SEVERCOFRA: 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.
SEVERCOFRA
Largest movements
- Cash -€18,575
down €18,575 (-85.2%), from €21,790 to €3,215
mainly Trade debts (-€23,254) and Tax, wage and social debts (-€12,377)
- Receivables within one year -€10,538
down €10,538 (-4.3%), from €246,312 to €235,774
of which Trade receivables: -€124,706
- Tangible fixed assets -€8,085
down €8,085 (-49.8%), from €16,222 to €8,137
of which Furniture and vehicles: -€6,810
- Deferred charges and accrued income -€4,659
no longer reported in 2025 (was €4,659)
- Trade debts -€23,254
down €23,254 (-25.3%), from €91,748 to €68,494
- Tax, wage and social debts -€12,377
down €12,377 (-47.7%), from €25,954 to €13,577
of which Taxes: -€6,539
- Other debts -€5,000
no longer reported in 2025 (was €5,000)
- Short-term financial debts -€3,024
down €3,024 (-2.9%), from €102,765 to €99,741
- Gross operating margin +€49,840
up €49,840 (+57.2%), from €87,136 to €136,977
- Staff costs +€40,586
up €40,586 (+84.8%), from €47,859 to €88,445
- Financial charges +€7,424
up €7,424 (+117%), from €6,350 to €13,773
- Other operating charges +€6,288
up €6,288 (+695%), from €905 to €7,193
- Depreciation -€2,014
down €2,014 (-20.5%), from €9,817 to €7,803
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 | €290,933 | €247,126 | -€43,807 | -15.1% |
| Fixed assets | 21/28 | €18,172 | €8,137 | -€10,035 | -55.2% |
| Tangible fixed assets | 22/27 | €16,222 | €8,137 | -€8,085 | -49.8% |
| Plant, machinery and equipment | 23 | €2,513 | €1,238 | -€1,275 | -50.7% |
| Furniture and vehicles | 24 | €13,708 | €6,899 | -€6,810 | -49.7% |
| Financial fixed assets | 28 | €1,950 | - | -€1,950 | |
| Current assets | 29/58 | €272,761 | €238,989 | -€33,772 | -12.4% |
| Amounts receivable within one year | 40/41 | €246,312 | €235,774 | -€10,538 | -4.3% |
| Trade receivables | 40 | €237,530 | €112,823 | -€124,706 | -52.5% |
| Other amounts receivable | 41 | €8,783 | €122,950 | +€114,168 | +1,300% |
| Cash at bank and in hand | 54/58 | €21,790 | €3,215 | -€18,575 | -85.2% |
| Deferred charges and accrued income | 490/1 | €4,659 | - | -€4,659 | |
| Total equity and liabilities | 10/49 | €290,933 | €247,126 | -€43,807 | -15.1% |
| Equity | 10/15 | €65,466 | €65,314 | -€151 | -0.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | - | -€5,000 | |
| Other | 1109/19 | €5,000 | - | -€5,000 | |
| Profit (loss) carried forward | 14 | €60,466 | €60,314 | -€151 | -0.3% |
| Amounts payable | 17/49 | €225,467 | €181,812 | -€43,655 | -19.4% |
| Amounts payable within one year | 42/48 | €225,467 | €181,812 | -€43,655 | -19.4% |
| Financial debts | 43 | €102,765 | €99,741 | -€3,024 | -2.9% |
| Credit institutions | 430/8 | €102,765 | €99,741 | -€3,024 | -2.9% |
| Trade debts | 44 | €91,748 | €68,494 | -€23,254 | -25.3% |
| Suppliers | 440/4 | €91,748 | €68,494 | -€23,254 | -25.3% |
| Taxes, remuneration and social security | 45 | €25,954 | €13,577 | -€12,377 | -47.7% |
| Taxes | 450/3 | €19,639 | €13,100 | -€6,539 | -33.3% |
| Remuneration and social security | 454/9 | €6,315 | €477 | -€5,838 | -92.4% |
| Other amounts payable | 47/48 | €5,000 | - | -€5,000 | |
| Remuneration, social security and pensions | 62 | €47,859 | €88,445 | +€40,586 | +84.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,817 | €7,803 | -€2,014 | -20.5% |
| Other operating charges | 640/8 | €905 | €7,193 | +€6,288 | +695% |
| Gross operating margin | 9900 | €87,136 | €136,977 | +€49,840 | +57.2% |
| Operating profit (loss) | 9901 | €28,555 | €33,535 | +€4,980 | +17.4% |
| Financial income | 75/76B | €10 | €227 | +€217 | +2,268% |
| Recurring financial income | 75 | €10 | €227 | +€217 | +2,268% |
| Financial charges | 65/66B | €6,350 | €13,773 | +€7,424 | +117% |
| Recurring financial charges | 65 | €6,350 | €13,773 | +€7,424 | +117% |
| Profit (loss) for the period before taxes | 9903 | €22,215 | €19,989 | -€2,226 | -10.0% |
| Income taxes | 67/77 | €9,850 | €8,291 | -€1,559 | -15.8% |
| Profit (loss) for the period | 9904 | €12,365 | €11,698 | -€667 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,365 | €11,698 | -€667 | -5.4% |
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 18 October 2026 via checked.be.