SEDLEX: 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.
SEDLEX
Largest movements
- Cash -€83,181
down €83,181 (-64.5%), from €128,872 to €45,691
mainly Other debts (-€62,152) and Receivables within one year (-€54,918)
- Receivables within one year +€54,918
up €54,918 (+147.2%), from €37,303 to €92,222
of which Other amounts receivable: +€60,873
- Tangible fixed assets -€3,144
down €3,144 (-16.2%), from €19,400 to €16,256
- Other debts -€62,152
down €62,152 (-40.8%), from €152,152 to €90,000
- Reserves +€25,452
up €25,452 (+102.2%), from €24,908 to €50,360
of which Distributable reserves: +€25,452
- Tax, wage and social debts +€6,801
new in 2025: €6,801
- Trade debts -€2,159
down €2,159 (-57.5%), from €3,758 to €1,598
- Gross operating margin +€12,929
up €12,929 (+43.6%), from €29,646 to €42,574
- Other operating charges +€3,589
up €3,589 (+710.3%), from €505 to €4,095
- Taxes +€1,952
up €1,952 (+26.3%), from €7,411 to €9,362
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 | €187,018 | €154,960 | -€32,058 | -17.1% |
| Fixed assets | 21/28 | €19,400 | €16,256 | -€3,144 | -16.2% |
| Tangible fixed assets | 22/27 | €19,400 | €16,256 | -€3,144 | -16.2% |
| Plant, machinery and equipment | 23 | €6,116 | €4,928 | -€1,187 | -19.4% |
| Furniture and vehicles | 24 | €5,532 | €4,149 | -€1,383 | -25.0% |
| Other tangible fixed assets | 26 | €7,753 | €7,179 | -€574 | -7.4% |
| Current assets | 29/58 | €167,618 | €138,703 | -€28,914 | -17.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €37,303 | €92,222 | +€54,918 | +147.2% |
| Trade receivables | 40 | €13,189 | €7,234 | -€5,955 | -45.2% |
| Other amounts receivable | 41 | €24,115 | €84,988 | +€60,873 | +252.4% |
| Cash at bank and in hand | 54/58 | €128,872 | €45,691 | -€83,181 | -64.5% |
| Deferred charges and accrued income | 490/1 | €1,442 | €791 | -€651 | -45.2% |
| Total equity and liabilities | 10/49 | €187,018 | €154,960 | -€32,058 | -17.1% |
| Equity | 10/15 | €31,108 | €56,560 | +€25,452 | +81.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €24,908 | €50,360 | +€25,452 | +102.2% |
| Tax-exempt reserves | 132 | €6,088 | €6,088 | = | 0.0% |
| Distributable reserves | 133 | €18,821 | €44,272 | +€25,452 | +135.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €155,910 | €98,400 | -€57,510 | -36.9% |
| Amounts payable within one year | 42/48 | €155,910 | €98,400 | -€57,510 | -36.9% |
| Trade debts | 44 | €3,758 | €1,598 | -€2,159 | -57.5% |
| Suppliers | 440/4 | €3,758 | €1,598 | -€2,159 | -57.5% |
| Taxes, remuneration and social security | 45 | - | €6,801 | +€6,801 | |
| Taxes | 450/3 | - | €6,801 | +€6,801 | |
| Other amounts payable | 47/48 | €152,152 | €90,000 | -€62,152 | -40.8% |
| Non-recurring operating income | 76A | €2,496 | €0 | -€2,496 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,144 | €3,144 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €4,095 | +€3,589 | +710.3% |
| Gross operating margin | 9900 | €29,646 | €42,574 | +€12,929 | +43.6% |
| Operating profit (loss) | 9901 | €25,996 | €35,336 | +€9,339 | +35.9% |
| Financial income | 75/76B | €513 | €268 | -€245 | -47.8% |
| Recurring financial income | 75 | €513 | €268 | -€245 | -47.8% |
| Financial charges | 65/66B | €782 | €789 | +€8 | +1.0% |
| Recurring financial charges | 65 | €782 | €789 | +€8 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €25,728 | €34,814 | +€9,086 | +35.3% |
| Income taxes | 67/77 | €7,411 | €9,362 | +€1,952 | +26.3% |
| Profit (loss) for the period | 9904 | €18,317 | €25,452 | +€7,135 | +39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,317 | €25,452 | +€7,135 | +39.0% |
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 12 October 2026 via checked.be.