SECUDRIX: 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.
SECUDRIX
Largest movements
- Cash +€80,084
up €80,084 (+42.9%), from €186,504 to €266,588
mainly Net result for the year (+€68,683) and Other debts (+€27,041)
- Receivables within one year +€13,772
up €13,772 (+31.9%), from €43,147 to €56,919
of which Trade receivables: +€22,042
- Tangible fixed assets -€4,693
down €4,693 (-9.8%), from €47,982 to €43,289
of which Leasing and similar rights: -€11,775
- Profit (loss) carried forward +€68,683
new in 2025: €68,683
- Other debts +€27,041
up €27,041 (+181%), from €14,907 to €41,948
- Provisions +€15,605
up €15,605 (+49.3%), from €31,622 to €47,226
- Tax, wage and social debts -€13,124
down €13,124 (-65.5%), from €20,052 to €6,927
- Debts after one year -€10,814
down €10,814 (-59.5%), from €18,184 to €7,370
- Gross operating margin -€46,054
down €46,054 (-23.4%), from €196,516 to €150,462
- Financial charges +€31,905
up €31,905 (+3,134%), from €1,018 to €32,923
- Taxes -€28,235
down €28,235 (-62.6%), from €45,130 to €16,895
- Provisions -€16,017
down €16,017 (-50.7%), from €31,622 to €15,605
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 | €281,343 | €369,321 | +€87,979 | +31.3% |
| Fixed assets | 21/28 | €48,882 | €44,189 | -€4,693 | -9.6% |
| Tangible fixed assets | 22/27 | €47,982 | €43,289 | -€4,693 | -9.8% |
| Plant, machinery and equipment | 23 | €5,592 | €13,186 | +€7,594 | +136% |
| Furniture and vehicles | 24 | €2,104 | €1,592 | -€512 | -24.4% |
| Leasing and similar rights | 25 | €40,286 | €28,511 | -€11,775 | -29.2% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €232,461 | €325,133 | +€92,672 | +39.9% |
| Amounts receivable within one year | 40/41 | €43,147 | €56,919 | +€13,772 | +31.9% |
| Trade receivables | 40 | €25,139 | €47,181 | +€22,042 | +87.7% |
| Other amounts receivable | 41 | €18,008 | €9,738 | -€8,270 | -45.9% |
| Cash at bank and in hand | 54/58 | €186,504 | €266,588 | +€80,084 | +42.9% |
| Deferred charges and accrued income | 490/1 | €2,810 | €1,626 | -€1,184 | -42.1% |
| Total equity and liabilities | 10/49 | €281,343 | €369,321 | +€87,979 | +31.3% |
| Equity | 10/15 | €181,612 | €252,810 | +€71,198 | +39.2% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €174,612 | €177,127 | +€2,515 | +1.4% |
| Distributable reserves | 133 | €174,612 | €177,127 | +€2,515 | +1.4% |
| Profit (loss) carried forward | 14 | - | €68,683 | +€68,683 | |
| Provisions and deferred taxes | 16 | €31,622 | €47,226 | +€15,605 | +49.3% |
| Provisions for liabilities and charges | 160/5 | €31,622 | €47,226 | +€15,605 | +49.3% |
| Other liabilities and charges | 164/5 | €31,622 | €47,226 | +€15,605 | +49.3% |
| Amounts payable | 17/49 | €68,109 | €69,285 | +€1,176 | +1.7% |
| Amounts payable after more than one year | 17 | €18,184 | €7,370 | -€10,814 | -59.5% |
| Financial debts | 170/4 | €18,184 | €7,370 | -€10,814 | -59.5% |
| Amounts payable within one year | 42/48 | €48,787 | €60,557 | +€11,770 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €10,531 | €10,814 | +€283 | +2.7% |
| Trade debts | 44 | €3,297 | €869 | -€2,429 | -73.7% |
| Suppliers | 440/4 | €3,297 | €869 | -€2,429 | -73.7% |
| Taxes, remuneration and social security | 45 | €20,052 | €6,927 | -€13,124 | -65.5% |
| Taxes | 450/3 | €20,052 | €6,927 | -€13,124 | -65.5% |
| Other amounts payable | 47/48 | €14,907 | €41,948 | +€27,041 | +181% |
| Accrued charges and deferred income | 492/3 | €1,139 | €1,358 | +€219 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,850 | €14,300 | +€450 | +3.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €31,622 | €15,605 | -€16,017 | -50.7% |
| Other operating charges | 640/8 | €1,732 | €2,073 | +€341 | +19.7% |
| Gross operating margin | 9900 | €196,516 | €150,462 | -€46,054 | -23.4% |
| Operating profit (loss) | 9901 | €149,312 | €118,484 | -€30,827 | -20.6% |
| Financial income | 75/76B | €0 | €18 | +€18 | +58,367% |
| Recurring financial income | 75 | €0 | €18 | +€18 | +58,367% |
| Financial charges | 65/66B | €1,018 | €32,923 | +€31,905 | +3,134% |
| Recurring financial charges | 65 | €1,018 | €32,923 | +€31,905 | +3,134% |
| Profit (loss) for the period before taxes | 9903 | €148,294 | €85,579 | -€62,715 | -42.3% |
| Income taxes | 67/77 | €45,130 | €16,895 | -€28,235 | -62.6% |
| Profit (loss) for the period | 9904 | €103,164 | €68,683 | -€34,480 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €103,164 | €68,683 | -€34,480 | -33.4% |
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 16 October 2026 via checked.be.