SEDCO: 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.
SEDCO
Largest movements
- Financial fixed assets +€2.0m
new in 2025: €2.0m
- Stocks and contracts -€1.4m
no longer reported in 2025 (was €1.4m)
- Receivables within one year +€830,694
up €830,694 (+101.0%), from €822,284 to €1.7m
of which Trade receivables: +€767,654
- Receivables after one year -€530,990
no longer reported in 2025 (was €530,990)
- Cash -€530,247
down €530,247 (-67.0%), from €791,011 to €260,763
mainly Investment in fixed assets (net) (-€1.9m) and Receivables within one year (-€830,694)
- Debts after one year +€591,796
up €591,796 (+15.6%), from €3.8m to €4.4m
- Other debts -€500,000
no longer reported in 2025 (was €500,000)
- Trade debts +€180,559
up €180,559 (+43.1%), from €418,754 to €599,313
- Reserves +€132,898
up €132,898 (+64.1%), from €207,364 to €340,262
of which Distributable reserves: +€132,898
- Tax, wage and social debts -€94,789
down €94,789 (-23.3%), from €406,344 to €311,554
of which Remuneration and social security: -€107,237
- Write-downs -€217,487
down €217,487, from €24,409 to -€193,078
- Gross operating margin -€212,054
down €212,054 (-19.4%), from €1.1m to €879,800
- Staff costs -€180,509
down €180,509 (-21.5%), from €838,062 to €657,552
- Depreciation -€36,768
down €36,768 (-48.2%), from €76,227 to €39,459
- Financial income -€36,763
down €36,763 (-25.9%), from €141,760 to €104,997
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 | €6,259,793 | €6,469,316 | +€209,523 | +3.3% |
| Fixed assets | 21/28 | €2,667,666 | €4,533,036 | +€1.9m | +69.9% |
| Tangible fixed assets | 22/27 | €2,667,666 | €2,559,462 | -€108,204 | -4.1% |
| Land and buildings | 22 | €2,513,404 | €2,481,062 | -€32,342 | -1.3% |
| Plant, machinery and equipment | 23 | €28,637 | - | -€28,637 | |
| Furniture and vehicles | 24 | €100,874 | €5,476 | -€95,398 | -94.6% |
| Assets under construction and advance payments | 27 | €24,751 | €72,924 | +€48,174 | +194.6% |
| Financial fixed assets | 28 | - | €1,973,573 | +€2.0m | |
| Current assets | 29/58 | €3,592,127 | €1,936,280 | -€1.7m | -46.1% |
| Amounts receivable after more than one year | 29 | €530,990 | - | -€530,990 | |
| Other amounts receivable | 291 | €530,990 | - | -€530,990 | |
| Stocks and contracts in progress | 3 | €1,410,086 | - | -€1.4m | |
| Stocks | 30/36 | €1,410,086 | - | -€1.4m | |
| Amounts receivable within one year | 40/41 | €822,284 | €1,652,978 | +€830,694 | +101.0% |
| Trade receivables | 40 | €800,075 | €1,567,729 | +€767,654 | +95.9% |
| Other amounts receivable | 41 | €22,209 | €85,249 | +€63,040 | +283.8% |
| Cash at bank and in hand | 54/58 | €791,011 | €260,763 | -€530,247 | -67.0% |
| Deferred charges and accrued income | 490/1 | €37,757 | €22,539 | -€15,218 | -40.3% |
| Total equity and liabilities | 10/49 | €6,259,793 | €6,469,316 | +€209,523 | +3.3% |
| Equity | 10/15 | €794,364 | €927,262 | +€132,898 | +16.7% |
| Contributions | 10/11 | €587,000 | €587,000 | = | 0.0% |
| Capital | 10 | €587,000 | €587,000 | = | 0.0% |
| Issued capital | 100 | €587,000 | €587,000 | = | 0.0% |
| Reserves | 13 | €207,364 | €340,262 | +€132,898 | +64.1% |
| Non-distributable reserves | 130/1 | €58,700 | €58,700 | = | 0.0% |
| Legal reserve | 130 | €58,700 | €58,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €57,461 | €57,461 | = | 0.0% |
| Distributable reserves | 133 | €91,202 | €224,101 | +€132,898 | +145.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €5,465,429 | €5,542,054 | +€76,625 | +1.4% |
| Amounts payable after more than one year | 17 | €3,784,232 | €4,376,028 | +€591,796 | +15.6% |
| Financial debts | 170/4 | €3,784,232 | €4,376,028 | +€591,796 | +15.6% |
| Amounts payable within one year | 42/48 | €1,628,823 | €1,150,820 | -€478,003 | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €303,725 | €229,842 | -€73,882 | -24.3% |
| Financial debts | 43 | - | €10,109 | +€10,109 | |
| Credit institutions | 430/8 | - | €10,109 | +€10,109 | |
| Trade debts | 44 | €418,754 | €599,313 | +€180,559 | +43.1% |
| Suppliers | 440/4 | €418,754 | €599,313 | +€180,559 | +43.1% |
| Taxes, remuneration and social security | 45 | €406,344 | €311,554 | -€94,789 | -23.3% |
| Taxes | 450/3 | €293,376 | €305,824 | +€12,448 | +4.2% |
| Remuneration and social security | 454/9 | €112,968 | €5,730 | -€107,237 | -94.9% |
| Other amounts payable | 47/48 | €500,000 | - | -€500,000 | |
| Accrued charges and deferred income | 492/3 | €52,374 | €15,206 | -€37,168 | -71.0% |
| Non-recurring operating income | 76A | €24,287 | €644,567 | +€620,280 | +2554.0% |
| Remuneration, social security and pensions | 62 | €838,062 | €657,552 | -€180,509 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,227 | €39,459 | -€36,768 | -48.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,409 | -€193,078 | -€217,487 | |
| Other operating charges | 640/8 | €57,571 | €52,379 | -€5,192 | -9.0% |
| Non-recurring operating charges | 66A | €1,843 | €38,940 | +€37,097 | +2012.7% |
| Gross operating margin | 9900 | €1,091,854 | €879,800 | -€212,054 | -19.4% |
| Operating profit (loss) | 9901 | €93,742 | €284,547 | +€190,805 | +203.5% |
| Financial income | 75/76B | €141,760 | €104,997 | -€36,763 | -25.9% |
| Recurring financial income | 75 | €141,760 | €104,997 | -€36,763 | -25.9% |
| Financial charges | 65/66B | €196,750 | €204,685 | +€7,936 | +4.0% |
| Recurring financial charges | 65 | €196,750 | €204,685 | +€7,936 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €38,753 | €184,858 | +€146,106 | +377.0% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €16,882 | €51,960 | +€35,078 | +207.8% |
| Profit (loss) for the period | 9904 | €21,871 | €132,898 | +€111,028 | +507.7% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €21,871 | €132,898 | +€111,028 | +507.7% |
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 8 October 2026 via checked.be.