S.E.D. MANAGEMENT: 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. MANAGEMENT
Largest movements
- Cash -€52,328
down €52,328 (-44.8%), from €116,769 to €64,441
mainly Contributions, distributions and other (-€152,000) and Debts after one year (-€14,190)
- Receivables within one year -€15,242
down €15,242 (-16.0%), from €95,413 to €80,171
of which Trade receivables: -€17,889
- Tangible fixed assets -€13,762
down €13,762 (-22.5%), from €61,258 to €47,496
- Reserves -€65,227
down €65,227 (-9.5%), from €683,314 to €618,087
of which Distributable reserves: -€65,227
- Debts after one year -€14,190
down €14,190 (-30.6%), from €46,406 to €32,216
- Tax, wage and social debts -€9,971
down €9,971 (-19.3%), from €51,795 to €41,824
- Gross operating margin -€16,825
down €16,825 (-46.6%), from €36,069 to €19,244
- Financial income +€16,460
up €16,460 (+19.4%), from €85,023 to €101,483
- Taxes -€5,504
down €5,504 (-32.0%), from €17,216 to €11,712
- Depreciation +€3,489
up €3,489 (+28.5%), from €12,260 to €15,749
- Other operating charges +€1,634
up €1,634 (+70.6%), from €2,316 to €3,950
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 | €824,594 | €734,883 | -€89,711 | -10.9% |
| Fixed assets | 21/28 | €521,417 | €506,655 | -€14,762 | -2.8% |
| Tangible fixed assets | 22/27 | €61,258 | €47,496 | -€13,762 | -22.5% |
| Land and buildings | 22 | €30,696 | €24,088 | -€6,608 | -21.5% |
| Furniture and vehicles | 24 | €20,030 | €14,050 | -€5,980 | -29.9% |
| Other tangible fixed assets | 26 | €10,532 | €9,358 | -€1,174 | -11.1% |
| Financial fixed assets | 28 | €460,159 | €459,159 | -€1,000 | -0.2% |
| Current assets | 29/58 | €303,177 | €228,228 | -€74,949 | -24.7% |
| Amounts receivable after more than one year | 29 | €74,300 | €71,620 | -€2,680 | -3.6% |
| Other amounts receivable | 291 | €74,300 | €71,620 | -€2,680 | -3.6% |
| Amounts receivable within one year | 40/41 | €95,413 | €80,171 | -€15,242 | -16.0% |
| Trade receivables | 40 | €22,923 | €5,034 | -€17,889 | -78.0% |
| Other amounts receivable | 41 | €72,490 | €75,137 | +€2,647 | +3.7% |
| Current investments | 50/53 | €8,000 | €8,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €116,769 | €64,441 | -€52,328 | -44.8% |
| Deferred charges and accrued income | 490/1 | €8,695 | €3,996 | -€4,699 | -54.0% |
| Total equity and liabilities | 10/49 | €824,594 | €734,883 | -€89,711 | -10.9% |
| Equity | 10/15 | €690,049 | €624,822 | -€65,227 | -9.5% |
| Contributions | 10/11 | €6,307 | €6,307 | = | 0.0% |
| Reserves | 13 | €683,314 | €618,087 | -€65,227 | -9.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €683,314 | €618,087 | -€65,227 | -9.5% |
| Profit (loss) carried forward | 14 | €428 | €428 | = | 0.0% |
| Amounts payable | 17/49 | €134,545 | €110,061 | -€24,484 | -18.2% |
| Amounts payable after more than one year | 17 | €46,406 | €32,216 | -€14,190 | -30.6% |
| Financial debts | 170/4 | €46,406 | €32,216 | -€14,190 | -30.6% |
| Amounts payable within one year | 42/48 | €85,222 | €74,540 | -€10,682 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €13,758 | €14,069 | +€311 | +2.3% |
| Trade debts | 44 | €16,819 | €15,797 | -€1,022 | -6.1% |
| Suppliers | 440/4 | €16,819 | €15,797 | -€1,022 | -6.1% |
| Taxes, remuneration and social security | 45 | €51,795 | €41,824 | -€9,971 | -19.3% |
| Taxes | 450/3 | €51,795 | €41,824 | -€9,971 | -19.3% |
| Other amounts payable | 47/48 | €2,850 | €2,850 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,917 | €3,305 | +€388 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,260 | €15,749 | +€3,489 | +28.5% |
| Other operating charges | 640/8 | €2,316 | €3,950 | +€1,634 | +70.6% |
| Gross operating margin | 9900 | €36,069 | €19,244 | -€16,825 | -46.6% |
| Operating profit (loss) | 9901 | €21,493 | -€455 | -€21,948 | |
| Financial income | 75/76B | €85,023 | €101,483 | +€16,460 | +19.4% |
| Recurring financial income | 75 | €85,023 | €101,483 | +€16,460 | +19.4% |
| Financial charges | 65/66B | €2,160 | €2,543 | +€383 | +17.7% |
| Recurring financial charges | 65 | €2,160 | €2,543 | +€383 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €104,356 | €98,485 | -€5,871 | -5.6% |
| Income taxes | 67/77 | €17,216 | €11,712 | -€5,504 | -32.0% |
| Profit (loss) for the period | 9904 | €87,140 | €86,773 | -€367 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €87,140 | €86,773 | -€367 | -0.4% |
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 8 October 2026 via checked.be.