SECRETO: 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.
SECRETO
Largest movements
- Receivables within one year +€53,268
up €53,268 (+47.8%), from €111,425 to €164,693
- Current investments +€33,083
up €33,083 (+516%), from €6,414 to €39,497
- Cash +€26,968
up €26,968 (+98.0%), from €27,510 to €54,478
mainly Other debts (+€99,324) and Depreciation (+€31,404)
- Tangible fixed assets -€20,639
down €20,639 (-5.0%), from €414,894 to €394,255
of which Land and buildings: -€18,028
- Other debts +€99,324
up €99,324 (+70.2%), from €141,440 to €240,764
- Accrued charges and deferred income +€16,469
up €16,469 (+47.4%), from €34,780 to €51,249
- Tax, wage and social debts -€13,353
down €13,353 (-25.9%), from €51,527 to €38,174
- Reserves -€6,639
down €6,639 (-2.1%), from €315,127 to €308,488
of which Distributable reserves: -€6,639
- Financial charges +€70,988
up €70,988 (+567%), from €12,515 to €83,502
- Gross operating margin +€58,882
up €58,882 (+54.8%), from €107,420 to €166,302
- Taxes -€5,484
down €5,484 (-25.6%), from €21,392 to €15,907
- Other operating charges +€3,738
up €3,738 (+212%), from €1,767 to €5,505
- Depreciation +€2,223
up €2,223 (+7.6%), from €29,181 to €31,404
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 | €561,442 | €655,660 | +€94,218 | +16.8% |
| Fixed assets | 21/28 | €415,078 | €394,439 | -€20,639 | -5.0% |
| Tangible fixed assets | 22/27 | €414,894 | €394,255 | -€20,639 | -5.0% |
| Land and buildings | 22 | €387,021 | €368,993 | -€18,028 | -4.7% |
| Plant, machinery and equipment | 23 | €1,398 | €1,011 | -€387 | -27.7% |
| Furniture and vehicles | 24 | €8,237 | €7,523 | -€715 | -8.7% |
| Other tangible fixed assets | 26 | €18,238 | €16,729 | -€1,509 | -8.3% |
| Financial fixed assets | 28 | €184 | €184 | = | 0.0% |
| Current assets | 29/58 | €146,364 | €261,221 | +€114,857 | +78.5% |
| Amounts receivable within one year | 40/41 | €111,425 | €164,693 | +€53,268 | +47.8% |
| Trade receivables | 40 | €111,425 | €164,693 | +€53,268 | +47.8% |
| Current investments | 50/53 | €6,414 | €39,497 | +€33,083 | +516% |
| Cash at bank and in hand | 54/58 | €27,510 | €54,478 | +€26,968 | +98.0% |
| Deferred charges and accrued income | 490/1 | €1,015 | €2,553 | +€1,538 | +152% |
| Total equity and liabilities | 10/49 | €561,442 | €655,660 | +€94,218 | +16.8% |
| Equity | 10/15 | €327,527 | €320,888 | -€6,639 | -2.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €315,127 | €308,488 | -€6,639 | -2.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €315,127 | €308,488 | -€6,639 | -2.1% |
| Amounts payable | 17/49 | €233,915 | €334,773 | +€100,858 | +43.1% |
| Amounts payable within one year | 42/48 | €199,135 | €283,524 | +€84,389 | +42.4% |
| Trade debts | 44 | €6,167 | €4,586 | -€1,581 | -25.6% |
| Suppliers | 440/4 | €6,167 | €4,586 | -€1,581 | -25.6% |
| Taxes, remuneration and social security | 45 | €51,527 | €38,174 | -€13,353 | -25.9% |
| Taxes | 450/3 | €51,527 | €38,174 | -€13,353 | -25.9% |
| Other amounts payable | 47/48 | €141,440 | €240,764 | +€99,324 | +70.2% |
| Accrued charges and deferred income | 492/3 | €34,780 | €51,249 | +€16,469 | +47.4% |
| Non-recurring operating income | 76A | €1,810 | €10,992 | +€9,182 | +507% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,181 | €31,404 | +€2,223 | +7.6% |
| Other operating charges | 640/8 | €1,767 | €5,505 | +€3,738 | +212% |
| Non-recurring operating charges | 66A | €116 | €0 | -€116 | -100% |
| Gross operating margin | 9900 | €107,420 | €166,302 | +€58,882 | +54.8% |
| Operating profit (loss) | 9901 | €76,356 | €129,393 | +€53,037 | +69.5% |
| Financial income | 75/76B | €192 | €135 | -€58 | -29.9% |
| Recurring financial income | 75 | €192 | €135 | -€58 | -29.9% |
| Financial charges | 65/66B | €12,515 | €83,502 | +€70,988 | +567% |
| Recurring financial charges | 65 | €12,515 | €83,502 | +€70,988 | +567% |
| Profit (loss) for the period before taxes | 9903 | €64,034 | €46,026 | -€18,008 | -28.1% |
| Income taxes | 67/77 | €21,392 | €15,907 | -€5,484 | -25.6% |
| Profit (loss) for the period | 9904 | €42,642 | €30,119 | -€12,524 | -29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,642 | €30,119 | -€12,524 | -29.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.