SEFO Management: 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.
SEFO Management
Largest movements
- Receivables within one year -€208,473
down €208,473 (-90.1%), from €231,438 to €22,966
of which Trade receivables: -€139,371
- Financial fixed assets +€101,442
up €101,442 (+1,014%), from €10,000 to €111,442
- Cash -€30,202
down €30,202 (-10.2%), from €296,430 to €266,228
mainly Contributions, distributions and other (-€384,605) and Advances received (-€144,143)
- Profit (loss) carried forward -€384,605
down €384,605 (-100%), from €384,605 to €0
- Reserves +€207,592
new in 2025: €207,592
- Other debts +€145,479
new in 2025: €145,479
- Advances received -€144,143
no longer reported in 2025 (was €144,143)
- Tax, wage and social debts +€39,344
up €39,344 (+481%), from €8,174 to €47,518
of which Taxes: +€39,344
- Gross operating margin +€30,066
up €30,066 (+12.9%), from €233,229 to €263,295
- Taxes +€6,297
up €6,297 (+11.5%), from €54,698 to €60,996
- Financial income +€5,683
up €5,683 (+69.8%), from €8,138 to €13,821
- Financial charges +€5,096
up €5,096 (+3,674%), from €139 to €5,235
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 | €547,011 | €404,573 | -€142,439 | -26.0% |
| Fixed assets | 21/28 | €16,766 | €115,379 | +€98,613 | +588% |
| Tangible fixed assets | 22/27 | €6,766 | €3,937 | -€2,829 | -41.8% |
| Furniture and vehicles | 24 | €5,978 | €3,443 | -€2,535 | -42.4% |
| Other tangible fixed assets | 26 | €788 | €494 | -€294 | -37.3% |
| Financial fixed assets | 28 | €10,000 | €111,442 | +€101,442 | +1,014% |
| Current assets | 29/58 | €530,245 | €289,193 | -€241,052 | -45.5% |
| Amounts receivable within one year | 40/41 | €231,438 | €22,966 | -€208,473 | -90.1% |
| Trade receivables | 40 | €162,293 | €22,922 | -€139,371 | -85.9% |
| Other amounts receivable | 41 | €69,146 | €44 | -€69,102 | -99.9% |
| Cash at bank and in hand | 54/58 | €296,430 | €266,228 | -€30,202 | -10.2% |
| Deferred charges and accrued income | 490/1 | €2,377 | €0 | -€2,377 | -100% |
| Total equity and liabilities | 10/49 | €547,011 | €404,573 | -€142,439 | -26.0% |
| Equity | 10/15 | €386,605 | €209,592 | -€177,013 | -45.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €207,592 | +€207,592 | |
| Distributable reserves | 133 | - | €207,592 | +€207,592 | |
| Profit (loss) carried forward | 14 | €384,605 | €0 | -€384,605 | -100% |
| Amounts payable | 17/49 | €160,406 | €194,981 | +€34,574 | +21.6% |
| Amounts payable within one year | 42/48 | €160,406 | €194,981 | +€34,574 | +21.6% |
| Trade debts | 44 | €8,089 | €1,984 | -€6,106 | -75.5% |
| Suppliers | 440/4 | €8,089 | €1,984 | -€6,106 | -75.5% |
| Advances received on contracts in progress | 46 | €144,143 | - | -€144,143 | |
| Taxes, remuneration and social security | 45 | €8,174 | €47,518 | +€39,344 | +481% |
| Taxes | 450/3 | €5,565 | €44,908 | +€39,344 | +707% |
| Remuneration and social security | 454/9 | €2,609 | €2,609 | = | 0.0% |
| Other amounts payable | 47/48 | - | €145,479 | +€145,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,691 | €2,829 | +€1,137 | +67.2% |
| Other operating charges | 640/8 | €552 | €465 | -€87 | -15.7% |
| Gross operating margin | 9900 | €233,229 | €263,295 | +€30,066 | +12.9% |
| Operating profit (loss) | 9901 | €230,986 | €260,001 | +€29,015 | +12.6% |
| Financial income | 75/76B | €8,138 | €13,821 | +€5,683 | +69.8% |
| Recurring financial income | 75 | €8,138 | €13,821 | +€5,683 | +69.8% |
| Financial charges | 65/66B | €139 | €5,235 | +€5,096 | +3,674% |
| Recurring financial charges | 65 | €139 | €5,235 | +€5,096 | +3,674% |
| Profit (loss) for the period before taxes | 9903 | €238,985 | €268,588 | +€29,603 | +12.4% |
| Income taxes | 67/77 | €54,698 | €60,996 | +€6,297 | +11.5% |
| Profit (loss) for the period | 9904 | €184,287 | €207,592 | +€23,305 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €184,287 | €207,592 | +€23,305 | +12.6% |
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 13 October 2026 via checked.be.