SEDES: 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.
SEDES
Largest movements
- Current investments -€760,762
no longer reported in 2024 (was €760,762)
- Tangible fixed assets +€362,117
up €362,117 (+98.9%), from €366,010 to €728,127
of which Land and buildings: +€365,193
- Cash +€342,756
up €342,756 (+260.3%), from €131,696 to €474,452
mainly Current investments (+€760,762) and Depreciation (+€16,669)
- Profit (loss) carried forward -€45,785
down €45,785 (-14.8%), from -€308,447 to -€354,232
- Debts after one year -€27,420
down €27,420 (-15.5%), from €177,420 to €150,000
- Gross operating margin -€26,822
down €26,822 (-59.8%), from -€44,889 to -€71,711
- Financial income +€19,094
up €19,094 (+60.1%), from €31,795 to €50,889
of which Non-recurring financial income: +€50,887
- Depreciation +€3,502
up €3,502 (+26.6%), from €13,166 to €16,669
- Financial charges -€2,848
down €2,848 (-82.1%), from €3,468 to €620
- Other operating charges +€2,344
up €2,344 (+45.2%), from €5,191 to €7,535
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,275,045 | €1,212,034 | -€63,010 | -4.9% |
| Fixed assets | 21/28 | €366,260 | €728,377 | +€362,117 | +98.9% |
| Tangible fixed assets | 22/27 | €366,010 | €728,127 | +€362,117 | +98.9% |
| Land and buildings | 22 | €354,593 | €719,786 | +€365,193 | +103.0% |
| Furniture and vehicles | 24 | €10,547 | €7,472 | -€3,076 | -29.2% |
| Other tangible fixed assets | 26 | €870 | €870 | = | 0.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €908,784 | €483,658 | -€425,127 | -46.8% |
| Amounts receivable within one year | 40/41 | €13,306 | €9,206 | -€4,100 | -30.8% |
| Trade receivables | 40 | €864 | €687 | -€177 | -20.4% |
| Other amounts receivable | 41 | €12,442 | €8,518 | -€3,924 | -31.5% |
| Current investments | 50/53 | €760,762 | - | -€760,762 | |
| Cash at bank and in hand | 54/58 | €131,696 | €474,452 | +€342,756 | +260.3% |
| Deferred charges and accrued income | 490/1 | €3,020 | - | -€3,020 | |
| Total equity and liabilities | 10/49 | €1,275,045 | €1,212,034 | -€63,010 | -4.9% |
| Equity | 10/15 | €1,090,737 | €1,044,952 | -€45,785 | -4.2% |
| Contributions | 10/11 | €373,925 | €373,925 | = | 0.0% |
| Reserves | 13 | €1,025,259 | €1,025,259 | = | 0.0% |
| Distributable reserves | 133 | €1,025,259 | €1,025,259 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€308,447 | -€354,232 | -€45,785 | -14.8% |
| Amounts payable | 17/49 | €184,308 | €167,082 | -€17,226 | -9.3% |
| Amounts payable after more than one year | 17 | €177,420 | €150,000 | -€27,420 | -15.5% |
| Other amounts payable | 178/9 | €177,420 | €150,000 | -€27,420 | -15.5% |
| Amounts payable within one year | 42/48 | €6,888 | €17,082 | +€10,195 | +148.0% |
| Current portion of amounts payable after more than one year | 42 | €3,757 | - | -€3,757 | |
| Trade debts | 44 | €1,066 | €11,778 | +€10,712 | +1004.8% |
| Suppliers | 440/4 | €1,066 | €11,778 | +€10,712 | +1004.8% |
| Taxes, remuneration and social security | 45 | €1,799 | €1,578 | -€221 | -12.3% |
| Taxes | 450/3 | €1,799 | €1,578 | -€221 | -12.3% |
| Other amounts payable | 47/48 | €266 | €3,726 | +€3,461 | +1303.3% |
| Non-recurring operating income | 76A | €18,100 | - | -€18,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,166 | €16,669 | +€3,502 | +26.6% |
| Other operating charges | 640/8 | €5,191 | €7,535 | +€2,344 | +45.2% |
| Gross operating margin | 9900 | -€44,889 | -€71,711 | -€26,822 | -59.8% |
| Operating profit (loss) | 9901 | -€63,246 | -€95,914 | -€32,668 | -51.7% |
| Financial income | 75/76B | €31,795 | €50,889 | +€19,094 | +60.1% |
| Recurring financial income | 75 | €31,795 | €2 | -€31,792 | -100.0% |
| Non-recurring financial income | 76B | - | €50,887 | +€50,887 | |
| Financial charges | 65/66B | €3,468 | €620 | -€2,848 | -82.1% |
| Recurring financial charges | 65 | €3,468 | €620 | -€2,848 | -82.1% |
| Profit (loss) for the period before taxes | 9903 | -€34,920 | -€45,645 | -€10,725 | -30.7% |
| Income taxes | 67/77 | €1,018 | €140 | -€879 | -86.3% |
| Profit (loss) for the period | 9904 | -€35,938 | -€45,785 | -€9,846 | -27.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,938 | -€45,785 | -€9,846 | -27.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.