SEDELCO: 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.
SEDELCO
Largest movements
- Tangible fixed assets +€33,849
up €33,849 (+78.3%), from €43,206 to €77,055
of which Furniture and vehicles: +€31,377
- Cash -€7,556
down €7,556 (-31.4%), from €24,039 to €16,483
mainly Contributions, distributions and other (-€75,000) and Investment in fixed assets (net) (-€57,781)
- Other debts +€64,136
up €64,136 (+12,075%), from €531 to €64,667
- Reserves -€43,200
down €43,200 (-40.4%), from €106,954 to €63,754
- Tax, wage and social debts +€16,674
up €16,674 (+960%), from €1,737 to €18,411
- Debts after one year -€9,299
down €9,299 (-9.8%), from €94,770 to €85,471
of which Other amounts payable: -€9,299
- Depreciation +€10,892
up €10,892 (+83.5%), from €13,040 to €23,932
- Gross operating margin -€6,192
down €6,192 (-7.6%), from €81,652 to €75,461
- Financial charges -€878
down €878 (-33.1%), from €2,648 to €1,770
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 | €235,561 | €262,669 | +€27,108 | +11.5% |
| Fixed assets | 21/28 | €118,206 | €152,055 | +€33,849 | +28.6% |
| Tangible fixed assets | 22/27 | €43,206 | €77,055 | +€33,849 | +78.3% |
| Plant, machinery and equipment | 23 | €4,473 | €3,523 | -€951 | -21.3% |
| Furniture and vehicles | 24 | €35,611 | €66,988 | +€31,377 | +88.1% |
| Other tangible fixed assets | 26 | €3,122 | €6,544 | +€3,422 | +110% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €117,355 | €110,614 | -€6,741 | -5.7% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,935 | €17,655 | +€719 | +4.2% |
| Trade receivables | 40 | €15,287 | €15,276 | -€11 | -0.1% |
| Other amounts receivable | 41 | €1,648 | €2,378 | +€730 | +44.3% |
| Cash at bank and in hand | 54/58 | €24,039 | €16,483 | -€7,556 | -31.4% |
| Deferred charges and accrued income | 490/1 | €1,381 | €1,477 | +€96 | +7.0% |
| Total equity and liabilities | 10/49 | €235,561 | €262,669 | +€27,108 | +11.5% |
| Equity | 10/15 | €125,554 | €82,354 | -€43,200 | -34.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,954 | €63,754 | -€43,200 | -40.4% |
| Distributable reserves | 133 | €106,954 | €63,754 | -€43,200 | -40.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €110,007 | €180,315 | +€70,308 | +63.9% |
| Amounts payable after more than one year | 17 | €94,770 | €85,471 | -€9,299 | -9.8% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Other amounts payable | 178/9 | €19,770 | €10,471 | -€9,299 | -47.0% |
| Amounts payable within one year | 42/48 | €15,237 | €94,844 | +€79,607 | +522% |
| Current portion of amounts payable after more than one year | 42 | €8,960 | €9,299 | +€339 | +3.8% |
| Trade debts | 44 | €4,009 | €2,468 | -€1,541 | -38.4% |
| Suppliers | 440/4 | €4,009 | €2,468 | -€1,541 | -38.4% |
| Taxes, remuneration and social security | 45 | €1,737 | €18,411 | +€16,674 | +960% |
| Taxes | 450/3 | €1,737 | €18,411 | +€16,674 | +960% |
| Other amounts payable | 47/48 | €531 | €64,667 | +€64,136 | +12,075% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,040 | €23,932 | +€10,892 | +83.5% |
| Other operating charges | 640/8 | €652 | €1,229 | +€577 | +88.4% |
| Gross operating margin | 9900 | €81,652 | €75,461 | -€6,192 | -7.6% |
| Operating profit (loss) | 9901 | €67,960 | €50,300 | -€17,660 | -26.0% |
| Financial income | 75/76B | €5 | €9 | +€4 | +86.6% |
| Recurring financial income | 75 | €5 | €9 | +€4 | +86.6% |
| Financial charges | 65/66B | €2,648 | €1,770 | -€878 | -33.1% |
| Recurring financial charges | 65 | €2,648 | €1,770 | -€878 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €65,316 | €48,538 | -€16,778 | -25.7% |
| Income taxes | 67/77 | €16,876 | €16,739 | -€137 | -0.8% |
| Profit (loss) for the period | 9904 | €48,441 | €31,800 | -€16,641 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €48,441 | €31,800 | -€16,641 | -34.4% |
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 25 October 2026 via checked.be.