SECU MANAGEMENT: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
SECU MANAGEMENT
Largest movements
- Financial fixed assets -€277,500
no longer reported in 2025 (was €277,500)
- Cash +€72,528
up €72,528 (+79.5%), from €91,253 to €163,781
mainly Investment in fixed assets (net) (+€276,245) and Other debts (+€53,000)
- Receivables within one year -€30,801
down €30,801 (-25.9%), from €119,119 to €88,318
of which Other amounts receivable: -€41,320
- Deferred charges and accrued income +€25,212
up €25,212 (+477%), from €5,289 to €30,501
- Profit (loss) carried forward -€257,697
down €257,697 (-78.8%), from €326,921 to €69,224
- Other debts +€53,000
up €53,000 (+70.7%), from €75,000 to €128,000
- Debts after one year -€30,608
down €30,608 (-52.2%), from €58,621 to €28,013
- Tax, wage and social debts +€25,630
up €25,630 (+43.3%), from €59,155 to €84,785
- Trade debts +€23,678
up €23,678 (+148%), from €16,012 to €39,690
- Gross operating margin +€72,001
up €72,001 (+55.3%), from €130,094 to €202,095
- Financial charges -€20,888
down €20,888 (-73.6%), from €28,396 to €7,508
- Taxes +€19,073
up €19,073 (+65.6%), from €29,090 to €48,163
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €615,374 | €404,111 | -€211,263 | -34.3% |
| Fixed assets | 21/28 | €281,740 | €3,539 | -€278,201 | -98.7% |
| Tangible fixed assets | 22/27 | €4,240 | €3,539 | -€701 | -16.5% |
| Plant, machinery and equipment | 23 | €3,100 | €1,860 | -€1,240 | -40.0% |
| Furniture and vehicles | 24 | €1,140 | €1,679 | +€539 | +47.3% |
| Financial fixed assets | 28 | €277,500 | - | -€277,500 | |
| Current assets | 29/58 | €333,634 | €400,573 | +€66,939 | +20.1% |
| Amounts receivable after more than one year | 29 | €117,973 | €117,973 | = | 0.0% |
| Other amounts receivable | 291 | €117,973 | €117,973 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €119,119 | €88,318 | -€30,801 | -25.9% |
| Trade receivables | 40 | €25,234 | €35,753 | +€10,519 | +41.7% |
| Other amounts receivable | 41 | €93,885 | €52,565 | -€41,320 | -44.0% |
| Cash at bank and in hand | 54/58 | €91,253 | €163,781 | +€72,528 | +79.5% |
| Deferred charges and accrued income | 490/1 | €5,289 | €30,501 | +€25,212 | +477% |
| Total equity and liabilities | 10/49 | €615,374 | €404,111 | -€211,263 | -34.3% |
| Equity | 10/15 | €347,381 | €89,684 | -€257,697 | -74.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €326,921 | €69,224 | -€257,697 | -78.8% |
| Amounts payable | 17/49 | €267,993 | €314,427 | +€46,434 | +17.3% |
| Amounts payable after more than one year | 17 | €58,621 | €28,013 | -€30,608 | -52.2% |
| Financial debts | 170/4 | €58,621 | €28,013 | -€30,608 | -52.2% |
| Amounts payable within one year | 42/48 | €206,267 | €283,083 | +€76,815 | +37.2% |
| Current portion of amounts payable after more than one year | 42 | €34,925 | €30,608 | -€4,317 | -12.4% |
| Trade debts | 44 | €16,012 | €39,690 | +€23,678 | +148% |
| Suppliers | 440/4 | €16,012 | €39,690 | +€23,678 | +148% |
| Advances received on contracts in progress | 46 | €21,175 | - | -€21,175 | |
| Taxes, remuneration and social security | 45 | €59,155 | €84,785 | +€25,630 | +43.3% |
| Taxes | 450/3 | €59,155 | €84,785 | +€25,630 | +43.3% |
| Other amounts payable | 47/48 | €75,000 | €128,000 | +€53,000 | +70.7% |
| Accrued charges and deferred income | 492/3 | €3,105 | €3,331 | +€226 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,680 | €1,956 | +€276 | +16.4% |
| Other operating charges | 640/8 | €1,000 | €491 | -€509 | -50.9% |
| Non-recurring operating charges | 66A | - | €277,500 | +€277,500 | |
| Gross operating margin | 9900 | €130,094 | €202,095 | +€72,001 | +55.3% |
| Operating profit (loss) | 9901 | €127,415 | -€77,851 | -€205,266 | |
| Financial income | 75/76B | €5,142 | €3,826 | -€1,316 | -25.6% |
| Recurring financial income | 75 | €5,142 | €3,826 | -€1,316 | -25.6% |
| Financial charges | 65/66B | €28,396 | €7,508 | -€20,888 | -73.6% |
| Recurring financial charges | 65 | €28,396 | €7,508 | -€20,888 | -73.6% |
| Profit (loss) for the period before taxes | 9903 | €104,161 | -€81,534 | -€185,695 | |
| Income taxes | 67/77 | €29,090 | €48,163 | +€19,073 | +65.6% |
| Profit (loss) for the period | 9904 | €75,071 | -€129,697 | -€204,768 | |
| Profit (loss) for the period to be appropriated | 9905 | €75,071 | -€129,697 | -€204,768 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.