SECORE: 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.
SECORE
Largest movements
- Cash +€72,122
up €72,122 (+222%), from €32,548 to €104,670
mainly Trade debts (+€62,028) and Tax, wage and social debts (+€19,213)
- Receivables within one year +€24,206
up €24,206 (+100%), from €24,110 to €48,316
of which Trade receivables: +€20,723
- Tangible fixed assets +€1,942
new in 2025: €1,942
- Trade debts +€62,028
up €62,028 (+2,379%), from €2,607 to €64,635
- Tax, wage and social debts +€19,213
up €19,213 (+153%), from €12,569 to €31,781
of which Remuneration and social security: +€18,792
- Profit (loss) carried forward +€11,639
up €11,639 (+223%), from €5,223 to €16,862
- Accrued charges and deferred income +€5,756
up €5,756 (+449%), from €1,283 to €7,038
- Staff costs +€250,800
up €250,800 (+552%), from €45,475 to €296,274
- Gross operating margin +€246,349
up €246,349 (+393%), from €62,619 to €308,968
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 | €57,021 | €155,574 | +€98,553 | +173% |
| Fixed assets | 21/28 | €363 | €2,305 | +€1,942 | +535% |
| Tangible fixed assets | 22/27 | - | €1,942 | +€1,942 | |
| Furniture and vehicles | 24 | - | €1,942 | +€1,942 | |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €56,658 | €153,270 | +€96,611 | +171% |
| Amounts receivable within one year | 40/41 | €24,110 | €48,316 | +€24,206 | +100% |
| Trade receivables | 40 | €24,110 | €44,833 | +€20,723 | +85.9% |
| Other amounts receivable | 41 | €0 | €3,483 | +€3,483 | |
| Cash at bank and in hand | 54/58 | €32,548 | €104,670 | +€72,122 | +222% |
| Deferred charges and accrued income | 490/1 | €0 | €283 | +€283 | |
| Total equity and liabilities | 10/49 | €57,021 | €155,574 | +€98,553 | +173% |
| Equity | 10/15 | €40,481 | €52,120 | +€11,639 | +28.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,658 | €16,658 | = | 0.0% |
| Distributable reserves | 133 | €16,658 | €16,658 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,223 | €16,862 | +€11,639 | +223% |
| Amounts payable | 17/49 | €16,541 | €103,455 | +€86,914 | +525% |
| Amounts payable within one year | 42/48 | €15,258 | €96,417 | +€81,159 | +532% |
| Trade debts | 44 | €2,607 | €64,635 | +€62,028 | +2,379% |
| Suppliers | 440/4 | €2,607 | €64,635 | +€62,028 | +2,379% |
| Taxes, remuneration and social security | 45 | €12,569 | €31,781 | +€19,213 | +153% |
| Taxes | 450/3 | €1,704 | €2,125 | +€420 | +24.7% |
| Remuneration and social security | 454/9 | €10,864 | €29,657 | +€18,792 | +173% |
| Other amounts payable | 47/48 | €82 | €0 | -€82 | -100% |
| Accrued charges and deferred income | 492/3 | €1,283 | €7,038 | +€5,756 | +449% |
| Remuneration, social security and pensions | 62 | €45,475 | €296,274 | +€250,800 | +552% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €153 | +€153 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €62,619 | €308,968 | +€246,349 | +393% |
| Operating profit (loss) | 9901 | €16,757 | €12,140 | -€4,616 | -27.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €480 | €501 | +€22 | +4.5% |
| Recurring financial charges | 65 | €480 | €501 | +€22 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €16,277 | €11,639 | -€4,638 | -28.5% |
| Income taxes | 67/77 | €1,480 | €0 | -€1,480 | -100% |
| Profit (loss) for the period | 9904 | €14,798 | €11,639 | -€3,158 | -21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,798 | €11,639 | -€3,158 | -21.3% |
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 13 October 2026 via checked.be.