SED 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.
SED IMMO
Largest movements
- Tangible fixed assets -€38,227
down €38,227 (-3.0%), from €1.3m to €1.2m
- Debts after one year -€41,145
down €41,145 (-5.7%), from €723,298 to €682,153
- Financial charges -€3,940
down €3,940 (-15.1%), from €26,171 to €22,231
- Gross operating margin +€1,086
up €1,086 (+2.1%), from €52,216 to €53,302
- Depreciation -€698
down €698 (-1.8%), from €38,925 to €38,227
- Other operating charges -€578
down €578 (-12.5%), from €4,622 to €4,043
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 | €1,334,254 | €1,296,625 | -€37,629 | -2.8% |
| Fixed assets | 21/28 | €1,263,485 | €1,225,258 | -€38,227 | -3.0% |
| Tangible fixed assets | 22/27 | €1,263,485 | €1,225,258 | -€38,227 | -3.0% |
| Land and buildings | 22 | €1,263,485 | €1,225,258 | -€38,227 | -3.0% |
| Current assets | 29/58 | €70,769 | €71,367 | +€597 | +0.8% |
| Amounts receivable within one year | 40/41 | €68,000 | €68,000 | = | 0.0% |
| Other amounts receivable | 41 | €68,000 | €68,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,527 | €3,367 | +€839 | +33.2% |
| Deferred charges and accrued income | 490/1 | €242 | €0 | -€242 | -100.0% |
| Total equity and liabilities | 10/49 | €1,334,254 | €1,296,625 | -€37,629 | -2.8% |
| Equity | 10/15 | -€96,520 | -€107,720 | -€11,200 | -11.6% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,020 | -€115,220 | -€11,200 | -10.8% |
| Amounts payable | 17/49 | €1,430,774 | €1,404,344 | -€26,430 | -1.8% |
| Amounts payable after more than one year | 17 | €723,298 | €682,153 | -€41,145 | -5.7% |
| Financial debts | 170/4 | €723,298 | €682,153 | -€41,145 | -5.7% |
| Amounts payable within one year | 42/48 | €707,476 | €722,192 | +€14,715 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €41,962 | €43,317 | +€1,355 | +3.2% |
| Trade debts | 44 | €126 | €2,386 | +€2,260 | +1797.7% |
| Suppliers | 440/4 | €126 | €2,386 | +€2,260 | +1797.7% |
| Other amounts payable | 47/48 | €665,389 | €676,489 | +€11,100 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,925 | €38,227 | -€698 | -1.8% |
| Other operating charges | 640/8 | €4,622 | €4,043 | -€578 | -12.5% |
| Gross operating margin | 9900 | €52,216 | €53,302 | +€1,086 | +2.1% |
| Operating profit (loss) | 9901 | €8,670 | €11,032 | +€2,362 | +27.2% |
| Financial charges | 65/66B | €26,171 | €22,231 | -€3,940 | -15.1% |
| Recurring financial charges | 65 | €26,171 | €22,231 | -€3,940 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | -€17,502 | -€11,200 | +€6,302 | +36.0% |
| Profit (loss) for the period | 9904 | -€17,502 | -€11,200 | +€6,302 | +36.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,502 | -€11,200 | +€6,302 | +36.0% |
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 30 September 2026 via checked.be.