SEDEG: 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.
SEDEG
Largest movements
- Receivables within one year +€18,109
up €18,109 (+229.7%), from €7,884 to €25,993
of which Trade receivables: +€12,577
- Reserves +€170,000
up €170,000 (+67.7%), from €251,200 to €421,200
of which Distributable reserves: +€170,000
- Profit (loss) carried forward -€79,974
down €79,974 (-96.9%), from €82,543 to €2,569
- Current portion of long-term debt -€69,033
down €69,033 (-65.8%), from €104,952 to €35,919
- Debts after one year -€33,791
down €33,791 (-34.1%), from €99,122 to €65,330
- Short-term financial debts +€22,792
up €22,792 (+103.5%), from €22,026 to €44,818
- Staff costs +€38,037
up €38,037 (+43.2%), from €88,072 to €126,109
- Gross operating margin +€9,919
up €9,919 (+2.0%), from €484,074 to €493,992
- Taxes -€8,525
down €8,525 (-11.0%), from €77,169 to €68,644
- Other operating charges -€7,464
down €7,464 (-29.2%), from €25,542 to €18,079
- Depreciation +€6,257
up €6,257 (+10.9%), from €57,648 to €63,905
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 | €813,290 | €818,786 | +€5,496 | +0.7% |
| Fixed assets | 21/28 | €679,746 | €674,215 | -€5,531 | -0.8% |
| Intangible fixed assets | 21 | €2,459 | €1,459 | -€1,000 | -40.7% |
| Tangible fixed assets | 22/27 | €674,986 | €670,456 | -€4,531 | -0.7% |
| Land and buildings | 22 | €562,219 | €524,186 | -€38,033 | -6.8% |
| Plant, machinery and equipment | 23 | €99,188 | €129,163 | +€29,975 | +30.2% |
| Furniture and vehicles | 24 | €13,579 | €17,106 | +€3,527 | +26.0% |
| Financial fixed assets | 28 | €2,300 | €2,300 | = | 0.0% |
| Current assets | 29/58 | €133,544 | €144,571 | +€11,027 | +8.3% |
| Amounts receivable within one year | 40/41 | €7,884 | €25,993 | +€18,109 | +229.7% |
| Trade receivables | 40 | €7,840 | €20,417 | +€12,577 | +160.4% |
| Other amounts receivable | 41 | €44 | €5,576 | +€5,532 | +12546.8% |
| Cash at bank and in hand | 54/58 | €120,093 | €113,621 | -€6,472 | -5.4% |
| Deferred charges and accrued income | 490/1 | €5,567 | €4,956 | -€611 | -11.0% |
| Total equity and liabilities | 10/49 | €813,290 | €818,786 | +€5,496 | +0.7% |
| Equity | 10/15 | €395,743 | €485,769 | +€90,026 | +22.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €251,200 | €421,200 | +€170,000 | +67.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €245,000 | €415,000 | +€170,000 | +69.4% |
| Profit (loss) carried forward | 14 | €82,543 | €2,569 | -€79,974 | -96.9% |
| Amounts payable | 17/49 | €417,546 | €333,017 | -€84,530 | -20.2% |
| Amounts payable after more than one year | 17 | €99,122 | €65,330 | -€33,791 | -34.1% |
| Financial debts | 170/4 | €99,122 | €65,330 | -€33,791 | -34.1% |
| Amounts payable within one year | 42/48 | €312,280 | €267,261 | -€45,019 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €104,952 | €35,919 | -€69,033 | -65.8% |
| Financial debts | 43 | €22,026 | €44,818 | +€22,792 | +103.5% |
| Credit institutions | 430/8 | €22,026 | €44,818 | +€22,792 | +103.5% |
| Trade debts | 44 | €15,844 | €23,097 | +€7,253 | +45.8% |
| Suppliers | 440/4 | €15,844 | €23,097 | +€7,253 | +45.8% |
| Taxes, remuneration and social security | 45 | €28,259 | €22,604 | -€5,655 | -20.0% |
| Taxes | 450/3 | €15,826 | €8,348 | -€7,478 | -47.3% |
| Remuneration and social security | 454/9 | €12,433 | €14,256 | +€1,823 | +14.7% |
| Other amounts payable | 47/48 | €141,199 | €140,823 | -€376 | -0.3% |
| Accrued charges and deferred income | 492/3 | €6,145 | €425 | -€5,720 | -93.1% |
| Remuneration, social security and pensions | 62 | €88,072 | €126,109 | +€38,037 | +43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,648 | €63,905 | +€6,257 | +10.9% |
| Other operating charges | 640/8 | €25,542 | €18,079 | -€7,464 | -29.2% |
| Gross operating margin | 9900 | €484,074 | €493,992 | +€9,919 | +2.0% |
| Operating profit (loss) | 9901 | €312,811 | €285,900 | -€26,911 | -8.6% |
| Financial income | 75/76B | €136 | €987 | +€851 | +624.4% |
| Recurring financial income | 75 | €136 | €987 | +€851 | +624.4% |
| Financial charges | 65/66B | €12,239 | €8,217 | -€4,022 | -32.9% |
| Recurring financial charges | 65 | €12,239 | €8,217 | -€4,022 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €300,708 | €278,670 | -€22,038 | -7.3% |
| Income taxes | 67/77 | €77,169 | €68,644 | -€8,525 | -11.0% |
| Profit (loss) for the period | 9904 | €223,539 | €210,026 | -€13,513 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €223,539 | €210,026 | -€13,513 | -6.0% |
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 4 October 2026 via checked.be.