S.D.L.: 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.L.
Largest movements
- Tangible fixed assets +€178,671
up €178,671 (+330%), from €54,142 to €232,813
- Cash +€94,644
up €94,644 (+107%), from €88,302 to €182,946
mainly Debts after one year (+€123,713) and Contributions, distributions and other (+€99,999)
- Receivables within one year +€6,297
new in 2025: €6,297
of which Trade receivables: +€6,229
- Debts after one year +€123,713
new in 2025: €123,713
- Contributions +€100,000
up €100,000 (+323%), from €30,987 to €130,987
- Trade debts +€63,250
up €63,250 (+249%), from €25,393 to €88,643
- Other debts -€19,540
no longer reported in 2025 (was €19,540)
- Profit (loss) carried forward +€13,612
up €13,612 (+22.5%), from €60,551 to €74,163
- Turnover -€407,980
no longer reported in 2025 (was €407,980)
- Purchases and services -€249,915
no longer reported in 2025 (was €249,915)
- Depreciation +€23,966
up €23,966 (+1,016%), from €2,360 to €26,326
- Taxes -€13,589
down €13,589 (-61.9%), from €21,956 to €8,367
- Gross operating margin -€13,283
down €13,283 (-8.4%), from €158,183 to €144,900
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 | €183,731 | €466,995 | +€283,264 | +154% |
| Fixed assets | 21/28 | €54,792 | €233,463 | +€178,671 | +326% |
| Tangible fixed assets | 22/27 | €54,142 | €232,813 | +€178,671 | +330% |
| Other tangible fixed assets | 26 | €54,142 | €232,813 | +€178,671 | +330% |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €128,939 | €233,532 | +€104,593 | +81.1% |
| Stocks and contracts in progress | 3 | €39,098 | €41,950 | +€2,852 | +7.3% |
| Stocks | 30/36 | €39,098 | €41,950 | +€2,852 | +7.3% |
| Amounts receivable within one year | 40/41 | - | €6,297 | +€6,297 | |
| Trade receivables | 40 | - | €6,229 | +€6,229 | |
| Other amounts receivable | 41 | - | €68 | +€68 | |
| Cash at bank and in hand | 54/58 | €88,302 | €182,946 | +€94,644 | +107% |
| Deferred charges and accrued income | 490/1 | €1,539 | €2,340 | +€801 | +52.0% |
| Total equity and liabilities | 10/49 | €183,731 | €466,995 | +€283,264 | +154% |
| Equity | 10/15 | €91,538 | €205,150 | +€113,612 | +124% |
| Contributions | 10/11 | €30,987 | €130,987 | +€100,000 | +323% |
| Capital | 10 | €30,987 | €130,987 | +€100,000 | +323% |
| Issued capital | 100 | €30,987 | €130,987 | +€100,000 | +323% |
| Profit (loss) carried forward | 14 | €60,551 | €74,163 | +€13,612 | +22.5% |
| Amounts payable | 17/49 | €92,193 | €261,845 | +€169,652 | +184% |
| Amounts payable after more than one year | 17 | - | €123,713 | +€123,713 | |
| Financial debts | 170/4 | - | €123,713 | +€123,713 | |
| Amounts payable within one year | 42/48 | €92,045 | €138,132 | +€46,087 | +50.1% |
| Current portion of amounts payable after more than one year | 42 | - | €4,362 | +€4,362 | |
| Trade debts | 44 | €25,393 | €88,643 | +€63,250 | +249% |
| Suppliers | 440/4 | €25,393 | €88,643 | +€63,250 | +249% |
| Taxes, remuneration and social security | 45 | €47,112 | €45,127 | -€1,985 | -4.2% |
| Taxes | 450/3 | €34,210 | €33,571 | -€639 | -1.9% |
| Remuneration and social security | 454/9 | €12,902 | €11,556 | -€1,346 | -10.4% |
| Other amounts payable | 47/48 | €19,540 | - | -€19,540 | |
| Accrued charges and deferred income | 492/3 | €148 | - | -€148 | |
| Turnover | 70 | €407,980 | - | -€407,980 | |
| Goods, raw materials, services and sundry goods | 60/61 | €249,915 | - | -€249,915 | |
| Remuneration, social security and pensions | 62 | €60,674 | €73,319 | +€12,645 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,360 | €26,326 | +€23,966 | +1,016% |
| Other operating charges | 640/8 | €1,481 | €2,156 | +€675 | +45.6% |
| Non-recurring operating charges | 66A | €1,072 | €12,607 | +€11,535 | +1,076% |
| Gross operating margin | 9900 | €158,183 | €144,900 | -€13,283 | -8.4% |
| Operating profit (loss) | 9901 | €92,596 | €30,491 | -€62,105 | -67.1% |
| Financial income | 75/76B | €14 | €0 | -€14 | -99.9% |
| Recurring financial income | 75 | €14 | €0 | -€14 | -99.9% |
| Financial charges | 65/66B | €3,374 | €8,512 | +€5,138 | +152% |
| Recurring financial charges | 65 | €3,374 | €8,512 | +€5,138 | +152% |
| Profit (loss) for the period before taxes | 9903 | €89,236 | €21,980 | -€67,256 | -75.4% |
| Income taxes | 67/77 | €21,956 | €8,367 | -€13,589 | -61.9% |
| Profit (loss) for the period | 9904 | €67,280 | €13,613 | -€53,667 | -79.8% |
| Profit (loss) for the period to be appropriated | 9905 | €67,280 | €13,613 | -€53,667 | -79.8% |
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 26 October 2026 via checked.be.