SEDEHE: 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.
SEDEHE
Largest movements
- Receivables within one year +€52,815
up €52,815 (+365.6%), from €14,445 to €67,260
of which Other amounts receivable: +€51,362
- Cash -€48,205
down €48,205 (-70.8%), from €68,050 to €19,845
mainly Other debts (-€82,670) and Receivables within one year (-€52,815)
- Intangible fixed assets -€38,735
down €38,735 (-21.1%), from €183,991 to €145,256
- Stocks and contracts +€7,000
up €7,000 (+100.0%), from €7,000 to €14,000
- Tangible fixed assets -€6,753
down €6,753 (-3.3%), from €207,209 to €200,456
of which Land and buildings: -€73,622
- Other debts -€82,670
down €82,670 (-100.0%), from €82,670 to €0
- Current portion of long-term debt +€24,885
up €24,885 (+43.1%), from €57,725 to €82,610
- Reserves +€14,571
up €14,571 (+10.5%), from €138,296 to €152,867
- Debts after one year +€9,654
up €9,654 (+8.5%), from €113,376 to €123,030
- Tax, wage and social debts +€5,850
up €5,850 (+54.1%), from €10,809 to €16,660
of which Taxes: +€6,147
- Staff costs +€21,041
up €21,041 (+11.1%), from €188,882 to €209,923
- Gross operating margin +€17,685
up €17,685 (+5.8%), from €303,523 to €321,208
- Depreciation +€6,577
up €6,577 (+9.1%), from €72,437 to €79,014
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 | €481,891 | €449,513 | -€32,378 | -6.7% |
| Fixed assets | 21/28 | €391,201 | €345,713 | -€45,488 | -11.6% |
| Intangible fixed assets | 21 | €183,991 | €145,256 | -€38,735 | -21.1% |
| Tangible fixed assets | 22/27 | €207,209 | €200,456 | -€6,753 | -3.3% |
| Land and buildings | 22 | €73,622 | €0 | -€73,622 | -100.0% |
| Plant, machinery and equipment | 23 | €16,158 | €25,047 | +€8,890 | +55.0% |
| Furniture and vehicles | 24 | €57,552 | €99,475 | +€41,923 | +72.8% |
| Other tangible fixed assets | 26 | €59,877 | €75,934 | +€16,057 | +26.8% |
| Current assets | 29/58 | €90,691 | €103,800 | +€13,110 | +14.5% |
| Stocks and contracts in progress | 3 | €7,000 | €14,000 | +€7,000 | +100.0% |
| Stocks | 30/36 | €7,000 | €14,000 | +€7,000 | +100.0% |
| Amounts receivable within one year | 40/41 | €14,445 | €67,260 | +€52,815 | +365.6% |
| Trade receivables | 40 | €413 | €1,866 | +€1,452 | +351.5% |
| Other amounts receivable | 41 | €14,032 | €65,394 | +€51,362 | +366.0% |
| Cash at bank and in hand | 54/58 | €68,050 | €19,845 | -€48,205 | -70.8% |
| Deferred charges and accrued income | 490/1 | €1,196 | €2,695 | +€1,499 | +125.4% |
| Total equity and liabilities | 10/49 | €481,891 | €449,513 | -€32,378 | -6.7% |
| Equity | 10/15 | €188,296 | €202,867 | +€14,571 | +7.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €138,296 | €152,867 | +€14,571 | +10.5% |
| Distributable reserves | 133 | €138,296 | €152,867 | +€14,571 | +10.5% |
| Amounts payable | 17/49 | €293,595 | €246,646 | -€46,950 | -16.0% |
| Amounts payable after more than one year | 17 | €113,376 | €123,030 | +€9,654 | +8.5% |
| Financial debts | 170/4 | €113,376 | €123,030 | +€9,654 | +8.5% |
| Amounts payable within one year | 42/48 | €180,219 | €123,616 | -€56,603 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €57,725 | €82,610 | +€24,885 | +43.1% |
| Trade debts | 44 | €29,015 | €24,346 | -€4,669 | -16.1% |
| Suppliers | 440/4 | €29,015 | €24,346 | -€4,669 | -16.1% |
| Taxes, remuneration and social security | 45 | €10,809 | €16,660 | +€5,850 | +54.1% |
| Taxes | 450/3 | €1,303 | €7,450 | +€6,147 | +471.9% |
| Remuneration and social security | 454/9 | €9,507 | €9,210 | -€297 | -3.1% |
| Other amounts payable | 47/48 | €82,670 | €0 | -€82,670 | -100.0% |
| Non-recurring operating income | 76A | €413 | €16,378 | +€15,964 | +3863.4% |
| Remuneration, social security and pensions | 62 | €188,882 | €209,923 | +€21,041 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,437 | €79,014 | +€6,577 | +9.1% |
| Other operating charges | 640/8 | €1,959 | €552 | -€1,407 | -71.8% |
| Gross operating margin | 9900 | €303,523 | €321,208 | +€17,685 | +5.8% |
| Operating profit (loss) | 9901 | €40,244 | €31,719 | -€8,525 | -21.2% |
| Financial income | 75/76B | €296 | €1,955 | +€1,658 | +559.8% |
| Recurring financial income | 75 | €296 | €1,955 | +€1,658 | +559.8% |
| Financial charges | 65/66B | €9,399 | €10,166 | +€767 | +8.2% |
| Recurring financial charges | 65 | €9,399 | €10,166 | +€767 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €31,142 | €23,508 | -€7,634 | -24.5% |
| Income taxes | 67/77 | €10,695 | €8,937 | -€1,758 | -16.4% |
| Profit (loss) for the period | 9904 | €20,447 | €14,571 | -€5,876 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,447 | €14,571 | -€5,876 | -28.7% |
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 29 September 2026 via checked.be.