SEICO: what changed
What changed
SEICO
NACE 37.000, Sewerage
filed annual accounts (NBB)
Net result for the year
-€42,467
2024 · €41,480-€83,947
Equity
€343,385
2024 · €400,213-€56,828
Cash
€53,050
2024 · €120,336-€67,286
Balance sheet total
€1.5m
2024 · €1.7m-€263,732
Largest movements
Assets
- Intangible fixed assets -€143,612
down €143,612 (-10.0%), from €1.4m to €1.3m
- Cash -€67,286
down €67,286 (-55.9%), from €120,336 to €53,050
mainly Debts after one year (-€159,034) and Short-term financial debts (-€75,000)
- Tangible fixed assets -€36,263
down €36,263 (-30.7%), from €118,064 to €81,801
of which Furniture and vehicles: -€32,462
- Receivables within one year -€25,987
down €25,987 (-38.5%), from €67,438 to €41,450
of which Trade receivables: -€26,199
Equity and liabilities
- Debts after one year -€159,034
down €159,034 (-18.4%), from €865,438 to €706,403
- Short-term financial debts -€75,000
down €75,000 (-100%), from €75,000 to €0
- Reserves -€42,467
down €42,467 (-28.0%), from €151,527 to €109,060
- Trade debts +€25,646
up €25,646 (+41.0%), from €62,529 to €88,176
Income statement
- Depreciation +€143,771
up €143,771 (+398%), from €36,103 to €179,875
- Gross operating margin +€24,778
up €24,778 (+5.6%), from €442,126 to €466,904
- Staff costs -€19,152
down €19,152 (-5.9%), from €325,551 to €306,399
- Financial income +€14,361
up €14,361, from €0 to €14,361
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€41,480
Gross operating margin
+€24,778
Staff costs
+€19,152
Depreciation
-€143,771
Other operating charges
-€696
Other operating items
+€995
Financial income
+€14,361
Financial charges
+€2,845
Taxes
-€1,610
Result 2025
-€42,467
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€176,004
Investment
€0
Financing
-€243,290
Cash 2024
€120,336
From operations (derived)
+€176,004
Net result for the year
-€42,467
Depreciation
+€179,875
Receivables within one year
+€25,987
Deferred charges and accrued income
-€9,416
Trade debts
+€25,646
Tax, wage and social debts
-€13,310
Other debts
+€4,202
Accrued charges and deferred income
+€5,487
Financing
-€243,290
Debts after one year
-€159,034
Current portion of long-term debt
+€5,105
Short-term financial debts
-€75,000
Contributions, distributions and other
-€14,361
Cash 2025
€53,050
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,744,381 | €1,480,649 | -€263,732 | -15.1% |
| Fixed assets | 21/28 | €1,550,887 | €1,371,012 | -€179,875 | -11.6% |
| Intangible fixed assets | 21 | €1,432,823 | €1,289,211 | -€143,612 | -10.0% |
| Tangible fixed assets | 22/27 | €118,064 | €81,801 | -€36,263 | -30.7% |
| Plant, machinery and equipment | 23 | €15,111 | €11,311 | -€3,800 | -25.1% |
| Furniture and vehicles | 24 | €102,953 | €70,491 | -€32,462 | -31.5% |
| Current assets | 29/58 | €193,494 | €109,637 | -€83,858 | -43.3% |
| Amounts receivable within one year | 40/41 | €67,438 | €41,450 | -€25,987 | -38.5% |
| Trade receivables | 40 | €65,139 | €38,940 | -€26,199 | -40.2% |
| Other amounts receivable | 41 | €2,299 | €2,510 | +€211 | +9.2% |
| Cash at bank and in hand | 54/58 | €120,336 | €53,050 | -€67,286 | -55.9% |
| Deferred charges and accrued income | 490/1 | €5,720 | €15,136 | +€9,416 | +165% |
| Total equity and liabilities | 10/49 | €1,744,381 | €1,480,649 | -€263,732 | -15.1% |
| Equity | 10/15 | €400,213 | €343,385 | -€56,828 | -14.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €151,527 | €109,060 | -€42,467 | -28.0% |
| Distributable reserves | 133 | €151,527 | €109,060 | -€42,467 | -28.0% |
| Investment grants | 15 | €230,086 | €215,724 | -€14,361 | -6.2% |
| Amounts payable | 17/49 | €1,344,168 | €1,137,264 | -€206,904 | -15.4% |
| Amounts payable after more than one year | 17 | €865,438 | €706,403 | -€159,034 | -18.4% |
| Financial debts | 170/4 | €865,438 | €706,403 | -€159,034 | -18.4% |
| Amounts payable within one year | 42/48 | €457,346 | €403,989 | -€53,357 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €165,798 | €170,903 | +€5,105 | +3.1% |
| Financial debts | 43 | €75,000 | €0 | -€75,000 | -100% |
| Credit institutions | 430/8 | €75,000 | €0 | -€75,000 | -100% |
| Trade debts | 44 | €62,529 | €88,176 | +€25,646 | +41.0% |
| Suppliers | 440/4 | €62,529 | €88,176 | +€25,646 | +41.0% |
| Taxes, remuneration and social security | 45 | €18,180 | €4,869 | -€13,310 | -73.2% |
| Taxes | 450/3 | €2,763 | €2,965 | +€202 | +7.3% |
| Remuneration and social security | 454/9 | €15,416 | €1,904 | -€13,512 | -87.6% |
| Other amounts payable | 47/48 | €135,839 | €140,041 | +€4,202 | +3.1% |
| Accrued charges and deferred income | 492/3 | €21,385 | €26,872 | +€5,487 | +25.7% |
| Non-recurring operating income | 76A | €9,703 | €0 | -€9,703 | -100% |
| Remuneration, social security and pensions | 62 | €325,551 | €306,399 | -€19,152 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,103 | €179,875 | +€143,771 | +398% |
| Other operating charges | 640/8 | €2,470 | €3,166 | +€696 | +28.2% |
| Non-recurring operating charges | 66A | €995 | €0 | -€995 | -100% |
| Gross operating margin | 9900 | €442,126 | €466,904 | +€24,778 | +5.6% |
| Operating profit (loss) | 9901 | €77,007 | -€22,536 | -€99,542 | |
| Financial income | 75/76B | €0 | €14,361 | +€14,361 | |
| Recurring financial income | 75 | €0 | €14,361 | +€14,361 | |
| Financial charges | 65/66B | €37,137 | €34,293 | -€2,845 | -7.7% |
| Recurring financial charges | 65 | €37,137 | €34,293 | -€2,845 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €39,870 | -€42,467 | -€82,337 | |
| Income taxes | 67/77 | -€1,610 | €0 | +€1,610 | |
| Profit (loss) for the period | 9904 | €41,480 | -€42,467 | -€83,947 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,480 | -€42,467 | -€83,947 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.