SEEFORO: 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.
SEEFORO
Largest movements
- Tangible fixed assets -€29,618
down €29,618 (-5.9%), from €504,514 to €474,897
of which Furniture and vehicles: -€16,299
- Debts after one year -€45,506
down €45,506 (-14.6%), from €310,651 to €265,146
- Reserves +€15,934
up €15,934 (+11.8%), from €134,790 to €150,724
- Short-term financial debts -€6,298
down €6,298 (-30.8%), from €20,447 to €14,149
- Gross operating margin +€16,084
up €16,084 (+23.5%), from €68,587 to €84,671
- Depreciation +€6,932
up €6,932 (+30.6%), from €22,685 to €29,618
- Taxes +€3,297
up €3,297 (+31.1%), from €10,608 to €13,904
- Financial charges -€1,693
down €1,693 (-16.0%), from €10,606 to €8,914
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 | €532,363 | €502,008 | -€30,356 | -5.7% |
| Fixed assets | 21/28 | €504,514 | €474,897 | -€29,618 | -5.9% |
| Tangible fixed assets | 22/27 | €504,514 | €474,897 | -€29,618 | -5.9% |
| Land and buildings | 22 | €456,099 | €442,780 | -€13,319 | -2.9% |
| Furniture and vehicles | 24 | €48,415 | €32,116 | -€16,299 | -33.7% |
| Current assets | 29/58 | €27,849 | €27,111 | -€738 | -2.6% |
| Amounts receivable within one year | 40/41 | €18,811 | €20,552 | +€1,741 | +9.3% |
| Trade receivables | 40 | €11,028 | €17,063 | +€6,035 | +54.7% |
| Other amounts receivable | 41 | €7,783 | €3,488 | -€4,295 | -55.2% |
| Cash at bank and in hand | 54/58 | €4,587 | €3,020 | -€1,567 | -34.2% |
| Deferred charges and accrued income | 490/1 | €4,451 | €3,540 | -€911 | -20.5% |
| Total equity and liabilities | 10/49 | €532,363 | €502,008 | -€30,356 | -5.7% |
| Equity | 10/15 | €153,390 | €169,324 | +€15,934 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €134,790 | €150,724 | +€15,934 | +11.8% |
| Distributable reserves | 133 | €134,790 | €150,724 | +€15,934 | +11.8% |
| Amounts payable | 17/49 | €378,973 | €332,683 | -€46,290 | -12.2% |
| Amounts payable after more than one year | 17 | €310,651 | €265,146 | -€45,506 | -14.6% |
| Financial debts | 170/4 | €310,651 | €265,146 | -€45,506 | -14.6% |
| Amounts payable within one year | 42/48 | €67,096 | €66,310 | -€786 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €44,990 | €45,506 | +€516 | +1.1% |
| Financial debts | 43 | €20,447 | €14,149 | -€6,298 | -30.8% |
| Credit institutions | 430/8 | €20,447 | €14,149 | -€6,298 | -30.8% |
| Trade debts | 44 | €483 | €502 | +€20 | +4.1% |
| Suppliers | 440/4 | €483 | €502 | +€20 | +4.1% |
| Taxes, remuneration and social security | 45 | €1,176 | €3,347 | +€2,171 | +184.6% |
| Taxes | 450/3 | €1,176 | €3,347 | +€2,171 | +184.6% |
| Other amounts payable | 47/48 | - | €2,806 | +€2,806 | |
| Accrued charges and deferred income | 492/3 | €1,226 | €1,228 | +€2 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,685 | €29,618 | +€6,932 | +30.6% |
| Other operating charges | 640/8 | €2,372 | €2,588 | +€215 | +9.1% |
| Gross operating margin | 9900 | €68,587 | €84,671 | +€16,084 | +23.5% |
| Operating profit (loss) | 9901 | €43,529 | €52,465 | +€8,936 | +20.5% |
| Financial income | 75/76B | €163 | - | -€163 | |
| Recurring financial income | 75 | €163 | - | -€163 | |
| Financial charges | 65/66B | €10,606 | €8,914 | -€1,693 | -16.0% |
| Recurring financial charges | 65 | €10,606 | €8,914 | -€1,693 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €33,086 | €43,552 | +€10,465 | +31.6% |
| Income taxes | 67/77 | €10,608 | €13,904 | +€3,297 | +31.1% |
| Profit (loss) for the period | 9904 | €22,479 | €29,647 | +€7,169 | +31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,479 | €29,647 | +€7,169 | +31.9% |
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 6 October 2026 via checked.be.