S.D.M.: 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.M.
Largest movements
- Cash -€123,141
down €123,141 (-57.7%), from €213,547 to €90,406
mainly Investment in fixed assets (net) (-€127,302) and Contributions, distributions and other (-€85,902)
- Tangible fixed assets +€83,216
up €83,216 (+17.8%), from €467,161 to €550,377
of which Furniture and vehicles: +€97,725
- Receivables within one year +€44,421
up €44,421 (+59.9%), from €74,132 to €118,553
of which Trade receivables: +€25,696
- Stocks and contracts +€42,500
up €42,500 (+29.2%), from €145,410 to €187,910
- Deferred charges and accrued income +€12,866
up €12,866 (+485%), from €2,653 to €15,519
- Reserves -€72,372
down €72,372 (-48.1%), from €150,370 to €77,998
of which Distributable reserves: -€72,372
- Other debts +€60,856
up €60,856 (+310%), from €19,621 to €80,477
- Debts after one year +€58,241
up €58,241 (+9.6%), from €604,104 to €662,344
- Tax, wage and social debts +€46,961
up €46,961 (+75.5%), from €62,189 to €109,150
of which Taxes: +€48,076
- Current portion of long-term debt -€31,035
down €31,035 (-40.6%), from €76,501 to €45,467
- Staff costs +€136,312
up €136,312 (+59.5%), from €228,970 to €365,282
- Gross operating margin +€120,719
up €120,719 (+32.8%), from €368,052 to €488,771
- Taxes -€9,089
down €9,089 (-48.6%), from €18,714 to €9,626
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 | €1,029,963 | €1,089,825 | +€59,863 | +5.8% |
| Fixed assets | 21/28 | €594,221 | €677,437 | +€83,216 | +14.0% |
| Tangible fixed assets | 22/27 | €467,161 | €550,377 | +€83,216 | +17.8% |
| Land and buildings | 22 | €439,337 | €438,191 | -€1,146 | -0.3% |
| Plant, machinery and equipment | 23 | €22,988 | €9,626 | -€13,362 | -58.1% |
| Furniture and vehicles | 24 | €4,836 | €102,561 | +€97,725 | +2,021% |
| Financial fixed assets | 28 | €127,060 | €127,060 | = | 0.0% |
| Current assets | 29/58 | €435,742 | €412,388 | -€23,354 | -5.4% |
| Stocks and contracts in progress | 3 | €145,410 | €187,910 | +€42,500 | +29.2% |
| Stocks | 30/36 | €145,410 | €187,910 | +€42,500 | +29.2% |
| Amounts receivable within one year | 40/41 | €74,132 | €118,553 | +€44,421 | +59.9% |
| Trade receivables | 40 | €5,875 | €31,571 | +€25,696 | +437% |
| Other amounts receivable | 41 | €68,257 | €86,982 | +€18,725 | +27.4% |
| Cash at bank and in hand | 54/58 | €213,547 | €90,406 | -€123,141 | -57.7% |
| Deferred charges and accrued income | 490/1 | €2,653 | €15,519 | +€12,866 | +485% |
| Total equity and liabilities | 10/49 | €1,029,963 | €1,089,825 | +€59,863 | +5.8% |
| Equity | 10/15 | €144,859 | €96,598 | -€48,261 | -33.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €150,370 | €77,998 | -€72,372 | -48.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €148,510 | €76,138 | -€72,372 | -48.7% |
| Profit (loss) carried forward | 14 | -€24,111 | - | +€24,111 | |
| Amounts payable | 17/49 | €885,103 | €993,227 | +€108,124 | +12.2% |
| Amounts payable after more than one year | 17 | €604,104 | €662,344 | +€58,241 | +9.6% |
| Financial debts | 170/4 | €604,104 | €662,344 | +€58,241 | +9.6% |
| Amounts payable within one year | 42/48 | €276,857 | €326,414 | +€49,557 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €76,501 | €45,467 | -€31,035 | -40.6% |
| Trade debts | 44 | €118,545 | €91,320 | -€27,225 | -23.0% |
| Suppliers | 440/4 | €118,545 | €91,320 | -€27,225 | -23.0% |
| Taxes, remuneration and social security | 45 | €62,189 | €109,150 | +€46,961 | +75.5% |
| Taxes | 450/3 | €53,869 | €101,946 | +€48,076 | +89.2% |
| Remuneration and social security | 454/9 | €8,320 | €7,205 | -€1,115 | -13.4% |
| Other amounts payable | 47/48 | €19,621 | €80,477 | +€60,856 | +310% |
| Accrued charges and deferred income | 492/3 | €4,143 | €4,469 | +€326 | +7.9% |
| Remuneration, social security and pensions | 62 | €228,970 | €365,282 | +€136,312 | +59.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,151 | €44,086 | -€2,065 | -4.5% |
| Other operating charges | 640/8 | €4,579 | €4,282 | -€297 | -6.5% |
| Non-recurring operating charges | 66A | €500 | - | -€500 | |
| Gross operating margin | 9900 | €368,052 | €488,771 | +€120,719 | +32.8% |
| Operating profit (loss) | 9901 | €87,853 | €75,121 | -€12,731 | -14.5% |
| Financial income | 75/76B | €1,104 | €4,251 | +€3,147 | +285% |
| Recurring financial income | 75 | €1,104 | €4,251 | +€3,147 | +285% |
| Financial charges | 65/66B | €33,242 | €32,106 | -€1,136 | -3.4% |
| Recurring financial charges | 65 | €33,242 | €32,106 | -€1,136 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €55,715 | €47,266 | -€8,449 | -15.2% |
| Income taxes | 67/77 | €18,714 | €9,626 | -€9,089 | -48.6% |
| Profit (loss) for the period | 9904 | €37,001 | €37,641 | +€640 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €37,001 | €37,641 | +€640 | +1.7% |
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 15 October 2026 via checked.be.