J.M. SEDEYN: 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.
What changed
J.M. SEDEYN
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3,088
2024 · -€30,357+€27,269
Equity
€1.1m
2024 · €1.1m-€3,088
Cash
€2,334
2024 · €8,661-€6,327
Balance sheet total
€2.8m
2024 · €2.9m-€39,871
Largest movements
Assets
- Tangible fixed assets -€48,043
down €48,043 (-2.2%), from €2.1m to €2.1m
Equity and liabilities
- Debts after one year -€71,138
down €71,138 (-5.0%), from €1.4m to €1.3m
Income statement
- Gross operating margin +€24,385
up €24,385 (+36.8%), from €66,261 to €90,647
- Financial charges -€10,367
down €10,367 (-21.9%), from €47,373 to €37,006
- Taxes +€7,483
new in 2025: €7,483
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.
Result 2024
-€30,357
Gross operating margin
+€24,385
Other operating charges
-€283
Financial income
+€282
Financial charges
+€10,367
Taxes
-€7,483
Result 2025
-€3,088
raises the resultlowers the result
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.
From operations
+€63,680
Investment
€0
Financing
-€70,007
Cash 2024
€8,661
From operations (derived)
+€63,680
Net result for the year
-€3,088
Depreciation
+€48,043
Receivables after one year
-€14,331
Deferred charges and accrued income
-€168
Trade debts
+€1,446
Tax, wage and social debts
+€3,277
Other debts
+€28,500
Financing
-€70,007
Debts after one year
-€71,138
Current portion of long-term debt
+€1,131
Cash 2025
€2,334
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,875,296 | €2,835,425 | -€39,871 | -1.4% |
| Fixed assets | 21/28 | €2,147,518 | €2,099,474 | -€48,043 | -2.2% |
| Tangible fixed assets | 22/27 | €2,147,518 | €2,099,474 | -€48,043 | -2.2% |
| Land and buildings | 22 | €2,147,518 | €2,099,474 | -€48,043 | -2.2% |
| Current assets | 29/58 | €727,779 | €735,951 | +€8,172 | +1.1% |
| Amounts receivable after more than one year | 29 | €713,008 | €727,339 | +€14,331 | +2.0% |
| Other amounts receivable | 291 | €713,008 | €727,339 | +€14,331 | +2.0% |
| Cash at bank and in hand | 54/58 | €8,661 | €2,334 | -€6,327 | -73.1% |
| Deferred charges and accrued income | 490/1 | €6,110 | €6,278 | +€168 | +2.7% |
| Total equity and liabilities | 10/49 | €2,875,296 | €2,835,425 | -€39,871 | -1.4% |
| Equity | 10/15 | €1,143,032 | €1,139,944 | -€3,088 | -0.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Contributions outside capital | 11 | €61,500 | - | -€61,500 | |
| Other | 1109/19 | €61,500 | - | -€61,500 | |
| Revaluation surpluses | 12 | €776,250 | €749,250 | -€27,000 | -3.5% |
| Reserves | 13 | €305,282 | €329,194 | +€23,912 | +7.8% |
| Distributable reserves | 133 | €305,282 | €329,194 | +€23,912 | +7.8% |
| Amounts payable | 17/49 | €1,732,264 | €1,695,481 | -€36,784 | -2.1% |
| Amounts payable after more than one year | 17 | €1,411,211 | €1,340,073 | -€71,138 | -5.0% |
| Financial debts | 170/4 | €1,411,211 | €1,340,073 | -€71,138 | -5.0% |
| Amounts payable within one year | 42/48 | €321,053 | €355,408 | +€34,355 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €75,888 | €77,019 | +€1,131 | +1.5% |
| Trade debts | 44 | €8,421 | €9,868 | +€1,446 | +17.2% |
| Suppliers | 440/4 | €8,421 | €9,868 | +€1,446 | +17.2% |
| Taxes, remuneration and social security | 45 | €4,205 | €7,483 | +€3,277 | +77.9% |
| Taxes | 450/3 | €4,205 | €7,483 | +€3,277 | +77.9% |
| Other amounts payable | 47/48 | €232,539 | €261,039 | +€28,500 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,043 | €48,043 | = | 0.0% |
| Other operating charges | 640/8 | €15,251 | €15,534 | +€283 | +1.9% |
| Gross operating margin | 9900 | €66,261 | €90,647 | +€24,385 | +36.8% |
| Operating profit (loss) | 9901 | €2,967 | €27,069 | +€24,102 | +812% |
| Financial income | 75/76B | €14,049 | €14,331 | +€282 | +2.0% |
| Recurring financial income | 75 | €14,049 | €14,331 | +€282 | +2.0% |
| Financial charges | 65/66B | €47,373 | €37,006 | -€10,367 | -21.9% |
| Recurring financial charges | 65 | €47,373 | €37,006 | -€10,367 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | -€30,357 | €4,395 | +€34,752 | |
| Income taxes | 67/77 | - | €7,483 | +€7,483 | |
| Profit (loss) for the period | 9904 | -€30,357 | -€3,088 | +€27,269 | +89.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,357 | -€3,088 | +€27,269 | +89.8% |
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 18 October 2026 via checked.be.