SED LEX: 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 LEX
Largest movements
- Receivables after one year +€478,329
new in 2025: €478,329
- Financial fixed assets -€426,012
down €426,012 (-89.3%), from €476,882 to €50,870
- Cash -€63,568
down €63,568 (-99.9%), from €63,635 to €67
mainly Receivables after one year (-€478,329) and Trade debts (-€11,902)
- Trade debts -€11,902
no longer reported in 2025 (was €11,902)
- Gross operating margin -€178,073
down €178,073, from €166,830 to -€11,243
- Financial charges -€39,252
down €39,252 (-99.5%), from €39,463 to €212
- Other operating charges -€12,084
down €12,084 (-91.5%), from €13,202 to €1,118
- Financial income +€3,238
up €3,238 (+35.0%), from €9,243 to €12,481
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 | €541,669 | €529,266 | -€12,403 | -2.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €476,882 | €50,870 | -€426,012 | -89.3% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Land and buildings | 22 | €0 | - | = | |
| Financial fixed assets | 28 | €476,882 | €50,870 | -€426,012 | -89.3% |
| Current assets | 29/58 | €64,787 | €478,396 | +€413,609 | +638.4% |
| Amounts receivable after more than one year | 29 | - | €478,329 | +€478,329 | |
| Other amounts receivable | 291 | - | €478,329 | +€478,329 | |
| Amounts receivable within one year | 40/41 | €1,151 | - | -€1,151 | |
| Trade receivables | 40 | €742 | - | -€742 | |
| Other amounts receivable | 41 | €410 | - | -€410 | |
| Cash at bank and in hand | 54/58 | €63,635 | €67 | -€63,568 | -99.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €541,669 | €529,266 | -€12,403 | -2.3% |
| Equity | 10/15 | €529,357 | €529,266 | -€92 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €508,897 | €508,806 | -€92 | 0.0% |
| Amounts payable | 17/49 | €12,311 | - | -€12,311 | |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €12,311 | - | -€12,311 | |
| Trade debts | 44 | €11,902 | - | -€11,902 | |
| Suppliers | 440/4 | €11,902 | - | -€11,902 | |
| Taxes, remuneration and social security | 45 | €410 | - | -€410 | |
| Taxes | 450/3 | €410 | - | -€410 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €13,202 | €1,118 | -€12,084 | -91.5% |
| Gross operating margin | 9900 | €166,830 | -€11,243 | -€178,073 | |
| Operating profit (loss) | 9901 | €153,628 | -€12,361 | -€165,989 | |
| Financial income | 75/76B | €9,243 | €12,481 | +€3,238 | +35.0% |
| Recurring financial income | 75 | €9,243 | €12,481 | +€3,238 | +35.0% |
| Financial charges | 65/66B | €39,463 | €212 | -€39,252 | -99.5% |
| Recurring financial charges | 65 | €39,463 | €212 | -€39,252 | -99.5% |
| Profit (loss) for the period before taxes | 9903 | €123,407 | -€92 | -€123,499 | |
| Profit (loss) for the period | 9904 | €123,407 | -€92 | -€123,499 | |
| Profit (loss) for the period to be appropriated | 9905 | €123,407 | -€92 | -€123,499 |
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.