SEFF: 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.
SEFF
Largest movements
- Receivables within one year -€39,622
down €39,622 (-54.5%), from €72,674 to €33,052
of which Trade receivables: -€48,605
- Cash +€22,118
up €22,118 (+75.7%), from €29,200 to €51,317
mainly Receivables within one year (+€39,622) and Depreciation (+€5,677)
- Tangible fixed assets -€5,677
down €5,677 (-26.2%), from €21,691 to €16,014
of which Furniture and vehicles: -€4,671
- Trade debts -€23,282
down €23,282 (-63.3%), from €36,782 to €13,500
- Tax, wage and social debts +€4,323
up €4,323 (+69.0%), from €6,266 to €10,588
- Debts after one year -€3,465
down €3,465 (-56.4%), from €6,148 to €2,683
- Profit (loss) carried forward -€1,929
down €1,929 (-10.7%), from €17,946 to €16,017
- Gross operating margin +€11,076
up €11,076, from -€5,254 to €5,822
- Taxes +€1,438
up €1,438 (+1623.0%), from €89 to €1,526
- Other operating charges -€825
down €825 (-76.8%), from €1,074 to €249
- Financial income +€166
up €166 (+193.1%), from €86 to €251
- Financial charges -€142
down €142 (-20.5%), from €691 to €549
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 | €125,571 | €101,341 | -€24,230 | -19.3% |
| Fixed assets | 21/28 | €22,168 | €16,490 | -€5,677 | -25.6% |
| Tangible fixed assets | 22/27 | €21,691 | €16,014 | -€5,677 | -26.2% |
| Furniture and vehicles | 24 | €16,653 | €11,982 | -€4,671 | -28.0% |
| Other tangible fixed assets | 26 | €5,038 | €4,032 | -€1,006 | -20.0% |
| Financial fixed assets | 28 | €477 | €477 | = | 0.0% |
| Current assets | 29/58 | €103,404 | €84,851 | -€18,553 | -17.9% |
| Amounts receivable within one year | 40/41 | €72,674 | €33,052 | -€39,622 | -54.5% |
| Trade receivables | 40 | €67,770 | €19,165 | -€48,605 | -71.7% |
| Other amounts receivable | 41 | €4,904 | €13,887 | +€8,984 | +183.2% |
| Cash at bank and in hand | 54/58 | €29,200 | €51,317 | +€22,118 | +75.7% |
| Deferred charges and accrued income | 490/1 | €1,530 | €481 | -€1,049 | -68.6% |
| Total equity and liabilities | 10/49 | €125,571 | €101,341 | -€24,230 | -19.3% |
| Equity | 10/15 | €73,033 | €71,105 | -€1,929 | -2.6% |
| Contributions | 10/11 | €27,888 | €27,888 | = | 0.0% |
| Reserves | 13 | €27,200 | €27,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,200 | €27,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,946 | €16,017 | -€1,929 | -10.7% |
| Amounts payable | 17/49 | €52,538 | €30,236 | -€22,302 | -42.4% |
| Amounts payable after more than one year | 17 | €6,148 | €2,683 | -€3,465 | -56.4% |
| Other amounts payable | 178/9 | €6,148 | €2,683 | -€3,465 | -56.4% |
| Amounts payable within one year | 42/48 | €46,390 | €27,553 | -€18,836 | -40.6% |
| Current portion of amounts payable after more than one year | 42 | €3,342 | €3,465 | +€124 | +3.7% |
| Trade debts | 44 | €36,782 | €13,500 | -€23,282 | -63.3% |
| Suppliers | 440/4 | €36,782 | €13,500 | -€23,282 | -63.3% |
| Taxes, remuneration and social security | 45 | €6,266 | €10,588 | +€4,323 | +69.0% |
| Taxes | 450/3 | €6,266 | €10,588 | +€4,323 | +69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,677 | €5,677 | = | 0.0% |
| Other operating charges | 640/8 | €1,074 | €249 | -€825 | -76.8% |
| Gross operating margin | 9900 | -€5,254 | €5,822 | +€11,076 | |
| Operating profit (loss) | 9901 | -€12,005 | -€105 | +€11,901 | +99.1% |
| Financial income | 75/76B | €86 | €251 | +€166 | +193.1% |
| Recurring financial income | 75 | €86 | €251 | +€166 | +193.1% |
| Financial charges | 65/66B | €691 | €549 | -€142 | -20.5% |
| Recurring financial charges | 65 | €691 | €549 | -€142 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | -€12,610 | -€402 | +€12,208 | +96.8% |
| Income taxes | 67/77 | €89 | €1,526 | +€1,438 | +1623.0% |
| Profit (loss) for the period | 9904 | -€12,699 | -€1,929 | +€10,770 | +84.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,699 | -€1,929 | +€10,770 | +84.8% |
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.