S.D.H.: 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.H.
Largest movements
- Tangible fixed assets -€32,482
down €32,482 (-8.2%), from €397,670 to €365,188
of which Land and buildings: -€24,599
- Receivables within one year -€9,917
down €9,917 (-51.8%), from €19,132 to €9,216
of which Trade receivables: -€9,983
- Cash -€6,637
down €6,637 (-36.6%), from €18,156 to €11,519
mainly Debts after one year (-€41,412) and Other debts (-€13,990)
- Debts after one year -€41,412
down €41,412 (-46.4%), from €89,263 to €47,851
of which Financial debts: -€41,412
- Other debts -€13,990
down €13,990 (-88.0%), from €15,889 to €1,900
- Reserves +€13,765
up €13,765 (+5.3%), from €257,551 to €271,316
- Tax, wage and social debts -€6,846
down €6,846 (-49.3%), from €13,885 to €7,040
- Gross operating margin -€82,561
down €82,561 (-56.7%), from €145,610 to €63,049
- Taxes -€24,540
down €24,540 (-74.5%), from €32,938 to €8,398
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 | €437,588 | €388,389 | -€49,198 | -11.2% |
| Fixed assets | 21/28 | €397,670 | €365,188 | -€32,482 | -8.2% |
| Tangible fixed assets | 22/27 | €397,670 | €365,188 | -€32,482 | -8.2% |
| Land and buildings | 22 | €367,851 | €343,251 | -€24,599 | -6.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €29,819 | €21,936 | -€7,883 | -26.4% |
| Current assets | 29/58 | €39,918 | €23,202 | -€16,716 | -41.9% |
| Amounts receivable within one year | 40/41 | €19,132 | €9,216 | -€9,917 | -51.8% |
| Trade receivables | 40 | €18,150 | €8,168 | -€9,983 | -55.0% |
| Other amounts receivable | 41 | €982 | €1,048 | +€66 | +6.7% |
| Cash at bank and in hand | 54/58 | €18,156 | €11,519 | -€6,637 | -36.6% |
| Deferred charges and accrued income | 490/1 | €2,629 | €2,467 | -€162 | -6.2% |
| Total equity and liabilities | 10/49 | €437,588 | €388,389 | -€49,198 | -11.2% |
| Equity | 10/15 | €276,151 | €289,916 | +€13,765 | +5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €257,551 | €271,316 | +€13,765 | +5.3% |
| Distributable reserves | 133 | €257,551 | €271,316 | +€13,765 | +5.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €161,436 | €98,473 | -€62,963 | -39.0% |
| Amounts payable after more than one year | 17 | €89,263 | €47,851 | -€41,412 | -46.4% |
| Financial debts | 170/4 | €89,263 | €47,851 | -€41,412 | -46.4% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €72,173 | €50,622 | -€21,551 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €42,213 | €41,412 | -€801 | -1.9% |
| Trade debts | 44 | €185 | €270 | +€85 | +46.1% |
| Suppliers | 440/4 | €185 | €270 | +€85 | +46.1% |
| Taxes, remuneration and social security | 45 | €13,885 | €7,040 | -€6,846 | -49.3% |
| Taxes | 450/3 | €13,885 | €7,040 | -€6,846 | -49.3% |
| Other amounts payable | 47/48 | €15,889 | €1,900 | -€13,990 | -88.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,482 | €32,482 | +€0 | 0.0% |
| Other operating charges | 640/8 | €4,191 | €4,502 | +€311 | +7.4% |
| Gross operating margin | 9900 | €145,610 | €63,049 | -€82,561 | -56.7% |
| Operating profit (loss) | 9901 | €108,936 | €26,064 | -€82,872 | -76.1% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €2,900 | €2,241 | -€660 | -22.7% |
| Recurring financial charges | 65 | €2,900 | €2,241 | -€660 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €106,036 | €23,829 | -€82,207 | -77.5% |
| Income taxes | 67/77 | €32,938 | €8,398 | -€24,540 | -74.5% |
| Profit (loss) for the period | 9904 | €73,098 | €15,431 | -€57,667 | -78.9% |
| Profit (loss) for the period to be appropriated | 9905 | €73,098 | €15,431 | -€57,667 | -78.9% |
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 11 October 2026 via checked.be.