SEFISCA: 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.
SEFISCA
Largest movements
- Cash +€18,963
up €18,963 (+16.3%), from €116,398 to €135,362
mainly Net result for the year (+€21,854) and Depreciation (+€1,549)
- Receivables within one year +€4,215
up €4,215 (+87.4%), from €4,825 to €9,040
- Reserves +€15,000
up €15,000 (+39.4%), from €38,114 to €53,114
of which Distributable reserves: +€15,000
- Profit (loss) carried forward +€6,854
up €6,854 (+11.3%), from €60,926 to €67,780
- Gross operating margin -€2,074
down €2,074 (-6.0%), from €34,605 to €32,530
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,046 | €149,266 | +€22,221 | +17.5% |
| Fixed assets | 21/28 | €2,261 | €903 | -€1,358 | -60.1% |
| Tangible fixed assets | 22/27 | €2,261 | €903 | -€1,358 | -60.1% |
| Furniture and vehicles | 24 | €2,261 | €903 | -€1,358 | -60.1% |
| Current assets | 29/58 | €124,785 | €148,363 | +€23,578 | +18.9% |
| Amounts receivable within one year | 40/41 | €4,825 | €9,040 | +€4,215 | +87.4% |
| Trade receivables | 40 | €4,825 | €9,040 | +€4,215 | +87.4% |
| Cash at bank and in hand | 54/58 | €116,398 | €135,362 | +€18,963 | +16.3% |
| Deferred charges and accrued income | 490/1 | €3,562 | €3,962 | +€400 | +11.2% |
| Total equity and liabilities | 10/49 | €127,046 | €149,266 | +€22,221 | +17.5% |
| Equity | 10/15 | €117,640 | €139,494 | +€21,854 | +18.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,114 | €53,114 | +€15,000 | +39.4% |
| Tax-exempt reserves | 132 | €2,254 | €2,254 | = | 0.0% |
| Distributable reserves | 133 | €35,860 | €50,860 | +€15,000 | +41.8% |
| Profit (loss) carried forward | 14 | €60,926 | €67,780 | +€6,854 | +11.3% |
| Amounts payable | 17/49 | €9,406 | €9,772 | +€366 | +3.9% |
| Amounts payable within one year | 42/48 | €9,406 | €9,772 | +€366 | +3.9% |
| Trade debts | 44 | €1,655 | €1,330 | -€325 | -19.6% |
| Suppliers | 440/4 | €1,655 | €1,330 | -€325 | -19.6% |
| Taxes, remuneration and social security | 45 | €7,363 | €7,730 | +€367 | +5.0% |
| Taxes | 450/3 | €7,363 | €7,730 | +€367 | +5.0% |
| Other amounts payable | 47/48 | €387 | €712 | +€324 | +83.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,853 | €1,549 | -€303 | -16.4% |
| Other operating charges | 640/8 | €643 | €919 | +€276 | +42.9% |
| Gross operating margin | 9900 | €34,605 | €32,530 | -€2,074 | -6.0% |
| Operating profit (loss) | 9901 | €32,109 | €30,062 | -€2,047 | -6.4% |
| Financial charges | 65/66B | €224 | €208 | -€17 | -7.5% |
| Recurring financial charges | 65 | €224 | €208 | -€17 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €31,884 | €29,854 | -€2,030 | -6.4% |
| Income taxes | 67/77 | €8,152 | €8,000 | -€152 | -1.9% |
| Profit (loss) for the period | 9904 | €23,732 | €21,854 | -€1,878 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,732 | €21,854 | -€1,878 | -7.9% |
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 16 October 2026 via checked.be.