Secondaries Opportunity Fund: 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.
Secondaries Opportunity Fund
Largest movements
- Current investments +€509,964
up €509,964 (+27.7%), from €1.8m to €2.3m
- Receivables within one year -€476,722
down €476,722 (-98.9%), from €482,155 to €5,433
- Cash -€270,443
down €270,443 (-51.4%), from €525,929 to €255,486
mainly Current investments (-€509,964) and Contributions, distributions and other (-€259,700)
- Contributions -€259,700
down €259,700 (-8.9%), from €2.9m to €2.7m
- Financial income +€92,740
up €92,740 (+582%), from €15,940 to €108,679
- Financial charges +€57,839
up €57,839 (+329%), from €17,581 to €75,420
- Gross operating margin -€4,373
down €4,373 (-29.6%), from -€14,755 to -€19,128
- Depreciation -€1,140
down €1,140 (-7.8%), from €14,628 to €13,488
- Other operating charges -€372
down €372 (-41.4%), from €898 to €526
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 | €2,898,857 | €2,648,168 | -€250,689 | -8.6% |
| Formation expenses | 20 | €52,813 | €39,325 | -€13,488 | -25.5% |
| Current assets | 29/58 | €2,846,044 | €2,608,843 | -€237,201 | -8.3% |
| Amounts receivable within one year | 40/41 | €482,155 | €5,433 | -€476,722 | -98.9% |
| Other amounts receivable | 41 | €482,155 | €5,433 | -€476,722 | -98.9% |
| Current investments | 50/53 | €1,837,960 | €2,347,924 | +€509,964 | +27.7% |
| Cash at bank and in hand | 54/58 | €525,929 | €255,486 | -€270,443 | -51.4% |
| Total equity and liabilities | 10/49 | €2,898,857 | €2,648,168 | -€250,689 | -8.6% |
| Equity | 10/15 | €2,890,603 | €2,631,021 | -€259,582 | -9.0% |
| Contributions | 10/11 | €2,922,525 | €2,662,825 | -€259,700 | -8.9% |
| Profit (loss) carried forward | 14 | -€31,922 | -€31,805 | +€118 | +0.4% |
| Amounts payable | 17/49 | €8,254 | €17,147 | +€8,893 | +108% |
| Amounts payable within one year | 42/48 | €8,254 | €17,147 | +€8,893 | +108% |
| Trade debts | 44 | €8,064 | €14,065 | +€6,000 | +74.4% |
| Suppliers | 440/4 | €8,064 | €14,065 | +€6,000 | +74.4% |
| Other amounts payable | 47/48 | €190 | €3,082 | +€2,892 | +1,522% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,628 | €13,488 | -€1,140 | -7.8% |
| Other operating charges | 640/8 | €898 | €526 | -€372 | -41.4% |
| Gross operating margin | 9900 | -€14,755 | -€19,128 | -€4,373 | -29.6% |
| Operating profit (loss) | 9901 | -€30,281 | -€33,142 | -€2,861 | -9.4% |
| Financial income | 75/76B | €15,940 | €108,679 | +€92,740 | +582% |
| Recurring financial income | 75 | €15,940 | €108,679 | +€92,740 | +582% |
| Financial charges | 65/66B | €17,581 | €75,420 | +€57,839 | +329% |
| Recurring financial charges | 65 | €17,581 | €75,420 | +€57,839 | +329% |
| Profit (loss) for the period before taxes | 9903 | -€31,922 | €118 | +€32,040 | |
| Profit (loss) for the period | 9904 | -€31,922 | €118 | +€32,040 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,922 | €118 | +€32,040 |
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 19 October 2026 via checked.be.