SEDUS STOLL: 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.
SEDUS STOLL
Largest movements
- Stocks and contracts -€453,652
down €453,652 (-56.8%), from €798,663 to €345,011
- Receivables within one year -€100,627
down €100,627 (-4.0%), from €2.5m to €2.4m
of which Trade receivables: -€68,191
- Tangible fixed assets -€63,757
down €63,757 (-27.3%), from €233,803 to €170,046
of which Furniture and vehicles: -€66,050
- Other debts -€566,282
down €566,282 (-62.0%), from €913,185 to €346,902
- Advances received -€271,179
down €271,179 (-80.5%), from €336,945 to €65,766
- Trade debts +€256,517
up €256,517 (+83.2%), from €308,382 to €564,899
- Tax, wage and social debts -€145,486
down €145,486 (-31.3%), from €464,859 to €319,373
of which Remuneration and social security: -€164,150
- Profit (loss) carried forward +€131,550
up €131,550 (+18.6%), from €706,103 to €837,653
- Gross operating margin -€217,900
down €217,900 (-13.2%), from €1.7m to €1.4m
- Staff costs -€205,805
down €205,805 (-14.2%), from €1.5m to €1.2m
- Write-downs -€64,682
down €64,682 (-68.8%), from -€93,991 to -€158,673
- Taxes +€58,260
up €58,260 (+103%), from €56,361 to €114,620
- Financial charges -€43,272
down €43,272 (-66.5%), from €65,063 to €21,791
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 | €3,585,453 | €2,990,573 | -€594,880 | -16.6% |
| Fixed assets | 21/28 | €235,637 | €175,769 | -€59,868 | -25.4% |
| Intangible fixed assets | 21 | - | €3,889 | +€3,889 | |
| Tangible fixed assets | 22/27 | €233,803 | €170,046 | -€63,757 | -27.3% |
| Plant, machinery and equipment | 23 | €12,748 | €16,352 | +€3,604 | +28.3% |
| Furniture and vehicles | 24 | €219,745 | €153,694 | -€66,050 | -30.1% |
| Assets under construction and advance payments | 27 | €1,311 | €0 | -€1,311 | -100% |
| Financial fixed assets | 28 | €1,834 | €1,834 | = | 0.0% |
| Current assets | 29/58 | €3,349,816 | €2,814,803 | -€535,012 | -16.0% |
| Stocks and contracts in progress | 3 | €798,663 | €345,011 | -€453,652 | -56.8% |
| Stocks | 30/36 | €798,663 | €345,011 | -€453,652 | -56.8% |
| Amounts receivable within one year | 40/41 | €2,542,983 | €2,442,356 | -€100,627 | -4.0% |
| Trade receivables | 40 | €2,498,345 | €2,430,154 | -€68,191 | -2.7% |
| Other amounts receivable | 41 | €44,638 | €12,202 | -€32,436 | -72.7% |
| Cash at bank and in hand | 54/58 | €4,684 | €2,297 | -€2,388 | -51.0% |
| Deferred charges and accrued income | 490/1 | €3,485 | €25,140 | +€21,654 | +621% |
| Total equity and liabilities | 10/49 | €3,585,453 | €2,990,573 | -€594,880 | -16.6% |
| Equity | 10/15 | €1,562,082 | €1,693,632 | +€131,550 | +8.4% |
| Contributions | 10/11 | €818,049 | €818,049 | = | 0.0% |
| Reserves | 13 | €37,931 | €37,931 | = | 0.0% |
| Distributable reserves | 133 | €37,931 | €37,931 | = | 0.0% |
| Profit (loss) carried forward | 14 | €706,103 | €837,653 | +€131,550 | +18.6% |
| Amounts payable | 17/49 | €2,023,371 | €1,296,941 | -€726,430 | -35.9% |
| Amounts payable within one year | 42/48 | €2,023,371 | €1,296,941 | -€726,430 | -35.9% |
| Trade debts | 44 | €308,382 | €564,899 | +€256,517 | +83.2% |
| Suppliers | 440/4 | €308,382 | €564,899 | +€256,517 | +83.2% |
| Advances received on contracts in progress | 46 | €336,945 | €65,766 | -€271,179 | -80.5% |
| Taxes, remuneration and social security | 45 | €464,859 | €319,373 | -€145,486 | -31.3% |
| Taxes | 450/3 | €136,669 | €155,333 | +€18,665 | +13.7% |
| Remuneration and social security | 454/9 | €328,190 | €164,040 | -€164,150 | -50.0% |
| Other amounts payable | 47/48 | €913,185 | €346,902 | -€566,282 | -62.0% |
| Non-recurring operating income | 76A | €8,760 | €2,075 | -€6,686 | -76.3% |
| Remuneration, social security and pensions | 62 | €1,450,462 | €1,244,656 | -€205,805 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,876 | €74,528 | +€2,652 | +3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€93,991 | -€158,673 | -€64,682 | -68.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€212 | -€110 | +€102 | +48.0% |
| Other operating charges | 640/8 | €7,758 | €8,854 | +€1,096 | +14.1% |
| Non-recurring operating charges | 66A | €17,207 | €0 | -€17,207 | -100% |
| Gross operating margin | 9900 | €1,655,116 | €1,437,216 | -€217,900 | -13.2% |
| Operating profit (loss) | 9901 | €202,017 | €267,961 | +€65,944 | +32.6% |
| Financial income | 75/76B | €4,946 | €0 | -€4,946 | -100% |
| Recurring financial income | 75 | €4,946 | €0 | -€4,946 | -100% |
| Financial charges | 65/66B | €65,063 | €21,791 | -€43,272 | -66.5% |
| Recurring financial charges | 65 | €65,063 | €21,791 | -€43,272 | -66.5% |
| Profit (loss) for the period before taxes | 9903 | €141,900 | €246,170 | +€104,270 | +73.5% |
| Income taxes | 67/77 | €56,361 | €114,620 | +€58,260 | +103% |
| Profit (loss) for the period | 9904 | €85,539 | €131,550 | +€46,011 | +53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €85,539 | €131,550 | +€46,011 | +53.8% |
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 14 October 2026 via checked.be.