SEDORS: 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.
SEDORS
Largest movements
- Receivables within one year +€521,711
up €521,711 (+147.0%), from €354,803 to €876,514
of which Other amounts receivable: +€521,933
- Intangible fixed assets -€185,021
down €185,021 (-11.8%), from €1.6m to €1.4m
- Accrued charges and deferred income +€399,387
up €399,387 (+321.1%), from €124,363 to €523,750
- Reserves +€312,944
up €312,944 (+240.7%), from €130,018 to €442,962
- Short-term financial debts -€256,710
down €256,710 (-96.2%), from €266,941 to €10,231
- Debts after one year -€212,034
down €212,034 (-17.3%), from €1.2m to €1.0m
- Current portion of long-term debt +€55,295
up €55,295 (+43.1%), from €128,337 to €183,632
- Staff costs -€230,453
down €230,453 (-49.3%), from €467,491 to €237,038
- Depreciation -€92,234
down €92,234 (-33.0%), from €279,478 to €187,244
- Taxes +€84,516
up €84,516 (+125.0%), from €67,638 to €152,154
- Gross operating margin -€71,601
down €71,601 (-6.9%), from €1.0m to €971,407
- Other operating charges -€20,485
down €20,485 (-94.5%), from €21,676 to €1,191
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,950,409 | €2,288,698 | +€338,289 | +17.3% |
| Fixed assets | 21/28 | €1,589,324 | €1,402,080 | -€187,244 | -11.8% |
| Intangible fixed assets | 21 | €1,573,441 | €1,388,419 | -€185,021 | -11.8% |
| Tangible fixed assets | 22/27 | €15,783 | €13,560 | -€2,223 | -14.1% |
| Land and buildings | 22 | €6,295 | €5,956 | -€339 | -5.4% |
| Plant, machinery and equipment | 23 | €5,665 | €4,783 | -€882 | -15.6% |
| Furniture and vehicles | 24 | €3,823 | €2,821 | -€1,002 | -26.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €361,085 | €886,618 | +€525,533 | +145.5% |
| Amounts receivable within one year | 40/41 | €354,803 | €876,514 | +€521,711 | +147.0% |
| Trade receivables | 40 | €221 | - | -€221 | |
| Other amounts receivable | 41 | €354,582 | €876,514 | +€521,933 | +147.2% |
| Deferred charges and accrued income | 490/1 | €6,282 | €10,104 | +€3,821 | +60.8% |
| Total equity and liabilities | 10/49 | €1,950,409 | €2,288,698 | +€338,289 | +17.3% |
| Equity | 10/15 | €148,618 | €461,562 | +€312,944 | +210.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €130,018 | €442,962 | +€312,944 | +240.7% |
| Distributable reserves | 133 | €130,018 | €442,962 | +€312,944 | +240.7% |
| Amounts payable | 17/49 | €1,801,791 | €1,827,136 | +€25,345 | +1.4% |
| Amounts payable after more than one year | 17 | €1,228,402 | €1,016,368 | -€212,034 | -17.3% |
| Financial debts | 170/4 | €1,228,402 | €1,016,368 | -€212,034 | -17.3% |
| Amounts payable within one year | 42/48 | €449,026 | €287,018 | -€162,007 | -36.1% |
| Current portion of amounts payable after more than one year | 42 | €128,337 | €183,632 | +€55,295 | +43.1% |
| Financial debts | 43 | €266,941 | €10,231 | -€256,710 | -96.2% |
| Credit institutions | 430/8 | €266,941 | €10,231 | -€256,710 | -96.2% |
| Trade debts | 44 | €7,297 | €15,264 | +€7,967 | +109.2% |
| Suppliers | 440/4 | €7,297 | €15,264 | +€7,967 | +109.2% |
| Taxes, remuneration and social security | 45 | €44,596 | €76,014 | +€31,418 | +70.5% |
| Taxes | 450/3 | €11,728 | €34,882 | +€23,154 | +197.4% |
| Remuneration and social security | 454/9 | €32,868 | €41,132 | +€8,263 | +25.1% |
| Other amounts payable | 47/48 | €1,854 | €1,877 | +€23 | +1.2% |
| Accrued charges and deferred income | 492/3 | €124,363 | €523,750 | +€399,387 | +321.1% |
| Non-recurring operating income | 76A | €100,858 | €100,444 | -€414 | -0.4% |
| Remuneration, social security and pensions | 62 | €467,491 | €237,038 | -€230,453 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279,478 | €187,244 | -€92,234 | -33.0% |
| Other operating charges | 640/8 | €21,676 | €1,191 | -€20,485 | -94.5% |
| Non-recurring operating charges | 66A | €7,995 | - | -€7,995 | |
| Gross operating margin | 9900 | €1,043,008 | €971,407 | -€71,601 | -6.9% |
| Operating profit (loss) | 9901 | €266,369 | €545,934 | +€279,565 | +105.0% |
| Financial income | 75/76B | €3,935 | €2,190 | -€1,746 | -44.4% |
| Recurring financial income | 75 | €3,935 | €2,190 | -€1,746 | -44.4% |
| Financial charges | 65/66B | €72,647 | €83,025 | +€10,378 | +14.3% |
| Recurring financial charges | 65 | €72,647 | €83,025 | +€10,378 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €197,657 | €465,098 | +€267,441 | +135.3% |
| Income taxes | 67/77 | €67,638 | €152,154 | +€84,516 | +125.0% |
| Profit (loss) for the period | 9904 | €130,018 | €312,944 | +€182,925 | +140.7% |
| Profit (loss) for the period to be appropriated | 9905 | €130,018 | €312,944 | +€182,925 | +140.7% |
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 29 September 2026 via checked.be.