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
- Receivables within one year +€3.4m
up €3.4m (+5585.9%), from €61,661 to €3.5m
of which Other amounts receivable: +€3.4m
- Financial fixed assets -€2.7m
down €2.7m (-73.8%), from €3.6m to €951,497
- Cash +€981,667
up €981,667 (+1386.4%), from €70,807 to €1.1m
mainly Other debts (+€3.4m) and Investment in fixed assets (net) (+€2.6m)
- Other debts +€3.4m
new in 2025: €3.4m
- Profit (loss) carried forward -€1.8m
down €1.8m (-56.9%), from €3.1m to €1.3m
- Debts after one year +€69,497
up €69,497 (+9.2%), from €756,080 to €825,577
of which Financial debts: +€68,797
- Gross operating margin +€1.6m
up €1.6m (+1051.6%), from €150,471 to €1.7m
- Financial income +€775,469
up €775,469 (+505.2%), from €153,494 to €928,963
of which Non-recurring financial income: +€925,139
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 | €4,350,976 | €6,078,133 | +€1.7m | +39.7% |
| Fixed assets | 21/28 | €4,213,099 | €1,519,521 | -€2.7m | -63.9% |
| Tangible fixed assets | 22/27 | €574,847 | €568,023 | -€6,824 | -1.2% |
| Land and buildings | 22 | €572,919 | €566,524 | -€6,395 | -1.1% |
| Plant, machinery and equipment | 23 | €1,928 | €1,499 | -€428 | -22.2% |
| Financial fixed assets | 28 | €3,638,252 | €951,497 | -€2.7m | -73.8% |
| Current assets | 29/58 | €137,878 | €4,558,612 | +€4.4m | +3206.3% |
| Amounts receivable within one year | 40/41 | €61,661 | €3,506,014 | +€3.4m | +5585.9% |
| Trade receivables | 40 | €9,203 | €41,201 | +€31,998 | +347.7% |
| Other amounts receivable | 41 | €52,458 | €3,464,813 | +€3.4m | +6504.9% |
| Cash at bank and in hand | 54/58 | €70,807 | €1,052,475 | +€981,667 | +1386.4% |
| Deferred charges and accrued income | 490/1 | €5,409 | €123 | -€5,286 | -97.7% |
| Total equity and liabilities | 10/49 | €4,350,976 | €6,078,133 | +€1.7m | +39.7% |
| Equity | 10/15 | €3,386,268 | €1,602,371 | -€1.8m | -52.7% |
| Contributions | 10/11 | €50,535 | €50,535 | = | 0.0% |
| Reserves | 13 | €181,931 | €173,676 | -€8,256 | -4.5% |
| Non-distributable reserves | 130/1 | €5,699 | €5,699 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,699 | €5,699 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,733 | €118,477 | -€8,256 | -6.5% |
| Distributable reserves | 133 | €49,500 | €49,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,115,379 | €1,343,232 | -€1.8m | -56.9% |
| Investment grants | 15 | €38,422 | €34,928 | -€3,494 | -9.1% |
| Provisions and deferred taxes | 16 | €55,974 | €51,723 | -€4,251 | -7.6% |
| Deferred taxes | 168 | €55,974 | €51,723 | -€4,251 | -7.6% |
| Amounts payable | 17/49 | €908,735 | €4,424,039 | +€3.5m | +386.8% |
| Amounts payable after more than one year | 17 | €756,080 | €825,577 | +€69,497 | +9.2% |
| Financial debts | 170/4 | €753,480 | €822,277 | +€68,797 | +9.1% |
| Other amounts payable | 178/9 | €2,600 | €3,300 | +€700 | +26.9% |
| Amounts payable within one year | 42/48 | €152,655 | €3,593,337 | +€3.4m | +2253.9% |
| Current portion of amounts payable after more than one year | 42 | €140,635 | €150,748 | +€10,112 | +7.2% |
| Trade debts | 44 | €9,203 | €11,662 | +€2,459 | +26.7% |
| Suppliers | 440/4 | €9,203 | €11,662 | +€2,459 | +26.7% |
| Taxes, remuneration and social security | 45 | €2,817 | - | -€2,817 | |
| Taxes | 450/3 | €2,817 | - | -€2,817 | |
| Other amounts payable | 47/48 | - | €3,430,927 | +€3.4m | |
| Accrued charges and deferred income | 492/3 | - | €5,125 | +€5,125 | |
| Non-recurring operating income | 76A | - | €1,946,384 | +€1.9m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,431 | €46,882 | +€6,451 | +16.0% |
| Other operating charges | 640/8 | €25,386 | €28,868 | +€3,482 | +13.7% |
| Non-recurring operating charges | 66A | - | €925,140 | +€925,140 | |
| Gross operating margin | 9900 | €150,471 | €1,732,825 | +€1.6m | +1051.6% |
| Operating profit (loss) | 9901 | €84,654 | €731,935 | +€647,281 | +764.6% |
| Financial income | 75/76B | €153,494 | €928,963 | +€775,469 | +505.2% |
| Recurring financial income | 75 | €153,494 | €3,824 | -€149,670 | -97.5% |
| Non-recurring financial income | 76B | - | €925,139 | +€925,139 | |
| Financial charges | 65/66B | €16,509 | €11,626 | -€4,883 | -29.6% |
| Recurring financial charges | 65 | €16,509 | €11,626 | -€4,883 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €221,639 | €1,649,272 | +€1.4m | +644.1% |
| Transfer from deferred taxes | 780 | €4,251 | €4,251 | = | 0.0% |
| Income taxes | 67/77 | €20,198 | €16,926 | -€3,272 | -16.2% |
| Profit (loss) for the period | 9904 | €205,692 | €1,636,597 | +€1.4m | +695.7% |
| Transfer from tax-exempt reserves | 789 | €8,256 | €8,256 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €213,948 | €1,644,853 | +€1.4m | +668.8% |
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 11 October 2026 via checked.be.