S & D CONSTRUCT: 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.
S & D CONSTRUCT
Largest movements
- Tangible fixed assets -€44,352
down €44,352 (-16.4%), from €270,885 to €226,533
- Stocks and contracts -€34,609
no longer reported in 2025 (was €34,609)
- Cash -€32,854
down €32,854 (-75.4%), from €43,578 to €10,725
mainly Net result for the year (-€92,093) and Debts after one year (-€30,483)
- Receivables within one year -€30,103
down €30,103 (-46.3%), from €65,008 to €34,904
of which Other amounts receivable: -€19,624
- Profit (loss) carried forward -€92,093
down €92,093 (-349%), from -€26,399 to -€118,492
- Debts after one year -€30,483
down €30,483 (-13.4%), from €227,584 to €197,101
- Trade debts -€7,473
down €7,473 (-73.0%), from €10,230 to €2,758
- Current portion of long-term debt -€6,003
down €6,003 (-17.6%), from €34,038 to €28,035
- Gross operating margin -€91,840
down €91,840 (-57.4%), from €160,127 to €68,288
- Staff costs -€28,177
down €28,177 (-20.6%), from €137,019 to €108,842
- Financial charges +€3,144
up €3,144 (+33.1%), from €9,491 to €12,636
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 | €417,390 | €274,404 | -€142,986 | -34.3% |
| Fixed assets | 21/28 | €272,817 | €226,798 | -€46,018 | -16.9% |
| Intangible fixed assets | 21 | €1,667 | - | -€1,667 | |
| Tangible fixed assets | 22/27 | €270,885 | €226,533 | -€44,352 | -16.4% |
| Land and buildings | 22 | €215,105 | €193,748 | -€21,357 | -9.9% |
| Plant, machinery and equipment | 23 | €14,448 | €10,495 | -€3,953 | -27.4% |
| Furniture and vehicles | 24 | €41,332 | €22,290 | -€19,042 | -46.1% |
| Financial fixed assets | 28 | €265 | €265 | = | 0.0% |
| Current assets | 29/58 | €144,573 | €47,605 | -€96,968 | -67.1% |
| Stocks and contracts in progress | 3 | €34,609 | - | -€34,609 | |
| Stocks | 30/36 | €34,609 | - | -€34,609 | |
| Amounts receivable within one year | 40/41 | €65,008 | €34,904 | -€30,103 | -46.3% |
| Trade receivables | 40 | €39,158 | €28,679 | -€10,479 | -26.8% |
| Other amounts receivable | 41 | €25,849 | €6,225 | -€19,624 | -75.9% |
| Cash at bank and in hand | 54/58 | €43,578 | €10,725 | -€32,854 | -75.4% |
| Deferred charges and accrued income | 490/1 | €1,378 | €1,976 | +€598 | +43.4% |
| Total equity and liabilities | 10/49 | €417,390 | €274,404 | -€142,986 | -34.3% |
| Equity | 10/15 | €134,265 | €42,172 | -€92,093 | -68.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €154,464 | €154,464 | = | 0.0% |
| Distributable reserves | 133 | €154,464 | €154,464 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,399 | -€118,492 | -€92,093 | -349% |
| Amounts payable | 17/49 | €283,125 | €232,232 | -€50,893 | -18.0% |
| Amounts payable after more than one year | 17 | €227,584 | €197,101 | -€30,483 | -13.4% |
| Financial debts | 170/4 | €227,584 | €197,101 | -€30,483 | -13.4% |
| Amounts payable within one year | 42/48 | €55,060 | €34,700 | -€20,361 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | €34,038 | €28,035 | -€6,003 | -17.6% |
| Financial debts | 43 | €4,517 | €1,015 | -€3,502 | -77.5% |
| Credit institutions | 430/8 | €4,517 | €1,015 | -€3,502 | -77.5% |
| Trade debts | 44 | €10,230 | €2,758 | -€7,473 | -73.0% |
| Suppliers | 440/4 | €10,230 | €2,758 | -€7,473 | -73.0% |
| Taxes, remuneration and social security | 45 | €6,275 | €2,892 | -€3,383 | -53.9% |
| Taxes | 450/3 | €2,494 | €8 | -€2,486 | -99.7% |
| Remuneration and social security | 454/9 | €3,780 | €2,884 | -€897 | -23.7% |
| Accrued charges and deferred income | 492/3 | €481 | €431 | -€50 | -10.3% |
| Non-recurring operating income | 76A | - | €5,685 | +€5,685 | |
| Remuneration, social security and pensions | 62 | €137,019 | €108,842 | -€28,177 | -20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,652 | €36,391 | -€1,260 | -3.3% |
| Other operating charges | 640/8 | €2,208 | €2,224 | +€16 | +0.7% |
| Non-recurring operating charges | 66A | €66 | €12 | -€54 | -81.7% |
| Gross operating margin | 9900 | €160,127 | €68,288 | -€91,840 | -57.4% |
| Operating profit (loss) | 9901 | -€16,817 | -€79,182 | -€62,365 | -371% |
| Financial income | 75/76B | €26 | €5 | -€21 | -80.3% |
| Recurring financial income | 75 | €26 | €5 | -€21 | -80.3% |
| Financial charges | 65/66B | €9,491 | €12,636 | +€3,144 | +33.1% |
| Recurring financial charges | 65 | €9,491 | €12,636 | +€3,144 | +33.1% |
| Profit (loss) for the period before taxes | 9903 | -€26,282 | -€91,812 | -€65,530 | -249% |
| Income taxes | 67/77 | €117 | €281 | +€164 | +140% |
| Profit (loss) for the period | 9904 | -€26,399 | -€92,093 | -€65,694 | -249% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,399 | -€92,093 | -€65,694 | -249% |
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 16 October 2026 via checked.be.