SECOVA: 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.
What changed
SECOVA
NACE 01.461, Pig breeding farms
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€116,349
2024 · €122,591-€6,242
Equity
€812,484
2024 · €696,135+€116,349
Cash
€171,479
2024 · €163,610+€7,869
Balance sheet total
€1.4m
2024 · €1.1m+€261,884
Largest movements
Assets
- Current investments +€228,083
up €228,083 (+376%), from €60,731 to €288,814
Equity and liabilities
- Trade debts +€270,780
up €270,780 (+590%), from €45,909 to €316,689
- Reserves +€98,687
up €98,687 (+14.2%), from €692,692 to €791,378
of which Distributable reserves: +€100,000
- Debts after one year -€57,173
down €57,173 (-29.5%), from €193,534 to €136,361
- Current portion of long-term debt -€39,230
down €39,230 (-40.7%), from €96,404 to €57,173
- Tax, wage and social debts -€24,724
down €24,724 (-61.5%), from €40,182 to €15,458
of which Taxes: -€26,426
Income statement
- Depreciation +€7,630
up €7,630 (+12.4%), from €61,424 to €69,054
- Taxes -€5,818
down €5,818 (-15.5%), from €37,443 to €31,625
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.
Result 2024
€122,591
Gross operating margin
-€735
Depreciation
-€7,630
Other operating charges
-€526
Financial income
-€1,385
Financial charges
-€1,630
Taxes
+€5,818
Deferred taxes and other
-€154
Result 2025
€116,349
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€401,192
Investment
-€296,920
Financing
-€96,403
Cash 2024
€163,610
From operations (derived)
+€401,192
Net result for the year
+€116,349
Depreciation
+€69,054
Stocks and contracts
-€8,232
Receivables within one year
-€12,642
Deferred charges and accrued income
-€5,275
Provisions
-€438
Trade debts
+€270,780
Tax, wage and social debts
-€24,724
Other debts
-€5,790
Accrued charges and deferred income
+€2,109
Investment (derived)
-€296,920
Investment in fixed assets (net)
-€68,837
Current investments
-€228,083
Financing
-€96,403
Debts after one year
-€57,173
Current portion of long-term debt
-€39,230
Cash 2025
€171,479
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,097,019 | €1,358,903 | +€261,884 | +23.9% |
| Fixed assets | 21/28 | €421,390 | €421,173 | -€217 | -0.1% |
| Tangible fixed assets | 22/27 | €421,390 | €421,173 | -€217 | -0.1% |
| Land and buildings | 22 | €147,977 | €128,121 | -€19,856 | -13.4% |
| Plant, machinery and equipment | 23 | €269,738 | €293,052 | +€23,314 | +8.6% |
| Furniture and vehicles | 24 | €3,676 | - | -€3,676 | |
| Current assets | 29/58 | €675,628 | €937,729 | +€262,101 | +38.8% |
| Stocks and contracts in progress | 3 | €370,590 | €378,822 | +€8,232 | +2.2% |
| Stocks | 30/36 | €370,590 | €378,822 | +€8,232 | +2.2% |
| Amounts receivable within one year | 40/41 | €78,735 | €91,376 | +€12,642 | +16.1% |
| Trade receivables | 40 | €55,855 | €44,426 | -€11,429 | -20.5% |
| Other amounts receivable | 41 | €22,880 | €46,950 | +€24,070 | +105% |
| Current investments | 50/53 | €60,731 | €288,814 | +€228,083 | +376% |
| Cash at bank and in hand | 54/58 | €163,610 | €171,479 | +€7,869 | +4.8% |
| Deferred charges and accrued income | 490/1 | €1,963 | €7,238 | +€5,275 | +269% |
| Total equity and liabilities | 10/49 | €1,097,019 | €1,358,903 | +€261,884 | +23.9% |
| Equity | 10/15 | €696,135 | €812,484 | +€116,349 | +16.7% |
| Contributions | 10/11 | - | €17,826 | +€17,826 | |
| Reserves | 13 | €692,692 | €791,378 | +€98,687 | +14.2% |
| Tax-exempt reserves | 132 | €7,692 | €6,378 | -€1,313 | -17.1% |
| Distributable reserves | 133 | €685,000 | €785,000 | +€100,000 | +14.6% |
| Profit (loss) carried forward | 14 | €3,443 | €3,280 | -€163 | -4.7% |
| Provisions and deferred taxes | 16 | €2,564 | €2,126 | -€438 | -17.1% |
| Deferred taxes | 168 | €2,564 | €2,126 | -€438 | -17.1% |
| Amounts payable | 17/49 | €398,320 | €544,292 | +€145,972 | +36.6% |
| Amounts payable after more than one year | 17 | €193,534 | €136,361 | -€57,173 | -29.5% |
| Financial debts | 170/4 | €193,534 | €136,361 | -€57,173 | -29.5% |
| Amounts payable within one year | 42/48 | €203,982 | €405,018 | +€201,036 | +98.6% |
| Current portion of amounts payable after more than one year | 42 | €96,404 | €57,173 | -€39,230 | -40.7% |
| Trade debts | 44 | €45,909 | €316,689 | +€270,780 | +590% |
| Suppliers | 440/4 | €45,909 | €316,689 | +€270,780 | +590% |
| Taxes, remuneration and social security | 45 | €40,182 | €15,458 | -€24,724 | -61.5% |
| Taxes | 450/3 | €38,494 | €12,068 | -€26,426 | -68.7% |
| Remuneration and social security | 454/9 | €1,688 | €3,391 | +€1,703 | +101% |
| Other amounts payable | 47/48 | €21,487 | €15,697 | -€5,790 | -26.9% |
| Accrued charges and deferred income | 492/3 | €804 | €2,913 | +€2,109 | +262% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,424 | €69,054 | +€7,630 | +12.4% |
| Other operating charges | 640/8 | €3,730 | €4,256 | +€526 | +14.1% |
| Gross operating margin | 9900 | €232,219 | €231,484 | -€735 | -0.3% |
| Operating profit (loss) | 9901 | €167,065 | €158,174 | -€8,891 | -5.3% |
| Financial income | 75/76B | €2,913 | €1,529 | -€1,385 | -47.5% |
| Recurring financial income | 75 | €2,913 | €1,529 | -€1,385 | -47.5% |
| Financial charges | 65/66B | €10,536 | €12,167 | +€1,630 | +15.5% |
| Recurring financial charges | 65 | €10,536 | €12,167 | +€1,630 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €159,442 | €147,537 | -€11,906 | -7.5% |
| Transfer from deferred taxes | 780 | €592 | €438 | -€154 | -26.0% |
| Income taxes | 67/77 | €37,443 | €31,625 | -€5,818 | -15.5% |
| Profit (loss) for the period | 9904 | €122,591 | €116,349 | -€6,242 | -5.1% |
| Transfer from tax-exempt reserves | 789 | €1,775 | €1,313 | -€461 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,366 | €117,663 | -€6,703 | -5.4% |
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 15 October 2026 via checked.be.