SECOFI: 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.
SECOFI
Largest movements
- Tangible fixed assets -€13,563
down €13,563 (-10.1%), from €134,178 to €120,615
of which Land and buildings: -€13,563
- Deferred charges and accrued income +€11,188
up €11,188 (+58.7%), from €19,055 to €30,243
- Trade debts +€9,980
up €9,980 (+66.1%), from €15,093 to €25,073
- Other debts -€9,640
down €9,640 (-7.6%), from €126,479 to €116,839
- Gross operating margin +€16,993
up €16,993, from -€2,368 to €14,625
- Depreciation -€4,065
down €4,065 (-23.1%), from €17,629 to €13,563
- Financial charges -€402
down €402 (-30.2%), from €1,334 to €931
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 | €285,187 | €284,258 | -€929 | -0.3% |
| Fixed assets | 21/28 | €134,327 | €120,763 | -€13,563 | -10.1% |
| Tangible fixed assets | 22/27 | €134,178 | €120,615 | -€13,563 | -10.1% |
| Land and buildings | 22 | €133,760 | €120,197 | -€13,563 | -10.1% |
| Plant, machinery and equipment | 23 | €418 | €418 | = | 0.0% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €150,860 | €163,494 | +€12,634 | +8.4% |
| Amounts receivable within one year | 40/41 | €121,542 | €121,974 | +€432 | +0.4% |
| Trade receivables | 40 | €87,905 | €88,447 | +€542 | +0.6% |
| Other amounts receivable | 41 | €33,637 | €33,526 | -€110 | -0.3% |
| Current investments | 50/53 | €51 | €51 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,212 | €11,227 | +€1,015 | +9.9% |
| Deferred charges and accrued income | 490/1 | €19,055 | €30,243 | +€11,188 | +58.7% |
| Total equity and liabilities | 10/49 | €285,187 | €284,258 | -€929 | -0.3% |
| Equity | 10/15 | €65,294 | €64,194 | -€1,101 | -1.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €166,211 | €164,012 | -€2,199 | -1.3% |
| Non-distributable reserves | 130/1 | €6,549 | €6,549 | = | 0.0% |
| Legal reserve | 130 | €6,200 | - | -€6,200 | |
| Reserves not available under the articles | 1311 | - | €6,200 | +€6,200 | |
| Other | 1319 | €349 | €349 | = | 0.0% |
| Tax-exempt reserves | 132 | €144,662 | €142,463 | -€2,199 | -1.5% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€162,917 | -€161,819 | +€1,098 | +0.7% |
| Provisions and deferred taxes | 16 | €74,774 | €74,774 | = | 0.0% |
| Deferred taxes | 168 | €74,774 | €74,774 | = | 0.0% |
| Amounts payable | 17/49 | €145,119 | €145,290 | +€172 | +0.1% |
| Amounts payable within one year | 42/48 | €144,963 | €145,155 | +€192 | +0.1% |
| Financial debts | 43 | €3,391 | €3,243 | -€148 | -4.4% |
| Credit institutions | 430/8 | €3,391 | €3,243 | -€148 | -4.4% |
| Trade debts | 44 | €15,093 | €25,073 | +€9,980 | +66.1% |
| Suppliers | 440/4 | €15,093 | €25,073 | +€9,980 | +66.1% |
| Other amounts payable | 47/48 | €126,479 | €116,839 | -€9,640 | -7.6% |
| Accrued charges and deferred income | 492/3 | €156 | €135 | -€20 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,629 | €13,563 | -€4,065 | -23.1% |
| Other operating charges | 640/8 | €1,369 | €1,231 | -€138 | -10.1% |
| Gross operating margin | 9900 | -€2,368 | €14,625 | +€16,993 | |
| Operating profit (loss) | 9901 | -€21,366 | -€170 | +€21,196 | +99.2% |
| Financial charges | 65/66B | €1,334 | €931 | -€402 | -30.2% |
| Recurring financial charges | 65 | €1,334 | €931 | -€402 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | -€22,700 | -€1,101 | +€21,599 | +95.2% |
| Profit (loss) for the period | 9904 | -€22,700 | -€1,101 | +€21,599 | +95.2% |
| Transfer from tax-exempt reserves | 789 | €2,199 | €2,199 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,500 | €1,098 | +€21,599 |
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 15 October 2026 via checked.be.