SEFA: 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.
SEFA
Largest movements
- Cash +€1,407
up €1,407 (+70.7%), from €1,990 to €3,397
mainly Depreciation (+€769) and Receivables within one year (+€581)
- Tangible fixed assets -€769
down €769 (-43.1%), from €1,782 to €1,013
- Stocks and contracts +€650
up €650 (+27.7%), from €2,350 to €3,000
- Receivables within one year -€581
down €581 (-100.0%), from €581 to €0
of which Trade receivables: -€581
- Other debts +€506
up €506 (+27.1%), from €1,866 to €2,372
- Profit (loss) carried forward +€300
up €300 (+51.4%), from €584 to €884
- Trade debts -€298
down €298 (-62.1%), from €480 to €182
- Tax, wage and social debts +€265
up €265 (+53.5%), from €495 to €760
- Other operating charges +€405
up €405 (+15.7%), from €2,588 to €2,993
- Financial charges -€131
down €131 (-44.8%), from €293 to €161
- Gross operating margin -€77
down €77 (-1.8%), from €4,296 to €4,219
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 | €9,717 | €10,490 | +€773 | +8.0% |
| Fixed assets | 21/28 | €3,893 | €3,124 | -€769 | -19.8% |
| Tangible fixed assets | 22/27 | €1,782 | €1,013 | -€769 | -43.1% |
| Plant, machinery and equipment | 23 | €1,782 | €1,013 | -€769 | -43.1% |
| Financial fixed assets | 28 | €2,110 | €2,110 | = | 0.0% |
| Current assets | 29/58 | €5,824 | €7,366 | +€1,542 | +26.5% |
| Stocks and contracts in progress | 3 | €2,350 | €3,000 | +€650 | +27.7% |
| Stocks | 30/36 | €2,350 | €3,000 | +€650 | +27.7% |
| Amounts receivable within one year | 40/41 | €581 | €0 | -€581 | -100.0% |
| Trade receivables | 40 | €581 | €0 | -€581 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €6 | €6 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,990 | €3,397 | +€1,407 | +70.7% |
| Deferred charges and accrued income | 490/1 | €897 | €963 | +€66 | +7.3% |
| Total equity and liabilities | 10/49 | €9,717 | €10,490 | +€773 | +8.0% |
| Equity | 10/15 | €6,877 | €7,177 | +€300 | +4.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €95 | €95 | = | 0.0% |
| Distributable reserves | 133 | €95 | €95 | = | 0.0% |
| Profit (loss) carried forward | 14 | €584 | €884 | +€300 | +51.4% |
| Amounts payable | 17/49 | €2,840 | €3,313 | +€473 | +16.6% |
| Amounts payable within one year | 42/48 | €2,840 | €3,313 | +€473 | +16.6% |
| Trade debts | 44 | €480 | €182 | -€298 | -62.1% |
| Suppliers | 440/4 | €480 | €182 | -€298 | -62.1% |
| Taxes, remuneration and social security | 45 | €495 | €760 | +€265 | +53.5% |
| Taxes | 450/3 | €495 | €760 | +€265 | +53.5% |
| Other amounts payable | 47/48 | €1,866 | €2,372 | +€506 | +27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €769 | €769 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,588 | €2,993 | +€405 | +15.7% |
| Gross operating margin | 9900 | €4,296 | €4,219 | -€77 | -1.8% |
| Operating profit (loss) | 9901 | €939 | €457 | -€482 | -51.3% |
| Financial income | 75/76B | €0 | €4 | +€4 | |
| Recurring financial income | 75 | €0 | €4 | +€4 | |
| Financial charges | 65/66B | €293 | €161 | -€131 | -44.8% |
| Recurring financial charges | 65 | €293 | €161 | -€131 | -44.8% |
| Profit (loss) for the period before taxes | 9903 | €647 | €300 | -€346 | -53.6% |
| Profit (loss) for the period | 9904 | €647 | €300 | -€346 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €647 | €300 | -€346 | -53.6% |
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 8 October 2026 via checked.be.