SEDKO: 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.
SEDKO
Largest movements
- Tangible fixed assets +€245,500
up €245,500 (+527%), from €46,608 to €292,107
of which Leasing and similar rights: +€233,693
- Receivables within one year +€9,110
up €9,110 (+5.4%), from €168,915 to €178,025
of which Trade receivables: +€9,187
- Deferred charges and accrued income -€7,750
no longer reported in 2025 (was €7,750)
- Debts after one year +€218,266
up €218,266 (+784%), from €27,843 to €246,109
- Profit (loss) carried forward +€37,591
no longer reported in 2025 (was -€37,591)
- Reserves +€17,426
up €17,426 (+12,972%), from €134 to €17,561
- Tax, wage and social debts -€9,958
down €9,958 (-56.4%), from €17,653 to €7,696
of which Taxes: -€10,733
- Current portion of long-term debt -€7,956
down €7,956 (-10.0%), from €79,467 to €71,511
- Depreciation +€24,183
up €24,183 (+46.4%), from €52,141 to €76,323
- Gross operating margin +€21,489
up €21,489 (+4.4%), from €490,436 to €511,925
- Staff costs -€16,283
down €16,283 (-5.2%), from €313,846 to €297,563
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 | €229,089 | €479,018 | +€249,929 | +109% |
| Fixed assets | 21/28 | €47,423 | €293,057 | +€245,635 | +518% |
| Tangible fixed assets | 22/27 | €46,608 | €292,107 | +€245,500 | +527% |
| Furniture and vehicles | 24 | €46,608 | €58,414 | +€11,807 | +25.3% |
| Leasing and similar rights | 25 | - | €233,693 | +€233,693 | |
| Financial fixed assets | 28 | €815 | €950 | +€135 | +16.6% |
| Current assets | 29/58 | €181,666 | €185,961 | +€4,295 | +2.4% |
| Amounts receivable within one year | 40/41 | €168,915 | €178,025 | +€9,110 | +5.4% |
| Trade receivables | 40 | €168,838 | €178,025 | +€9,187 | +5.4% |
| Other amounts receivable | 41 | €77 | - | -€77 | |
| Cash at bank and in hand | 54/58 | €5,001 | €7,936 | +€2,935 | +58.7% |
| Deferred charges and accrued income | 490/1 | €7,750 | - | -€7,750 | |
| Total equity and liabilities | 10/49 | €229,089 | €479,018 | +€249,929 | +109% |
| Equity | 10/15 | €2,544 | €57,561 | +€55,017 | +2,163% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €134 | €17,561 | +€17,426 | +12,972% |
| Distributable reserves | 133 | €134 | €17,561 | +€17,426 | +12,972% |
| Profit (loss) carried forward | 14 | -€37,591 | - | +€37,591 | |
| Amounts payable | 17/49 | €226,545 | €421,457 | +€194,912 | +86.0% |
| Amounts payable after more than one year | 17 | €27,843 | €246,109 | +€218,266 | +784% |
| Financial debts | 170/4 | €27,843 | €246,109 | +€218,266 | +784% |
| Amounts payable within one year | 42/48 | €198,702 | €175,348 | -€23,354 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €79,467 | €71,511 | -€7,956 | -10.0% |
| Financial debts | 43 | €21,737 | €18,538 | -€3,199 | -14.7% |
| Credit institutions | 430/8 | €21,737 | €18,538 | -€3,199 | -14.7% |
| Trade debts | 44 | €62,157 | €59,671 | -€2,486 | -4.0% |
| Suppliers | 440/4 | €62,157 | €59,671 | -€2,486 | -4.0% |
| Taxes, remuneration and social security | 45 | €17,653 | €7,696 | -€9,958 | -56.4% |
| Taxes | 450/3 | €17,653 | €6,921 | -€10,733 | -60.8% |
| Remuneration and social security | 454/9 | - | €775 | +€775 | |
| Other amounts payable | 47/48 | €17,688 | €17,933 | +€246 | +1.4% |
| Remuneration, social security and pensions | 62 | €313,846 | €297,563 | -€16,283 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,141 | €76,323 | +€24,183 | +46.4% |
| Other operating charges | 640/8 | €70,946 | €72,447 | +€1,501 | +2.1% |
| Gross operating margin | 9900 | €490,436 | €511,925 | +€21,489 | +4.4% |
| Operating profit (loss) | 9901 | €53,503 | €65,591 | +€12,088 | +22.6% |
| Financial income | 75/76B | €6 | €0 | -€6 | -99.5% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -99.5% |
| Financial charges | 65/66B | €6,026 | €10,574 | +€4,548 | +75.5% |
| Recurring financial charges | 65 | €6,026 | €10,574 | +€4,548 | +75.5% |
| Profit (loss) for the period before taxes | 9903 | €47,483 | €55,017 | +€7,534 | +15.9% |
| Profit (loss) for the period | 9904 | €47,483 | €55,017 | +€7,534 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,483 | €55,017 | +€7,534 | +15.9% |
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 13 October 2026 via checked.be.