SEFE: 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.
SEFE
Largest movements
- Tangible fixed assets +€31,541
up €31,541 (+5.6%), from €562,848 to €594,389
of which Furniture and vehicles: +€48,714
- Stocks and contracts +€7,550
up €7,550 (+35.1%), from €21,500 to €29,050
- Debts after one year +€43,711
up €43,711 (+12.7%), from €343,376 to €387,087
- Current portion of long-term debt -€30,905
down €30,905 (-84.2%), from €36,720 to €5,815
- Trade debts +€24,534
up €24,534 (+80.7%), from €30,393 to €54,927
- Profit (loss) carried forward +€21,748
up €21,748 (+51.8%), from €41,977 to €63,725
- Other debts -€17,835
down €17,835 (-12.6%), from €141,166 to €123,330
- Depreciation +€10,162
up €10,162 (+122.6%), from €8,287 to €18,449
- Other operating charges +€6,488
up €6,488 (+197.1%), from €3,291 to €9,779
- Gross operating margin +€6,396
up €6,396 (+14.3%), from €44,864 to €51,260
- Taxes -€3,970
down €3,970 (-87.9%), from €4,517 to €547
- Financial charges -€1,964
down €1,964 (-72.7%), from €2,701 to €737
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 | €615,951 | €653,484 | +€37,533 | +6.1% |
| Fixed assets | 21/28 | €562,848 | €594,389 | +€31,541 | +5.6% |
| Tangible fixed assets | 22/27 | €562,848 | €594,389 | +€31,541 | +5.6% |
| Land and buildings | 22 | €562,405 | €545,232 | -€17,173 | -3.1% |
| Furniture and vehicles | 24 | €443 | €49,157 | +€48,714 | +10990.8% |
| Current assets | 29/58 | €53,103 | €59,095 | +€5,992 | +11.3% |
| Stocks and contracts in progress | 3 | €21,500 | €29,050 | +€7,550 | +35.1% |
| Stocks | 30/36 | €21,500 | €29,050 | +€7,550 | +35.1% |
| Amounts receivable within one year | 40/41 | €5,162 | €8,631 | +€3,469 | +67.2% |
| Trade receivables | 40 | €5,162 | €5,229 | +€67 | +1.3% |
| Other amounts receivable | 41 | - | €3,402 | +€3,402 | |
| Cash at bank and in hand | 54/58 | €26,342 | €21,315 | -€5,027 | -19.1% |
| Deferred charges and accrued income | 490/1 | €99 | €99 | = | 0.0% |
| Total equity and liabilities | 10/49 | €615,951 | €653,484 | +€37,533 | +6.1% |
| Equity | 10/15 | €60,577 | €82,325 | +€21,748 | +35.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,977 | €63,725 | +€21,748 | +51.8% |
| Amounts payable | 17/49 | €555,374 | €571,159 | +€15,785 | +2.8% |
| Amounts payable after more than one year | 17 | €343,376 | €387,087 | +€43,711 | +12.7% |
| Financial debts | 170/4 | €343,376 | €387,087 | +€43,711 | +12.7% |
| Amounts payable within one year | 42/48 | €211,997 | €184,072 | -€27,925 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €36,720 | €5,815 | -€30,905 | -84.2% |
| Trade debts | 44 | €30,393 | €54,927 | +€24,534 | +80.7% |
| Suppliers | 440/4 | €30,393 | €54,927 | +€24,534 | +80.7% |
| Taxes, remuneration and social security | 45 | €3,719 | - | -€3,719 | |
| Taxes | 450/3 | €3,719 | - | -€3,719 | |
| Other amounts payable | 47/48 | €141,166 | €123,330 | -€17,835 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,287 | €18,449 | +€10,162 | +122.6% |
| Other operating charges | 640/8 | €3,291 | €9,779 | +€6,488 | +197.1% |
| Gross operating margin | 9900 | €44,864 | €51,260 | +€6,396 | +14.3% |
| Operating profit (loss) | 9901 | €33,286 | €23,032 | -€10,254 | -30.8% |
| Financial charges | 65/66B | €2,701 | €737 | -€1,964 | -72.7% |
| Recurring financial charges | 65 | €2,701 | €737 | -€1,964 | -72.7% |
| Profit (loss) for the period before taxes | 9903 | €30,585 | €22,295 | -€8,290 | -27.1% |
| Income taxes | 67/77 | €4,517 | €547 | -€3,970 | -87.9% |
| Profit (loss) for the period | 9904 | €26,068 | €21,748 | -€4,320 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,068 | €21,748 | -€4,320 | -16.6% |
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 30 September 2026 via checked.be.