SED NON SATIATA: what changed
SED NON SATIATA
Largest movements
- Receivables within one year +€59,611
up €59,611 (+34.3%), from €173,698 to €233,309
of which Other amounts receivable: +€63,509
- Cash +€6,339
up €6,339 (+96.5%), from €6,569 to €12,908
mainly Other debts (+€55,643) and Net result for the year (+€37,085)
- Other debts +€55,643
up €55,643 (+378%), from €14,731 to €70,374
- Profit (loss) carried forward +€10,190
up €10,190 (+11.2%), from €91,270 to €101,460
- Tax, wage and social debts -€3,960
down €3,960 (-17.0%), from €23,320 to €19,360
- Financial charges +€62,334
up €62,334 (+61,717%), from €101 to €62,435
- Gross operating margin +€43,925
up €43,925 (+53.0%), from €82,922 to €126,847
- Taxes -€2,004
down €2,004 (-14.3%), from €14,004 to €12,000
- Staff costs -€1,868
no longer reported in 2025 (was €1,868)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €201,716 | €265,528 | +€63,812 | +31.6% |
| Fixed assets | 21/28 | €21,449 | €19,311 | -€2,138 | -10.0% |
| Tangible fixed assets | 22/27 | €10,949 | €11,311 | +€362 | +3.3% |
| Furniture and vehicles | 24 | €9,449 | €4,384 | -€5,065 | -53.6% |
| Other tangible fixed assets | 26 | €1,500 | €6,927 | +€5,427 | +362% |
| Financial fixed assets | 28 | €10,500 | €8,000 | -€2,500 | -23.8% |
| Current assets | 29/58 | €180,267 | €246,217 | +€65,950 | +36.6% |
| Amounts receivable within one year | 40/41 | €173,698 | €233,309 | +€59,611 | +34.3% |
| Trade receivables | 40 | €21,923 | €18,025 | -€3,898 | -17.8% |
| Other amounts receivable | 41 | €151,775 | €215,284 | +€63,509 | +41.8% |
| Cash at bank and in hand | 54/58 | €6,569 | €12,908 | +€6,339 | +96.5% |
| Total equity and liabilities | 10/49 | €201,716 | €265,528 | +€63,812 | +31.6% |
| Equity | 10/15 | €149,770 | €159,960 | +€10,190 | +6.8% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €55,000 | €55,000 | = | 0.0% |
| Distributable reserves | 133 | €55,000 | €55,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,270 | €101,460 | +€10,190 | +11.2% |
| Amounts payable | 17/49 | €51,946 | €105,568 | +€53,622 | +103% |
| Amounts payable within one year | 42/48 | €51,946 | €105,568 | +€53,622 | +103% |
| Trade debts | 44 | €13,895 | €15,834 | +€1,939 | +14.0% |
| Suppliers | 440/4 | €13,895 | €15,834 | +€1,939 | +14.0% |
| Taxes, remuneration and social security | 45 | €23,320 | €19,360 | -€3,960 | -17.0% |
| Taxes | 450/3 | €23,320 | €19,360 | -€3,960 | -17.0% |
| Other amounts payable | 47/48 | €14,731 | €70,374 | +€55,643 | +378% |
| Remuneration, social security and pensions | 62 | €1,868 | - | -€1,868 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,940 | €2,713 | -€227 | -7.7% |
| Other operating charges | 640/8 | €13,324 | €12,614 | -€710 | -5.3% |
| Gross operating margin | 9900 | €82,922 | €126,847 | +€43,925 | +53.0% |
| Operating profit (loss) | 9901 | €64,790 | €111,520 | +€46,730 | +72.1% |
| Financial charges | 65/66B | €101 | €62,435 | +€62,334 | +61,717% |
| Recurring financial charges | 65 | €101 | €62,435 | +€62,334 | +61,717% |
| Profit (loss) for the period before taxes | 9903 | €64,689 | €49,085 | -€15,604 | -24.1% |
| Income taxes | 67/77 | €14,004 | €12,000 | -€2,004 | -14.3% |
| Profit (loss) for the period | 9904 | €50,685 | €37,085 | -€13,600 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,685 | €37,085 | -€13,600 | -26.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.