Ian Sedgman: 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.
Ian Sedgman
Largest movements
- Receivables after one year +€1.7m
up €1.7m (+180%), from €918,932 to €2.6m
- Cash -€335,585
down €335,585 (-37.6%), from €892,458 to €556,873
mainly Receivables after one year (-€1.7m) and Other debts (-€17,721)
- Reserves +€1.2m
up €1.2m (+111%), from €1.1m to €2.3m
- Tax, wage and social debts +€132,623
up €132,623 (+19.8%), from €671,360 to €803,983
- Gross operating margin +€964,056
up €964,056 (+121%), from €799,499 to €1.8m
- Taxes +€308,397
up €308,397 (+124%), from €247,793 to €556,190
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 | €1,811,390 | €3,130,244 | +€1.3m | +72.8% |
| Current assets | 29/58 | €1,811,390 | €3,130,244 | +€1.3m | +72.8% |
| Amounts receivable after more than one year | 29 | €918,932 | €2,570,831 | +€1.7m | +180% |
| Trade receivables | 290 | €918,932 | €2,570,831 | +€1.7m | +180% |
| Amounts receivable within one year | 40/41 | €0 | €2,540 | +€2,540 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €2,540 | +€2,540 | |
| Cash at bank and in hand | 54/58 | €892,458 | €556,873 | -€335,585 | -37.6% |
| Total equity and liabilities | 10/49 | €1,811,390 | €3,130,244 | +€1.3m | +72.8% |
| Equity | 10/15 | €1,116,758 | €2,319,559 | +€1.2m | +108% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,080,000 | €2,280,000 | +€1.2m | +111% |
| Distributable reserves | 133 | €1,080,000 | €2,280,000 | +€1.2m | +111% |
| Profit (loss) carried forward | 14 | €33,758 | €36,559 | +€2,801 | +8.3% |
| Amounts payable | 17/49 | €694,632 | €810,685 | +€116,053 | +16.7% |
| Amounts payable within one year | 42/48 | €694,632 | €810,685 | +€116,053 | +16.7% |
| Trade debts | 44 | €5,550 | €6,702 | +€1,152 | +20.8% |
| Suppliers | 440/4 | €5,550 | €6,702 | +€1,152 | +20.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €671,360 | €803,983 | +€132,623 | +19.8% |
| Taxes | 450/3 | €671,360 | €803,983 | +€132,623 | +19.8% |
| Other amounts payable | 47/48 | €17,721 | €0 | -€17,721 | -100% |
| Other operating charges | 640/8 | €2,960 | €824 | -€2,136 | -72.1% |
| Gross operating margin | 9900 | €799,499 | €1,763,555 | +€964,056 | +121% |
| Operating profit (loss) | 9901 | €796,539 | €1,762,730 | +€966,191 | +121% |
| Financial charges | 65/66B | €3,967 | €3,739 | -€227 | -5.7% |
| Recurring financial charges | 65 | €3,967 | €3,739 | -€227 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €792,572 | €1,758,991 | +€966,419 | +122% |
| Income taxes | 67/77 | €247,793 | €556,190 | +€308,397 | +124% |
| Profit (loss) for the period | 9904 | €544,779 | €1,202,801 | +€658,022 | +121% |
| Profit (loss) for the period to be appropriated | 9905 | €544,779 | €1,202,801 | +€658,022 | +121% |
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 23 October 2026 via checked.be.