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
- Receivables within one year +€23,342
up €23,342 (+18.8%), from €124,468 to €147,810
of which Trade receivables: +€78,745
- Cash +€20,516
up €20,516 (+593.4%), from €3,457 to €23,974
mainly Short-term financial debts (+€29,500) and Accrued charges and deferred income (+€25,147)
- Intangible fixed assets -€11,667
down €11,667 (-100.0%), from €11,667 to €0
- Stocks and contracts -€8,927
down €8,927 (-5.1%), from €174,768 to €165,841
- Deferred charges and accrued income +€6,489
up €6,489 (+575.7%), from €1,127 to €7,616
- Debts after one year -€48,868
down €48,868 (-48.2%), from €101,433 to €52,565
- Short-term financial debts +€29,500
new in 2025: €29,500
- Accrued charges and deferred income +€25,147
new in 2025: €25,147
- Current portion of long-term debt +€24,626
up €24,626, from €0 to €24,626
- Reserves +€17,764
up €17,764 (+43.6%), from €40,760 to €58,523
of which Distributable reserves: +€25,242
- Gross operating margin +€12,568
up €12,568 (+9.4%), from €133,585 to €146,153
- Staff costs +€9,284
up €9,284 (+11.7%), from €79,048 to €88,332
- Financial charges +€2,527
up €2,527 (+29.9%), from €8,446 to €10,973
- Depreciation -€2,135
down €2,135 (-11.4%), from €18,689 to €16,554
- Financial income +€2,063
up €2,063, from €0 to €2,063
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 | €332,651 | €359,210 | +€26,560 | +8.0% |
| Fixed assets | 21/28 | €28,830 | €13,969 | -€14,861 | -51.5% |
| Intangible fixed assets | 21 | €11,667 | €0 | -€11,667 | -100.0% |
| Tangible fixed assets | 22/27 | €17,013 | €13,819 | -€3,194 | -18.8% |
| Land and buildings | 22 | €12,381 | €9,722 | -€2,658 | -21.5% |
| Furniture and vehicles | 24 | €4,633 | €4,097 | -€536 | -11.6% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €303,821 | €345,241 | +€41,420 | +13.6% |
| Stocks and contracts in progress | 3 | €174,768 | €165,841 | -€8,927 | -5.1% |
| Stocks | 30/36 | €174,768 | €165,841 | -€8,927 | -5.1% |
| Amounts receivable within one year | 40/41 | €124,468 | €147,810 | +€23,342 | +18.8% |
| Trade receivables | 40 | €1,164 | €79,909 | +€78,745 | +6762.2% |
| Other amounts receivable | 41 | €123,304 | €67,901 | -€55,403 | -44.9% |
| Cash at bank and in hand | 54/58 | €3,457 | €23,974 | +€20,516 | +593.4% |
| Deferred charges and accrued income | 490/1 | €1,127 | €7,616 | +€6,489 | +575.7% |
| Total equity and liabilities | 10/49 | €332,651 | €359,210 | +€26,560 | +8.0% |
| Equity | 10/15 | €115,549 | €133,312 | +€17,764 | +15.4% |
| Contributions | 10/11 | €74,789 | €74,789 | = | 0.0% |
| Reserves | 13 | €40,760 | €58,523 | +€17,764 | +43.6% |
| Non-distributable reserves | 130/1 | €7,479 | €0 | -€7,479 | -100.0% |
| Reserves not available under the articles | 1311 | €7,479 | €0 | -€7,479 | -100.0% |
| Distributable reserves | 133 | €33,281 | €58,523 | +€25,242 | +75.8% |
| Amounts payable | 17/49 | €217,102 | €225,898 | +€8,796 | +4.1% |
| Amounts payable after more than one year | 17 | €101,433 | €52,565 | -€48,868 | -48.2% |
| Financial debts | 170/4 | €101,433 | €52,565 | -€48,868 | -48.2% |
| Amounts payable within one year | 42/48 | €115,668 | €148,186 | +€32,517 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | €24,626 | +€24,626 | |
| Financial debts | 43 | - | €29,500 | +€29,500 | |
| Credit institutions | 430/8 | - | €29,500 | +€29,500 | |
| Trade debts | 44 | €65,113 | €53,074 | -€12,039 | -18.5% |
| Suppliers | 440/4 | €65,113 | €53,074 | -€12,039 | -18.5% |
| Taxes, remuneration and social security | 45 | €50,556 | €40,986 | -€9,570 | -18.9% |
| Taxes | 450/3 | €43,539 | €40,986 | -€2,553 | -5.9% |
| Remuneration and social security | 454/9 | €7,017 | €0 | -€7,017 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €25,147 | +€25,147 | |
| Remuneration, social security and pensions | 62 | €79,048 | €88,332 | +€9,284 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,689 | €16,554 | -€2,135 | -11.4% |
| Other operating charges | 640/8 | €2,768 | €4,472 | +€1,705 | +61.6% |
| Gross operating margin | 9900 | €133,585 | €146,153 | +€12,568 | +9.4% |
| Operating profit (loss) | 9901 | €33,080 | €36,795 | +€3,715 | +11.2% |
| Financial income | 75/76B | €0 | €2,063 | +€2,063 | |
| Recurring financial income | 75 | €0 | €2,063 | +€2,063 | |
| Financial charges | 65/66B | €8,446 | €10,973 | +€2,527 | +29.9% |
| Recurring financial charges | 65 | €8,446 | €10,973 | +€2,527 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | €24,634 | €27,885 | +€3,251 | +13.2% |
| Income taxes | 67/77 | €8,214 | €10,122 | +€1,908 | +23.2% |
| Profit (loss) for the period | 9904 | €16,421 | €17,764 | +€1,343 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,421 | €17,764 | +€1,343 | +8.2% |
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 4 October 2026 via checked.be.