SEDEX: 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.
SEDEX
Largest movements
- Cash +€19,931
up €19,931 (+39.3%), from €50,725 to €70,655
mainly Net result for the year (+€26,855) and Other debts (+€20,000)
- Receivables within one year -€19,292
down €19,292 (-47.1%), from €40,995 to €21,703
of which Trade receivables: -€10,471
- Tangible fixed assets +€5,238
up €5,238 (+56.0%), from €9,348 to €14,585
of which Plant, machinery and equipment: +€7,620
- Deferred charges and accrued income +€2,137
up €2,137 (+3,303%), from €65 to €2,201
- Other debts +€20,000
new in 2025: €20,000
- Tax, wage and social debts -€13,649
down €13,649 (-31.5%), from €43,316 to €29,667
- Trade debts +€10,101
up €10,101 (+3,080%), from €328 to €10,429
- Profit (loss) carried forward -€8,439
down €8,439 (-15.2%), from €55,489 to €47,050
- Gross operating margin -€39,723
down €39,723 (-50.1%), from €79,259 to €39,535
- Taxes -€12,377
down €12,377 (-57.5%), from €21,514 to €9,137
- Other operating charges -€5,689
down €5,689 (-87.0%), from €6,540 to €851
- Financial income -€3,452
down €3,452 (-59.8%), from €5,770 to €2,318
- Depreciation +€2,578
up €2,578 (+223%), from €1,156 to €3,733
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 | €101,132 | €109,145 | +€8,013 | +7.9% |
| Fixed assets | 21/28 | €9,348 | €14,585 | +€5,238 | +56.0% |
| Tangible fixed assets | 22/27 | €9,348 | €14,585 | +€5,238 | +56.0% |
| Plant, machinery and equipment | 23 | - | €7,620 | +€7,620 | |
| Furniture and vehicles | 24 | €4,786 | €2,973 | -€1,813 | -37.9% |
| Other tangible fixed assets | 26 | €4,562 | €3,993 | -€569 | -12.5% |
| Current assets | 29/58 | €91,784 | €94,560 | +€2,776 | +3.0% |
| Amounts receivable within one year | 40/41 | €40,995 | €21,703 | -€19,292 | -47.1% |
| Trade receivables | 40 | €19,120 | €8,649 | -€10,471 | -54.8% |
| Other amounts receivable | 41 | €21,875 | €13,054 | -€8,821 | -40.3% |
| Cash at bank and in hand | 54/58 | €50,725 | €70,655 | +€19,931 | +39.3% |
| Deferred charges and accrued income | 490/1 | €65 | €2,201 | +€2,137 | +3,303% |
| Total equity and liabilities | 10/49 | €101,132 | €109,145 | +€8,013 | +7.9% |
| Equity | 10/15 | €57,489 | €49,050 | -€8,439 | -14.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,489 | €47,050 | -€8,439 | -15.2% |
| Amounts payable | 17/49 | €43,643 | €60,096 | +€16,452 | +37.7% |
| Amounts payable within one year | 42/48 | €43,643 | €60,096 | +€16,452 | +37.7% |
| Trade debts | 44 | €328 | €10,429 | +€10,101 | +3,080% |
| Suppliers | 440/4 | €328 | €10,429 | +€10,101 | +3,080% |
| Taxes, remuneration and social security | 45 | €43,316 | €29,667 | -€13,649 | -31.5% |
| Taxes | 450/3 | €43,316 | €29,667 | -€13,649 | -31.5% |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,156 | €3,733 | +€2,578 | +223% |
| Other operating charges | 640/8 | €6,540 | €851 | -€5,689 | -87.0% |
| Gross operating margin | 9900 | €79,259 | €39,535 | -€39,723 | -50.1% |
| Operating profit (loss) | 9901 | €71,563 | €34,951 | -€36,613 | -51.2% |
| Financial income | 75/76B | €5,770 | €2,318 | -€3,452 | -59.8% |
| Recurring financial income | 75 | €5,770 | €2,318 | -€3,452 | -59.8% |
| Financial charges | 65/66B | €331 | €1,277 | +€946 | +285% |
| Recurring financial charges | 65 | €331 | €1,277 | +€946 | +285% |
| Profit (loss) for the period before taxes | 9903 | €77,002 | €35,992 | -€41,010 | -53.3% |
| Income taxes | 67/77 | €21,514 | €9,137 | -€12,377 | -57.5% |
| Profit (loss) for the period | 9904 | €55,489 | €26,855 | -€28,633 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,489 | €26,855 | -€28,633 | -51.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.