S&D Holding: 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 Holding
Largest movements
- Financial fixed assets +€3.6m
up €3.6m (+105.7%), from €3.4m to €7.0m
- Receivables within one year +€472,831
up €472,831 (+382.6%), from €123,582 to €596,413
of which Trade receivables: +€473,598
- Debts after one year +€2.1m
up €2.1m (+93.6%), from €2.2m to €4.3m
- Other debts +€648,079
up €648,079 (+104.2%), from €622,137 to €1.3m
- Short-term financial debts +€575,000
up €575,000 (+460.0%), from €125,000 to €700,000
of which Credit institutions: +€700,000
- Contributions +€511,544
up €511,544 (+120.6%), from €424,000 to €935,544
- Current portion of long-term debt +€141,632
up €141,632 (+51.7%), from €274,191 to €415,823
- Gross operating margin +€290,265
up €290,265 (+33985.7%), from €854 to €291,119
- Financial charges +€75,279
up €75,279 (+62.0%), from €121,388 to €196,668
- Other operating charges +€4,069
up €4,069 (+648.5%), from €627 to €4,696
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 | €3,529,502 | €7,622,271 | +€4.1m | +116.0% |
| Fixed assets | 21/28 | €3,400,000 | €6,993,188 | +€3.6m | +105.7% |
| Financial fixed assets | 28 | €3,400,000 | €6,993,188 | +€3.6m | +105.7% |
| Current assets | 29/58 | €129,502 | €629,082 | +€499,581 | +385.8% |
| Amounts receivable within one year | 40/41 | €123,582 | €596,413 | +€472,831 | +382.6% |
| Trade receivables | 40 | €122,815 | €596,413 | +€473,598 | +385.6% |
| Other amounts receivable | 41 | €767 | €0 | -€767 | -100.0% |
| Cash at bank and in hand | 54/58 | €5,920 | €32,670 | +€26,750 | +451.9% |
| Total equity and liabilities | 10/49 | €3,529,502 | €7,622,271 | +€4.1m | +116.0% |
| Equity | 10/15 | €108,820 | €710,130 | +€601,310 | +552.6% |
| Contributions | 10/11 | €424,000 | €935,544 | +€511,544 | +120.6% |
| Profit (loss) carried forward | 14 | -€315,180 | -€225,414 | +€89,766 | +28.5% |
| Amounts payable | 17/49 | €3,420,681 | €6,912,141 | +€3.5m | +102.1% |
| Amounts payable after more than one year | 17 | €2,244,150 | €4,343,722 | +€2.1m | +93.6% |
| Financial debts | 170/4 | €2,244,150 | €4,343,722 | +€2.1m | +93.6% |
| Amounts payable within one year | 42/48 | €1,095,040 | €2,411,912 | +€1.3m | +120.3% |
| Current portion of amounts payable after more than one year | 42 | €274,191 | €415,823 | +€141,632 | +51.7% |
| Financial debts | 43 | €125,000 | €700,000 | +€575,000 | +460.0% |
| Credit institutions | 430/8 | - | €700,000 | +€700,000 | |
| Other loans | 439 | €125,000 | €0 | -€125,000 | -100.0% |
| Trade debts | 44 | €73,713 | €22,517 | -€51,196 | -69.5% |
| Suppliers | 440/4 | €73,713 | €22,517 | -€51,196 | -69.5% |
| Taxes, remuneration and social security | 45 | €0 | €3,356 | +€3,356 | |
| Taxes | 450/3 | €0 | €3,356 | +€3,356 | |
| Other amounts payable | 47/48 | €622,137 | €1,270,215 | +€648,079 | +104.2% |
| Accrued charges and deferred income | 492/3 | €81,491 | €156,507 | +€75,016 | +92.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €627 | €4,696 | +€4,069 | +648.5% |
| Gross operating margin | 9900 | €854 | €291,119 | +€290,265 | +33985.7% |
| Operating profit (loss) | 9901 | €227 | €286,423 | +€286,197 | +126278.0% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €121,388 | €196,668 | +€75,279 | +62.0% |
| Recurring financial charges | 65 | €121,388 | €196,668 | +€75,279 | +62.0% |
| Profit (loss) for the period before taxes | 9903 | -€121,162 | €89,766 | +€210,927 | |
| Profit (loss) for the period | 9904 | -€121,162 | €89,766 | +€210,927 | |
| Profit (loss) for the period to be appropriated | 9905 | -€121,162 | €89,766 | +€210,927 |
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 10 October 2026 via checked.be.