURVEY
Largest movements
- Cash +€105,647
up €105,647 (+365%), from €28,980 to €134,627
mainly Other debts (+€362,500) and Trade debts (+€35,050)
- Receivables within one year -€27,930
down €27,930 (-13.3%), from €209,402 to €181,472
of which Trade receivables: -€27,920
- Deferred charges and accrued income +€4,295
up €4,295 (+87.6%), from €4,901 to €9,196
- Other debts +€362,500
up €362,500 (+2,071%), from €17,500 to €380,000
- Profit (loss) carried forward -€279,849
down €279,849 (-132%), from -€211,297 to -€491,146
- Tax, wage and social debts -€46,399
down €46,399 (-44.8%), from €103,646 to €57,247
of which Remuneration and social security: -€25,846
- Trade debts +€35,050
up €35,050 (+15.0%), from €232,937 to €267,987
- Accrued charges and deferred income +€10,500
new in 2025: €10,500
- Gross operating margin -€44,288
down €44,288 (-19.5%), from €226,666 to €182,378
- Staff costs +€32,382
up €32,382 (+7.8%), from €415,245 to €447,627
- Depreciation -€12,078
down €12,078 (-75.2%), from €16,063 to €3,985
- Financial charges +€10,912
up €10,912 (+1,459%), from €748 to €11,660
- Financial income +€3,957
up €3,957 (+27,772%), from €14 to €3,972
of which Non-recurring financial income: +€3,972
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €251,721 | €333,523 | +€81,802 | +32.5% |
| Fixed assets | 21/28 | €8,022 | €7,809 | -€213 | -2.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €7,822 | €7,809 | -€13 | -0.2% |
| Furniture and vehicles | 24 | €7,822 | €7,809 | -€13 | -0.2% |
| Financial fixed assets | 28 | €200 | - | -€200 | |
| Current assets | 29/58 | €243,699 | €325,714 | +€82,015 | +33.7% |
| Amounts receivable within one year | 40/41 | €209,402 | €181,472 | -€27,930 | -13.3% |
| Trade receivables | 40 | €209,392 | €181,472 | -€27,920 | -13.3% |
| Other amounts receivable | 41 | €10 | - | -€10 | |
| Current investments | 50/53 | €417 | €419 | +€3 | +0.6% |
| Cash at bank and in hand | 54/58 | €28,980 | €134,627 | +€105,647 | +365% |
| Deferred charges and accrued income | 490/1 | €4,901 | €9,196 | +€4,295 | +87.6% |
| Total equity and liabilities | 10/49 | €251,721 | €333,523 | +€81,802 | +32.5% |
| Equity | 10/15 | -€163,844 | -€443,692 | -€279,849 | -171% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,853 | €28,853 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €5,038 | +€3,178 | +171% |
| Reserves not available under the articles | 1311 | €1,860 | €5,038 | +€3,178 | +171% |
| Distributable reserves | 133 | €26,993 | €23,815 | -€3,178 | -11.8% |
| Profit (loss) carried forward | 14 | -€211,297 | -€491,146 | -€279,849 | -132% |
| Amounts payable | 17/49 | €415,565 | €777,215 | +€361,650 | +87.0% |
| Amounts payable after more than one year | 17 | €61,482 | €61,482 | = | 0.0% |
| Other amounts payable | 178/9 | €61,482 | €61,482 | = | 0.0% |
| Amounts payable within one year | 42/48 | €354,083 | €705,233 | +€351,150 | +99.2% |
| Trade debts | 44 | €232,937 | €267,987 | +€35,050 | +15.0% |
| Suppliers | 440/4 | €232,937 | €267,987 | +€35,050 | +15.0% |
| Taxes, remuneration and social security | 45 | €103,646 | €57,247 | -€46,399 | -44.8% |
| Taxes | 450/3 | €25,106 | €4,553 | -€20,553 | -81.9% |
| Remuneration and social security | 454/9 | €78,539 | €52,694 | -€25,846 | -32.9% |
| Other amounts payable | 47/48 | €17,500 | €380,000 | +€362,500 | +2,071% |
| Accrued charges and deferred income | 492/3 | - | €10,500 | +€10,500 | |
| Non-recurring operating income | 76A | - | €3,244 | +€3,244 | |
| Remuneration, social security and pensions | 62 | €415,245 | €447,627 | +€32,382 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,063 | €3,985 | -€12,078 | -75.2% |
| Other operating charges | 640/8 | €1,941 | €1,806 | -€135 | -6.9% |
| Gross operating margin | 9900 | €226,666 | €182,378 | -€44,288 | -19.5% |
| Operating profit (loss) | 9901 | -€206,584 | -€271,040 | -€64,457 | -31.2% |
| Financial income | 75/76B | €14 | €3,972 | +€3,957 | +27,772% |
| Recurring financial income | 75 | €14 | €3,972 | +€3,957 | +27,772% |
| Non-recurring financial income | 76B | - | €3,972 | +€3,972 | |
| Financial charges | 65/66B | €748 | €11,660 | +€10,912 | +1,459% |
| Recurring financial charges | 65 | €748 | €11,660 | +€10,912 | +1,459% |
| Profit (loss) for the period before taxes | 9903 | -€207,317 | -€278,728 | -€71,411 | -34.4% |
| Income taxes | 67/77 | - | €1,121 | +€1,121 | |
| Profit (loss) for the period | 9904 | -€207,317 | -€279,849 | -€72,531 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€207,317 | -€279,849 | -€72,531 | -35.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.