S.D.: 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.
S.D.
Largest movements
- Cash +€12,731
up €12,731 (+175115.3%), from €7 to €12,738
mainly Net result for the year (+€8,884) and Depreciation (+€8,871)
- Tangible fixed assets -€5,544
down €5,544 (-20.0%), from €27,785 to €22,242
of which Furniture and vehicles: -€5,544
- Receivables within one year +€2,902
up €2,902 (+2.4%), from €119,958 to €122,860
of which Other amounts receivable: +€8,013
- Reserves +€8,750
up €8,750 (+13.4%), from €65,143 to €73,893
of which Distributable reserves: +€8,750
- Short-term financial debts -€7,324
down €7,324 (-27.3%), from €26,832 to €19,508
- Tax, wage and social debts +€3,585
up €3,585 (+80.7%), from €4,441 to €8,026
of which Taxes: +€3,578
- Trade debts +€2,912
up €2,912 (+51.0%), from €5,710 to €8,622
- Staff costs -€34,283
no longer reported in 2025 (was €34,283)
- Gross operating margin -€11,615
down €11,615 (-30.3%), from €38,334 to €26,719
- Taxes +€6,394
new in 2025: €6,394
- Financial charges -€662
down €662 (-31.0%), from €2,134 to €1,472
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 | €162,019 | €170,075 | +€8,056 | +5.0% |
| Fixed assets | 21/28 | €38,339 | €32,795 | -€5,544 | -14.5% |
| Tangible fixed assets | 22/27 | €27,785 | €22,242 | -€5,544 | -20.0% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €875 | €875 | = | 0.0% |
| Furniture and vehicles | 24 | €26,910 | €21,366 | -€5,544 | -20.6% |
| Financial fixed assets | 28 | €10,554 | €10,554 | = | 0.0% |
| Current assets | 29/58 | €123,681 | €137,280 | +€13,600 | +11.0% |
| Stocks and contracts in progress | 3 | €1,500 | €500 | -€1,000 | -66.7% |
| Stocks | 30/36 | €1,500 | €500 | -€1,000 | -66.7% |
| Amounts receivable within one year | 40/41 | €119,958 | €122,860 | +€2,902 | +2.4% |
| Trade receivables | 40 | €40,363 | €35,252 | -€5,111 | -12.7% |
| Other amounts receivable | 41 | €79,596 | €87,608 | +€8,013 | +10.1% |
| Cash at bank and in hand | 54/58 | €7 | €12,738 | +€12,731 | +175115.3% |
| Deferred charges and accrued income | 490/1 | €2,215 | €1,182 | -€1,033 | -46.6% |
| Total equity and liabilities | 10/49 | €162,019 | €170,075 | +€8,056 | +5.0% |
| Equity | 10/15 | €125,036 | €133,920 | +€8,884 | +7.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €65,143 | €73,893 | +€8,750 | +13.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €63,283 | €72,033 | +€8,750 | +13.8% |
| Profit (loss) carried forward | 14 | €41,293 | €41,427 | +€134 | +0.3% |
| Amounts payable | 17/49 | €36,983 | €36,156 | -€828 | -2.2% |
| Amounts payable within one year | 42/48 | €36,983 | €36,156 | -€828 | -2.2% |
| Financial debts | 43 | €26,832 | €19,508 | -€7,324 | -27.3% |
| Credit institutions | 430/8 | €26,832 | €19,508 | -€7,324 | -27.3% |
| Trade debts | 44 | €5,710 | €8,622 | +€2,912 | +51.0% |
| Suppliers | 440/4 | €5,710 | €8,622 | +€2,912 | +51.0% |
| Taxes, remuneration and social security | 45 | €4,441 | €8,026 | +€3,585 | +80.7% |
| Taxes | 450/3 | €2,817 | €6,394 | +€3,578 | +127.0% |
| Remuneration and social security | 454/9 | €1,625 | €1,632 | +€8 | +0.5% |
| Remuneration, social security and pensions | 62 | €34,283 | - | -€34,283 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,564 | €8,871 | +€307 | +3.6% |
| Other operating charges | 640/8 | €1,127 | €1,099 | -€28 | -2.5% |
| Gross operating margin | 9900 | €38,334 | €26,719 | -€11,615 | -30.3% |
| Operating profit (loss) | 9901 | -€5,641 | €16,749 | +€22,390 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -31.6% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -31.6% |
| Financial charges | 65/66B | €2,134 | €1,472 | -€662 | -31.0% |
| Recurring financial charges | 65 | €2,134 | €1,472 | -€662 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | -€7,774 | €15,278 | +€23,052 | |
| Income taxes | 67/77 | - | €6,394 | +€6,394 | |
| Profit (loss) for the period | 9904 | -€7,774 | €8,884 | +€16,658 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,774 | €8,884 | +€16,658 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.