SEDESCA: 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.
SEDESCA
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Reserves +€223,910
up €223,910 (+6.4%), from €3.5m to €3.7m
- Current portion of long-term debt -€89,853
down €89,853 (-63.2%), from €142,273 to €52,421
- Debts after one year -€70,355
down €70,355 (-6.8%), from €1.0m to €968,187
of which Financial debts: -€52,421
- Other debts -€58,150
down €58,150 (-64.5%), from €90,195 to €32,045
- Trade debts +€49,680
up €49,680 (+48.4%), from €102,721 to €152,402
- Staff costs -€74,173
down €74,173 (-99.7%), from €74,399 to €225
- Gross operating margin -€17,699
down €17,699 (-5.3%), from €332,440 to €314,741
- Taxes +€15,095
up €15,095 (+23.4%), from €64,558 to €79,653
- Financial charges -€4,437
down €4,437 (-51.7%), from €8,587 to €4,150
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 | €4,933,645 | €4,952,635 | +€18,990 | +0.4% |
| Fixed assets | 21/28 | €4,700,888 | €4,721,165 | +€20,277 | +0.4% |
| Tangible fixed assets | 22/27 | €3,741 | €24,018 | +€20,277 | +542% |
| Furniture and vehicles | 24 | €3,741 | €24,018 | +€20,277 | +542% |
| Financial fixed assets | 28 | €4,697,147 | €4,697,147 | = | 0.0% |
| Current assets | 29/58 | €232,756 | €231,470 | -€1,286 | -0.6% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Other amounts receivable | 291 | €35,000 | €35,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €153,966 | €153,870 | -€96 | -0.1% |
| Trade receivables | 40 | €118,100 | €131,400 | +€13,300 | +11.3% |
| Other amounts receivable | 41 | €35,866 | €22,470 | -€13,396 | -37.4% |
| Cash at bank and in hand | 54/58 | €632 | €39,728 | +€39,096 | +6,186% |
| Deferred charges and accrued income | 490/1 | €43,158 | €2,872 | -€40,286 | -93.3% |
| Total equity and liabilities | 10/49 | €4,933,645 | €4,952,635 | +€18,990 | +0.4% |
| Equity | 10/15 | €3,499,168 | €3,723,079 | +€223,910 | +6.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €3,479,168 | €3,703,079 | +€223,910 | +6.4% |
| Distributable reserves | 133 | €3,479,168 | €3,703,079 | +€223,910 | +6.4% |
| Amounts payable | 17/49 | €1,434,476 | €1,229,556 | -€204,920 | -14.3% |
| Amounts payable after more than one year | 17 | €1,038,542 | €968,187 | -€70,355 | -6.8% |
| Financial debts | 170/4 | €132,310 | €79,889 | -€52,421 | -39.6% |
| Other amounts payable | 178/9 | €906,232 | €888,298 | -€17,934 | -2.0% |
| Amounts payable within one year | 42/48 | €395,932 | €261,369 | -€134,563 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €142,273 | €52,421 | -€89,853 | -63.2% |
| Financial debts | 43 | €40,647 | €15,175 | -€25,473 | -62.7% |
| Credit institutions | 430/8 | €40,647 | €15,175 | -€25,473 | -62.7% |
| Trade debts | 44 | €102,721 | €152,402 | +€49,680 | +48.4% |
| Suppliers | 440/4 | €102,721 | €152,402 | +€49,680 | +48.4% |
| Taxes, remuneration and social security | 45 | €20,095 | €9,327 | -€10,768 | -53.6% |
| Taxes | 450/3 | €18,865 | €8,097 | -€10,768 | -57.1% |
| Remuneration and social security | 454/9 | €1,230 | €1,230 | = | 0.0% |
| Other amounts payable | 47/48 | €90,195 | €32,045 | -€58,150 | -64.5% |
| Accrued charges and deferred income | 492/3 | €3 | - | -€3 | |
| Remuneration, social security and pensions | 62 | €74,399 | €225 | -€74,173 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,101 | €2,318 | +€217 | +10.3% |
| Other operating charges | 640/8 | €4,427 | €4,486 | +€59 | +1.3% |
| Gross operating margin | 9900 | €332,440 | €314,741 | -€17,699 | -5.3% |
| Operating profit (loss) | 9901 | €251,514 | €307,713 | +€56,199 | +22.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €8,587 | €4,150 | -€4,437 | -51.7% |
| Recurring financial charges | 65 | €8,587 | €4,150 | -€4,437 | -51.7% |
| Profit (loss) for the period before taxes | 9903 | €242,927 | €303,563 | +€60,636 | +25.0% |
| Income taxes | 67/77 | €64,558 | €79,653 | +€15,095 | +23.4% |
| Profit (loss) for the period | 9904 | €178,369 | €223,910 | +€45,541 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €178,369 | €223,910 | +€45,541 | +25.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.