SECOPASS: 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.
SECOPASS
Largest movements
- Receivables within one year +€61,413
up €61,413 (+23.7%), from €259,525 to €320,938
of which Trade receivables: +€63,086
- Tangible fixed assets +€17,508
up €17,508 (+20.4%), from €85,885 to €103,392
of which Furniture and vehicles: +€28,951
- Cash +€12,322
up €12,322 (+6.4%), from €193,473 to €205,795
mainly Net result for the year (+€54,592) and Depreciation (+€21,950)
- Profit (loss) carried forward +€54,592
up €54,592 (+30.9%), from -€176,922 to -€122,330
- Tax, wage and social debts +€20,752
up €20,752 (+13.3%), from €155,622 to €176,373
of which Remuneration and social security: +€23,604
- Short-term financial debts +€9,774
up €9,774 (+31.3%), from €31,187 to €40,961
- Gross operating margin +€26,950
up €26,950 (+2.0%), from €1.4m to €1.4m
- Staff costs +€19,505
up €19,505 (+1.5%), from €1.3m to €1.3m
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 | €648,879 | €739,621 | +€90,741 | +14.0% |
| Fixed assets | 21/28 | €185,821 | €205,151 | +€19,330 | +10.4% |
| Intangible fixed assets | 21 | €2,991 | €1,769 | -€1,222 | -40.9% |
| Tangible fixed assets | 22/27 | €85,885 | €103,392 | +€17,508 | +20.4% |
| Plant, machinery and equipment | 23 | €972 | €694 | -€278 | -28.6% |
| Furniture and vehicles | 24 | €17,730 | €46,682 | +€28,951 | +163.3% |
| Other tangible fixed assets | 26 | €67,182 | €56,017 | -€11,166 | -16.6% |
| Financial fixed assets | 28 | €96,945 | €99,990 | +€3,045 | +3.1% |
| Current assets | 29/58 | €463,058 | €534,469 | +€71,411 | +15.4% |
| Amounts receivable within one year | 40/41 | €259,525 | €320,938 | +€61,413 | +23.7% |
| Trade receivables | 40 | €175,478 | €238,564 | +€63,086 | +36.0% |
| Other amounts receivable | 41 | €84,047 | €82,374 | -€1,673 | -2.0% |
| Cash at bank and in hand | 54/58 | €193,473 | €205,795 | +€12,322 | +6.4% |
| Deferred charges and accrued income | 490/1 | €10,061 | €7,737 | -€2,324 | -23.1% |
| Total equity and liabilities | 10/49 | €648,879 | €739,621 | +€90,741 | +14.0% |
| Equity | 10/15 | -€31,038 | €23,554 | +€54,592 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,284 | €127,284 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,299 | €18,299 | = | 0.0% |
| Other | 1319 | €18,299 | €18,299 | = | 0.0% |
| Tax-exempt reserves | 132 | €108,985 | €108,985 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€176,922 | -€122,330 | +€54,592 | +30.9% |
| Amounts payable | 17/49 | €679,917 | €716,067 | +€36,150 | +5.3% |
| Amounts payable after more than one year | 17 | €420,000 | €420,000 | = | 0.0% |
| Financial debts | 170/4 | €420,000 | €420,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €259,595 | €295,329 | +€35,734 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €1,079 | - | -€1,079 | |
| Financial debts | 43 | €31,187 | €40,961 | +€9,774 | +31.3% |
| Other loans | 439 | €31,187 | €40,961 | +€9,774 | +31.3% |
| Trade debts | 44 | €10,305 | €11,680 | +€1,374 | +13.3% |
| Suppliers | 440/4 | €10,305 | €11,680 | +€1,374 | +13.3% |
| Taxes, remuneration and social security | 45 | €155,622 | €176,373 | +€20,752 | +13.3% |
| Taxes | 450/3 | €6,560 | €3,707 | -€2,852 | -43.5% |
| Remuneration and social security | 454/9 | €149,062 | €172,666 | +€23,604 | +15.8% |
| Other amounts payable | 47/48 | €61,402 | €66,315 | +€4,913 | +8.0% |
| Accrued charges and deferred income | 492/3 | €322 | €738 | +€416 | +129.0% |
| Remuneration, social security and pensions | 62 | €1,258,602 | €1,278,107 | +€19,505 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,902 | €21,950 | +€8,048 | +57.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,237 | €6,534 | +€11,771 | |
| Other operating charges | 640/8 | €13,670 | €14,131 | +€461 | +3.4% |
| Gross operating margin | 9900 | €1,361,990 | €1,388,940 | +€26,950 | +2.0% |
| Operating profit (loss) | 9901 | €81,054 | €68,219 | -€12,835 | -15.8% |
| Financial income | 75/76B | €187 | €854 | +€667 | +357.0% |
| Recurring financial income | 75 | €187 | €854 | +€667 | +357.0% |
| Financial charges | 65/66B | €14,297 | €14,299 | +€2 | 0.0% |
| Recurring financial charges | 65 | €14,297 | €14,299 | +€2 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €66,944 | €54,774 | -€12,170 | -18.2% |
| Income taxes | 67/77 | €197 | €182 | -€15 | -7.6% |
| Profit (loss) for the period | 9904 | €66,747 | €54,592 | -€12,155 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,747 | €54,592 | -€12,155 | -18.2% |
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.