Secondo: 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.
Secondo
Largest movements
- Cash +€267,267
up €267,267 (+2911.4%), from €9,180 to €276,447
mainly Stocks and contracts (+€194,241) and Net result for the year (+€48,792)
- Stocks and contracts -€194,241
down €194,241 (-36.5%), from €532,230 to €337,989
- Tangible fixed assets -€26,673
no longer reported in 2025 (was €26,673)
of which Furniture and vehicles: -€21,969
- Receivables within one year -€21,151
down €21,151 (-84.2%), from €25,122 to €3,971
of which Other amounts receivable: -€15,828
- Reserves +€49,000
up €49,000 (+16.2%), from €302,000 to €351,000
- Other debts -€13,199
down €13,199 (-21.9%), from €60,352 to €47,153
- Trade debts -€10,474
no longer reported in 2025 (was €10,474)
- Gross operating margin -€63,290
down €63,290 (-45.3%), from €139,716 to €76,426
- Depreciation -€16,270
no longer reported in 2025 (was €16,270)
- Taxes -€4,792
down €4,792 (-22.7%), from €21,142 to €16,349
- Other operating charges -€2,344
down €2,344 (-72.5%), from €3,235 to €890
- Financial income -€1,424
down €1,424 (-45.1%), from €3,160 to €1,736
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 | €593,346 | €618,408 | +€25,062 | +4.2% |
| Fixed assets | 21/28 | €26,778 | - | -€26,778 | |
| Tangible fixed assets | 22/27 | €26,673 | - | -€26,673 | |
| Plant, machinery and equipment | 23 | €4,704 | - | -€4,704 | |
| Furniture and vehicles | 24 | €21,969 | - | -€21,969 | |
| Financial fixed assets | 28 | €105 | - | -€105 | |
| Current assets | 29/58 | €566,568 | €618,408 | +€51,840 | +9.1% |
| Stocks and contracts in progress | 3 | €532,230 | €337,989 | -€194,241 | -36.5% |
| Stocks | 30/36 | €532,230 | €337,989 | -€194,241 | -36.5% |
| Amounts receivable within one year | 40/41 | €25,122 | €3,971 | -€21,151 | -84.2% |
| Trade receivables | 40 | €5,322 | - | -€5,322 | |
| Other amounts receivable | 41 | €19,800 | €3,971 | -€15,828 | -79.9% |
| Cash at bank and in hand | 54/58 | €9,180 | €276,447 | +€267,267 | +2911.4% |
| Deferred charges and accrued income | 490/1 | €36 | - | -€36 | |
| Total equity and liabilities | 10/49 | €593,346 | €618,408 | +€25,062 | +4.2% |
| Equity | 10/15 | €303,920 | €352,712 | +€48,792 | +16.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €302,000 | €351,000 | +€49,000 | +16.2% |
| Distributable reserves | 133 | €302,000 | €351,000 | +€49,000 | +16.2% |
| Profit (loss) carried forward | 14 | €920 | €712 | -€208 | -22.6% |
| Amounts payable | 17/49 | €289,426 | €265,696 | -€23,730 | -8.2% |
| Amounts payable after more than one year | 17 | €212,000 | €212,000 | = | 0.0% |
| Other amounts payable | 178/9 | €212,000 | €212,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €74,510 | €50,779 | -€23,732 | -31.9% |
| Trade debts | 44 | €10,474 | - | -€10,474 | |
| Suppliers | 440/4 | €10,474 | - | -€10,474 | |
| Taxes, remuneration and social security | 45 | €3,684 | €3,625 | -€59 | -1.6% |
| Taxes | 450/3 | €3,684 | €3,625 | -€59 | -1.6% |
| Other amounts payable | 47/48 | €60,352 | €47,153 | -€13,199 | -21.9% |
| Accrued charges and deferred income | 492/3 | €2,916 | €2,917 | +€1 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,270 | - | -€16,270 | |
| Other operating charges | 640/8 | €3,235 | €890 | -€2,344 | -72.5% |
| Gross operating margin | 9900 | €139,716 | €76,426 | -€63,290 | -45.3% |
| Operating profit (loss) | 9901 | €120,211 | €75,536 | -€44,675 | -37.2% |
| Financial income | 75/76B | €3,160 | €1,736 | -€1,424 | -45.1% |
| Recurring financial income | 75 | €3,160 | €1,736 | -€1,424 | -45.1% |
| Financial charges | 65/66B | €12,248 | €12,130 | -€118 | -1.0% |
| Recurring financial charges | 65 | €12,248 | €12,130 | -€118 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €111,123 | €65,141 | -€45,982 | -41.4% |
| Income taxes | 67/77 | €21,142 | €16,349 | -€4,792 | -22.7% |
| Profit (loss) for the period | 9904 | €89,982 | €48,792 | -€41,189 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €89,982 | €48,792 | -€41,189 | -45.8% |
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 4 October 2026 via checked.be.