S.E.D. Immo: what changed
Two fiscal 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.
S.E.D. Immo
Largest movements
- Tangible fixed assets -€90,005
down €90,005 (-3.0%), from €3.0m to €2.9m
- Debts after one year -€136,832
down €136,832 (-5.9%), from €2.3m to €2.2m
of which Financial debts: -€140,292
- Other debts +€55,000
up €55,000 (+10.0%), from €547,758 to €602,758
- Depreciation +€15,042
up €15,042 (+18.7%), from €80,460 to €95,502
- Gross operating margin -€10,667
down €10,667 (-4.7%), from €226,123 to €215,457
- Other operating charges -€8,568
down €8,568 (-22.5%), from €38,142 to €29,574
- Financial charges -€2,592
down €2,592 (-3.0%), from €86,002 to €83,409
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.
Cash bridge derived
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 | €3,056,750 | €2,972,181 | -€84,569 | -2.8% |
| Fixed assets | 21/28 | €3,027,042 | €2,937,037 | -€90,005 | -3.0% |
| Tangible fixed assets | 22/27 | €3,027,042 | €2,937,037 | -€90,005 | -3.0% |
| Land and buildings | 22 | €3,027,042 | €2,937,037 | -€90,005 | -3.0% |
| Current assets | 29/58 | €29,708 | €35,144 | +€5,436 | +18.3% |
| Amounts receivable within one year | 40/41 | €11,760 | €11,948 | +€187 | +1.6% |
| Trade receivables | 40 | €8,469 | €8,656 | +€187 | +2.2% |
| Other amounts receivable | 41 | €3,292 | €3,292 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €11,279 | €19,636 | +€8,357 | +74.1% |
| Deferred charges and accrued income | 490/1 | €6,669 | €3,561 | -€3,108 | -46.6% |
| Total equity and liabilities | 10/49 | €3,056,750 | €2,972,181 | -€84,569 | -2.8% |
| Equity | 10/15 | €41,100 | €46,211 | +€5,111 | +12.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €39,301 | €39,301 | = | 0.0% |
| Distributable reserves | 133 | €39,301 | €39,301 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,401 | €710 | +€5,111 | |
| Amounts payable | 17/49 | €3,015,650 | €2,925,970 | -€89,680 | -3.0% |
| Amounts payable after more than one year | 17 | €2,317,254 | €2,180,422 | -€136,832 | -5.9% |
| Financial debts | 170/4 | €2,309,563 | €2,169,271 | -€140,292 | -6.1% |
| Other amounts payable | 178/9 | €7,691 | €11,151 | +€3,460 | +45.0% |
| Amounts payable within one year | 42/48 | €698,131 | €745,522 | +€47,390 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €136,214 | €140,811 | +€4,597 | +3.4% |
| Trade debts | 44 | €3,877 | €93 | -€3,784 | -97.6% |
| Suppliers | 440/4 | €3,877 | €93 | -€3,784 | -97.6% |
| Taxes, remuneration and social security | 45 | €10,283 | €1,860 | -€8,423 | -81.9% |
| Taxes | 450/3 | €10,283 | €1,860 | -€8,423 | -81.9% |
| Other amounts payable | 47/48 | €547,758 | €602,758 | +€55,000 | +10.0% |
| Accrued charges and deferred income | 492/3 | €264 | €26 | -€238 | -90.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,460 | €95,502 | +€15,042 | +18.7% |
| Other operating charges | 640/8 | €38,142 | €29,574 | -€8,568 | -22.5% |
| Non-recurring operating charges | 66A | €14,686 | - | -€14,686 | |
| Gross operating margin | 9900 | €226,123 | €215,457 | -€10,667 | -4.7% |
| Operating profit (loss) | 9901 | €92,835 | €90,381 | -€2,454 | -2.6% |
| Financial charges | 65/66B | €86,002 | €83,409 | -€2,592 | -3.0% |
| Recurring financial charges | 65 | €86,002 | €83,409 | -€2,592 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €6,833 | €6,971 | +€138 | +2.0% |
| Income taxes | 67/77 | €2,358 | €1,860 | -€498 | -21.1% |
| Profit (loss) for the period | 9904 | €4,475 | €5,111 | +€636 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,475 | €5,111 | +€636 | +14.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.