SEDECIM: 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.
SEDECIM
Largest movements
- Tangible fixed assets -€24,000
down €24,000 (-7.9%), from €304,000 to €280,000
- Cash +€13,694
up €13,694 (+133%), from €10,277 to €23,971
mainly Depreciation (+€24,000) and Other debts (+€6,805)
- Debts after one year -€22,500
down €22,500 (-23.1%), from €97,500 to €75,000
- Other debts +€6,805
up €6,805 (+7.1%), from €96,109 to €102,914
- Reserves +€6,564
up €6,564 (+8.4%), from €78,597 to €85,161
of which Distributable reserves: +€8,942
- Financial charges -€4,087
down €4,087 (-31.6%), from €12,953 to €8,865
- Taxes -€3,436
down €3,436 (-53.5%), from €6,416 to €2,981
- Gross operating margin +€1,524
up €1,524 (+3.5%), from €43,054 to €44,578
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €314,861 | €304,574 | -€10,287 | -3.3% |
| Fixed assets | 21/28 | €304,000 | €280,000 | -€24,000 | -7.9% |
| Tangible fixed assets | 22/27 | €304,000 | €280,000 | -€24,000 | -7.9% |
| Land and buildings | 22 | €304,000 | €280,000 | -€24,000 | -7.9% |
| Current assets | 29/58 | €10,861 | €24,574 | +€13,713 | +126% |
| Amounts receivable within one year | 40/41 | €584 | €603 | +€19 | +3.3% |
| Other amounts receivable | 41 | €584 | €603 | +€19 | +3.3% |
| Cash at bank and in hand | 54/58 | €10,277 | €23,971 | +€13,694 | +133% |
| Total equity and liabilities | 10/49 | €314,861 | €304,574 | -€10,287 | -3.3% |
| Equity | 10/15 | €97,197 | €103,761 | +€6,564 | +6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,597 | €85,161 | +€6,564 | +8.4% |
| Tax-exempt reserves | 132 | €2,378 | €0 | -€2,378 | -100% |
| Distributable reserves | 133 | €76,219 | €85,161 | +€8,942 | +11.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €1,555 | €0 | -€1,555 | -100% |
| Deferred taxes | 168 | €1,555 | €0 | -€1,555 | -100% |
| Amounts payable | 17/49 | €216,109 | €200,813 | -€15,296 | -7.1% |
| Amounts payable after more than one year | 17 | €97,500 | €75,000 | -€22,500 | -23.1% |
| Financial debts | 170/4 | €97,500 | €75,000 | -€22,500 | -23.1% |
| Amounts payable within one year | 42/48 | €118,609 | €125,813 | +€7,204 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €22,500 | €22,500 | = | 0.0% |
| Trade debts | 44 | - | €400 | +€400 | |
| Suppliers | 440/4 | - | €400 | +€400 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €96,109 | €102,914 | +€6,805 | +7.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,000 | €24,000 | = | 0.0% |
| Other operating charges | 640/8 | €3,612 | €3,723 | +€112 | +3.1% |
| Gross operating margin | 9900 | €43,054 | €44,578 | +€1,524 | +3.5% |
| Operating profit (loss) | 9901 | €15,443 | €16,855 | +€1,412 | +9.1% |
| Financial charges | 65/66B | €12,953 | €8,865 | -€4,087 | -31.6% |
| Recurring financial charges | 65 | €12,953 | €8,865 | -€4,087 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €2,490 | €7,989 | +€5,499 | +221% |
| Transfer from deferred taxes | 780 | €7,874 | €1,555 | -€6,319 | -80.3% |
| Income taxes | 67/77 | €6,416 | €2,981 | -€3,436 | -53.5% |
| Profit (loss) for the period | 9904 | €3,948 | €6,564 | +€2,616 | +66.3% |
| Transfer from tax-exempt reserves | 789 | €15,301 | €2,378 | -€12,923 | -84.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,249 | €8,942 | -€10,307 | -53.5% |
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 15 October 2026 via checked.be.