S.D.E.: 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.E.
Largest movements
- Financial fixed assets +€104,754
up €104,754 (+529.1%), from €19,800 to €124,554
- Receivables within one year -€80,452
down €80,452 (-44.1%), from €182,298 to €101,846
of which Other amounts receivable: -€71,481
- Tangible fixed assets -€10,918
down €10,918 (-11.9%), from €92,000 to €81,083
of which Land and buildings: -€6,722
- Reserves +€16,146
up €16,146 (+10.5%), from €154,009 to €170,156
of which Distributable reserves: +€16,146
- Other debts -€7,000
no longer reported in 2025 (was €7,000)
- Debts after one year +€6,544
up €6,544 (+19.3%), from €33,925 to €40,469
- Current portion of long-term debt +€3,467
up €3,467 (+73.2%), from €4,740 to €8,207
- Gross operating margin -€4,172
down €4,172 (-10.8%), from €38,659 to €34,487
- Financial income +€4,082
up €4,082 (+791.1%), from €516 to €4,598
- Depreciation +€3,087
up €3,087 (+39.4%), from €7,830 to €10,918
- Taxes +€1,157
up €1,157 (+18.3%), from €6,306 to €7,463
- Financial charges +€772
up €772 (+62.7%), from €1,231 to €2,003
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 | €298,979 | €314,726 | +€15,747 | +5.3% |
| Fixed assets | 21/28 | €111,800 | €205,636 | +€93,836 | +83.9% |
| Tangible fixed assets | 22/27 | €92,000 | €81,083 | -€10,918 | -11.9% |
| Land and buildings | 22 | €72,133 | €65,411 | -€6,722 | -9.3% |
| Plant, machinery and equipment | 23 | €2,965 | €2,656 | -€309 | -10.4% |
| Furniture and vehicles | 24 | €16,903 | €13,016 | -€3,887 | -23.0% |
| Financial fixed assets | 28 | €19,800 | €124,554 | +€104,754 | +529.1% |
| Current assets | 29/58 | €187,179 | €109,090 | -€78,089 | -41.7% |
| Amounts receivable within one year | 40/41 | €182,298 | €101,846 | -€80,452 | -44.1% |
| Trade receivables | 40 | €14,934 | €5,963 | -€8,971 | -60.1% |
| Other amounts receivable | 41 | €167,364 | €95,883 | -€71,481 | -42.7% |
| Current investments | 50/53 | €2,000 | €2,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,105 | €4,639 | +€2,534 | +120.4% |
| Deferred charges and accrued income | 490/1 | €775 | €605 | -€171 | -22.0% |
| Total equity and liabilities | 10/49 | €298,979 | €314,726 | +€15,747 | +5.3% |
| Equity | 10/15 | €172,601 | €188,748 | +€16,146 | +9.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €154,009 | €170,156 | +€16,146 | +10.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €152,150 | €168,297 | +€16,146 | +10.6% |
| Provisions and deferred taxes | 16 | €64,605 | €64,605 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €64,605 | €64,605 | = | 0.0% |
| Pensions and similar obligations | 160 | €64,605 | €64,605 | = | 0.0% |
| Amounts payable | 17/49 | €61,773 | €61,373 | -€399 | -0.6% |
| Amounts payable after more than one year | 17 | €33,925 | €40,469 | +€6,544 | +19.3% |
| Financial debts | 170/4 | €33,925 | €40,469 | +€6,544 | +19.3% |
| Amounts payable within one year | 42/48 | €27,573 | €20,904 | -€6,669 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €4,740 | €8,207 | +€3,467 | +73.2% |
| Trade debts | 44 | €5,911 | €3,236 | -€2,676 | -45.3% |
| Suppliers | 440/4 | €5,911 | €3,236 | -€2,676 | -45.3% |
| Taxes, remuneration and social security | 45 | €9,922 | €9,462 | -€460 | -4.6% |
| Taxes | 450/3 | €9,922 | €9,462 | -€460 | -4.6% |
| Other amounts payable | 47/48 | €7,000 | - | -€7,000 | |
| Accrued charges and deferred income | 492/3 | €274 | - | -€274 | |
| Non-recurring operating income | 76A | €4,545 | - | -€4,545 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,830 | €10,918 | +€3,087 | +39.4% |
| Other operating charges | 640/8 | €3,261 | €2,556 | -€706 | -21.6% |
| Gross operating margin | 9900 | €38,659 | €34,487 | -€4,172 | -10.8% |
| Operating profit (loss) | 9901 | €27,568 | €21,014 | -€6,554 | -23.8% |
| Financial income | 75/76B | €516 | €4,598 | +€4,082 | +791.1% |
| Recurring financial income | 75 | €516 | €4,598 | +€4,082 | +791.1% |
| Financial charges | 65/66B | €1,231 | €2,003 | +€772 | +62.7% |
| Recurring financial charges | 65 | €1,231 | €2,003 | +€772 | +62.7% |
| Profit (loss) for the period before taxes | 9903 | €26,853 | €23,609 | -€3,244 | -12.1% |
| Income taxes | 67/77 | €6,306 | €7,463 | +€1,157 | +18.3% |
| Profit (loss) for the period | 9904 | €20,547 | €16,146 | -€4,401 | -21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,547 | €16,146 | -€4,401 | -21.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.