SEDAM: 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.
SEDAM
Largest movements
- Receivables within one year -€363,537
down €363,537 (-50.6%), from €719,058 to €355,521
of which Trade receivables: -€335,156
- Deferred charges and accrued income -€15,512
down €15,512 (-100%), from €15,512 to €0
- Cash +€14,544
up €14,544 (+104%), from €14,041 to €28,585
mainly Receivables within one year (+€363,537) and Deferred charges and accrued income (+€15,512)
- Trade debts -€302,047
down €302,047 (-81.1%), from €372,273 to €70,226
- Other debts -€63,798
down €63,798 (-14.8%), from €430,024 to €366,225
- Staff costs -€321,347
down €321,347, from €320,677 to -€670
- Gross operating margin -€267,776
down €267,776 (-96.7%), from €276,792 to €9,015
- Other operating charges -€16,172
down €16,172 (-73.6%), from €21,975 to €5,803
- Depreciation -€7,662
down €7,662 (-100%), from €7,662 to €0
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 | €748,611 | €384,106 | -€364,505 | -48.7% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €748,611 | €384,106 | -€364,505 | -48.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €719,058 | €355,521 | -€363,537 | -50.6% |
| Trade receivables | 40 | €335,156 | €0 | -€335,156 | -100% |
| Other amounts receivable | 41 | €383,902 | €355,521 | -€28,381 | -7.4% |
| Cash at bank and in hand | 54/58 | €14,041 | €28,585 | +€14,544 | +104% |
| Deferred charges and accrued income | 490/1 | €15,512 | €0 | -€15,512 | -100% |
| Total equity and liabilities | 10/49 | €748,611 | €384,106 | -€364,505 | -48.7% |
| Equity | 10/15 | -€53,811 | -€52,470 | +€1,341 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €126,721 | €126,721 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,194 | €2,194 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,194 | €2,194 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,409 | €56,409 | = | 0.0% |
| Distributable reserves | 133 | €68,117 | €68,117 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€199,132 | -€197,791 | +€1,341 | +0.7% |
| Amounts payable | 17/49 | €802,422 | €436,576 | -€365,845 | -45.6% |
| Amounts payable within one year | 42/48 | €802,422 | €436,576 | -€365,845 | -45.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €372,273 | €70,226 | -€302,047 | -81.1% |
| Suppliers | 440/4 | €372,273 | €70,226 | -€302,047 | -81.1% |
| Taxes, remuneration and social security | 45 | €125 | €125 | = | 0.0% |
| Taxes | 450/3 | €125 | €125 | = | 0.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €430,024 | €366,225 | -€63,798 | -14.8% |
| Remuneration, social security and pensions | 62 | €320,677 | -€670 | -€321,347 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,662 | €0 | -€7,662 | -100% |
| Other operating charges | 640/8 | €21,975 | €5,803 | -€16,172 | -73.6% |
| Non-recurring operating charges | 66A | €29,244 | €0 | -€29,244 | -100% |
| Gross operating margin | 9900 | €276,792 | €9,015 | -€267,776 | -96.7% |
| Operating profit (loss) | 9901 | -€102,766 | €3,883 | +€106,648 | |
| Financial income | 75/76B | €431 | €27 | -€404 | -93.6% |
| Recurring financial income | 75 | €431 | €27 | -€404 | -93.6% |
| Financial charges | 65/66B | €4,821 | €2,570 | -€2,251 | -46.7% |
| Recurring financial charges | 65 | €4,821 | €2,570 | -€2,251 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | -€107,156 | €1,341 | +€108,496 | |
| Income taxes | 67/77 | €125 | €0 | -€125 | -100% |
| Profit (loss) for the period | 9904 | -€107,280 | €1,341 | +€108,621 | |
| Profit (loss) for the period to be appropriated | 9905 | -€107,280 | €1,341 | +€108,621 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.