SEDEGO: 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.
SEDEGO
Largest movements
- Receivables within one year -€47,198
down €47,198 (-33.0%), from €143,109 to €95,911
of which Other amounts receivable: -€62,244
- Cash -€29,195
down €29,195 (-46.4%), from €62,960 to €33,765
mainly Trade debts (-€64,420) and Debts after one year (-€33,467)
- Stocks and contracts -€21,187
down €21,187 (-4.2%), from €501,171 to €479,984
- Tangible fixed assets +€8,465
up €8,465 (+26.1%), from €32,473 to €40,938
of which Other tangible fixed assets: +€6,362
- Trade debts -€64,420
down €64,420 (-75.6%), from €85,222 to €20,802
- Profit (loss) carried forward +€36,401
up €36,401 (+13.4%), from €272,119 to €308,520
- Debts after one year -€33,467
down €33,467 (-37.2%), from €89,878 to €56,411
- Other debts -€25,719
down €25,719 (-65.4%), from €39,345 to €13,626
- Tax, wage and social debts +€10,454
up €10,454 (+136.3%), from €7,671 to €18,125
of which Remuneration and social security: +€7,767
- Gross operating margin -€40,532
down €40,532 (-21.3%), from €190,487 to €149,955
- Other operating charges -€9,737
down €9,737 (-86.1%), from €11,310 to €1,573
- Taxes +€6,033
up €6,033 (+91.3%), from €6,606 to €12,639
- Staff costs -€2,913
down €2,913 (-3.2%), from €91,969 to €89,056
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 | €743,743 | €654,539 | -€89,204 | -12.0% |
| Fixed assets | 21/28 | €35,137 | €43,438 | +€8,301 | +23.6% |
| Intangible fixed assets | 21 | €2,664 | - | -€2,664 | |
| Tangible fixed assets | 22/27 | €32,473 | €40,938 | +€8,465 | +26.1% |
| Furniture and vehicles | 24 | €1,973 | €4,076 | +€2,103 | +106.6% |
| Other tangible fixed assets | 26 | €30,500 | €36,862 | +€6,362 | +20.9% |
| Financial fixed assets | 28 | - | €2,500 | +€2,500 | |
| Current assets | 29/58 | €708,606 | €611,101 | -€97,505 | -13.8% |
| Stocks and contracts in progress | 3 | €501,171 | €479,984 | -€21,187 | -4.2% |
| Stocks | 30/36 | €501,171 | €479,984 | -€21,187 | -4.2% |
| Amounts receivable within one year | 40/41 | €143,109 | €95,911 | -€47,198 | -33.0% |
| Trade receivables | 40 | €37,235 | €52,281 | +€15,046 | +40.4% |
| Other amounts receivable | 41 | €105,874 | €43,630 | -€62,244 | -58.8% |
| Cash at bank and in hand | 54/58 | €62,960 | €33,765 | -€29,195 | -46.4% |
| Deferred charges and accrued income | 490/1 | €1,366 | €1,441 | +€75 | +5.5% |
| Total equity and liabilities | 10/49 | €743,743 | €654,539 | -€89,204 | -12.0% |
| Equity | 10/15 | €430,875 | €466,632 | +€35,757 | +8.3% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €59,599 | €58,955 | -€644 | -1.1% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,916 | €9,916 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,683 | €49,039 | -€644 | -1.3% |
| Profit (loss) carried forward | 14 | €272,119 | €308,520 | +€36,401 | +13.4% |
| Provisions and deferred taxes | 16 | €12,190 | €11,976 | -€214 | -1.8% |
| Deferred taxes | 168 | €12,190 | €11,976 | -€214 | -1.8% |
| Amounts payable | 17/49 | €300,678 | €175,931 | -€124,747 | -41.5% |
| Amounts payable after more than one year | 17 | €89,878 | €56,411 | -€33,467 | -37.2% |
| Financial debts | 170/4 | €89,878 | €56,411 | -€33,467 | -37.2% |
| Amounts payable within one year | 42/48 | €210,800 | €119,520 | -€91,280 | -43.3% |
| Current portion of amounts payable after more than one year | 42 | €42,562 | €34,404 | -€8,158 | -19.2% |
| Financial debts | 43 | €36,000 | €32,563 | -€3,437 | -9.5% |
| Credit institutions | 430/8 | €9,000 | €5,563 | -€3,437 | -38.2% |
| Other loans | 439 | €27,000 | €27,000 | = | 0.0% |
| Trade debts | 44 | €85,222 | €20,802 | -€64,420 | -75.6% |
| Suppliers | 440/4 | €85,222 | €20,802 | -€64,420 | -75.6% |
| Taxes, remuneration and social security | 45 | €7,671 | €18,125 | +€10,454 | +136.3% |
| Taxes | 450/3 | - | €2,687 | +€2,687 | |
| Remuneration and social security | 454/9 | €7,671 | €15,438 | +€7,767 | +101.3% |
| Other amounts payable | 47/48 | €39,345 | €13,626 | -€25,719 | -65.4% |
| Remuneration, social security and pensions | 62 | €91,969 | €89,056 | -€2,913 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,969 | €9,707 | -€1,262 | -11.5% |
| Other operating charges | 640/8 | €11,310 | €1,573 | -€9,737 | -86.1% |
| Gross operating margin | 9900 | €190,487 | €149,955 | -€40,532 | -21.3% |
| Operating profit (loss) | 9901 | €76,239 | €49,619 | -€26,620 | -34.9% |
| Financial income | 75/76B | €3,492 | €3,558 | +€66 | +1.9% |
| Recurring financial income | 75 | €3,492 | €3,558 | +€66 | +1.9% |
| Financial charges | 65/66B | €5,809 | €4,996 | -€813 | -14.0% |
| Recurring financial charges | 65 | €5,809 | €4,996 | -€813 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €73,922 | €48,181 | -€25,741 | -34.8% |
| Transfer from deferred taxes | 780 | - | €215 | +€215 | |
| Transfer to deferred taxes | 680 | €12,190 | - | -€12,190 | |
| Income taxes | 67/77 | €6,606 | €12,639 | +€6,033 | +91.3% |
| Profit (loss) for the period | 9904 | €55,126 | €35,757 | -€19,369 | -35.1% |
| Transfer from tax-exempt reserves | 789 | - | €644 | +€644 | |
| Transfer to tax-exempt reserves | 689 | €36,570 | - | -€36,570 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,556 | €36,401 | +€17,845 | +96.2% |
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 5 October 2026 via checked.be.