Seynaeve Brecht: 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.
Seynaeve Brecht
Largest movements
- Stocks and contracts -€21,500
down €21,500 (-39.1%), from €55,000 to €33,500
- Tangible fixed assets -€9,471
down €9,471 (-8.8%), from €107,512 to €98,041
of which Other tangible fixed assets: -€4,854
- Receivables within one year -€6,827
down €6,827 (-31.4%), from €21,758 to €14,931
of which Trade receivables: -€5,649
- Cash +€5,238
up €5,238 (+139%), from €3,781 to €9,020
mainly Net result for the year (+€23,298) and Stocks and contracts (+€21,500)
- Other debts -€40,304
down €40,304 (-50.7%), from €79,549 to €39,244
- Tax, wage and social debts +€5,292
up €5,292 (+55.0%), from €9,630 to €14,922
of which Taxes: +€8,767
- Trade debts +€3,556
up €3,556 (+730%), from €487 to €4,044
- Gross operating margin +€23,969
up €23,969 (+43.7%), from €54,888 to €78,857
- Depreciation +€9,726
up €9,726 (+83.5%), from €11,646 to €21,371
- Taxes +€7,839
up €7,839 (+205%), from €3,822 to €11,661
- Staff costs -€5,434
down €5,434 (-23.5%), from €23,101 to €17,667
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 | €191,738 | €158,712 | -€33,026 | -17.2% |
| Fixed assets | 21/28 | €107,512 | €98,041 | -€9,471 | -8.8% |
| Tangible fixed assets | 22/27 | €107,512 | €98,041 | -€9,471 | -8.8% |
| Plant, machinery and equipment | 23 | €6,958 | €4,321 | -€2,637 | -37.9% |
| Furniture and vehicles | 24 | €57,640 | €55,659 | -€1,980 | -3.4% |
| Other tangible fixed assets | 26 | €42,914 | €38,060 | -€4,854 | -11.3% |
| Current assets | 29/58 | €84,226 | €60,671 | -€23,555 | -28.0% |
| Stocks and contracts in progress | 3 | €55,000 | €33,500 | -€21,500 | -39.1% |
| Stocks | 30/36 | €55,000 | €33,500 | -€21,500 | -39.1% |
| Amounts receivable within one year | 40/41 | €21,758 | €14,931 | -€6,827 | -31.4% |
| Trade receivables | 40 | €20,581 | €14,931 | -€5,649 | -27.5% |
| Other amounts receivable | 41 | €1,178 | €0 | -€1,178 | -100% |
| Cash at bank and in hand | 54/58 | €3,781 | €9,020 | +€5,238 | +139% |
| Deferred charges and accrued income | 490/1 | €3,686 | €3,220 | -€467 | -12.7% |
| Total equity and liabilities | 10/49 | €191,738 | €158,712 | -€33,026 | -17.2% |
| Equity | 10/15 | €102,072 | €100,502 | -€1,570 | -1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €83,472 | €81,902 | -€1,570 | -1.9% |
| Distributable reserves | 133 | €83,472 | €81,902 | -€1,570 | -1.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €89,666 | €58,210 | -€31,456 | -35.1% |
| Amounts payable within one year | 42/48 | €89,666 | €58,210 | -€31,456 | -35.1% |
| Trade debts | 44 | €487 | €4,044 | +€3,556 | +730% |
| Suppliers | 440/4 | €487 | €4,044 | +€3,556 | +730% |
| Taxes, remuneration and social security | 45 | €9,630 | €14,922 | +€5,292 | +55.0% |
| Taxes | 450/3 | €6,154 | €14,922 | +€8,767 | +142% |
| Remuneration and social security | 454/9 | €3,475 | €0 | -€3,475 | -100% |
| Other amounts payable | 47/48 | €79,549 | €39,244 | -€40,304 | -50.7% |
| Non-recurring operating income | 76A | - | €8,300 | +€8,300 | |
| Remuneration, social security and pensions | 62 | €23,101 | €17,667 | -€5,434 | -23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,646 | €21,371 | +€9,726 | +83.5% |
| Other operating charges | 640/8 | €1,135 | €983 | -€152 | -13.4% |
| Gross operating margin | 9900 | €54,888 | €78,857 | +€23,969 | +43.7% |
| Operating profit (loss) | 9901 | €19,006 | €38,836 | +€19,830 | +104% |
| Financial income | 75/76B | €37 | €43 | +€6 | +17.6% |
| Recurring financial income | 75 | €37 | €43 | +€6 | +17.6% |
| Financial charges | 65/66B | €3,947 | €3,920 | -€27 | -0.7% |
| Recurring financial charges | 65 | €3,947 | €3,920 | -€27 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €15,096 | €34,959 | +€19,863 | +132% |
| Income taxes | 67/77 | €3,822 | €11,661 | +€7,839 | +205% |
| Profit (loss) for the period | 9904 | €11,274 | €23,298 | +€12,024 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €11,274 | €23,298 | +€12,024 | +107% |
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 24 October 2026 via checked.be.