SECUWEL: what changed
Two fiscal 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.
SECUWEL
Largest movements
- Cash +€14,038
up €14,038 (+12.0%), from €116,778 to €130,815
mainly Trade debts (+€9,600) and Net result for the year (+€6,933)
- Tangible fixed assets -€2,845
down €2,845 (-68.3%), from €4,163 to €1,319
of which Furniture and vehicles: -€2,684
- Trade debts +€9,600
up €9,600 (+98.5%), from €9,750 to €19,350
- Reserves +€6,933
up €6,933 (+4.8%), from €145,439 to €152,372
- Tax, wage and social debts -€5,477
down €5,477 (-80.2%), from €6,826 to €1,349
of which Taxes: -€2,977
- Gross operating margin +€32,401
up €32,401, from -€24,390 to €8,011
- Depreciation -€1,844
down €1,844 (-75.6%), from €2,438 to €594
- Taxes +€248
up €248 (+55.8%), from €445 to €693
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.
Cash bridge derived
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 | €260,064 | €271,881 | +€11,817 | +4.5% |
| Fixed assets | 21/28 | €4,163 | €1,319 | -€2,845 | -68.3% |
| Tangible fixed assets | 22/27 | €4,163 | €1,319 | -€2,845 | -68.3% |
| Plant, machinery and equipment | 23 | €1,144 | €984 | -€160 | -14.0% |
| Furniture and vehicles | 24 | €3,019 | €335 | -€2,684 | -88.9% |
| Current assets | 29/58 | €255,900 | €270,563 | +€14,662 | +5.7% |
| Amounts receivable within one year | 40/41 | €8,374 | €10,620 | +€2,246 | +26.8% |
| Trade receivables | 40 | €392 | - | -€392 | |
| Other amounts receivable | 41 | €7,982 | €10,620 | +€2,638 | +33.0% |
| Current investments | 50/53 | €128,969 | €128,969 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €116,778 | €130,815 | +€14,038 | +12.0% |
| Deferred charges and accrued income | 490/1 | €1,780 | €158 | -€1,622 | -91.1% |
| Total equity and liabilities | 10/49 | €260,064 | €271,881 | +€11,817 | +4.5% |
| Equity | 10/15 | €237,059 | €243,992 | +€6,933 | +2.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €145,439 | €152,372 | +€6,933 | +4.8% |
| Distributable reserves | 133 | €145,439 | €152,372 | +€6,933 | +4.8% |
| Profit (loss) carried forward | 14 | €88,620 | €88,620 | = | 0.0% |
| Amounts payable | 17/49 | €23,004 | €27,889 | +€4,885 | +21.2% |
| Amounts payable within one year | 42/48 | €23,004 | €27,889 | +€4,885 | +21.2% |
| Trade debts | 44 | €9,750 | €19,350 | +€9,600 | +98.5% |
| Suppliers | 440/4 | €9,750 | €19,350 | +€9,600 | +98.5% |
| Taxes, remuneration and social security | 45 | €6,826 | €1,349 | -€5,477 | -80.2% |
| Taxes | 450/3 | €4,326 | €1,349 | -€2,977 | -68.8% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €6,429 | €7,191 | +€762 | +11.8% |
| Non-recurring operating income | 76A | - | €2,793 | +€2,793 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,438 | €594 | -€1,844 | -75.6% |
| Other operating charges | 640/8 | €366 | €390 | +€24 | +6.6% |
| Gross operating margin | 9900 | -€24,390 | €8,011 | +€32,401 | |
| Operating profit (loss) | 9901 | -€27,193 | €7,028 | +€34,221 | |
| Financial income | 75/76B | €513 | €669 | +€155 | +30.3% |
| Recurring financial income | 75 | €513 | €669 | +€155 | +30.3% |
| Financial charges | 65/66B | €74 | €71 | -€3 | -4.1% |
| Recurring financial charges | 65 | €74 | €71 | -€3 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | -€26,753 | €7,626 | +€34,379 | |
| Income taxes | 67/77 | €445 | €693 | +€248 | +55.8% |
| Profit (loss) for the period | 9904 | -€27,198 | €6,933 | +€34,131 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,198 | €6,933 | +€34,131 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.