SEDULOUS: 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.
SEDULOUS
Largest movements
- Receivables within one year -€444,898
down €444,898 (-84.4%), from €527,200 to €82,302
of which Trade receivables: -€442,421
- Tangible fixed assets +€78,534
up €78,534 (+8.9%), from €886,673 to €965,208
of which Land and buildings: +€82,988
- Cash +€23,767
up €23,767 (+3880.5%), from €612 to €24,380
mainly Receivables within one year (+€444,898) and Depreciation (+€80,172)
- Trade debts -€392,434
down €392,434 (-96.9%), from €405,014 to €12,580
- Advances received -€107,715
down €107,715 (-77.8%), from €138,389 to €30,674
- Other debts +€66,455
up €66,455 (+385.0%), from €17,262 to €83,717
- Debts after one year +€64,558
up €64,558 (+9.2%), from €705,429 to €769,987
of which Financial debts: +€67,208
- Financial charges -€5,001
down €5,001 (-12.3%), from €40,754 to €35,753
- Other operating charges +€2,945
up €2,945 (+111.5%), from €2,642 to €5,587
- Gross operating margin -€2,200
down €2,200 (-1.8%), from €125,278 to €123,077
- Depreciation +€2,029
up €2,029 (+2.6%), from €78,143 to €80,172
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 | €1,425,414 | €1,074,442 | -€350,971 | -24.6% |
| Fixed assets | 21/28 | €886,673 | €965,208 | +€78,534 | +8.9% |
| Tangible fixed assets | 22/27 | €886,673 | €965,208 | +€78,534 | +8.9% |
| Land and buildings | 22 | €837,650 | €920,638 | +€82,988 | +9.9% |
| Furniture and vehicles | 24 | €49,023 | €44,569 | -€4,454 | -9.1% |
| Current assets | 29/58 | €538,740 | €109,235 | -€429,506 | -79.7% |
| Amounts receivable within one year | 40/41 | €527,200 | €82,302 | -€444,898 | -84.4% |
| Trade receivables | 40 | €517,497 | €75,076 | -€442,421 | -85.5% |
| Other amounts receivable | 41 | €9,702 | €7,225 | -€2,477 | -25.5% |
| Cash at bank and in hand | 54/58 | €612 | €24,380 | +€23,767 | +3880.5% |
| Deferred charges and accrued income | 490/1 | €10,928 | €2,553 | -€8,375 | -76.6% |
| Total equity and liabilities | 10/49 | €1,425,414 | €1,074,442 | -€350,971 | -24.6% |
| Equity | 10/15 | €90,321 | €90,518 | +€196 | +0.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,266 | €82,463 | +€196 | +0.2% |
| Amounts payable | 17/49 | €1,335,092 | €983,925 | -€351,168 | -26.3% |
| Amounts payable after more than one year | 17 | €705,429 | €769,987 | +€64,558 | +9.2% |
| Financial debts | 170/4 | €702,779 | €769,987 | +€67,208 | +9.6% |
| Other amounts payable | 178/9 | €2,650 | - | -€2,650 | |
| Amounts payable within one year | 42/48 | €629,663 | €209,744 | -€419,919 | -66.7% |
| Current portion of amounts payable after more than one year | 42 | €62,686 | €71,749 | +€9,063 | +14.5% |
| Financial debts | 43 | €3,358 | - | -€3,358 | |
| Credit institutions | 430/8 | €3,358 | - | -€3,358 | |
| Trade debts | 44 | €405,014 | €12,580 | -€392,434 | -96.9% |
| Suppliers | 440/4 | €405,014 | €12,580 | -€392,434 | -96.9% |
| Advances received on contracts in progress | 46 | €138,389 | €30,674 | -€107,715 | -77.8% |
| Taxes, remuneration and social security | 45 | €2,955 | €11,025 | +€8,070 | +273.1% |
| Taxes | 450/3 | €2,955 | €11,025 | +€8,070 | +273.1% |
| Other amounts payable | 47/48 | €17,262 | €83,717 | +€66,455 | +385.0% |
| Accrued charges and deferred income | 492/3 | - | €4,193 | +€4,193 | |
| Non-recurring operating income | 76A | €10,458 | - | -€10,458 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,143 | €80,172 | +€2,029 | +2.6% |
| Other operating charges | 640/8 | €2,642 | €5,587 | +€2,945 | +111.5% |
| Gross operating margin | 9900 | €125,278 | €123,077 | -€2,200 | -1.8% |
| Operating profit (loss) | 9901 | €44,492 | €37,318 | -€7,174 | -16.1% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €40,754 | €35,753 | -€5,001 | -12.3% |
| Recurring financial charges | 65 | €40,754 | €35,753 | -€5,001 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €3,738 | €1,568 | -€2,170 | -58.0% |
| Income taxes | 67/77 | €1,073 | €1,372 | +€299 | +27.8% |
| Profit (loss) for the period | 9904 | €2,665 | €196 | -€2,468 | -92.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,665 | €196 | -€2,468 | -92.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.