SEDAK: 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.
SEDAK
Largest movements
- Receivables within one year -€27,188
down €27,188 (-65.6%), from €41,445 to €14,257
of which Other amounts receivable: -€17,114
- Stocks and contracts -€11,855
down €11,855 (-11.1%), from €106,930 to €95,075
- Tangible fixed assets -€9,824
down €9,824 (-26.0%), from €37,747 to €27,923
of which Land and buildings: -€12,969
- Cash -€7,943
down €7,943 (-91.0%), from €8,731 to €788
mainly Net result for the year (-€43,672) and Tax, wage and social debts (-€18,175)
- Profit (loss) carried forward -€43,672
down €43,672 (-61.6%), from -€70,854 to -€114,526
- Other debts +€30,524
up €30,524 (+128.9%), from €23,673 to €54,197
- Tax, wage and social debts -€18,175
down €18,175 (-94.3%), from €19,274 to €1,099
- Advances received -€15,610
down €15,610 (-99.9%), from €15,619 to €9
- Debts after one year -€10,802
down €10,802 (-10.7%), from €100,947 to €90,145
of which Financial debts: -€10,802
- Gross operating margin -€5,057
down €5,057 (-31.6%), from -€16,013 to -€21,070
- Other operating charges +€3,066
up €3,066 (+134.1%), from €2,286 to €5,352
- Financial charges -€533
down €533 (-18.2%), from €2,923 to €2,390
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 | €202,736 | €146,886 | -€55,850 | -27.5% |
| Fixed assets | 21/28 | €43,633 | €33,809 | -€9,824 | -22.5% |
| Tangible fixed assets | 22/27 | €37,747 | €27,923 | -€9,824 | -26.0% |
| Land and buildings | 22 | €34,933 | €21,964 | -€12,969 | -37.1% |
| Plant, machinery and equipment | 23 | €1,543 | €4,903 | +€3,360 | +217.7% |
| Other tangible fixed assets | 26 | €1,270 | €1,055 | -€215 | -16.9% |
| Financial fixed assets | 28 | €5,886 | €5,886 | = | 0.0% |
| Current assets | 29/58 | €159,102 | €113,077 | -€46,025 | -28.9% |
| Stocks and contracts in progress | 3 | €106,930 | €95,075 | -€11,855 | -11.1% |
| Stocks | 30/36 | €106,930 | €95,075 | -€11,855 | -11.1% |
| Amounts receivable within one year | 40/41 | €41,445 | €14,257 | -€27,188 | -65.6% |
| Trade receivables | 40 | €15,156 | €5,082 | -€10,074 | -66.5% |
| Other amounts receivable | 41 | €26,289 | €9,175 | -€17,114 | -65.1% |
| Cash at bank and in hand | 54/58 | €8,731 | €788 | -€7,943 | -91.0% |
| Deferred charges and accrued income | 490/1 | €1,997 | €2,957 | +€961 | +48.1% |
| Total equity and liabilities | 10/49 | €202,736 | €146,886 | -€55,850 | -27.5% |
| Equity | 10/15 | €16,096 | -€27,576 | -€43,672 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €24,950 | €24,950 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,854 | -€114,526 | -€43,672 | -61.6% |
| Amounts payable | 17/49 | €186,640 | €174,462 | -€12,177 | -6.5% |
| Amounts payable after more than one year | 17 | €100,947 | €90,145 | -€10,802 | -10.7% |
| Financial debts | 170/4 | €25,947 | €15,145 | -€10,802 | -41.6% |
| Other amounts payable | 178/9 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €85,693 | €84,317 | -€1,376 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €10,243 | €10,802 | +€559 | +5.5% |
| Trade debts | 44 | €16,884 | €18,211 | +€1,327 | +7.9% |
| Suppliers | 440/4 | €16,884 | €18,211 | +€1,327 | +7.9% |
| Advances received on contracts in progress | 46 | €15,619 | €9 | -€15,610 | -99.9% |
| Taxes, remuneration and social security | 45 | €19,274 | €1,099 | -€18,175 | -94.3% |
| Taxes | 450/3 | €19,274 | €1,099 | -€18,175 | -94.3% |
| Other amounts payable | 47/48 | €23,673 | €54,197 | +€30,524 | +128.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,245 | €14,341 | +€96 | +0.7% |
| Other operating charges | 640/8 | €2,286 | €5,352 | +€3,066 | +134.1% |
| Gross operating margin | 9900 | -€16,013 | -€21,070 | -€5,057 | -31.6% |
| Operating profit (loss) | 9901 | -€32,543 | -€40,763 | -€8,219 | -25.3% |
| Financial income | 75/76B | €115 | €44 | -€71 | -61.7% |
| Recurring financial income | 75 | €115 | €44 | -€71 | -61.7% |
| Financial charges | 65/66B | €2,923 | €2,390 | -€533 | -18.2% |
| Recurring financial charges | 65 | €2,923 | €2,390 | -€533 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | -€35,351 | -€43,108 | -€7,757 | -21.9% |
| Income taxes | 67/77 | €535 | €564 | +€29 | +5.5% |
| Profit (loss) for the period | 9904 | -€35,885 | -€43,672 | -€7,787 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,885 | -€43,672 | -€7,787 | -21.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.