SEDA: 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.
What changed
SEDA
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€278,142
2024 · €571,618-€293,476
Equity
€6.0m
2024 · €5.7m+€278,142
Cash
€334,166
2024 · €89,545+€244,621
Balance sheet total
€8.0m
2024 · €7.7m+€289,971
Largest movements
Assets
- Tangible fixed assets +€310,044
up €310,044 (+5.1%), from €6.1m to €6.4m
of which Assets under construction and advance payments: +€192,856
- Current investments -€275,000
down €275,000 (-19.6%), from €1.4m to €1.1m
- Cash +€244,621
up €244,621 (+273%), from €89,545 to €334,166
mainly Net result for the year (+€278,142) and Current investments (+€275,000)
Equity and liabilities
- Reserves +€278,142
up €278,142 (+5.1%), from €5.5m to €5.8m
of which Tax-exempt reserves: +€190,713
- Debts after one year -€208,333
down €208,333 (-14.1%), from €1.5m to €1.3m
of which Financial debts: -€208,333
- Trade debts +€113,212
up €113,212 (+544%), from €20,828 to €134,040
Income statement
- Gross operating margin -€460,024
down €460,024 (-46.0%), from €999,824 to €539,800
- Depreciation -€48,329
down €48,329 (-19.5%), from €247,933 to €199,604
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.
Result 2024
€571,618
Gross operating margin
-€460,024
Depreciation
+€48,329
Other operating charges
-€110
Financial income
+€4,453
Financial charges
+€1,680
Taxes
+€498
Deferred taxes and other
+€111,699
Result 2025
€278,142
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€687,602
Investment
-€234,648
Financing
-€208,333
Cash 2024
€89,545
From operations (derived)
+€687,602
Net result for the year
+€278,142
Depreciation
+€199,604
Receivables within one year
-€5,725
Deferred charges and accrued income
-€4,580
Provisions
+€63,571
Trade debts
+€113,212
Tax, wage and social debts
-€11,123
Other debts
+€41,017
Accrued charges and deferred income
+€13,485
Investment (derived)
-€234,648
Investment in fixed assets (net)
-€509,648
Current investments
+€275,000
Financing
-€208,333
Debts after one year
-€208,333
Cash 2025
€334,166
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,698,178 | €7,988,149 | +€289,971 | +3.8% |
| Fixed assets | 21/28 | €6,201,269 | €6,511,313 | +€310,044 | +5.0% |
| Tangible fixed assets | 22/27 | €6,132,394 | €6,442,438 | +€310,044 | +5.1% |
| Land and buildings | 22 | €6,032,942 | €6,180,691 | +€147,749 | +2.4% |
| Plant, machinery and equipment | 23 | €75,080 | €53,947 | -€21,133 | -28.1% |
| Furniture and vehicles | 24 | €10,002 | €574 | -€9,428 | -94.3% |
| Assets under construction and advance payments | 27 | €14,369 | €207,226 | +€192,856 | +1,342% |
| Financial fixed assets | 28 | €68,875 | €68,875 | = | 0.0% |
| Current assets | 29/58 | €1,496,910 | €1,476,836 | -€20,074 | -1.3% |
| Amounts receivable within one year | 40/41 | €4,211 | €9,936 | +€5,725 | +136% |
| Trade receivables | 40 | €0 | €1,141 | +€1,141 | |
| Other amounts receivable | 41 | €4,211 | €8,795 | +€4,584 | +109% |
| Current investments | 50/53 | €1,400,000 | €1,125,000 | -€275,000 | -19.6% |
| Cash at bank and in hand | 54/58 | €89,545 | €334,166 | +€244,621 | +273% |
| Deferred charges and accrued income | 490/1 | €3,154 | €7,734 | +€4,580 | +145% |
| Total equity and liabilities | 10/49 | €7,698,178 | €7,988,149 | +€289,971 | +3.8% |
| Equity | 10/15 | €5,722,101 | €6,000,243 | +€278,142 | +4.9% |
| Contributions | 10/11 | €216,534 | €216,534 | = | 0.0% |
| Capital | 10 | €216,534 | €216,534 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Uncalled capital | 101 | €33,466 | €33,466 | = | 0.0% |
| Reserves | 13 | €5,505,567 | €5,783,709 | +€278,142 | +5.1% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €731,327 | €922,040 | +€190,713 | +26.1% |
| Distributable reserves | 133 | €4,749,240 | €4,836,669 | +€87,429 | +1.8% |
| Provisions and deferred taxes | 16 | €261,724 | €325,295 | +€63,571 | +24.3% |
| Deferred taxes | 168 | €261,724 | €325,295 | +€63,571 | +24.3% |
| Amounts payable | 17/49 | €1,714,353 | €1,662,610 | -€51,742 | -3.0% |
| Amounts payable after more than one year | 17 | €1,472,916 | €1,264,583 | -€208,333 | -14.1% |
| Financial debts | 170/4 | €572,916 | €364,583 | -€208,333 | -36.4% |
| Other amounts payable | 178/9 | €900,000 | €900,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €240,284 | €383,390 | +€143,106 | +59.6% |
| Current portion of amounts payable after more than one year | 42 | €208,333 | €208,333 | = | 0.0% |
| Trade debts | 44 | €20,828 | €134,040 | +€113,212 | +544% |
| Suppliers | 440/4 | €20,828 | €134,040 | +€113,212 | +544% |
| Taxes, remuneration and social security | 45 | €11,123 | €0 | -€11,123 | -100% |
| Taxes | 450/3 | €11,123 | €0 | -€11,123 | -100% |
| Other amounts payable | 47/48 | €0 | €41,017 | +€41,017 | |
| Accrued charges and deferred income | 492/3 | €1,152 | €14,637 | +€13,485 | +1,170% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247,933 | €199,604 | -€48,329 | -19.5% |
| Other operating charges | 640/8 | €16,960 | €17,070 | +€110 | +0.7% |
| Gross operating margin | 9900 | €999,824 | €539,800 | -€460,024 | -46.0% |
| Operating profit (loss) | 9901 | €734,932 | €323,126 | -€411,806 | -56.0% |
| Financial income | 75/76B | €43,210 | €47,663 | +€4,453 | +10.3% |
| Recurring financial income | 75 | €43,210 | €47,663 | +€4,453 | +10.3% |
| Financial charges | 65/66B | €8,178 | €6,498 | -€1,680 | -20.5% |
| Recurring financial charges | 65 | €8,178 | €6,498 | -€1,680 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €769,964 | €364,291 | -€405,674 | -52.7% |
| Transfer from deferred taxes | 780 | €14,295 | €8,092 | -€6,204 | -43.4% |
| Transfer to deferred taxes | 680 | €189,565 | €71,663 | -€117,903 | -62.2% |
| Income taxes | 67/77 | €23,076 | €22,578 | -€498 | -2.2% |
| Profit (loss) for the period | 9904 | €571,618 | €278,142 | -€293,476 | -51.3% |
| Transfer from tax-exempt reserves | 789 | €42,885 | €24,275 | -€18,611 | -43.4% |
| Transfer to tax-exempt reserves | 689 | €568,696 | €214,988 | -€353,708 | -62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €45,807 | €87,429 | +€41,622 | +90.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.