SEQO: 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.
SEQO
Largest movements
- Tangible fixed assets +€23,965
up €23,965 (+128%), from €18,662 to €42,627
of which Plant, machinery and equipment: +€16,194
- Cash -€22,555
no longer reported in 2025 (was €22,555)
mainly Accrued charges and deferred income (-€42,589) and Investment in fixed assets (net) (-€36,794)
- Receivables within one year +€13,726
up €13,726 (+5.7%), from €239,532 to €253,258
of which Other amounts receivable: +€22,058
- Accrued charges and deferred income -€42,589
down €42,589 (-64.8%), from €65,694 to €23,105
- Current portion of long-term debt -€33,881
down €33,881 (-52.2%), from €64,885 to €31,004
- Tax, wage and social debts +€23,058
up €23,058 (+70.8%), from €32,590 to €55,648
of which Remuneration and social security: +€21,805
- Trade debts +€22,109
up €22,109 (+19.1%), from €115,799 to €137,908
- Reserves +€15,000
up €15,000 (+31.3%), from €47,860 to €62,860
of which Distributable reserves: +€15,000
- Gross operating margin +€90,829
up €90,829 (+38.5%), from €235,934 to €326,763
- Staff costs +€69,317
up €69,317 (+33.3%), from €208,103 to €277,420
- Depreciation +€6,725
up €6,725 (+110%), from €6,104 to €12,829
- Financial charges +€4,779
up €4,779 (+90.9%), from €5,260 to €10,039
- Taxes +€4,624
up €4,624 (+91.9%), from €5,031 to €9,655
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 | €391,632 | €400,984 | +€9,352 | +2.4% |
| Fixed assets | 21/28 | €18,662 | €42,627 | +€23,965 | +128% |
| Tangible fixed assets | 22/27 | €18,662 | €42,627 | +€23,965 | +128% |
| Land and buildings | 22 | - | €6,575 | +€6,575 | |
| Plant, machinery and equipment | 23 | €16,522 | €32,716 | +€16,194 | +98.0% |
| Furniture and vehicles | 24 | €2,140 | €3,336 | +€1,196 | +55.9% |
| Current assets | 29/58 | €372,970 | €358,357 | -€14,613 | -3.9% |
| Stocks and contracts in progress | 3 | €64,883 | €62,398 | -€2,485 | -3.8% |
| Stocks | 30/36 | €64,883 | €62,398 | -€2,485 | -3.8% |
| Amounts receivable within one year | 40/41 | €239,532 | €253,258 | +€13,726 | +5.7% |
| Trade receivables | 40 | €215,650 | €207,318 | -€8,332 | -3.9% |
| Other amounts receivable | 41 | €23,882 | €45,940 | +€22,058 | +92.4% |
| Cash at bank and in hand | 54/58 | €22,555 | - | -€22,555 | |
| Deferred charges and accrued income | 490/1 | €46,000 | €42,701 | -€3,299 | -7.2% |
| Total equity and liabilities | 10/49 | €391,632 | €400,984 | +€9,352 | +2.4% |
| Equity | 10/15 | €86,053 | €101,655 | +€15,602 | +18.1% |
| Contributions | 10/11 | €6,700 | €6,700 | = | 0.0% |
| Reserves | 13 | €47,860 | €62,860 | +€15,000 | +31.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €46,000 | €61,000 | +€15,000 | +32.6% |
| Profit (loss) carried forward | 14 | €31,493 | €32,095 | +€602 | +1.9% |
| Amounts payable | 17/49 | €305,579 | €299,329 | -€6,250 | -2.0% |
| Amounts payable after more than one year | 17 | €24,317 | €38,855 | +€14,538 | +59.8% |
| Financial debts | 170/4 | €24,317 | €38,855 | +€14,538 | +59.8% |
| Amounts payable within one year | 42/48 | €215,568 | €237,369 | +€21,801 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €64,885 | €31,004 | -€33,881 | -52.2% |
| Financial debts | 43 | - | €12,809 | +€12,809 | |
| Credit institutions | 430/8 | - | €12,809 | +€12,809 | |
| Trade debts | 44 | €115,799 | €137,908 | +€22,109 | +19.1% |
| Suppliers | 440/4 | €115,799 | €137,908 | +€22,109 | +19.1% |
| Taxes, remuneration and social security | 45 | €32,590 | €55,648 | +€23,058 | +70.8% |
| Taxes | 450/3 | €8,313 | €9,566 | +€1,253 | +15.1% |
| Remuneration and social security | 454/9 | €24,277 | €46,082 | +€21,805 | +89.8% |
| Other amounts payable | 47/48 | €2,294 | - | -€2,294 | |
| Accrued charges and deferred income | 492/3 | €65,694 | €23,105 | -€42,589 | -64.8% |
| Remuneration, social security and pensions | 62 | €208,103 | €277,420 | +€69,317 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,104 | €12,829 | +€6,725 | +110% |
| Other operating charges | 640/8 | €1,704 | €2,097 | +€393 | +23.1% |
| Gross operating margin | 9900 | €235,934 | €326,763 | +€90,829 | +38.5% |
| Operating profit (loss) | 9901 | €20,023 | €34,417 | +€14,394 | +71.9% |
| Financial income | 75/76B | €25 | €879 | +€854 | +3,416% |
| Recurring financial income | 75 | €25 | €879 | +€854 | +3,416% |
| Financial charges | 65/66B | €5,260 | €10,039 | +€4,779 | +90.9% |
| Recurring financial charges | 65 | €5,260 | €10,039 | +€4,779 | +90.9% |
| Profit (loss) for the period before taxes | 9903 | €14,788 | €25,257 | +€10,469 | +70.8% |
| Income taxes | 67/77 | €5,031 | €9,655 | +€4,624 | +91.9% |
| Profit (loss) for the period | 9904 | €9,757 | €15,602 | +€5,845 | +59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,757 | €15,602 | +€5,845 | +59.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.