SEDES: 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.
SEDES
Largest movements
- Cash +€27,656
up €27,656 (+74.2%), from €37,277 to €64,933
mainly Depreciation (+€30,068) and Other debts (+€17,452)
- Tangible fixed assets -€24,128
down €24,128 (-21.0%), from €114,842 to €90,714
of which Furniture and vehicles: -€26,010
- Receivables within one year -€7,439
down €7,439 (-31.6%), from €23,576 to €16,136
of which Other amounts receivable: -€9,454
- Other debts +€17,452
new in 2025: €17,452
- Reserves -€16,587
down €16,587 (-14.8%), from €111,951 to €95,365
of which Distributable reserves: -€15,123
- Debts after one year -€9,951
down €9,951 (-31.1%), from €32,008 to €22,057
- Tax, wage and social debts +€5,538
up €5,538 (+154.5%), from €3,585 to €9,122
- Gross operating margin -€29,031
down €29,031 (-37.7%), from €76,928 to €47,897
- Taxes -€3,950
down €3,950 (-39.9%), from €9,893 to €5,942
- Depreciation +€1,835
up €1,835 (+6.5%), from €28,232 to €30,068
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 | €175,695 | €171,806 | -€3,888 | -2.2% |
| Fixed assets | 21/28 | €114,842 | €90,714 | -€24,128 | -21.0% |
| Tangible fixed assets | 22/27 | €114,842 | €90,714 | -€24,128 | -21.0% |
| Plant, machinery and equipment | 23 | €4,542 | €6,425 | +€1,883 | +41.4% |
| Furniture and vehicles | 24 | €110,300 | €84,289 | -€26,010 | -23.6% |
| Current assets | 29/58 | €60,853 | €81,092 | +€20,239 | +33.3% |
| Amounts receivable within one year | 40/41 | €23,576 | €16,136 | -€7,439 | -31.6% |
| Trade receivables | 40 | €14,068 | €16,084 | +€2,015 | +14.3% |
| Other amounts receivable | 41 | €9,507 | €53 | -€9,454 | -99.4% |
| Cash at bank and in hand | 54/58 | €37,277 | €64,933 | +€27,656 | +74.2% |
| Deferred charges and accrued income | 490/1 | - | €23 | +€23 | |
| Total equity and liabilities | 10/49 | €175,695 | €171,806 | -€3,888 | -2.2% |
| Equity | 10/15 | €123,361 | €106,775 | -€16,587 | -13.4% |
| Contributions | 10/11 | €11,410 | €11,410 | = | 0.0% |
| Reserves | 13 | €111,951 | €95,365 | -€16,587 | -14.8% |
| Tax-exempt reserves | 132 | €6,037 | €4,573 | -€1,463 | -24.2% |
| Distributable reserves | 133 | €105,915 | €90,792 | -€15,123 | -14.3% |
| Provisions and deferred taxes | 16 | €2,012 | €1,524 | -€488 | -24.2% |
| Deferred taxes | 168 | €2,012 | €1,524 | -€488 | -24.2% |
| Amounts payable | 17/49 | €50,322 | €63,507 | +€13,186 | +26.2% |
| Amounts payable after more than one year | 17 | €32,008 | €22,057 | -€9,951 | -31.1% |
| Financial debts | 170/4 | €32,008 | €22,057 | -€9,951 | -31.1% |
| Amounts payable within one year | 42/48 | €18,314 | €41,451 | +€23,137 | +126.3% |
| Current portion of amounts payable after more than one year | 42 | €9,560 | €9,951 | +€391 | +4.1% |
| Trade debts | 44 | €5,170 | €4,925 | -€244 | -4.7% |
| Suppliers | 440/4 | €5,170 | €4,925 | -€244 | -4.7% |
| Taxes, remuneration and social security | 45 | €3,585 | €9,122 | +€5,538 | +154.5% |
| Taxes | 450/3 | €3,585 | €9,122 | +€5,538 | +154.5% |
| Other amounts payable | 47/48 | - | €17,452 | +€17,452 | |
| Non-recurring operating income | 76A | €20,000 | - | -€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,232 | €30,068 | +€1,835 | +6.5% |
| Other operating charges | 640/8 | €1,331 | €869 | -€462 | -34.7% |
| Gross operating margin | 9900 | €76,928 | €47,897 | -€29,031 | -37.7% |
| Operating profit (loss) | 9901 | €47,365 | €16,961 | -€30,404 | -64.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,966 | €2,179 | +€212 | +10.8% |
| Recurring financial charges | 65 | €1,966 | €2,179 | +€212 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €45,399 | €14,783 | -€30,616 | -67.4% |
| Transfer from deferred taxes | 780 | €488 | €488 | -€0 | 0.0% |
| Transfer to deferred taxes | 680 | €2,500 | - | -€2,500 | |
| Income taxes | 67/77 | €9,893 | €5,942 | -€3,950 | -39.9% |
| Profit (loss) for the period | 9904 | €33,494 | €9,328 | -€24,166 | -72.2% |
| Transfer from tax-exempt reserves | 789 | €1,463 | €1,463 | +€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €7,500 | - | -€7,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,457 | €10,791 | -€16,666 | -60.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.