INVEST-SDW: 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.
INVEST-SDW
Largest movements
- Cash +€40,679
up €40,679 (+2,394%), from €1,699 to €42,379
mainly Other debts (+€97,792) and Depreciation (+€6,427)
- Tangible fixed assets -€5,568
down €5,568 (-2.6%), from €215,841 to €210,273
of which Land and buildings: -€4,417
- Deferred charges and accrued income +€3,187
up €3,187 (+380%), from €838 to €4,025
- Other debts +€97,792
up €97,792 (+136%), from €71,651 to €169,443
- Profit (loss) carried forward -€38,428
down €38,428, from €30,196 to -€8,232
- Debts after one year -€9,211
down €9,211 (-10.7%), from €86,427 to €77,216
- Tax, wage and social debts -€7,548
down €7,548 (-93.2%), from €8,096 to €548
- Current portion of long-term debt -€6,060
down €6,060 (-39.7%), from €15,270 to €9,211
- Gross operating margin -€36,560
down €36,560, from €12,139 to -€24,422
- Financial charges +€2,933
up €2,933 (+126%), from €2,326 to €5,259
- Depreciation +€1,365
up €1,365 (+27.0%), from €5,062 to €6,427
- Other operating charges +€824
up €824 (+132%), from €624 to €1,448
- Taxes -€398
down €398 (-31.3%), from €1,271 to €873
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 | €218,930 | €257,228 | +€38,298 | +17.5% |
| Fixed assets | 21/28 | €215,841 | €210,273 | -€5,568 | -2.6% |
| Tangible fixed assets | 22/27 | €215,841 | €210,273 | -€5,568 | -2.6% |
| Land and buildings | 22 | €208,186 | €203,769 | -€4,417 | -2.1% |
| Furniture and vehicles | 24 | €7,655 | €6,503 | -€1,152 | -15.0% |
| Current assets | 29/58 | €3,089 | €46,955 | +€43,866 | +1,420% |
| Amounts receivable within one year | 40/41 | €552 | €552 | = | 0.0% |
| Other amounts receivable | 41 | €552 | €552 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,699 | €42,379 | +€40,679 | +2,394% |
| Deferred charges and accrued income | 490/1 | €838 | €4,025 | +€3,187 | +380% |
| Total equity and liabilities | 10/49 | €218,930 | €257,228 | +€38,298 | +17.5% |
| Equity | 10/15 | €36,396 | -€2,032 | -€38,428 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,196 | -€8,232 | -€38,428 | |
| Amounts payable | 17/49 | €182,534 | €259,260 | +€76,726 | +42.0% |
| Amounts payable after more than one year | 17 | €86,427 | €77,216 | -€9,211 | -10.7% |
| Financial debts | 170/4 | €86,427 | €77,216 | -€9,211 | -10.7% |
| Amounts payable within one year | 42/48 | €96,107 | €182,044 | +€85,937 | +89.4% |
| Current portion of amounts payable after more than one year | 42 | €15,270 | €9,211 | -€6,060 | -39.7% |
| Trade debts | 44 | €1,089 | €2,842 | +€1,753 | +161% |
| Suppliers | 440/4 | €1,089 | €2,842 | +€1,753 | +161% |
| Taxes, remuneration and social security | 45 | €8,096 | €548 | -€7,548 | -93.2% |
| Taxes | 450/3 | €8,096 | €548 | -€7,548 | -93.2% |
| Other amounts payable | 47/48 | €71,651 | €169,443 | +€97,792 | +136% |
| Non-recurring operating income | 76A | - | €1,089 | +€1,089 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,062 | €6,427 | +€1,365 | +27.0% |
| Other operating charges | 640/8 | €624 | €1,448 | +€824 | +132% |
| Gross operating margin | 9900 | €12,139 | -€24,422 | -€36,560 | |
| Operating profit (loss) | 9901 | €6,453 | -€32,297 | -€38,750 | |
| Financial income | 75/76B | €38 | - | -€38 | |
| Recurring financial income | 75 | €38 | - | -€38 | |
| Financial charges | 65/66B | €2,326 | €5,259 | +€2,933 | +126% |
| Recurring financial charges | 65 | €2,326 | €5,259 | +€2,933 | +126% |
| Profit (loss) for the period before taxes | 9903 | €4,165 | -€37,556 | -€41,721 | |
| Income taxes | 67/77 | €1,271 | €873 | -€398 | -31.3% |
| Profit (loss) for the period | 9904 | €2,894 | -€38,428 | -€41,323 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,894 | -€38,428 | -€41,323 |
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 28 October 2026 via checked.be.