SED AEA: 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.
SED AEA
Largest movements
- Receivables within one year +€37,684
up €37,684 (+141.1%), from €26,702 to €64,387
of which Trade receivables: +€30,852
- Stocks and contracts +€30,750
up €30,750 (+11.6%), from €265,541 to €296,291
- Cash -€12,250
down €12,250 (-91.6%), from €13,380 to €1,130
mainly Receivables within one year (-€37,684) and Tax, wage and social debts (-€36,592)
- Trade debts +€47,970
up €47,970 (+2231.9%), from €2,149 to €50,119
- Other debts +€47,865
up €47,865 (+44.2%), from €108,314 to €156,179
- Tax, wage and social debts -€36,592
down €36,592 (-72.3%), from €50,633 to €14,041
- Gross operating margin -€61,574
down €61,574 (-89.7%), from €68,674 to €7,099
- Taxes -€14,233
down €14,233, from €12,999 to -€1,234
- Depreciation -€6,077
down €6,077 (-96.6%), from €6,290 to €213
- Other operating charges +€4,032
up €4,032 (+192.5%), from €2,094 to €6,126
- Financial charges +€2,155
up €2,155 (+138.9%), from €1,551 to €3,706
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 | €319,357 | €376,231 | +€56,874 | +17.8% |
| Fixed assets | 21/28 | €13,071 | €13,704 | +€633 | +4.8% |
| Tangible fixed assets | 22/27 | €13,071 | €13,704 | +€633 | +4.8% |
| Furniture and vehicles | 24 | €13,071 | €13,704 | +€633 | +4.8% |
| Current assets | 29/58 | €306,286 | €362,526 | +€56,241 | +18.4% |
| Stocks and contracts in progress | 3 | €265,541 | €296,291 | +€30,750 | +11.6% |
| Stocks | 30/36 | €265,541 | €296,291 | +€30,750 | +11.6% |
| Amounts receivable within one year | 40/41 | €26,702 | €64,387 | +€37,684 | +141.1% |
| Trade receivables | 40 | €21,264 | €52,116 | +€30,852 | +145.1% |
| Other amounts receivable | 41 | €5,439 | €12,271 | +€6,832 | +125.6% |
| Cash at bank and in hand | 54/58 | €13,380 | €1,130 | -€12,250 | -91.6% |
| Deferred charges and accrued income | 490/1 | €662 | €718 | +€56 | +8.5% |
| Total equity and liabilities | 10/49 | €319,357 | €376,231 | +€56,874 | +17.8% |
| Equity | 10/15 | €158,261 | €155,892 | -€2,369 | -1.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €148,261 | €145,892 | -€2,369 | -1.6% |
| Amounts payable | 17/49 | €161,096 | €220,339 | +€59,243 | +36.8% |
| Amounts payable within one year | 42/48 | €161,096 | €220,339 | +€59,243 | +36.8% |
| Trade debts | 44 | €2,149 | €50,119 | +€47,970 | +2231.9% |
| Suppliers | 440/4 | €2,149 | €50,119 | +€47,970 | +2231.9% |
| Taxes, remuneration and social security | 45 | €50,633 | €14,041 | -€36,592 | -72.3% |
| Taxes | 450/3 | €50,633 | €14,041 | -€36,592 | -72.3% |
| Other amounts payable | 47/48 | €108,314 | €156,179 | +€47,865 | +44.2% |
| Non-recurring operating income | 76A | - | €18,000 | +€18,000 | |
| Remuneration, social security and pensions | 62 | €652 | €658 | +€5 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,290 | €213 | -€6,077 | -96.6% |
| Other operating charges | 640/8 | €2,094 | €6,126 | +€4,032 | +192.5% |
| Gross operating margin | 9900 | €68,674 | €7,099 | -€61,574 | -89.7% |
| Operating profit (loss) | 9901 | €59,636 | €102 | -€59,535 | -99.8% |
| Financial income | 75/76B | €250 | €1 | -€249 | -99.6% |
| Recurring financial income | 75 | €250 | €1 | -€249 | -99.6% |
| Financial charges | 65/66B | €1,551 | €3,706 | +€2,155 | +138.9% |
| Recurring financial charges | 65 | €1,551 | €3,706 | +€2,155 | +138.9% |
| Profit (loss) for the period before taxes | 9903 | €58,336 | -€3,603 | -€61,938 | |
| Income taxes | 67/77 | €12,999 | -€1,234 | -€14,233 | |
| Profit (loss) for the period | 9904 | €45,337 | -€2,369 | -€47,706 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,337 | -€2,369 | -€47,706 |
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 5 October 2026 via checked.be.