SEFRUS: 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.
SEFRUS
Largest movements
- Current investments +€105,200
up €105,200 (+52.6%), from €200,000 to €305,200
- Cash -€68,592
down €68,592 (-29.9%), from €229,187 to €160,595
mainly Current investments (-€105,200) and Contributions, distributions and other (-€57,012)
- Receivables within one year +€23,029
up €23,029 (+228.1%), from €10,096 to €33,125
of which Trade receivables: +€21,575
- Tangible fixed assets -€10,760
down €10,760 (-52.8%), from €20,372 to €9,612
- Reserves +€48,898
up €48,898 (+12.4%), from €395,902 to €444,800
- Other debts -€7,196
down €7,196 (-25.1%), from €28,682 to €21,486
- Tax, wage and social debts +€5,346
up €5,346 (+15.6%), from €34,254 to €39,600
- Gross operating margin -€98,098
down €98,098 (-35.5%), from €276,070 to €177,972
- Taxes -€35,254
down €35,254 (-44.2%), from €79,761 to €44,507
- Write-downs +€20,000
no longer reported in 2025 (was -€20,000)
- Purchases and services +€17,916
up €17,916 (+21.1%), from €84,804 to €102,720
- Staff costs -€6,052
down €6,052 (-25.1%), from €24,115 to €18,063
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 | €461,434 | €508,532 | +€47,098 | +10.2% |
| Fixed assets | 21/28 | €20,372 | €9,612 | -€10,760 | -52.8% |
| Tangible fixed assets | 22/27 | €20,372 | €9,612 | -€10,760 | -52.8% |
| Furniture and vehicles | 24 | €20,372 | €9,612 | -€10,760 | -52.8% |
| Current assets | 29/58 | €441,062 | €498,920 | +€57,858 | +13.1% |
| Amounts receivable within one year | 40/41 | €10,096 | €33,125 | +€23,029 | +228.1% |
| Trade receivables | 40 | €1,057 | €22,632 | +€21,575 | +2041.2% |
| Other amounts receivable | 41 | €9,039 | €10,493 | +€1,454 | +16.1% |
| Current investments | 50/53 | €200,000 | €305,200 | +€105,200 | +52.6% |
| Cash at bank and in hand | 54/58 | €229,187 | €160,595 | -€68,592 | -29.9% |
| Deferred charges and accrued income | 490/1 | €1,779 | - | -€1,779 | |
| Total equity and liabilities | 10/49 | €461,434 | €508,532 | +€47,098 | +10.2% |
| Equity | 10/15 | €397,678 | €446,576 | +€48,898 | +12.3% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €395,902 | €444,800 | +€48,898 | +12.4% |
| Distributable reserves | 133 | €395,902 | €444,800 | +€48,898 | +12.4% |
| Profit (loss) carried forward | 14 | €1,775 | €1,775 | = | 0.0% |
| Amounts payable | 17/49 | €63,756 | €61,956 | -€1,800 | -2.8% |
| Amounts payable within one year | 42/48 | €63,756 | €61,956 | -€1,800 | -2.8% |
| Trade debts | 44 | €820 | €870 | +€50 | +6.1% |
| Suppliers | 440/4 | €820 | €870 | +€50 | +6.1% |
| Taxes, remuneration and social security | 45 | €34,254 | €39,600 | +€5,346 | +15.6% |
| Taxes | 450/3 | €34,254 | €39,600 | +€5,346 | +15.6% |
| Other amounts payable | 47/48 | €28,682 | €21,486 | -€7,196 | -25.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €84,804 | €102,720 | +€17,916 | +21.1% |
| Remuneration, social security and pensions | 62 | €24,115 | €18,063 | -€6,052 | -25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,343 | €10,760 | -€583 | -5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€20,000 | - | +€20,000 | |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | €276,070 | €177,972 | -€98,098 | -35.5% |
| Operating profit (loss) | 9901 | €260,225 | €148,749 | -€111,476 | -42.8% |
| Financial income | 75/76B | €3,651 | €1,893 | -€1,758 | -48.2% |
| Recurring financial income | 75 | €3,651 | €1,893 | -€1,758 | -48.2% |
| Financial charges | 65/66B | €225 | €225 | = | 0.0% |
| Recurring financial charges | 65 | €225 | €225 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €263,651 | €150,417 | -€113,234 | -42.9% |
| Income taxes | 67/77 | €79,761 | €44,507 | -€35,254 | -44.2% |
| Profit (loss) for the period | 9904 | €183,890 | €105,910 | -€77,980 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €183,890 | €105,910 | -€77,980 | -42.4% |
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 9 October 2026 via checked.be.