SDM PROJECTS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 16 filings
Turnover
≈ €9.2m
Estimated: probably between €6.2m and €15.0m
EBIT margin
Not included in this filing
Net result
€3.6m▲ 63.8%
2024 · €2.2m
Working capital
€6.5m▲ 21.5%
2024 · €5.4m
In the rankings
#1 company by total assets in Overijse, Manufacturing sector#1 company by equity in Overijse, Manufacturing sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€4.3m
▲ 31.0%
2025
20192025
Net result
€3.6m
▲ 63.8%
2025
highest quarter of the sector
20192025
Equity
€6.5m
▲ 120%
2025
highest quarter of the sector
20192025
Total assets
€7.7m
▼ 3.6%
2025
middle half of the sector
20192025
Debt
€1.1m
▼ 77.2%
2025
20192025
Working capital
€6.5m
▲ 21.5%
2025
highest quarter of the sector
20192025
Solvency
85.2%
▲ 47.9pp
2025
highest quarter of the sector
20192025
Current ratio
8.49
▲ 5.20
2025
highest quarter of the sector
20192025
Return on assets (ROA)
46.5%
▲ 19.1pp
2025
highest quarter of the sector
20192025
Staff (FTE)
10.2
▲ 7.4%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.5m--€0.02m€0.6m€0.8m▲ 44.9%€1.6m▲ 102%€3.3m▲ 98.6%€4.3m▲ 31.0%
Net result€0.4m--€0.03mbelow the sector's middle half€0.4mabove the sector's middle half€0.6mabove the sector's middle half▲ 46.7%-€0.4mbelow the sector's middle half€2.2mabove the sector's middle half€3.6mabove the sector's middle half▲ 63.8%
Equity€1.2m-€1.4mabove the sector's middle half▲ 19.1%€2.3mabove the sector's middle half▲ 67.8%€3.1mabove the sector's middle half▲ 33.3%€2.8mabove the sector's middle half▼ 9.4%€3.0mabove the sector's middle half▲ 5.3%€6.5mabove the sector's middle half▲ 120%
Total assets€2.2m-€2.3mwithin the sector's middle half▲ 4.4%€2.9mabove the sector's middle half▲ 26.8%€3.8mabove the sector's middle half▲ 33.8%€8.4mabove the sector's middle half▲ 119%€8.0mabove the sector's middle half▼ 4.8%€7.7mwithin the sector's middle half▼ 3.6%
Debt€1.0m-€0.9m▼ 12.9%€0.5m▼ 39.2%€0.7m▲ 36.0%€5.6m▲ 680%€5.0m▼ 9.9%€1.1m▼ 77.2%
Working capital€0.6m-€0.5mwithin the sector's middle half▼ 30.3%€1.3mabove the sector's middle half▲ 180%€2.0mabove the sector's middle half▲ 60.9%€2.3mabove the sector's middle half▲ 13.1%€5.4mabove the sector's middle half▲ 133%€6.5mabove the sector's middle half▲ 21.5%
Solvency54.1%-61.7%within the sector's middle half▲ 7.6pp81.7%above the sector's middle half▲ 19.9pp81.4%above the sector's middle half▼ 0.3pp33.7%within the sector's middle half▼ 47.7pp37.2%within the sector's middle half▲ 3.6pp85.2%above the sector's middle half▲ 47.9pp
Current ratio1.66-1.52within the sector's middle half▼ 0.133.42above the sector's middle half▲ 1.903.86above the sector's middle half▲ 0.442.31within the sector's middle half▼ 1.553.29above the sector's middle half▲ 0.988.49above the sector's middle half▲ 5.20
Return on assets (ROA)17.1%--1.5%below the sector's middle half▼ 18.5pp14.3%above the sector's middle half▲ 15.8pp15.7%above the sector's middle half▲ 1.4pp-4.6%below the sector's middle half▼ 20.3pp27.4%above the sector's middle half▲ 32.0pp46.5%above the sector's middle half▲ 19.1pp
Staff (FTE)6-6within the sector's middle half=5.8within the sector's middle half▼ 3.3%5.4within the sector's middle half▼ 6.9%15.7above the sector's middle half▲ 191%9.5within the sector's middle half▼ 39.5%10.2within the sector's middle half▲ 7.4%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 31% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Large changes and their cause
- 2025 Net result +64% on 2024. Merger absorbing SDM ENGINEERING N.V., effective 29-01-2025. The accounts now follow the full format, last year the abbreviated format.
- 2025 Equity +120% on 2024. Merger absorbing SDM ENGINEERING N.V., effective 29-01-2025.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.7m
Fixed assets
€284,181 ▲ 11.6%
Current assets
€7.4m ▼ 4.1%
Equity and liabilities €7.7m
Equity
€6.5m ▲ 120%
Debt
€1.1m ▼ 77.2%
Debt's share of the balance-sheet total falls from 62.8% to 14.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4.3m▲
2024 · €3.3m
Cash flow
€3.6m▲
2024 · €2.2m
Debt to equity
0.17▼
2024 · 1.69
ROE
54.6%▼
2024 · 73.6%
Interest coverage
73.81▲
2024 · 14.06
Debt ≤ 1 year
€872,299▼
2024 · €2.3m
Income taxes
€663,415▲
2024 · €457,159
Staff costs
€989,005▲
2024 · €928,383
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2021 | 30-06-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 6 | 18 | 10 | 11 |
| full-time | 5 | 5 | 15 | 8 | 10 |
| part-time | 0 | 1 | 3 | 2 | 1 |
| in full-time equivalents | 5 | 5.5 | 16.7 | 9.2 | 10.4 |
| Average over the year, in full-time equivalents | 5.8 | 5.4 | 15.7 | 9.5 | 10.2 |
| On a permanent contract | 5 | 6 | 18 | 10 | 11 |
| Joined | 0 | 1 | 6 | 2 | 1 |
| Left | 1 | 0 | 2 | 1 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-06-2021 | 30-06-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,374 | €30,884 | €74,953 | €212,018 | €120,183 |
| Intangible fixed assets | €0 | - | - | €13,586 | - |
| Financial fixed assets | €150,000 | €8,240 | €4.5m | €336,627 | - |
| Depreciation and write-downs of the year | €14,412 | €12,771 | €38,290 | €48,056 | €57,939 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
European research
1 project · €350,875 EU contributionProgrammes
Projects
RENewAble Integration and SuStainAbility iN energy CommunitiEs
Public contracts
1 award · 2026
Replacement End-of-Life Substations GTN: BAC/2025/050 - 1
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €0.06m | €0.04m | €0.002m | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | €0.6m | €0.5m | €1.1m | €0.9m | €1.0m | ▲ 6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.02m | €0.01m | €0.01m | €0.04m | €0.05m | €0.06m | ▲ 20.6% |
| Other operating charges640/8 | - | - | €0.01m | €0.03m | €0.004m | €0.004m | €0.03m | ▲ 544% |
| Non-recurring operating charges66A | - | - | €0.2m | €0.01m | €0.03m | €0.001m | - | - |
| Gross operating margin9900 | €1.0m | €0.5m | €1.4m | €1.4m | €2.8m | €4.2m | €5.3m | ▲ 26.0% |
| Operating profit (loss)9901 | €0.5m | -€0.02m | €0.6m | €0.8m | €1.6m | €3.3m | €4.3m | ▲ 31.0% |
| Financial income75/76B | - | - | €0.001m | €0 | €0.002m | €0.009m | €0.04m | ▲ 343% |
| Recurring financial income75 | €62 | €307 | €0.001m | €0 | €0.002m | €0.009m | €0.008m | ▼ 13.0% |
| Non-recurring financial income76B | - | - | - | - | - | - | €0.03m | - |
| Financial charges65/66B | - | - | €0.003m | €0.006m | €1.6m | €0.6m | €0.06m | ▼ 90.6% |
| Recurring financial charges65 | €239 | €242 | €0.003m | €0.006m | €0.3m | €0.2m | €0.06m | ▼ 75.1% |
| Non-recurring financial charges66B | - | - | - | - | €1.3m | €0.4m | - | - |
| Profit (loss) for the period before taxes9903 | €0.5m | -€0.02m | €0.6m | €0.8m | €0.04m | €2.6m | €4.2m | ▲ 60.5% |
| Income taxes67/77 | €0.2m | €0.01m | €0.1m | €0.2m | €0.4m | €0.5m | €0.7m | ▲ 45.1% |
| Profit (loss) for the period9904 | €0.4m | -€0.03m | €0.4m | €0.6m | -€0.4m | €2.2m | €3.6m | ▲ 63.8% |
| Profit (loss) for the period to be appropriated9905 | €0.4m | -€0.03m | €0.4m | €0.6m | -€0.4m | €2.2m | €3.6m | ▲ 63.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.2m | €2.3m | €2.9m | €3.8m | €8.4m | €8.0m | €7.7m | ▼ 3.6% |
| Formation expenses20 | - | - | - | - | - | - | €0 | - |
| Fixed assets21/28 | €0.5m | €0.9m | €1.1m | €1.1m | €4.3m | €0.3m | €0.3m | ▲ 11.6% |
| Intangible fixed assets21 | - | - | - | - | - | €0.008m | €0.003m | ▼ 57.2% |
| Tangible fixed assets22/27 | €0.1m | €0.09m | €0.07m | €0.06m | €0.1m | €0.2m | €0.2m | ▲ 23.9% |
| Land and buildings22 | - | - | - | - | - | - | €0 | - |
| Plant, machinery and equipment23 | - | - | - | - | €0.007m | €0.04m | €0.04m | ▼ 1.8% |
| Furniture and vehicles24 | - | - | €0.07m | €0.06m | €0.09m | €0.1m | €0.2m | ▲ 32.2% |
| Financial fixed assets28 | €0.4m | €0.8m | €1.0m | €1.0m | €4.2m | €0.07m | €0.06m | ▼ 12.7% |
| Current assets29/58 | €1.6m | €1.3m | €1.8m | €2.8m | €4.1m | €7.7m | €7.4m | ▼ 4.1% |
| Stocks and contracts in progress3 | - | - | - | €0.2m | €0 | - | - | - |
| Contracts in progress37 | - | - | - | €0.2m | €0 | - | - | - |
| Amounts receivable within one year40/41 | €1.2m | €0.3m | €1.4m | €1.9m | €1.9m | €2.7m | €3.2m | ▲ 18.5% |
| Trade receivables40 | - | - | €1.2m | €1.9m | €1.6m | €2.5m | €2.6m | ▲ 3.0% |
| Other amounts receivable41 | - | - | €0.2m | €0 | €0.3m | €0.2m | €0.6m | ▲ 262% |
| Cash at bank and in hand54/58 | €0.5m | €1.0m | €0.4m | €0.7m | €2.2m | €5.1m | €4.2m | ▼ 15.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.02m | €0.01m | €0.004m | ▼ 58.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.2m | €2.3m | €2.9m | €3.8m | €8.4m | €8.0m | €7.7m | ▼ 3.6% |
| Equity10/15 | €1.2m | €1.4m | €2.3m | €3.1m | €2.8m | €3.0m | €6.5m | ▲ 120% |
| Contributions10/11 | €0.05m | €0.05m | €0.05m | €0.05m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | - | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | - | €0.06m | €0.06m | €0.06m | = |
| Contributions outside capital11 | - | - | - | - | €0 | - | - | - |
| Other1109/19 | - | - | - | - | €0 | - | - | - |
| Reserves13 | €0.005m | €0.005m | €0.005m | €0.005m | €0 | - | €0.006m | - |
| Non-distributable reserves130/1 | - | - | €0.005m | €0.005m | €0 | - | €0.006m | - |
| Legal reserve130 | - | - | - | - | - | - | €0.006m | - |
| Reserves not available under the articles1311 | - | - | €0.005m | €0.005m | €0 | - | - | - |
| Profit (loss) carried forward14 | €0.8m | €0.8m | €1.0m | €1.6m | €1.2m | €2.9m | €6.5m | ▲ 123% |
| Investment grants15 | - | - | €1.3m | €1.4m | €1.5m | €0 | - | - |
| Amounts payable17/49 | €1.0m | €0.9m | €0.5m | €0.7m | €5.6m | €5.0m | €1.1m | ▼ 77.2% |
| Amounts payable after more than one year17 | - | - | - | - | €2.9m | €2.0m | - | - |
| Financial debts170/4 | - | - | - | - | €2.9m | €2.0m | - | - |
| Amounts payable within one year42/48 | €1.0m | €0.9m | €0.5m | €0.7m | €1.8m | €2.3m | €0.9m | ▼ 62.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.8m | €0.9m | - | - |
| Trade debts44 | €0.8m | €0.8m | €0.09m | €0.1m | €0.5m | €0.7m | €0.5m | ▼ 29.7% |
| Suppliers440/4 | - | - | €0.09m | €0.1m | €0.5m | €0.7m | €0.5m | ▼ 29.7% |
| Taxes, remuneration and social security45 | - | - | €0.2m | €0.4m | €0.2m | €0.2m | €0.4m | ▲ 63.0% |
| Taxes450/3 | - | - | €0.1m | €0.4m | €0.1m | €0.04m | €0.2m | ▲ 430% |
| Remuneration and social security454/9 | - | - | €0.06m | €0.03m | €0.1m | €0.2m | €0.1m | ▼ 28.1% |
| Other amounts payable47/48 | - | - | €0.2m | €0.2m | €0.2m | €0.5m | - | - |
| Accrued charges and deferred income492/3 | - | - | €0.002m | €0 | €0.9m | €0.7m | €0.3m | ▼ 61.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | -€0.03m | €0.4m | €0.6m | -€0.4m | €2.2m | €3.6m | ▲ 63.8% |
| + Depreciation and write-downs630 | €0.03m | €0.02m | €0.01m | €0.01m | €0.04m | €0.05m | €0.06m | ▲ 20.6% |
| Operating cash flow (approximation) | €0.4m | -€0.008m | €0.4m | €0.6m | -€0.3m | €2.2m | €3.6m | ▲ 62.8% |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.1m | -€0.02m | -€3.3m | €4.0m | -€0.09m | - |
| Change in cash | - | €0.6m | -€0.6m | €0.2m | €1.5m | €2.9m | -€0.8m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,811 companies had the same profile as SDM PROJECTS has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of SDM PROJECTS itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,811 companies, not a prediction for SDM PROJECTS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00173046 | |
| 31-12-2024 | abbreviated format | 09-09-2025 | 2025-00491923 | |
| 31-12-2023 | abbreviated format | 25-06-2024 | 2024-00174313 | |
| 30-06-2022 | abbreviated format | 02-12-2022 | 2022-20533479 | |
| 30-06-2021 | abbreviated format | 22-06-2022 | 2022-20086592 | |
| 30-06-2020 | abbreviated format | 10-09-2020 | 2020-52000417 | |
| 30-06-2019 | abbreviated format | 29-11-2019 | 2019-74600100 | |
| 30-06-2018 | abbreviated format | 07-09-2018 | 2018-62100239 | |
| 30-06-2017 | abbreviated format | 26-09-2017 | 2017-62300017 | |
| 30-06-2016 | abbreviated format | 20-09-2016 | 2016-60200024 |