Sedar: 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.
Sedar
Largest movements
- Receivables within one year -€10,824
down €10,824 (-24.4%), from €44,325 to €33,502
of which Trade receivables: -€9,323
- Current investments +€10,347
new in 2025: €10,347
- Cash +€7,983
up €7,983 (+191.5%), from €4,169 to €12,152
mainly Net result for the year (+€15,270) and Receivables within one year (+€10,824)
- Tangible fixed assets -€1,495
down €1,495 (-2.4%), from €62,830 to €61,335
of which Land and buildings: -€3,506
- Reserves +€5,270
up €5,270 (+19.4%), from €27,170 to €32,440
of which Distributable reserves: +€5,270
- Gross operating margin +€10,303
up €10,303 (+55.5%), from €18,557 to €28,861
- Other operating charges -€7,936
down €7,936 (-46.1%), from €17,211 to €9,275
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 | €111,325 | €117,336 | +€6,011 | +5.4% |
| Fixed assets | 21/28 | €62,830 | €61,335 | -€1,495 | -2.4% |
| Tangible fixed assets | 22/27 | €62,830 | €61,335 | -€1,495 | -2.4% |
| Land and buildings | 22 | €62,830 | €59,324 | -€3,506 | -5.6% |
| Plant, machinery and equipment | 23 | - | €2,011 | +€2,011 | |
| Current assets | 29/58 | €48,494 | €56,000 | +€7,506 | +15.5% |
| Amounts receivable within one year | 40/41 | €44,325 | €33,502 | -€10,824 | -24.4% |
| Trade receivables | 40 | €9,323 | - | -€9,323 | |
| Other amounts receivable | 41 | €35,002 | €33,502 | -€1,501 | -4.3% |
| Current investments | 50/53 | - | €10,347 | +€10,347 | |
| Cash at bank and in hand | 54/58 | €4,169 | €12,152 | +€7,983 | +191.5% |
| Total equity and liabilities | 10/49 | €111,325 | €117,336 | +€6,011 | +5.4% |
| Equity | 10/15 | €88,670 | €93,940 | +€5,270 | +5.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €27,170 | €32,440 | +€5,270 | +19.4% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €21,020 | €26,290 | +€5,270 | +25.1% |
| Amounts payable | 17/49 | €22,655 | €23,396 | +€741 | +3.3% |
| Amounts payable after more than one year | 17 | €6,740 | €6,740 | = | 0.0% |
| Other amounts payable | 178/9 | €6,740 | €6,740 | = | 0.0% |
| Amounts payable within one year | 42/48 | €15,915 | €16,656 | +€741 | +4.7% |
| Financial debts | 43 | €36 | €41 | +€4 | +11.6% |
| Credit institutions | 430/8 | €36 | €41 | +€4 | +11.6% |
| Trade debts | 44 | €5,879 | €6,615 | +€737 | +12.5% |
| Suppliers | 440/4 | €5,879 | €6,615 | +€737 | +12.5% |
| Other amounts payable | 47/48 | €10,000 | €10,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,901 | €3,883 | -€17 | -0.4% |
| Other operating charges | 640/8 | €17,211 | €9,275 | -€7,936 | -46.1% |
| Gross operating margin | 9900 | €18,557 | €28,861 | +€10,303 | +55.5% |
| Operating profit (loss) | 9901 | -€2,555 | €15,702 | +€18,257 | |
| Financial income | 75/76B | €22 | €25 | +€4 | +16.2% |
| Recurring financial income | 75 | €22 | €25 | +€4 | +16.2% |
| Financial charges | 65/66B | €421 | €457 | +€35 | +8.4% |
| Recurring financial charges | 65 | €421 | €457 | +€35 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,954 | €15,271 | +€18,225 | |
| Income taxes | 67/77 | €1 | €1 | -€0 | -24.0% |
| Profit (loss) for the period | 9904 | -€2,955 | €15,270 | +€18,225 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,955 | €15,270 | +€18,225 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.