SEFIMO: 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
SEFIMO
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€95,019
2024 · -€50,320-€44,699
Equity
€771,617
2024 · €866,636-€95,019
Cash
€362
2024 · €1,557-€1,195
Balance sheet total
€3.5m
2024 · €3.6m-€90,965
Largest movements
Assets
- Tangible fixed assets -€85,902
down €85,902 (-10.2%), from €843,702 to €757,800
of which Land and buildings: -€85,363
Equity and liabilities
- Profit (loss) carried forward -€56,973
down €56,973 (-406%), from -€14,033 to -€71,006
- Tax, wage and social debts +€53,467
up €53,467 (+61.3%), from €87,191 to €140,658
- Provisions -€47,182
down €47,182 (-21.6%), from €218,376 to €171,194
of which Provisions for liabilities and charges: -€34,500
- Reserves -€38,046
down €38,046 (-76.6%), from €49,682 to €11,636
of which Tax-exempt reserves: -€38,046
Income statement
- Financial income -€169,524
down €169,524 (-79.6%), from €213,024 to €43,500
of which Financial income: -€169,840
- Gross operating margin +€140,610
up €140,610, from -€48,821 to €91,789
- Financial charges +€76,020
up €76,020 (+82.5%), from €92,198 to €168,218
of which Non-recurring financial charges: +€62,260
- Provisions -€34,500
new in 2025: -€34,500
- Depreciation -€31,526
down €31,526 (-25.9%), from €121,606 to €90,080
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
-€50,320
Gross operating margin
+€140,610
Depreciation
+€31,526
Provisions
+€34,500
Other operating charges
+€1,962
Financial income
-€169,524
Financial charges
-€76,020
Taxes
-€84
Deferred taxes and other
-€7,669
Result 2025
-€95,019
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
-€35,181
Investment
-€3,178
Financing
+€37,165
Cash 2024
€1,557
From operations (derived)
-€35,181
Net result for the year
-€95,019
Depreciation
+€90,080
Receivables within one year
+€2,868
Provisions
-€47,182
Trade debts
-€3,290
Tax, wage and social debts
+€53,467
Advances received
-€27,218
Other debts
-€5,107
Accrued charges and deferred income
-€3,781
Investment (derived)
-€3,178
Investment in fixed assets (net)
-€3,178
Financing
+€37,165
Debts after one year
+€15,260
Short-term financial debts
+€21,905
Cash 2025
€362
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,625,748 | €3,534,783 | -€90,965 | -2.5% |
| Fixed assets | 21/28 | €3,351,702 | €3,264,800 | -€86,902 | -2.6% |
| Intangible fixed assets | 21 | €4,000 | €3,000 | -€1,000 | -25.0% |
| Tangible fixed assets | 22/27 | €843,702 | €757,800 | -€85,902 | -10.2% |
| Land and buildings | 22 | €842,625 | €757,262 | -€85,363 | -10.1% |
| Furniture and vehicles | 24 | €1,077 | €538 | -€538 | -50.0% |
| Financial fixed assets | 28 | €2,504,000 | €2,504,000 | = | 0.0% |
| Current assets | 29/58 | €274,046 | €269,983 | -€4,063 | -1.5% |
| Amounts receivable after more than one year | 29 | €127,013 | €127,013 | = | 0.0% |
| Other amounts receivable | 291 | €127,013 | €127,013 | = | 0.0% |
| Stocks and contracts in progress | 3 | €35,111 | €35,111 | = | 0.0% |
| Stocks | 30/36 | €35,111 | €35,111 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €100,397 | €97,529 | -€2,868 | -2.9% |
| Trade receivables | 40 | - | €6,658 | +€6,658 | |
| Other amounts receivable | 41 | €100,397 | €90,871 | -€9,526 | -9.5% |
| Cash at bank and in hand | 54/58 | €1,557 | €362 | -€1,195 | -76.7% |
| Deferred charges and accrued income | 490/1 | €9,968 | €9,968 | = | 0.0% |
| Total equity and liabilities | 10/49 | €3,625,748 | €3,534,783 | -€90,965 | -2.5% |
| Equity | 10/15 | €866,636 | €771,617 | -€95,019 | -11.0% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Capital | 10 | €30,987 | €30,987 | = | 0.0% |
| Issued capital | 100 | €30,987 | €30,987 | = | 0.0% |
| Revaluation surpluses | 12 | €800,000 | €800,000 | = | 0.0% |
| Reserves | 13 | €49,682 | €11,636 | -€38,046 | -76.6% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,583 | €8,537 | -€38,046 | -81.7% |
| Profit (loss) carried forward | 14 | -€14,033 | -€71,006 | -€56,973 | -406% |
| Provisions and deferred taxes | 16 | €218,376 | €171,194 | -€47,182 | -21.6% |
| Provisions for liabilities and charges | 160/5 | €34,500 | - | -€34,500 | |
| Major repairs and maintenance | 162 | €34,500 | - | -€34,500 | |
| Deferred taxes | 168 | €183,876 | €171,194 | -€12,682 | -6.9% |
| Amounts payable | 17/49 | €2,540,736 | €2,591,972 | +€51,236 | +2.0% |
| Amounts payable after more than one year | 17 | €1,224,984 | €1,240,243 | +€15,260 | +1.2% |
| Other amounts payable | 178/9 | €1,224,984 | €1,240,243 | +€15,260 | +1.2% |
| Amounts payable within one year | 42/48 | €1,311,971 | €1,351,729 | +€39,757 | +3.0% |
| Financial debts | 43 | €1,126,331 | €1,148,236 | +€21,905 | +1.9% |
| Credit institutions | 430/8 | €1,126,331 | €1,148,236 | +€21,905 | +1.9% |
| Trade debts | 44 | €40,849 | €37,559 | -€3,290 | -8.1% |
| Suppliers | 440/4 | €40,849 | €37,559 | -€3,290 | -8.1% |
| Advances received on contracts in progress | 46 | €27,218 | - | -€27,218 | |
| Taxes, remuneration and social security | 45 | €87,191 | €140,658 | +€53,467 | +61.3% |
| Taxes | 450/3 | €87,191 | €140,658 | +€53,467 | +61.3% |
| Other amounts payable | 47/48 | €30,382 | €25,275 | -€5,107 | -16.8% |
| Accrued charges and deferred income | 492/3 | €3,781 | - | -€3,781 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,606 | €90,080 | -€31,526 | -25.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€34,500 | -€34,500 | |
| Other operating charges | 640/8 | €20,802 | €18,839 | -€1,962 | -9.4% |
| Gross operating margin | 9900 | -€48,821 | €91,789 | +€140,610 | |
| Operating profit (loss) | 9901 | -€191,229 | €17,370 | +€208,599 | |
| Financial income | 75/76B | €213,024 | €43,500 | -€169,524 | -79.6% |
| Recurring financial income | 75 | €209,840 | €40,000 | -€169,840 | -80.9% |
| Non-recurring financial income | 76B | €3,184 | €3,500 | +€316 | +9.9% |
| Financial charges | 65/66B | €92,198 | €168,218 | +€76,020 | +82.5% |
| Recurring financial charges | 65 | €89,694 | €103,454 | +€13,760 | +15.3% |
| Non-recurring financial charges | 66B | €2,504 | €64,764 | +€62,260 | +2,486% |
| Profit (loss) for the period before taxes | 9903 | -€70,403 | -€107,348 | -€36,946 | -52.5% |
| Transfer from deferred taxes | 780 | €20,351 | €12,682 | -€7,669 | -37.7% |
| Income taxes | 67/77 | €268 | €353 | +€84 | +31.3% |
| Profit (loss) for the period | 9904 | -€50,320 | -€95,019 | -€44,699 | -88.8% |
| Transfer from tax-exempt reserves | 789 | €61,053 | €38,046 | -€23,008 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,733 | -€56,973 | -€67,706 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.