SECOA: 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.
SECOA
Largest movements
- Cash -€30,420
down €30,420 (-98.7%), from €30,813 to €393
mainly Contributions, distributions and other (-€75,072) and Net result for the year (-€32,174)
- Financial fixed assets -€25,000
no longer reported in 2025 (was €25,000)
- Receivables within one year -€20,567
down €20,567 (-83.2%), from €24,724 to €4,157
of which Other amounts receivable: -€20,253
- Tangible fixed assets -€948
down €948 (-53.0%), from €1,787 to €839
- Reserves -€75,072
down €75,072 (-83.5%), from €89,860 to €14,788
- Other debts +€34,163
new in 2025: €34,163
- Profit (loss) carried forward -€32,174
down €32,174 (-102.9%), from -€31,269 to -€63,444
- Tax, wage and social debts -€3,008
no longer reported in 2025 (was €3,008)
- Trade debts -€959
down €959 (-33.0%), from €2,909 to €1,950
- Gross operating margin -€24,280
down €24,280, from €147 to -€24,133
- Financial income -€2,543
no longer reported in 2025 (was €2,543)
- Other operating charges -€1,424
down €1,424 (-43.6%), from €3,267 to €1,843
- Taxes -€342
down €342, from €285 to -€57
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 | €83,107 | €6,058 | -€77,049 | -92.7% |
| Fixed assets | 21/28 | €26,787 | €839 | -€25,948 | -96.9% |
| Tangible fixed assets | 22/27 | €1,787 | €839 | -€948 | -53.0% |
| Plant, machinery and equipment | 23 | €1,787 | €839 | -€948 | -53.0% |
| Financial fixed assets | 28 | €25,000 | - | -€25,000 | |
| Current assets | 29/58 | €56,320 | €5,219 | -€51,102 | -90.7% |
| Amounts receivable within one year | 40/41 | €24,724 | €4,157 | -€20,567 | -83.2% |
| Trade receivables | 40 | €315 | - | -€315 | |
| Other amounts receivable | 41 | €24,410 | €4,157 | -€20,253 | -83.0% |
| Cash at bank and in hand | 54/58 | €30,813 | €393 | -€30,420 | -98.7% |
| Deferred charges and accrued income | 490/1 | €783 | €668 | -€115 | -14.6% |
| Total equity and liabilities | 10/49 | €83,107 | €6,058 | -€77,049 | -92.7% |
| Equity | 10/15 | €77,191 | -€30,055 | -€107,246 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,860 | €14,788 | -€75,072 | -83.5% |
| Distributable reserves | 133 | €89,860 | €14,788 | -€75,072 | -83.5% |
| Profit (loss) carried forward | 14 | -€31,269 | -€63,444 | -€32,174 | -102.9% |
| Amounts payable | 17/49 | €5,917 | €36,113 | +€30,196 | +510.3% |
| Amounts payable within one year | 42/48 | €5,917 | €36,113 | +€30,196 | +510.3% |
| Trade debts | 44 | €2,909 | €1,950 | -€959 | -33.0% |
| Suppliers | 440/4 | €2,909 | €1,950 | -€959 | -33.0% |
| Taxes, remuneration and social security | 45 | €3,008 | - | -€3,008 | |
| Taxes | 450/3 | €3,008 | - | -€3,008 | |
| Other amounts payable | 47/48 | - | €34,163 | +€34,163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €809 | €948 | +€138 | +17.1% |
| Other operating charges | 640/8 | €3,267 | €1,843 | -€1,424 | -43.6% |
| Gross operating margin | 9900 | €147 | -€24,133 | -€24,280 | |
| Operating profit (loss) | 9901 | -€3,929 | -€26,924 | -€22,994 | -585.2% |
| Financial income | 75/76B | €2,543 | - | -€2,543 | |
| Recurring financial income | 75 | €2,543 | - | -€2,543 | |
| Financial charges | 65/66B | €5,243 | €5,308 | +€65 | +1.2% |
| Recurring financial charges | 65 | €5,243 | €5,308 | +€65 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,630 | -€32,231 | -€25,602 | -386.2% |
| Income taxes | 67/77 | €285 | -€57 | -€342 | |
| Profit (loss) for the period | 9904 | -€6,915 | -€32,174 | -€25,260 | -365.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,915 | -€32,174 | -€25,260 | -365.3% |
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 8 October 2026 via checked.be.