SEEF: 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.
SEEF
Largest movements
- Current investments +€86,081
up €86,081 (+30.7%), from €280,000 to €366,081
- Cash -€32,218
down €32,218 (-50.8%), from €63,406 to €31,188
mainly Current investments (-€86,081) and Contributions, distributions and other (-€50,000)
- Reserves +€46,000
up €46,000 (+15.6%), from €294,620 to €340,620
of which Distributable reserves: +€46,000
- Staff costs +€55,793
up €55,793 (+267%), from €20,900 to €76,694
- Taxes -€21,978
down €21,978 (-77.0%), from €28,547 to €6,569
- Depreciation -€6,649
down €6,649 (-59.1%), from €11,259 to €4,610
- Financial income -€2,101
down €2,101 (-2.0%), from €107,229 to €105,128
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 | €1,270,407 | €1,327,245 | +€56,837 | +4.5% |
| Fixed assets | 21/28 | €909,624 | €905,013 | -€4,610 | -0.5% |
| Tangible fixed assets | 22/27 | €11,633 | €7,023 | -€4,610 | -39.6% |
| Furniture and vehicles | 24 | €11,633 | €7,023 | -€4,610 | -39.6% |
| Financial fixed assets | 28 | €897,990 | €897,990 | = | 0.0% |
| Current assets | 29/58 | €360,784 | €422,231 | +€61,447 | +17.0% |
| Amounts receivable within one year | 40/41 | €12,240 | €17,264 | +€5,024 | +41.0% |
| Trade receivables | 40 | €12,240 | €12,248 | +€8 | +0.1% |
| Other amounts receivable | 41 | - | €5,016 | +€5,016 | |
| Current investments | 50/53 | €280,000 | €366,081 | +€86,081 | +30.7% |
| Cash at bank and in hand | 54/58 | €63,406 | €31,188 | -€32,218 | -50.8% |
| Deferred charges and accrued income | 490/1 | €5,138 | €7,699 | +€2,561 | +49.8% |
| Total equity and liabilities | 10/49 | €1,270,407 | €1,327,245 | +€56,837 | +4.5% |
| Equity | 10/15 | €1,022,880 | €1,069,620 | +€46,740 | +4.6% |
| Contributions | 10/11 | €726,200 | €726,200 | = | 0.0% |
| Capital | 10 | €726,200 | €726,200 | = | 0.0% |
| Issued capital | 100 | €726,200 | €726,200 | = | 0.0% |
| Reserves | 13 | €294,620 | €340,620 | +€46,000 | +15.6% |
| Non-distributable reserves | 130/1 | €72,620 | €72,620 | = | 0.0% |
| Legal reserve | 130 | €72,620 | €72,620 | = | 0.0% |
| Distributable reserves | 133 | €222,000 | €268,000 | +€46,000 | +20.7% |
| Profit (loss) carried forward | 14 | €2,060 | €2,800 | +€740 | +35.9% |
| Amounts payable | 17/49 | €247,528 | €257,625 | +€10,097 | +4.1% |
| Amounts payable after more than one year | 17 | €176,000 | €176,000 | = | 0.0% |
| Other amounts payable | 178/9 | €176,000 | €176,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €69,740 | €79,688 | +€9,948 | +14.3% |
| Trade debts | 44 | €1,223 | €4,122 | +€2,900 | +237% |
| Suppliers | 440/4 | €1,223 | €4,122 | +€2,900 | +237% |
| Taxes, remuneration and social security | 45 | €33,589 | €35,637 | +€2,048 | +6.1% |
| Taxes | 450/3 | €30,416 | €24,211 | -€6,206 | -20.4% |
| Remuneration and social security | 454/9 | €3,173 | €11,427 | +€8,254 | +260% |
| Other amounts payable | 47/48 | €34,928 | €39,928 | +€5,000 | +14.3% |
| Accrued charges and deferred income | 492/3 | €1,788 | €1,937 | +€149 | +8.4% |
| Remuneration, social security and pensions | 62 | €20,900 | €76,694 | +€55,793 | +267% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,259 | €4,610 | -€6,649 | -59.1% |
| Other operating charges | 640/8 | €1,566 | €1,902 | +€336 | +21.5% |
| Gross operating margin | 9900 | €89,236 | €88,559 | -€677 | -0.8% |
| Operating profit (loss) | 9901 | €55,509 | €5,352 | -€50,157 | -90.4% |
| Financial income | 75/76B | €107,229 | €105,128 | -€2,101 | -2.0% |
| Recurring financial income | 75 | €107,229 | €105,128 | -€2,101 | -2.0% |
| Financial charges | 65/66B | €7,157 | €7,171 | +€14 | +0.2% |
| Recurring financial charges | 65 | €7,157 | €7,171 | +€14 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €155,581 | €103,309 | -€52,272 | -33.6% |
| Income taxes | 67/77 | €28,547 | €6,569 | -€21,978 | -77.0% |
| Profit (loss) for the period | 9904 | €127,034 | €96,740 | -€30,294 | -23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €127,034 | €96,740 | -€30,294 | -23.8% |
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 28 October 2026 via checked.be.