SEDEF: 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.
SEDEF
Largest movements
- Cash -€9,730
down €9,730 (-34.2%), from €28,454 to €18,725
mainly Net result for the year (-€23,173) and Receivables within one year (-€1,966)
- Tangible fixed assets -€2,444
down €2,444 (-27.4%), from €8,925 to €6,481
of which Plant, machinery and equipment: -€1,983
- Receivables within one year +€1,966
up €1,966 (+8.0%), from €24,665 to €26,631
of which Trade receivables: +€1,511
- Profit (loss) carried forward -€23,173
down €23,173 (-517.9%), from -€4,474 to -€27,648
- Trade debts +€6,497
new in 2025: €6,497
- Tax, wage and social debts +€5,940
up €5,940 (+43.6%), from €13,638 to €19,579
of which Remuneration and social security: +€7,705
- Gross operating margin -€17,543
down €17,543 (-53.4%), from €32,867 to €15,325
- Staff costs +€3,889
up €3,889 (+13.1%), from €29,638 to €33,527
- Other operating charges -€2,539
down €2,539 (-53.4%), from €4,754 to €2,215
- Depreciation -€532
down €532 (-17.9%), from €2,977 to €2,444
- Financial income -€401
down €401 (-27.3%), from €1,469 to €1,068
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 | €68,124 | €57,388 | -€10,736 | -15.8% |
| Fixed assets | 21/28 | €12,525 | €10,081 | -€2,444 | -19.5% |
| Tangible fixed assets | 22/27 | €8,925 | €6,481 | -€2,444 | -27.4% |
| Land and buildings | 22 | €2,526 | €2,064 | -€462 | -18.3% |
| Plant, machinery and equipment | 23 | €4,262 | €2,279 | -€1,983 | -46.5% |
| Furniture and vehicles | 24 | €2,138 | €2,138 | = | 0.0% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €55,599 | €47,307 | -€8,292 | -14.9% |
| Stocks and contracts in progress | 3 | €1,463 | €887 | -€576 | -39.4% |
| Stocks | 30/36 | €1,463 | €887 | -€576 | -39.4% |
| Amounts receivable within one year | 40/41 | €24,665 | €26,631 | +€1,966 | +8.0% |
| Trade receivables | 40 | €478 | €1,989 | +€1,511 | +315.8% |
| Other amounts receivable | 41 | €24,187 | €24,642 | +€455 | +1.9% |
| Cash at bank and in hand | 54/58 | €28,454 | €18,725 | -€9,730 | -34.2% |
| Deferred charges and accrued income | 490/1 | €1,016 | €1,064 | +€48 | +4.7% |
| Total equity and liabilities | 10/49 | €68,124 | €57,388 | -€10,736 | -15.8% |
| Equity | 10/15 | €54,486 | €31,312 | -€23,173 | -42.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,360 | €40,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €38,500 | €38,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,474 | -€27,648 | -€23,173 | -517.9% |
| Amounts payable | 17/49 | €13,638 | €26,076 | +€12,437 | +91.2% |
| Amounts payable within one year | 42/48 | €13,638 | €26,076 | +€12,437 | +91.2% |
| Trade debts | 44 | - | €6,497 | +€6,497 | |
| Suppliers | 440/4 | - | €6,497 | +€6,497 | |
| Taxes, remuneration and social security | 45 | €13,638 | €19,579 | +€5,940 | +43.6% |
| Taxes | 450/3 | €5,759 | €3,994 | -€1,765 | -30.6% |
| Remuneration and social security | 454/9 | €7,880 | €15,585 | +€7,705 | +97.8% |
| Remuneration, social security and pensions | 62 | €29,638 | €33,527 | +€3,889 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,977 | €2,444 | -€532 | -17.9% |
| Other operating charges | 640/8 | €4,754 | €2,215 | -€2,539 | -53.4% |
| Gross operating margin | 9900 | €32,867 | €15,325 | -€17,543 | -53.4% |
| Operating profit (loss) | 9901 | -€4,502 | -€22,862 | -€18,360 | -407.9% |
| Financial income | 75/76B | €1,469 | €1,068 | -€401 | -27.3% |
| Recurring financial income | 75 | €1,469 | €1,068 | -€401 | -27.3% |
| Financial charges | 65/66B | €1,314 | €1,251 | -€62 | -4.8% |
| Recurring financial charges | 65 | €1,314 | €1,251 | -€62 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,346 | -€23,045 | -€18,699 | -430.2% |
| Income taxes | 67/77 | €128 | €128 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€4,474 | -€23,173 | -€18,699 | -417.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,474 | -€23,173 | -€18,699 | -417.9% |
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.