SENFO: 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.
SENFO
Largest movements
- Tangible fixed assets +€613,575
up €613,575 (+8,626%), from €7,113 to €620,688
of which Land and buildings: +€611,448
- Stocks and contracts -€234,822
down €234,822 (-100%), from €234,822 to €0
- Receivables within one year -€215,742
down €215,742 (-53.7%), from €401,529 to €185,786
of which Trade receivables: -€166,690
- Cash -€71,200
down €71,200 (-69.3%), from €102,783 to €31,583
mainly Investment in fixed assets (net) (-€615,704) and Short-term financial debts (-€239,038)
- Debts after one year +€464,919
new in 2025: €464,919
- Short-term financial debts -€239,038
down €239,038 (-100%), from €239,038 to €0
- Trade debts -€162,349
down €162,349 (-95.0%), from €170,809 to €8,460
- Other debts +€114,723
up €114,723 (+127%), from €90,679 to €205,401
- Tax, wage and social debts -€72,018
down €72,018 (-73.3%), from €98,231 to €26,213
of which Taxes: -€72,066
- Staff costs +€26,303
up €26,303 (+1,994%), from €1,319 to €27,622
- Gross operating margin -€19,975
down €19,975 (-31.5%), from €63,497 to €43,522
- Taxes -€11,842
down €11,842 (-87.6%), from €13,520 to €1,678
- Other operating charges -€2,460
down €2,460 (-72.7%), from €3,382 to €922
- Financial charges -€1,841
down €1,841 (-14.9%), from €12,350 to €10,509
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 | €849,182 | €940,146 | +€90,963 | +10.7% |
| Fixed assets | 21/28 | €107,113 | €720,688 | +€613,575 | +573% |
| Tangible fixed assets | 22/27 | €7,113 | €620,688 | +€613,575 | +8,626% |
| Land and buildings | 22 | €0 | €611,448 | +€611,448 | |
| Plant, machinery and equipment | 23 | €7,113 | €7,348 | +€235 | +3.3% |
| Furniture and vehicles | 24 | €0 | €1,891 | +€1,891 | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €742,069 | €219,458 | -€522,611 | -70.4% |
| Stocks and contracts in progress | 3 | €234,822 | €0 | -€234,822 | -100% |
| Stocks | 30/36 | €234,822 | €0 | -€234,822 | -100% |
| Amounts receivable within one year | 40/41 | €401,529 | €185,786 | -€215,742 | -53.7% |
| Trade receivables | 40 | €352,143 | €185,453 | -€166,690 | -47.3% |
| Other amounts receivable | 41 | €49,386 | €333 | -€49,053 | -99.3% |
| Cash at bank and in hand | 54/58 | €102,783 | €31,583 | -€71,200 | -69.3% |
| Deferred charges and accrued income | 490/1 | €2,936 | €2,089 | -€847 | -28.9% |
| Total equity and liabilities | 10/49 | €849,182 | €940,146 | +€90,963 | +10.7% |
| Equity | 10/15 | €215,425 | €175,086 | -€40,340 | -18.7% |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €135,202 | €94,202 | -€41,000 | -30.3% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €132,202 | €91,202 | -€41,000 | -31.0% |
| Profit (loss) carried forward | 14 | €42,723 | €43,383 | +€660 | +1.5% |
| Amounts payable | 17/49 | €633,757 | €765,060 | +€131,303 | +20.7% |
| Amounts payable after more than one year | 17 | - | €464,919 | +€464,919 | |
| Financial debts | 170/4 | - | €464,919 | +€464,919 | |
| Amounts payable within one year | 42/48 | €633,757 | €300,141 | -€333,616 | -52.6% |
| Current portion of amounts payable after more than one year | 42 | €35,000 | €60,067 | +€25,067 | +71.6% |
| Financial debts | 43 | €239,038 | €0 | -€239,038 | -100% |
| Credit institutions | 430/8 | €239,038 | €0 | -€239,038 | -100% |
| Trade debts | 44 | €170,809 | €8,460 | -€162,349 | -95.0% |
| Suppliers | 440/4 | €170,809 | €8,460 | -€162,349 | -95.0% |
| Taxes, remuneration and social security | 45 | €98,231 | €26,213 | -€72,018 | -73.3% |
| Taxes | 450/3 | €94,886 | €22,820 | -€72,066 | -76.0% |
| Remuneration and social security | 454/9 | €3,345 | €3,393 | +€48 | +1.4% |
| Other amounts payable | 47/48 | €90,679 | €205,401 | +€114,723 | +127% |
| Non-recurring operating income | 76A | €48,447 | €126 | -€48,321 | -99.7% |
| Remuneration, social security and pensions | 62 | €1,319 | €27,622 | +€26,303 | +1,994% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,635 | €2,130 | -€1,506 | -41.4% |
| Other operating charges | 640/8 | €3,382 | €922 | -€2,460 | -72.7% |
| Gross operating margin | 9900 | €63,497 | €43,522 | -€19,975 | -31.5% |
| Operating profit (loss) | 9901 | €55,160 | €12,848 | -€42,312 | -76.7% |
| Financial charges | 65/66B | €12,350 | €10,509 | -€1,841 | -14.9% |
| Recurring financial charges | 65 | €12,350 | €10,509 | -€1,841 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €42,810 | €2,338 | -€40,472 | -94.5% |
| Income taxes | 67/77 | €13,520 | €1,678 | -€11,842 | -87.6% |
| Profit (loss) for the period | 9904 | €29,290 | €660 | -€28,630 | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,290 | €660 | -€28,630 | -97.7% |
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 21 October 2026 via checked.be.