GROUP SD: 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.
GROUP SD
Largest movements
- Cash -€114,376
down €114,376 (-57.8%), from €197,840 to €83,464
mainly Other debts (-€274,957) and Receivables within one year (-€21,241)
- Financial fixed assets -€70,000
down €70,000 (-4.8%), from €1.5m to €1.4m
- Other debts -€274,957
down €274,957 (-68.2%), from €403,116 to €128,160
- Reserves +€81,723
up €81,723 (+4.1%), from €2.0m to €2.1m
of which Distributable reserves: +€81,723
- Gross operating margin +€103,058
up €103,058 (+156.2%), from €65,958 to €169,016
- Financial income -€47,559
down €47,559 (-69.2%), from €68,761 to €21,202
- Taxes +€18,501
up €18,501 (+51.9%), from €35,677 to €54,179
- Depreciation +€15,101
up €15,101 (+269.0%), from €5,614 to €20,715
- Other operating charges -€7,299
down €7,299 (-84.7%), from €8,621 to €1,323
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 | €2,429,900 | €2,246,246 | -€183,655 | -7.6% |
| Fixed assets | 21/28 | €1,549,656 | €1,458,940 | -€90,715 | -5.9% |
| Tangible fixed assets | 22/27 | €99,656 | €78,940 | -€20,715 | -20.8% |
| Plant, machinery and equipment | 23 | €27,558 | €25,768 | -€1,790 | -6.5% |
| Furniture and vehicles | 24 | €72,097 | €53,172 | -€18,925 | -26.2% |
| Financial fixed assets | 28 | €1,450,000 | €1,380,000 | -€70,000 | -4.8% |
| Current assets | 29/58 | €880,245 | €787,305 | -€92,939 | -10.6% |
| Amounts receivable within one year | 40/41 | €680,830 | €702,071 | +€21,241 | +3.1% |
| Trade receivables | 40 | €43,560 | €25,196 | -€18,364 | -42.2% |
| Other amounts receivable | 41 | €637,270 | €676,876 | +€39,606 | +6.2% |
| Cash at bank and in hand | 54/58 | €197,840 | €83,464 | -€114,376 | -57.8% |
| Deferred charges and accrued income | 490/1 | €1,574 | €1,769 | +€195 | +12.4% |
| Total equity and liabilities | 10/49 | €2,429,900 | €2,246,246 | -€183,655 | -7.6% |
| Equity | 10/15 | €2,013,612 | €2,095,334 | +€81,723 | +4.1% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €1,973,612 | €2,055,334 | +€81,723 | +4.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,973,612 | €2,055,334 | +€81,723 | +4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €416,288 | €150,911 | -€265,377 | -63.7% |
| Amounts payable within one year | 42/48 | €415,643 | €145,152 | -€270,492 | -65.1% |
| Trade debts | 44 | €1,661 | €5,011 | +€3,351 | +201.8% |
| Suppliers | 440/4 | €1,661 | €5,011 | +€3,351 | +201.8% |
| Taxes, remuneration and social security | 45 | €10,866 | €11,981 | +€1,115 | +10.3% |
| Taxes | 450/3 | €10,866 | €11,981 | +€1,115 | +10.3% |
| Other amounts payable | 47/48 | €403,116 | €128,160 | -€274,957 | -68.2% |
| Accrued charges and deferred income | 492/3 | €645 | €5,760 | +€5,114 | +792.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,614 | €20,715 | +€15,101 | +269.0% |
| Other operating charges | 640/8 | €8,621 | €1,323 | -€7,299 | -84.7% |
| Non-recurring operating charges | 66A | - | €26,000 | +€26,000 | |
| Gross operating margin | 9900 | €65,958 | €169,016 | +€103,058 | +156.2% |
| Operating profit (loss) | 9901 | €51,722 | €120,978 | +€69,256 | +133.9% |
| Financial income | 75/76B | €68,761 | €21,202 | -€47,559 | -69.2% |
| Recurring financial income | 75 | €68,761 | €21,202 | -€47,559 | -69.2% |
| Financial charges | 65/66B | €1,316 | €6,279 | +€4,963 | +377.0% |
| Recurring financial charges | 65 | €1,316 | €6,279 | +€4,963 | +377.0% |
| Profit (loss) for the period before taxes | 9903 | €119,167 | €135,901 | +€16,734 | +14.0% |
| Income taxes | 67/77 | €35,677 | €54,179 | +€18,501 | +51.9% |
| Profit (loss) for the period | 9904 | €83,490 | €81,723 | -€1,767 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €83,490 | €81,723 | -€1,767 | -2.1% |
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 29 September 2026 via checked.be.