SEFRA: 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.
SEFRA
Largest movements
- Receivables within one year +€22,869
new in 2025: €22,869
- Cash +€21,883
new in 2025: €21,883
mainly Tax, wage and social debts (+€24,555) and Net result for the year (+€17,505)
- Deferred charges and accrued income +€5,517
new in 2025: €5,517
- Tangible fixed assets +€1,393
new in 2025: €1,393
- Tax, wage and social debts +€24,555
new in 2025: €24,555
of which Taxes: +€19,545
- Profit (loss) carried forward +€12,825
up €12,825, from -€12,825 to €0
- Trade debts +€8,064
up €8,064 (+1,692%), from €477 to €8,541
- Reserves +€4,680
new in 2025: €4,680
- Other debts +€1,538
up €1,538 (+25.0%), from €6,148 to €7,686
- Gross operating margin +€20,533
up €20,533, from -€822 to €19,711
- Taxes +€1,783
new in 2025: €1,783
- Other operating charges +€220
up €220 (+345%), from €64 to €284
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 | - | €51,662 | +€51,662 | |
| Fixed assets | 21/28 | - | €1,393 | +€1,393 | |
| Tangible fixed assets | 22/27 | - | €1,393 | +€1,393 | |
| Furniture and vehicles | 24 | - | €1,393 | +€1,393 | |
| Current assets | 29/58 | - | €50,269 | +€50,269 | |
| Amounts receivable within one year | 40/41 | - | €22,869 | +€22,869 | |
| Trade receivables | 40 | - | €22,869 | +€22,869 | |
| Cash at bank and in hand | 54/58 | - | €21,883 | +€21,883 | |
| Deferred charges and accrued income | 490/1 | - | €5,517 | +€5,517 | |
| Total equity and liabilities | 10/49 | - | €51,662 | +€51,662 | |
| Equity | 10/15 | -€6,625 | €10,880 | +€17,505 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | - | €4,680 | +€4,680 | |
| Distributable reserves | 133 | - | €4,680 | +€4,680 | |
| Profit (loss) carried forward | 14 | -€12,825 | €0 | +€12,825 | |
| Amounts payable | 17/49 | €6,625 | €40,782 | +€34,157 | +516% |
| Amounts payable within one year | 42/48 | €6,625 | €40,782 | +€34,157 | +516% |
| Trade debts | 44 | €477 | €8,541 | +€8,064 | +1,692% |
| Suppliers | 440/4 | €477 | €8,541 | +€8,064 | +1,692% |
| Taxes, remuneration and social security | 45 | - | €24,555 | +€24,555 | |
| Taxes | 450/3 | - | €19,545 | +€19,545 | |
| Remuneration and social security | 454/9 | - | €5,010 | +€5,010 | |
| Other amounts payable | 47/48 | €6,148 | €7,686 | +€1,538 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €107 | +€107 | |
| Other operating charges | 640/8 | €64 | €284 | +€220 | +345% |
| Gross operating margin | 9900 | -€822 | €19,711 | +€20,533 | |
| Operating profit (loss) | 9901 | -€885 | €19,320 | +€20,205 | |
| Financial charges | 65/66B | €69 | €32 | -€36 | -53.0% |
| Recurring financial charges | 65 | €69 | €32 | -€36 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | -€954 | €19,288 | +€20,242 | |
| Income taxes | 67/77 | - | €1,783 | +€1,783 | |
| Profit (loss) for the period | 9904 | -€954 | €17,505 | +€18,459 | |
| Profit (loss) for the period to be appropriated | 9905 | -€954 | €17,505 | +€18,459 |
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 31 October 2026 via checked.be.