SESECO: 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.
SESECO
Largest movements
- Cash -€84,302
down €84,302 (-36.3%), from €232,288 to €147,986
mainly Contributions, distributions and other (-€150,000) and Net result for the year (-€93,068)
- Tangible fixed assets -€32,048
down €32,048 (-24.6%), from €130,539 to €98,491
of which Other tangible fixed assets: -€33,749
- Receivables after one year -€30,000
down €30,000 (-100%), from €30,000 to €0
of which Trade receivables: -€30,000
- Profit (loss) carried forward -€243,068
down €243,068, from €191,471 to -€51,597
- Other debts +€65,272
up €65,272 (+12,302%), from €531 to €65,802
- Trade debts +€46,102
up €46,102 (+167%), from €27,633 to €73,736
- Accrued charges and deferred income -€9,956
down €9,956 (-100%), from €9,956 to €0
- Gross operating margin -€79,892
down €79,892 (-23.3%), from €343,063 to €263,171
- Depreciation +€7,730
up €7,730 (+15.2%), from €50,914 to €58,643
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 | €408,636 | €270,339 | -€138,297 | -33.8% |
| Fixed assets | 21/28 | €131,339 | €100,291 | -€31,048 | -23.6% |
| Tangible fixed assets | 22/27 | €130,539 | €98,491 | -€32,048 | -24.6% |
| Plant, machinery and equipment | 23 | €37,385 | €29,715 | -€7,669 | -20.5% |
| Furniture and vehicles | 24 | €9,384 | €18,755 | +€9,371 | +99.9% |
| Other tangible fixed assets | 26 | €83,771 | €50,021 | -€33,749 | -40.3% |
| Financial fixed assets | 28 | €800 | €1,800 | +€1,000 | +125% |
| Current assets | 29/58 | €277,297 | €170,047 | -€107,249 | -38.7% |
| Amounts receivable after more than one year | 29 | €30,000 | €0 | -€30,000 | -100% |
| Trade receivables | 290 | €30,000 | - | -€30,000 | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | €8,972 | €10,176 | +€1,204 | +13.4% |
| Stocks | 30/36 | €8,972 | €10,176 | +€1,204 | +13.4% |
| Amounts receivable within one year | 40/41 | €3,049 | €6,341 | +€3,291 | +108% |
| Trade receivables | 40 | €2,505 | €4,858 | +€2,353 | +94.0% |
| Other amounts receivable | 41 | €545 | €1,483 | +€938 | +172% |
| Cash at bank and in hand | 54/58 | €232,288 | €147,986 | -€84,302 | -36.3% |
| Deferred charges and accrued income | 490/1 | €2,988 | €5,544 | +€2,556 | +85.6% |
| Total equity and liabilities | 10/49 | €408,636 | €270,339 | -€138,297 | -33.8% |
| Equity | 10/15 | €323,471 | €80,403 | -€243,068 | -75.1% |
| Contributions | 10/11 | €132,000 | €132,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,471 | -€51,597 | -€243,068 | |
| Amounts payable | 17/49 | €85,164 | €189,935 | +€104,771 | +123% |
| Amounts payable within one year | 42/48 | €75,208 | €189,935 | +€114,727 | +153% |
| Financial debts | 43 | €184 | €108 | -€76 | -41.3% |
| Credit institutions | 430/8 | €184 | €108 | -€76 | -41.3% |
| Trade debts | 44 | €27,633 | €73,736 | +€46,102 | +167% |
| Suppliers | 440/4 | €27,633 | €73,736 | +€46,102 | +167% |
| Advances received on contracts in progress | 46 | €300 | €2,834 | +€2,534 | +845% |
| Taxes, remuneration and social security | 45 | €46,561 | €47,456 | +€895 | +1.9% |
| Taxes | 450/3 | €15,181 | €10,710 | -€4,471 | -29.5% |
| Remuneration and social security | 454/9 | €31,379 | €36,746 | +€5,366 | +17.1% |
| Other amounts payable | 47/48 | €531 | €65,802 | +€65,272 | +12,302% |
| Accrued charges and deferred income | 492/3 | €9,956 | €0 | -€9,956 | -100% |
| Remuneration, social security and pensions | 62 | €292,275 | €291,987 | -€288 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,914 | €58,643 | +€7,730 | +15.2% |
| Other operating charges | 640/8 | €2,639 | €2,592 | -€47 | -1.8% |
| Gross operating margin | 9900 | €343,063 | €263,171 | -€79,892 | -23.3% |
| Operating profit (loss) | 9901 | -€2,765 | -€90,051 | -€87,286 | -3,157% |
| Financial income | 75/76B | €2,343 | €459 | -€1,884 | -80.4% |
| Recurring financial income | 75 | €2,343 | €459 | -€1,884 | -80.4% |
| Financial charges | 65/66B | €3,497 | €3,372 | -€125 | -3.6% |
| Recurring financial charges | 65 | €3,497 | €3,372 | -€125 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,919 | -€92,964 | -€89,045 | -2,272% |
| Income taxes | 67/77 | - | €104 | +€104 | |
| Profit (loss) for the period | 9904 | -€3,919 | -€93,068 | -€89,149 | -2,275% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,919 | -€93,068 | -€89,149 | -2,275% |
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 18 October 2026 via checked.be.