SECONDO ZIO: 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.
SECONDO ZIO
Largest movements
- Intangible fixed assets -€14,200
down €14,200 (-44.5%), from €31,901 to €17,701
- Tangible fixed assets -€11,329
down €11,329 (-36.5%), from €31,014 to €19,685
of which Plant, machinery and equipment: -€6,501
- Cash +€8,712
up €8,712 (+18.6%), from €46,839 to €55,551
mainly Depreciation (+€25,529) and Receivables within one year (+€7,711)
- Receivables within one year -€7,711
down €7,711 (-57.7%), from €13,369 to €5,658
of which Trade receivables: -€13,260
- Debts after one year -€14,643
down €14,643 (-27.8%), from €52,707 to €38,064
- Trade debts -€14,323
down €14,323 (-94.2%), from €15,201 to €878
- Reserves +€2,441
up €2,441 (+18.6%), from €13,144 to €15,585
- Tax, wage and social debts +€1,857
up €1,857 (+13.4%), from €13,821 to €15,679
of which Remuneration and social security: +€3,180
- Gross operating margin -€16,955
down €16,955 (-10.7%), from €158,460 to €141,505
- Staff costs -€11,799
down €11,799 (-10.0%), from €118,408 to €106,609
- Taxes -€2,425
down €2,425 (-83.9%), from €2,891 to €466
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 | €134,320 | €110,163 | -€24,157 | -18.0% |
| Fixed assets | 21/28 | €62,916 | €37,386 | -€25,529 | -40.6% |
| Intangible fixed assets | 21 | €31,901 | €17,701 | -€14,200 | -44.5% |
| Tangible fixed assets | 22/27 | €31,014 | €19,685 | -€11,329 | -36.5% |
| Plant, machinery and equipment | 23 | €15,149 | €8,648 | -€6,501 | -42.9% |
| Furniture and vehicles | 24 | €15,866 | €11,037 | -€4,829 | -30.4% |
| Current assets | 29/58 | €71,404 | €72,776 | +€1,372 | +1.9% |
| Stocks and contracts in progress | 3 | €9,798 | €9,987 | +€189 | +1.9% |
| Stocks | 30/36 | €9,798 | €9,987 | +€189 | +1.9% |
| Amounts receivable within one year | 40/41 | €13,369 | €5,658 | -€7,711 | -57.7% |
| Trade receivables | 40 | €13,260 | - | -€13,260 | |
| Other amounts receivable | 41 | €109 | €5,658 | +€5,549 | +5110.3% |
| Cash at bank and in hand | 54/58 | €46,839 | €55,551 | +€8,712 | +18.6% |
| Deferred charges and accrued income | 490/1 | €1,399 | €1,581 | +€182 | +13.0% |
| Total equity and liabilities | 10/49 | €134,320 | €110,163 | -€24,157 | -18.0% |
| Equity | 10/15 | €33,144 | €35,585 | +€2,441 | +7.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €13,144 | €15,585 | +€2,441 | +18.6% |
| Distributable reserves | 133 | €13,144 | €15,585 | +€2,441 | +18.6% |
| Amounts payable | 17/49 | €101,176 | €74,578 | -€26,599 | -26.3% |
| Amounts payable after more than one year | 17 | €52,707 | €38,064 | -€14,643 | -27.8% |
| Financial debts | 170/4 | €52,707 | €38,064 | -€14,643 | -27.8% |
| Amounts payable within one year | 42/48 | €48,470 | €36,514 | -€11,956 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €14,133 | €14,643 | +€510 | +3.6% |
| Trade debts | 44 | €15,201 | €878 | -€14,323 | -94.2% |
| Suppliers | 440/4 | €15,201 | €878 | -€14,323 | -94.2% |
| Taxes, remuneration and social security | 45 | €13,821 | €15,679 | +€1,857 | +13.4% |
| Taxes | 450/3 | €7,090 | €5,767 | -€1,323 | -18.7% |
| Remuneration and social security | 454/9 | €6,732 | €9,912 | +€3,180 | +47.2% |
| Other amounts payable | 47/48 | €5,315 | €5,315 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €118,408 | €106,609 | -€11,799 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,067 | €25,529 | +€1,462 | +6.1% |
| Other operating charges | 640/8 | €1,383 | €663 | -€719 | -52.0% |
| Gross operating margin | 9900 | €158,460 | €141,505 | -€16,955 | -10.7% |
| Operating profit (loss) | 9901 | €14,602 | €8,704 | -€5,899 | -40.4% |
| Financial income | 75/76B | €4 | €3 | -€0 | -12.7% |
| Recurring financial income | 75 | €4 | €3 | -€0 | -12.7% |
| Financial charges | 65/66B | €6,255 | €5,800 | -€455 | -7.3% |
| Recurring financial charges | 65 | €6,255 | €5,800 | -€455 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €8,351 | €2,907 | -€5,444 | -65.2% |
| Income taxes | 67/77 | €2,891 | €466 | -€2,425 | -83.9% |
| Profit (loss) for the period | 9904 | €5,460 | €2,441 | -€3,018 | -55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,460 | €2,441 | -€3,018 | -55.3% |
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 11 October 2026 via checked.be.