SeForAc: 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.
SeForAc
Largest movements
- Cash +€18,082
up €18,082 (+101.4%), from €17,839 to €35,921
mainly Net result for the year (+€12,183) and Depreciation (+€10,665)
- Tangible fixed assets -€9,269
down €9,269 (-35.5%), from €26,107 to €16,838
- Receivables within one year +€4,392
up €4,392 (+42.6%), from €10,309 to €14,702
- Reserves +€12,183
up €12,183 (+88.6%), from €13,749 to €25,932
- Debts after one year -€5,495
down €5,495 (-38.9%), from €14,139 to €8,644
- Trade debts +€2,449
up €2,449 (+91.3%), from €2,681 to €5,131
- Other debts +€2,308
up €2,308 (+110.0%), from €2,099 to €4,407
- Tax, wage and social debts +€1,478
up €1,478 (+12.0%), from €12,317 to €13,795
of which Taxes: +€2,048
- Depreciation +€3,621
up €3,621 (+51.4%), from €7,044 to €10,665
- Other operating charges -€1,818
down €1,818 (-77.9%), from €2,333 to €516
- Gross operating margin +€1,642
up €1,642 (+5.8%), from €28,492 to €30,134
- Taxes +€1,062
up €1,062 (+21.5%), from €4,948 to €6,010
- Financial charges +€342
up €342 (+81.9%), from €418 to €760
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 | €55,201 | €68,204 | +€13,003 | +23.6% |
| Fixed assets | 21/28 | €26,107 | €16,838 | -€9,269 | -35.5% |
| Tangible fixed assets | 22/27 | €26,107 | €16,838 | -€9,269 | -35.5% |
| Furniture and vehicles | 24 | €26,107 | €16,838 | -€9,269 | -35.5% |
| Current assets | 29/58 | €29,093 | €51,366 | +€22,272 | +76.6% |
| Amounts receivable within one year | 40/41 | €10,309 | €14,702 | +€4,392 | +42.6% |
| Trade receivables | 40 | €10,309 | €14,702 | +€4,392 | +42.6% |
| Cash at bank and in hand | 54/58 | €17,839 | €35,921 | +€18,082 | +101.4% |
| Deferred charges and accrued income | 490/1 | €946 | €743 | -€202 | -21.4% |
| Total equity and liabilities | 10/49 | €55,201 | €68,204 | +€13,003 | +23.6% |
| Equity | 10/15 | €18,549 | €30,732 | +€12,183 | +65.7% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Reserves | 13 | €13,749 | €25,932 | +€12,183 | +88.6% |
| Distributable reserves | 133 | €13,749 | €25,932 | +€12,183 | +88.6% |
| Amounts payable | 17/49 | €36,652 | €37,472 | +€820 | +2.2% |
| Amounts payable after more than one year | 17 | €14,139 | €8,644 | -€5,495 | -38.9% |
| Financial debts | 170/4 | €14,139 | €8,644 | -€5,495 | -38.9% |
| Amounts payable within one year | 42/48 | €22,388 | €28,828 | +€6,441 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €5,290 | €5,495 | +€205 | +3.9% |
| Trade debts | 44 | €2,681 | €5,131 | +€2,449 | +91.3% |
| Suppliers | 440/4 | €2,681 | €5,131 | +€2,449 | +91.3% |
| Taxes, remuneration and social security | 45 | €12,317 | €13,795 | +€1,478 | +12.0% |
| Taxes | 450/3 | €9,973 | €12,022 | +€2,048 | +20.5% |
| Remuneration and social security | 454/9 | €2,344 | €1,773 | -€571 | -24.3% |
| Other amounts payable | 47/48 | €2,099 | €4,407 | +€2,308 | +110.0% |
| Accrued charges and deferred income | 492/3 | €125 | €0 | -€125 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,044 | €10,665 | +€3,621 | +51.4% |
| Other operating charges | 640/8 | €2,333 | €516 | -€1,818 | -77.9% |
| Gross operating margin | 9900 | €28,492 | €30,134 | +€1,642 | +5.8% |
| Operating profit (loss) | 9901 | €19,115 | €18,953 | -€162 | -0.8% |
| Financial charges | 65/66B | €418 | €760 | +€342 | +81.9% |
| Recurring financial charges | 65 | €418 | €760 | +€342 | +81.9% |
| Profit (loss) for the period before taxes | 9903 | €18,697 | €18,193 | -€504 | -2.7% |
| Income taxes | 67/77 | €4,948 | €6,010 | +€1,062 | +21.5% |
| Profit (loss) for the period | 9904 | €13,749 | €12,183 | -€1,566 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,749 | €12,183 | -€1,566 | -11.4% |
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 11 October 2026 via checked.be.