SECRETARIAT DIRECT: 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.
SECRETARIAT DIRECT
Largest movements
- Receivables within one year +€72,470
up €72,470 (+21.6%), from €336,037 to €408,507
of which Other amounts receivable: +€61,314
- Other debts +€60,865
new in 2025: €60,865
- Tax, wage and social debts +€13,062
up €13,062 (+10.1%), from €129,019 to €142,081
of which Remuneration and social security: +€15,291
- Trade debts +€8,535
up €8,535 (+76.0%), from €11,230 to €19,765
- Reserves -€8,000
down €8,000 (-4.5%), from €177,000 to €169,000
- Staff costs +€17,322
up €17,322 (+22.3%), from €77,832 to €95,154
- Taxes -€8,375
down €8,375 (-25.9%), from €32,368 to €23,993
- Other operating charges -€3,782
down €3,782 (-49.6%), from €7,619 to €3,837
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €353,806 | €424,563 | +€70,757 | +20.0% |
| Fixed assets | 21/28 | €16,610 | €14,975 | -€1,635 | -9.8% |
| Tangible fixed assets | 22/27 | €14,400 | €12,765 | -€1,635 | -11.4% |
| Plant, machinery and equipment | 23 | €9,777 | €8,424 | -€1,353 | -13.8% |
| Furniture and vehicles | 24 | €4,623 | €4,341 | -€282 | -6.1% |
| Financial fixed assets | 28 | €2,210 | €2,210 | = | 0.0% |
| Current assets | 29/58 | €337,196 | €409,588 | +€72,392 | +21.5% |
| Amounts receivable within one year | 40/41 | €336,037 | €408,507 | +€72,470 | +21.6% |
| Trade receivables | 40 | €45,110 | €56,266 | +€11,156 | +24.7% |
| Other amounts receivable | 41 | €290,927 | €352,241 | +€61,314 | +21.1% |
| Deferred charges and accrued income | 490/1 | €1,159 | €1,081 | -€78 | -6.8% |
| Total equity and liabilities | 10/49 | €353,806 | €424,563 | +€70,757 | +20.0% |
| Equity | 10/15 | €198,682 | €190,787 | -€7,895 | -4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €177,000 | €169,000 | -€8,000 | -4.5% |
| Distributable reserves | 133 | €177,000 | €169,000 | -€8,000 | -4.5% |
| Profit (loss) carried forward | 14 | €15,482 | €15,587 | +€105 | +0.7% |
| Amounts payable | 17/49 | €155,124 | €233,776 | +€78,652 | +50.7% |
| Amounts payable within one year | 42/48 | €154,787 | €233,506 | +€78,719 | +50.9% |
| Financial debts | 43 | €14,538 | €10,795 | -€3,743 | -25.7% |
| Credit institutions | 430/8 | €14,538 | €10,795 | -€3,743 | -25.7% |
| Trade debts | 44 | €11,230 | €19,765 | +€8,535 | +76.0% |
| Suppliers | 440/4 | €11,230 | €19,765 | +€8,535 | +76.0% |
| Taxes, remuneration and social security | 45 | €129,019 | €142,081 | +€13,062 | +10.1% |
| Taxes | 450/3 | €120,237 | €118,008 | -€2,229 | -1.9% |
| Remuneration and social security | 454/9 | €8,782 | €24,073 | +€15,291 | +174% |
| Other amounts payable | 47/48 | - | €60,865 | +€60,865 | |
| Accrued charges and deferred income | 492/3 | €337 | €270 | -€67 | -20.0% |
| Remuneration, social security and pensions | 62 | €77,832 | €95,154 | +€17,322 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,610 | €2,791 | +€1,181 | +73.4% |
| Other operating charges | 640/8 | €7,619 | €3,837 | -€3,782 | -49.6% |
| Gross operating margin | 9900 | €187,792 | €187,898 | +€106 | +0.1% |
| Operating profit (loss) | 9901 | €100,731 | €86,117 | -€14,614 | -14.5% |
| Financial income | 75/76B | €399 | €0 | -€399 | -100.0% |
| Recurring financial income | 75 | €399 | €0 | -€399 | -100.0% |
| Financial charges | 65/66B | €4,887 | €5,019 | +€132 | +2.7% |
| Recurring financial charges | 65 | €4,887 | €5,019 | +€132 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €96,243 | €81,098 | -€15,145 | -15.7% |
| Income taxes | 67/77 | €32,368 | €23,993 | -€8,375 | -25.9% |
| Profit (loss) for the period | 9904 | €63,875 | €57,105 | -€6,770 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €63,875 | €57,105 | -€6,770 | -10.6% |
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 17 October 2026 via checked.be.