SEDAM: 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.
SEDAM
Largest movements
- Receivables within one year +€22,240
up €22,240 (+174.6%), from €12,739 to €34,979
of which Trade receivables: +€22,240
- Cash -€17,586
down €17,586 (-81.3%), from €21,633 to €4,048
mainly Other debts (-€83,826) and Receivables within one year (-€22,240)
- Tangible fixed assets -€14,640
down €14,640 (-5.6%), from €262,965 to €248,325
of which Land and buildings: -€13,340
- Stocks and contracts +€7,086
up €7,086 (+219.6%), from €3,227 to €10,313
- Profit (loss) carried forward +€93,649
up €93,649 (+49.6%), from -€188,643 to -€94,993
- Other debts -€83,826
down €83,826 (-26.9%), from €311,843 to €228,016
- Trade debts -€8,664
down €8,664 (-26.4%), from €32,764 to €24,101
- Accrued charges and deferred income -€3,676
no longer reported in 2025 (was €3,676)
- Depreciation +€10,051
up €10,051 (+89.4%), from €11,244 to €21,295
- Gross operating margin -€3,998
down €3,998 (-3.2%), from €125,771 to €121,773
- Financial charges -€2,023
down €2,023 (-84.3%), from €2,399 to €376
- Other operating charges -€1,338
down €1,338 (-16.8%), from €7,945 to €6,607
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 | €325,365 | €319,964 | -€5,400 | -1.7% |
| Fixed assets | 21/28 | €287,765 | €270,625 | -€17,140 | -6.0% |
| Intangible fixed assets | 21 | €17,500 | €15,000 | -€2,500 | -14.3% |
| Tangible fixed assets | 22/27 | €262,965 | €248,325 | -€14,640 | -5.6% |
| Land and buildings | 22 | €253,460 | €240,120 | -€13,340 | -5.3% |
| Plant, machinery and equipment | 23 | €9,505 | €8,205 | -€1,300 | -13.7% |
| Financial fixed assets | 28 | €7,300 | €7,300 | = | 0.0% |
| Current assets | 29/58 | €37,600 | €49,340 | +€11,740 | +31.2% |
| Stocks and contracts in progress | 3 | €3,227 | €10,313 | +€7,086 | +219.6% |
| Stocks | 30/36 | €3,227 | €10,313 | +€7,086 | +219.6% |
| Amounts receivable within one year | 40/41 | €12,739 | €34,979 | +€22,240 | +174.6% |
| Trade receivables | 40 | €12,723 | €34,962 | +€22,240 | +174.8% |
| Other amounts receivable | 41 | €16 | €16 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,633 | €4,048 | -€17,586 | -81.3% |
| Total equity and liabilities | 10/49 | €325,365 | €319,964 | -€5,400 | -1.7% |
| Equity | 10/15 | -€158,453 | -€64,804 | +€93,649 | +59.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,590 | €11,590 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €9,730 | €9,730 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€188,643 | -€94,993 | +€93,649 | +49.6% |
| Amounts payable | 17/49 | €483,818 | €384,768 | -€99,050 | -20.5% |
| Amounts payable after more than one year | 17 | €125,000 | €125,000 | = | 0.0% |
| Financial debts | 170/4 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €355,141 | €259,768 | -€95,373 | -26.9% |
| Trade debts | 44 | €32,764 | €24,101 | -€8,664 | -26.4% |
| Suppliers | 440/4 | €32,764 | €24,101 | -€8,664 | -26.4% |
| Taxes, remuneration and social security | 45 | €10,535 | €7,651 | -€2,883 | -27.4% |
| Taxes | 450/3 | €10,535 | €7,651 | -€2,883 | -27.4% |
| Other amounts payable | 47/48 | €311,843 | €228,016 | -€83,826 | -26.9% |
| Accrued charges and deferred income | 492/3 | €3,676 | - | -€3,676 | |
| Non-recurring operating income | 76A | €5,000 | €1,200 | -€3,800 | -76.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,244 | €21,295 | +€10,051 | +89.4% |
| Other operating charges | 640/8 | €7,945 | €6,607 | -€1,338 | -16.8% |
| Non-recurring operating charges | 66A | €100,000 | - | -€100,000 | |
| Gross operating margin | 9900 | €125,771 | €121,773 | -€3,998 | -3.2% |
| Operating profit (loss) | 9901 | €6,582 | €93,872 | +€87,289 | +1326.1% |
| Financial income | 75/76B | €298 | €154 | -€144 | -48.3% |
| Recurring financial income | 75 | €298 | €154 | -€144 | -48.3% |
| Financial charges | 65/66B | €2,399 | €376 | -€2,023 | -84.3% |
| Recurring financial charges | 65 | €2,399 | €376 | -€2,023 | -84.3% |
| Profit (loss) for the period before taxes | 9903 | €4,481 | €93,649 | +€89,168 | +1989.8% |
| Profit (loss) for the period | 9904 | €4,481 | €93,649 | +€89,168 | +1989.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,481 | €93,649 | +€89,168 | +1989.8% |
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.