SEDO: 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.
SEDO
Largest movements
- Tangible fixed assets -€37,380
down €37,380 (-91.5%), from €40,856 to €3,476
- Receivables within one year +€19,951
up €19,951 (+72.2%), from €27,635 to €47,586
of which Trade receivables: +€35,479
- Cash -€4,417
down €4,417 (-19.2%), from €23,056 to €18,639
mainly Debts within one year (-€31,275) and Receivables within one year (-€19,951)
- Debts within one year -€31,275
down €31,275 (-40.3%), from €77,554 to €46,278
- Profit (loss) carried forward +€7,520
up €7,520, from -€3,373 to €4,147
- Reserves +€1,860
new in 2020: €1,860
- Staff costs +€34,205
new in 2020: €34,205
- Depreciation +€23,200
up €23,200 (+163.6%), from €14,180 to €37,380
- Gross operating margin +€9,373
up €9,373 (+12.2%), from €76,776 to €86,149
- Other operating charges +€1,169
new in 2020: €1,169
From the 2019 result to the 2020 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 2019 and 2020 balance sheets and the 2020 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2019 | 2020 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,781 | €70,886 | -€21,895 | -23.6% |
| Fixed assets | 21/28 | €40,956 | €3,576 | -€37,380 | -91.3% |
| Tangible fixed assets | 22/27 | €40,856 | €3,476 | -€37,380 | -91.5% |
| Land and buildings | 22 | - | €1,400 | +€1,400 | |
| Plant, machinery and equipment | 23 | - | €76 | +€76 | |
| Furniture and vehicles | 24 | - | €2,000 | +€2,000 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €51,825 | €67,310 | +€15,485 | +29.9% |
| Stocks and contracts in progress | 3 | €1,134 | €1,085 | -€48 | -4.3% |
| Stocks | 30/36 | - | €1,085 | +€1,085 | |
| Amounts receivable within one year | 40/41 | €27,635 | €47,586 | +€19,951 | +72.2% |
| Trade receivables | 40 | - | €35,479 | +€35,479 | |
| Other amounts receivable | 41 | - | €12,107 | +€12,107 | |
| Cash at bank and in hand | 54/58 | €23,056 | €18,639 | -€4,417 | -19.2% |
| Total equity and liabilities | 10/49 | €92,781 | €70,886 | -€21,895 | -23.6% |
| Equity | 10/15 | €15,227 | €24,607 | +€9,380 | +61.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €1,860 | +€1,860 | |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€3,373 | €4,147 | +€7,520 | |
| Amounts payable | 17/49 | €77,554 | €46,278 | -€31,275 | -40.3% |
| Amounts payable within one year | 42/48 | €77,554 | €46,278 | -€31,275 | -40.3% |
| Trade debts | 44 | €37,879 | €29,086 | -€8,793 | -23.2% |
| Suppliers | 440/4 | - | €29,086 | +€29,086 | |
| Advances received on contracts in progress | 46 | - | €165 | +€165 | |
| Taxes, remuneration and social security | 45 | - | €16,651 | +€16,651 | |
| Taxes | 450/3 | - | €7,758 | +€7,758 | |
| Remuneration and social security | 454/9 | - | €8,893 | +€8,893 | |
| Other amounts payable | 47/48 | - | €377 | +€377 | |
| Non-recurring operating income | 76A | - | €690 | +€690 | |
| Remuneration, social security and pensions | 62 | - | €34,205 | +€34,205 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,180 | €37,380 | +€23,200 | +163.6% |
| Other operating charges | 640/8 | - | €1,169 | +€1,169 | |
| Gross operating margin | 9900 | €76,776 | €86,149 | +€9,373 | +12.2% |
| Operating profit (loss) | 9901 | €12,020 | €13,395 | +€1,375 | +11.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | €149 | €0 | -€148 | -99.7% |
| Financial charges | 65/66B | - | €596 | +€596 | |
| Recurring financial charges | 65 | €1,113 | €596 | -€518 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €11,055 | €12,799 | +€1,744 | +15.8% |
| Income taxes | 67/77 | €2,697 | €3,419 | +€722 | +26.8% |
| Profit (loss) for the period | 9904 | €8,358 | €9,380 | +€1,022 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,358 | €9,380 | +€1,022 | +12.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2019 and 31 December 2020. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.