SEDES 2: 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 2
Largest movements
- Receivables within one year +€40,677
up €40,677 (+205.8%), from €19,767 to €60,443
of which Other amounts receivable: +€40,677
- Tangible fixed assets -€27,720
down €27,720 (-8.8%), from €313,624 to €285,903
of which Land and buildings: -€27,703
- Cash -€5,523
down €5,523 (-32.5%), from €16,977 to €11,454
mainly Contributions, distributions and other (-€50,367) and Receivables within one year (-€40,677)
- Other debts +€50,194
up €50,194 (+127.6%), from €39,349 to €89,543
- Reserves -€42,821
down €42,821 (-16.4%), from €261,070 to €218,249
of which Distributable reserves: -€31,605
- Trade debts -€4,126
down €4,126 (-79.9%), from €5,167 to €1,040
- Tax, wage and social debts +€4,090
up €4,090 (+74.5%), from €5,493 to €9,584
- Accrued charges and deferred income +€3,873
up €3,873 (+40.7%), from €9,514 to €13,387
- Gross operating margin -€6,245
down €6,245 (-10.6%), from €59,132 to €52,887
- Depreciation -€5,429
down €5,429 (-15.6%), from €34,695 to €29,266
- Other operating charges -€3,740
down €3,740 (-31.3%), from €11,943 to €8,203
- Taxes -€1,032
down €1,032 (-9.8%), from €10,540 to €9,509
- Financial income +€645
up €645 (+211.1%), from €306 to €951
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 | €352,375 | €359,847 | +€7,472 | +2.1% |
| Fixed assets | 21/28 | €313,624 | €285,903 | -€27,720 | -8.8% |
| Tangible fixed assets | 22/27 | €313,624 | €285,903 | -€27,720 | -8.8% |
| Land and buildings | 22 | €313,606 | €285,903 | -€27,703 | -8.8% |
| Furniture and vehicles | 24 | €17 | €0 | -€17 | -100.0% |
| Current assets | 29/58 | €38,751 | €73,944 | +€35,193 | +90.8% |
| Amounts receivable within one year | 40/41 | €19,767 | €60,443 | +€40,677 | +205.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €19,767 | €60,443 | +€40,677 | +205.8% |
| Cash at bank and in hand | 54/58 | €16,977 | €11,454 | -€5,523 | -32.5% |
| Deferred charges and accrued income | 490/1 | €2,007 | €2,046 | +€39 | +1.9% |
| Total equity and liabilities | 10/49 | €352,375 | €359,847 | +€7,472 | +2.1% |
| Equity | 10/15 | €279,620 | €236,799 | -€42,821 | -15.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €261,070 | €218,249 | -€42,821 | -16.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €40,169 | €28,953 | -€11,216 | -27.9% |
| Distributable reserves | 133 | €220,900 | €189,295 | -€31,605 | -14.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €13,232 | €9,494 | -€3,739 | -28.3% |
| Deferred taxes | 168 | €13,232 | €9,494 | -€3,739 | -28.3% |
| Amounts payable | 17/49 | €59,523 | €113,554 | +€54,032 | +90.8% |
| Amounts payable within one year | 42/48 | €50,009 | €100,167 | +€50,158 | +100.3% |
| Trade debts | 44 | €5,167 | €1,040 | -€4,126 | -79.9% |
| Suppliers | 440/4 | €5,167 | €1,040 | -€4,126 | -79.9% |
| Taxes, remuneration and social security | 45 | €5,493 | €9,584 | +€4,090 | +74.5% |
| Taxes | 450/3 | €5,493 | €9,584 | +€4,090 | +74.5% |
| Other amounts payable | 47/48 | €39,349 | €89,543 | +€50,194 | +127.6% |
| Accrued charges and deferred income | 492/3 | €9,514 | €13,387 | +€3,873 | +40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,695 | €29,266 | -€5,429 | -15.6% |
| Other operating charges | 640/8 | €11,943 | €8,203 | -€3,740 | -31.3% |
| Gross operating margin | 9900 | €59,132 | €52,887 | -€6,245 | -10.6% |
| Operating profit (loss) | 9901 | €12,493 | €15,418 | +€2,924 | +23.4% |
| Financial income | 75/76B | €306 | €951 | +€645 | +211.1% |
| Recurring financial income | 75 | €306 | €951 | +€645 | +211.1% |
| Financial charges | 65/66B | €3,336 | €3,053 | -€283 | -8.5% |
| Recurring financial charges | 65 | €3,336 | €3,053 | -€283 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €9,463 | €13,316 | +€3,852 | +40.7% |
| Transfer from deferred taxes | 780 | €4,362 | €3,739 | -€623 | -14.3% |
| Income taxes | 67/77 | €10,540 | €9,509 | -€1,032 | -9.8% |
| Profit (loss) for the period | 9904 | €3,285 | €7,546 | +€4,261 | +129.7% |
| Transfer from tax-exempt reserves | 789 | €32,510 | €11,216 | -€21,294 | -65.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €35,795 | €18,762 | -€17,033 | -47.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.