Sedina: 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.
Sedina
Largest movements
- Tangible fixed assets -€46,173
down €46,173 (-4.5%), from €1.0m to €980,290
of which Other tangible fixed assets: -€114,956
- Cash +€28,082
up €28,082 (+24.3%), from €115,573 to €143,655
mainly Depreciation (+€142,028) and Net result for the year (+€39,988)
- Debts after one year -€111,643
down €111,643 (-13.0%), from €856,196 to €744,553
- Profit (loss) carried forward +€39,988
up €39,988 (+64.8%), from €61,663 to €101,651
- Current portion of long-term debt +€22,158
up €22,158 (+16.6%), from €133,878 to €156,036
- Gross operating margin +€87,414
up €87,414 (+13.4%), from €654,373 to €741,787
- Staff costs +€30,219
up €30,219 (+6.3%), from €479,737 to €509,955
- Depreciation +€13,118
up €13,118 (+10.2%), from €128,911 to €142,028
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 | €1,288,692 | €1,240,560 | -€48,132 | -3.7% |
| Formation expenses | 20 | €22,742 | €18,669 | -€4,073 | -17.9% |
| Fixed assets | 21/28 | €1,062,588 | €1,012,165 | -€50,423 | -4.7% |
| Intangible fixed assets | 21 | €36,125 | €31,875 | -€4,250 | -11.8% |
| Tangible fixed assets | 22/27 | €1,026,463 | €980,290 | -€46,173 | -4.5% |
| Plant, machinery and equipment | 23 | €14,492 | €20,777 | +€6,285 | +43.4% |
| Furniture and vehicles | 24 | €31,014 | €93,512 | +€62,498 | +201.5% |
| Other tangible fixed assets | 26 | €980,957 | €866,001 | -€114,956 | -11.7% |
| Current assets | 29/58 | €203,362 | €209,726 | +€6,365 | +3.1% |
| Stocks and contracts in progress | 3 | €26,340 | €21,526 | -€4,815 | -18.3% |
| Stocks | 30/36 | €26,340 | €21,526 | -€4,815 | -18.3% |
| Amounts receivable within one year | 40/41 | €25,497 | €17,341 | -€8,155 | -32.0% |
| Trade receivables | 40 | €20,521 | €17,341 | -€3,180 | -15.5% |
| Other amounts receivable | 41 | €4,975 | €0 | -€4,975 | -100.0% |
| Cash at bank and in hand | 54/58 | €115,573 | €143,655 | +€28,082 | +24.3% |
| Deferred charges and accrued income | 490/1 | €35,951 | €27,204 | -€8,747 | -24.3% |
| Total equity and liabilities | 10/49 | €1,288,692 | €1,240,560 | -€48,132 | -3.7% |
| Equity | 10/15 | €136,663 | €176,651 | +€39,988 | +29.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,663 | €101,651 | +€39,988 | +64.8% |
| Amounts payable | 17/49 | €1,152,028 | €1,063,909 | -€88,120 | -7.6% |
| Amounts payable after more than one year | 17 | €856,196 | €744,553 | -€111,643 | -13.0% |
| Financial debts | 170/4 | €856,196 | €744,553 | -€111,643 | -13.0% |
| Amounts payable within one year | 42/48 | €291,896 | €312,520 | +€20,624 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €133,878 | €156,036 | +€22,158 | +16.6% |
| Trade debts | 44 | €98,674 | €93,615 | -€5,059 | -5.1% |
| Suppliers | 440/4 | €98,674 | €93,615 | -€5,059 | -5.1% |
| Taxes, remuneration and social security | 45 | €58,485 | €62,869 | +€4,383 | +7.5% |
| Taxes | 450/3 | €6,081 | €9,913 | +€3,832 | +63.0% |
| Remuneration and social security | 454/9 | €52,405 | €52,956 | +€551 | +1.1% |
| Other amounts payable | 47/48 | €859 | €0 | -€859 | -100.0% |
| Accrued charges and deferred income | 492/3 | €3,936 | €6,836 | +€2,900 | +73.7% |
| Non-recurring operating income | 76A | €0 | €13,662 | +€13,662 | |
| Remuneration, social security and pensions | 62 | €479,737 | €509,955 | +€30,219 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,911 | €142,028 | +€13,118 | +10.2% |
| Other operating charges | 640/8 | €8,601 | €7,965 | -€636 | -7.4% |
| Non-recurring operating charges | 66A | €6 | €0 | -€6 | -100.0% |
| Gross operating margin | 9900 | €654,373 | €741,787 | +€87,414 | +13.4% |
| Operating profit (loss) | 9901 | €37,119 | €81,838 | +€44,719 | +120.5% |
| Financial income | 75/76B | €471 | €312 | -€159 | -33.7% |
| Recurring financial income | 75 | €471 | €312 | -€159 | -33.7% |
| Financial charges | 65/66B | €42,428 | €35,667 | -€6,761 | -15.9% |
| Recurring financial charges | 65 | €42,428 | €35,667 | -€6,761 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,838 | €46,483 | +€51,321 | |
| Income taxes | 67/77 | €618 | €6,495 | +€5,877 | +950.2% |
| Profit (loss) for the period | 9904 | -€5,457 | €39,988 | +€45,445 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,457 | €39,988 | +€45,445 |
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 6 October 2026 via checked.be.