SED GROUP: 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.
SED GROUP
Largest movements
- Cash +€20,371
up €20,371 (+1009.2%), from €2,018 to €22,390
mainly Other debts (+€27,084) and Depreciation (+€2,383)
- Stocks and contracts +€4,918
up €4,918 (+6.2%), from €78,684 to €83,602
- Receivables within one year +€2,957
up €2,957 (+23.9%), from €12,384 to €15,340
of which Trade receivables: +€2,957
- Tangible fixed assets -€2,383
down €2,383 (-46.3%), from €5,151 to €2,768
- Other debts +€27,084
up €27,084 (+23.4%), from €115,649 to €142,733
- Trade debts -€2,058
down €2,058 (-55.4%), from €3,717 to €1,659
- Tax, wage and social debts +€1,556
up €1,556 (+58.9%), from €2,642 to €4,198
of which Remuneration and social security: +€1,402
- Staff costs +€19,660
up €19,660 (+287.0%), from €6,851 to €26,511
- Gross operating margin -€2,631
down €2,631 (-8.2%), from €32,254 to €29,624
- Other operating charges -€1,621
down €1,621 (-100.0%), from €1,621 to €0
- Financial charges +€520
up €520 (+69.2%), from €752 to €1,272
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 | €98,237 | €124,099 | +€25,862 | +26.3% |
| Fixed assets | 21/28 | €5,151 | €2,768 | -€2,383 | -46.3% |
| Tangible fixed assets | 22/27 | €5,151 | €2,768 | -€2,383 | -46.3% |
| Furniture and vehicles | 24 | €5,151 | €2,768 | -€2,383 | -46.3% |
| Current assets | 29/58 | €93,087 | €121,332 | +€28,245 | +30.3% |
| Stocks and contracts in progress | 3 | €78,684 | €83,602 | +€4,918 | +6.2% |
| Stocks | 30/36 | €78,684 | €83,602 | +€4,918 | +6.2% |
| Amounts receivable within one year | 40/41 | €12,384 | €15,340 | +€2,957 | +23.9% |
| Trade receivables | 40 | €12,384 | €15,340 | +€2,957 | +23.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €2,018 | €22,390 | +€20,371 | +1009.2% |
| Total equity and liabilities | 10/49 | €98,237 | €124,099 | +€25,862 | +26.3% |
| Equity | 10/15 | -€23,771 | -€24,490 | -€719 | -3.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,771 | -€26,490 | -€719 | -2.8% |
| Amounts payable | 17/49 | €122,009 | €148,590 | +€26,581 | +21.8% |
| Amounts payable within one year | 42/48 | €122,009 | €148,590 | +€26,581 | +21.8% |
| Trade debts | 44 | €3,717 | €1,659 | -€2,058 | -55.4% |
| Suppliers | 440/4 | €3,717 | €1,659 | -€2,058 | -55.4% |
| Taxes, remuneration and social security | 45 | €2,642 | €4,198 | +€1,556 | +58.9% |
| Taxes | 450/3 | €2,091 | €2,245 | +€154 | +7.4% |
| Remuneration and social security | 454/9 | €552 | €1,953 | +€1,402 | +254.1% |
| Other amounts payable | 47/48 | €115,649 | €142,733 | +€27,084 | +23.4% |
| Remuneration, social security and pensions | 62 | €6,851 | €26,511 | +€19,660 | +287.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,606 | €2,383 | -€223 | -8.6% |
| Other operating charges | 640/8 | €1,621 | €0 | -€1,621 | -100.0% |
| Gross operating margin | 9900 | €32,254 | €29,624 | -€2,631 | -8.2% |
| Operating profit (loss) | 9901 | €21,176 | €729 | -€20,447 | -96.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €752 | €1,272 | +€520 | +69.2% |
| Recurring financial charges | 65 | €752 | €1,272 | +€520 | +69.2% |
| Profit (loss) for the period before taxes | 9903 | €20,424 | -€543 | -€20,967 | |
| Income taxes | 67/77 | €140 | €176 | +€37 | +26.2% |
| Profit (loss) for the period | 9904 | €20,285 | -€719 | -€21,004 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,285 | -€719 | -€21,004 |
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 11 October 2026 via checked.be.