Sekofer: 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.
Sekofer
Largest movements
- Receivables within one year +€2.7m
up €2.7m (+759%), from €353,745 to €3.0m
of which Other amounts receivable: +€2.7m
- Current investments +€1.9m
new in 2025: €1.9m
- Cash -€1.8m
down €1.8m (-94.3%), from €1.9m to €107,981
mainly Receivables within one year (-€2.7m) and Current investments (-€1.9m)
- Reserves +€3.8m
up €3.8m (+77.5%), from €4.9m to €8.7m
- Debts after one year -€1.8m
down €1.8m (-28.8%), from €6.1m to €4.4m
- Current portion of long-term debt +€671,328
up €671,328 (+88.6%), from €757,617 to €1.4m
- Financial income +€1.9m
up €1.9m (+105%), from €1.8m to €3.8m
- Turnover +€105,000
up €105,000 (+77.8%), from €135,000 to €240,000
- Financial charges +€69,357
up €69,357 (+102%), from €67,893 to €137,250
- Taxes -€6,909
down €6,909 (-98.1%), from €7,042 to €133
- Services and other goods +€3,748
up €3,748 (+7.1%), from €52,553 to €56,300
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 | €12,339,434 | €15,081,873 | +€2.7m | +22.2% |
| Fixed assets | 21/28 | €10,082,636 | €10,080,932 | -€1,704 | 0.0% |
| Tangible fixed assets | 22/27 | €8,436 | €6,732 | -€1,704 | -20.2% |
| Furniture and vehicles | 24 | €8,436 | €6,732 | -€1,704 | -20.2% |
| Financial fixed assets | 28 | €10,074,200 | €10,074,200 | = | 0.0% |
| Affiliated companies | 280/1 | €10,074,200 | €10,074,200 | = | 0.0% |
| Participating interests | 280 | €10,074,200 | €10,074,200 | = | 0.0% |
| Current assets | 29/58 | €2,256,798 | €5,000,941 | +€2.7m | +122% |
| Amounts receivable within one year | 40/41 | €353,745 | €3,037,829 | +€2.7m | +759% |
| Trade receivables | 40 | €18,150 | €30,250 | +€12,100 | +66.7% |
| Other amounts receivable | 41 | €335,595 | €3,007,579 | +€2.7m | +796% |
| Current investments | 50/53 | - | €1,855,131 | +€1.9m | |
| Other investments | 51/53 | - | €1,855,131 | +€1.9m | |
| Cash at bank and in hand | 54/58 | €1,903,053 | €107,981 | -€1.8m | -94.3% |
| Total equity and liabilities | 10/49 | €12,339,434 | €15,081,873 | +€2.7m | +22.2% |
| Equity | 10/15 | €5,458,445 | €9,235,838 | +€3.8m | +69.2% |
| Contributions | 10/11 | €582,970 | €582,970 | = | 0.0% |
| Reserves | 13 | €4,875,475 | €8,652,868 | +€3.8m | +77.5% |
| Distributable reserves | 133 | €4,875,475 | €8,652,868 | +€3.8m | +77.5% |
| Amounts payable | 17/49 | €6,880,989 | €5,846,035 | -€1.0m | -15.0% |
| Amounts payable after more than one year | 17 | €6,112,949 | €4,351,345 | -€1.8m | -28.8% |
| Financial debts | 170/4 | €6,112,949 | €4,351,345 | -€1.8m | -28.8% |
| Subordinated loans | 170 | €4,511,230 | - | -€4.5m | |
| Credit institutions | 173 | €1,601,719 | €4,351,345 | +€2.7m | +172% |
| Amounts payable within one year | 42/48 | €768,039 | €1,494,691 | +€726,651 | +94.6% |
| Current portion of amounts payable after more than one year | 42 | €757,617 | €1,428,946 | +€671,328 | +88.6% |
| Trade debts | 44 | €977 | €1,002 | +€26 | +2.6% |
| Suppliers | 440/4 | €977 | €1,002 | +€26 | +2.6% |
| Taxes, remuneration and social security | 45 | €9,445 | €15,742 | +€6,297 | +66.7% |
| Taxes | 450/3 | €9,445 | €15,742 | +€6,297 | +66.7% |
| Other amounts payable | 47/48 | - | €49,000 | +€49,000 | |
| Operating income | 70/76A | €137,361 | €242,314 | +€104,953 | +76.4% |
| Turnover | 70 | €135,000 | €240,000 | +€105,000 | +77.8% |
| Other operating income | 74 | €2,361 | €2,314 | -€47 | -2.0% |
| Operating charges | 60/66A | €55,620 | €61,019 | +€5,399 | +9.7% |
| Services and other goods | 61 | €52,553 | €56,300 | +€3,748 | +7.1% |
| Remuneration, social security and pensions | 62 | €2,016 | €2,016 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84 | €1,704 | +€1,620 | +1,933% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Operating profit (loss) | 9901 | €81,741 | €181,295 | +€99,554 | +122% |
| Financial income | 75/76B | €1,841,400 | €3,782,480 | +€1.9m | +105% |
| Recurring financial income | 75 | €1,841,400 | €3,782,480 | +€1.9m | +105% |
| Income from financial fixed assets | 750 | €1,600,000 | €3,750,000 | +€2.2m | +134% |
| Income from current assets | 751 | €5,455 | €32,046 | +€26,591 | +487% |
| Other financial income | 752/9 | €235,945 | €434 | -€235,511 | -99.8% |
| Financial charges | 65/66B | €67,893 | €137,250 | +€69,357 | +102% |
| Recurring financial charges | 65 | €67,893 | €137,250 | +€69,357 | +102% |
| Debt charges | 650 | €66,092 | €133,082 | +€66,990 | +101% |
| Other financial charges | 652/9 | €1,801 | €4,168 | +€2,367 | +131% |
| Profit (loss) for the period before taxes | 9903 | €1,855,249 | €3,826,525 | +€2.0m | +106% |
| Income taxes | 67/77 | €7,042 | €133 | -€6,909 | -98.1% |
| Taxes | 670/3 | €7,042 | €133 | -€6,909 | -98.1% |
| Profit (loss) for the period | 9904 | €1,848,207 | €3,826,393 | +€2.0m | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €1,848,207 | €3,826,393 | +€2.0m | +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 16 October 2026 via checked.be.