SEDES Management: 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 Management
Largest movements
- Cash +€51,631
up €51,631 (+144.3%), from €35,769 to €87,400
mainly Net result for the year (+€100,224) and Trade debts (+€2,208)
- Receivables after one year +€20,000
up €20,000 (+250.0%), from €8,000 to €28,000
- Receivables within one year +€15,547
up €15,547 (+73.7%), from €21,102 to €36,650
of which Trade receivables: +€13,913
- Tangible fixed assets +€9,859
new in 2025: €9,859
- Reserves +€99,391
up €99,391 (+221.4%), from €44,898 to €144,290
- Tax, wage and social debts -€5,028
down €5,028 (-29.7%), from €16,911 to €11,883
of which Taxes: -€6,950
- Trade debts +€2,208
new in 2025: €2,208
- Gross operating margin +€69,627
up €69,627 (+119.0%), from €58,506 to €128,133
- Taxes +€16,732
up €16,732 (+143.8%), from €11,634 to €28,366
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 | €64,871 | €161,909 | +€97,037 | +149.6% |
| Fixed assets | 21/28 | - | €9,859 | +€9,859 | |
| Tangible fixed assets | 22/27 | - | €9,859 | +€9,859 | |
| Land and buildings | 22 | - | €9,859 | +€9,859 | |
| Current assets | 29/58 | €64,871 | €152,049 | +€87,178 | +134.4% |
| Amounts receivable after more than one year | 29 | €8,000 | €28,000 | +€20,000 | +250.0% |
| Other amounts receivable | 291 | €8,000 | €28,000 | +€20,000 | +250.0% |
| Amounts receivable within one year | 40/41 | €21,102 | €36,650 | +€15,547 | +73.7% |
| Trade receivables | 40 | €21,102 | €35,016 | +€13,913 | +65.9% |
| Other amounts receivable | 41 | - | €1,634 | +€1,634 | |
| Cash at bank and in hand | 54/58 | €35,769 | €87,400 | +€51,631 | +144.3% |
| Total equity and liabilities | 10/49 | €64,871 | €161,909 | +€97,037 | +149.6% |
| Equity | 10/15 | €46,898 | €146,290 | +€99,391 | +211.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €44,898 | €144,290 | +€99,391 | +221.4% |
| Distributable reserves | 133 | €44,898 | €144,290 | +€99,391 | +221.4% |
| Amounts payable | 17/49 | €17,973 | €15,619 | -€2,354 | -13.1% |
| Amounts payable within one year | 42/48 | €17,973 | €15,619 | -€2,354 | -13.1% |
| Trade debts | 44 | - | €2,208 | +€2,208 | |
| Suppliers | 440/4 | - | €2,208 | +€2,208 | |
| Taxes, remuneration and social security | 45 | €16,911 | €11,883 | -€5,028 | -29.7% |
| Taxes | 450/3 | €16,911 | €9,961 | -€6,950 | -41.1% |
| Remuneration and social security | 454/9 | - | €1,922 | +€1,922 | |
| Other amounts payable | 47/48 | €1,062 | €1,528 | +€467 | +43.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,184 | €141 | -€1,043 | -88.1% |
| Other operating charges | 640/8 | - | €166 | +€166 | |
| Gross operating margin | 9900 | €58,506 | €128,133 | +€69,627 | +119.0% |
| Operating profit (loss) | 9901 | €57,322 | €127,826 | +€70,504 | +123.0% |
| Financial income | 75/76B | €109 | €991 | +€883 | +812.9% |
| Recurring financial income | 75 | €109 | €991 | +€883 | +812.9% |
| Financial charges | 65/66B | €39 | €227 | +€188 | +486.4% |
| Recurring financial charges | 65 | €39 | €227 | +€188 | +486.4% |
| Profit (loss) for the period before taxes | 9903 | €57,392 | €128,590 | +€71,199 | +124.1% |
| Income taxes | 67/77 | €11,634 | €28,366 | +€16,732 | +143.8% |
| Profit (loss) for the period | 9904 | €45,757 | €100,224 | +€54,467 | +119.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,757 | €100,224 | +€54,467 | +119.0% |
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 8 October 2026 via checked.be.