SEFECO: 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.
What changed
SEFECO
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€660,697
2024 · €689,491-€28,794
Equity
€14.7m
2024 · €14.1m+€660,697
Cash
€239
2024 · €68,572-€68,333
Balance sheet total
€14.9m
2024 · €14.3m+€664,917
Largest movements
Assets
- Current investments +€1.4m
new in 2025: €1.4m
- Receivables after one year -€600,000
down €600,000 (-100.0%), from €600,000 to €0
Equity and liabilities
- Reserves +€660,697
up €660,697 (+38.7%), from €1.7m to €2.4m
of which Distributable reserves: +€387,692
Income statement
- Turnover -€38,000
down €38,000 (-3.4%), from €1.1m to €1.1m
- Financial income +€13,535
up €13,535 (+145.7%), from €9,291 to €22,826
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.
Result 2024
€689,491
Turnover
-€38,000
Other operating income
-€221
Services and other goods
-€7,871
Other operating charges
-€1,019
Financial income
+€13,535
Financial charges
-€3,769
Taxes
+€8,552
Result 2025
€660,697
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.
From operations
+€1.3m
Investment
-€1.4m
Financing
€0
Cash 2024
€68,572
From operations (derived)
+€1.3m
Net result for the year
+€660,697
Depreciation
+€14,998
Receivables after one year
+€600,000
Receivables within one year
+€68,250
Deferred charges and accrued income
-€16,497
Trade debts
+€2,080
Tax, wage and social debts
-€10,854
Other debts
+€5,488
Accrued charges and deferred income
+€7,506
Investment (derived)
-€1.4m
Current investments
-€1.4m
Cash 2025
€239
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,268,818 | €14,933,734 | +€664,917 | +4.7% |
| Fixed assets | 21/28 | €12,738,807 | €12,723,809 | -€14,998 | -0.1% |
| Tangible fixed assets | 22/27 | €56,705 | €41,707 | -€14,998 | -26.4% |
| Furniture and vehicles | 24 | €56,705 | €41,707 | -€14,998 | -26.4% |
| Financial fixed assets | 28 | €12,682,102 | €12,682,102 | = | 0.0% |
| Affiliated companies | 280/1 | €12,681,941 | €12,681,941 | = | 0.0% |
| Participating interests | 280 | €12,681,941 | €12,681,941 | = | 0.0% |
| Other financial fixed assets | 284/8 | €161 | €161 | = | 0.0% |
| Shares | 284 | €161 | €161 | = | 0.0% |
| Current assets | 29/58 | €1,530,011 | €2,209,925 | +€679,915 | +44.4% |
| Amounts receivable after more than one year | 29 | €600,000 | €0 | -€600,000 | -100.0% |
| Other amounts receivable | 291 | €600,000 | €0 | -€600,000 | -100.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €852,250 | €784,000 | -€68,250 | -8.0% |
| Trade receivables | 40 | €852,250 | €784,000 | -€68,250 | -8.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €1,400,000 | +€1.4m | |
| Other investments | 51/53 | - | €1,400,000 | +€1.4m | |
| Cash at bank and in hand | 54/58 | €68,572 | €239 | -€68,333 | -99.7% |
| Deferred charges and accrued income | 490/1 | €9,189 | €25,686 | +€16,497 | +179.5% |
| Total equity and liabilities | 10/49 | €14,268,818 | €14,933,734 | +€664,917 | +4.7% |
| Equity | 10/15 | €14,076,930 | €14,737,627 | +€660,697 | +4.7% |
| Contributions | 10/11 | €12,370,116 | €12,370,116 | = | 0.0% |
| Capital | 10 | €12,370,116 | €12,370,116 | = | 0.0% |
| Issued capital | 100 | €12,370,116 | €12,370,116 | = | 0.0% |
| Reserves | 13 | €1,706,814 | €2,367,511 | +€660,697 | +38.7% |
| Non-distributable reserves | 130/1 | €76,613 | €97,018 | +€20,405 | +26.6% |
| Legal reserve | 130 | €76,613 | €97,018 | +€20,405 | +26.6% |
| Tax-exempt reserves | 132 | €315,750 | €568,350 | +€252,600 | +80.0% |
| Distributable reserves | 133 | €1,314,451 | €1,702,143 | +€387,692 | +29.5% |
| Amounts payable | 17/49 | €191,888 | €196,107 | +€4,220 | +2.2% |
| Amounts payable within one year | 42/48 | €184,048 | €180,762 | -€3,286 | -1.8% |
| Trade debts | 44 | €116 | €2,197 | +€2,080 | +1786.0% |
| Suppliers | 440/4 | €116 | €2,197 | +€2,080 | +1786.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €44,479 | €33,624 | -€10,854 | -24.4% |
| Taxes | 450/3 | €36,276 | €33,624 | -€2,651 | -7.3% |
| Remuneration and social security | 454/9 | €8,203 | €0 | -€8,203 | -100.0% |
| Other amounts payable | 47/48 | €139,453 | €144,941 | +€5,488 | +3.9% |
| Accrued charges and deferred income | 492/3 | €7,839 | €15,345 | +€7,506 | +95.7% |
| Operating income | 70/76A | €1,131,259 | €1,093,038 | -€38,221 | -3.4% |
| Turnover | 70 | €1,122,000 | €1,084,000 | -€38,000 | -3.4% |
| Other operating income | 74 | €9,259 | €9,038 | -€221 | -2.4% |
| Operating charges | 60/66A | €216,078 | €224,968 | +€8,890 | +4.1% |
| Services and other goods | 61 | €200,594 | €208,465 | +€7,871 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,998 | €14,998 | = | 0.0% |
| Other operating charges | 640/8 | €486 | €1,505 | +€1,019 | +209.7% |
| Operating profit (loss) | 9901 | €915,181 | €868,070 | -€47,112 | -5.1% |
| Financial income | 75/76B | €9,291 | €22,826 | +€13,535 | +145.7% |
| Recurring financial income | 75 | €9,291 | €22,826 | +€13,535 | +145.7% |
| Income from current assets | 751 | €9,189 | €22,826 | +€13,637 | +148.4% |
| Other financial income | 752/9 | €103 | €0 | -€103 | -100.0% |
| Financial charges | 65/66B | €7,887 | €11,655 | +€3,769 | +47.8% |
| Recurring financial charges | 65 | €7,887 | €11,655 | +€3,769 | +47.8% |
| Debt charges | 650 | €7,839 | €11,404 | +€3,565 | +45.5% |
| Other financial charges | 652/9 | €47 | €251 | +€204 | +432.0% |
| Profit (loss) for the period before taxes | 9903 | €916,586 | €879,240 | -€37,346 | -4.1% |
| Income taxes | 67/77 | €227,095 | €218,543 | -€8,552 | -3.8% |
| Taxes | 670/3 | €227,095 | €218,543 | -€8,552 | -3.8% |
| Profit (loss) for the period | 9904 | €689,491 | €660,697 | -€28,794 | -4.2% |
| Transfer to tax-exempt reserves | 689 | €315,750 | €252,600 | -€63,150 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €373,741 | €408,097 | +€34,356 | +9.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.