S&D Management: 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 Management
Largest movements
- Current investments +€170,000
up €170,000 (+30.6%), from €555,000 to €725,000
- Tangible fixed assets -€31,503
down €31,503 (-10.6%), from €297,493 to €265,991
of which Land and buildings: -€21,845
- Receivables within one year +€19,235
up €19,235 (+72.9%), from €26,395 to €45,630
of which Other amounts receivable: +€18,209
- Reserves +€165,084
up €165,084 (+18.6%), from €888,634 to €1.1m
of which Non-distributable reserves: +€165,084
- Current portion of long-term debt -€12,125
down €12,125 (-48.5%), from €24,981 to €12,856
- Debts after one year -€11,867
down €11,867 (-24.7%), from €48,118 to €36,252
of which Financial debts: -€11,867
- Gross operating margin -€12,431
down €12,431 (-4.4%), from €284,232 to €271,801
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 | €1,031,438 | €1,177,484 | +€146,046 | +14.2% |
| Fixed assets | 21/28 | €297,493 | €265,991 | -€31,503 | -10.6% |
| Tangible fixed assets | 22/27 | €297,493 | €265,991 | -€31,503 | -10.6% |
| Land and buildings | 22 | €255,173 | €233,329 | -€21,845 | -8.6% |
| Plant, machinery and equipment | 23 | €7,178 | €5,243 | -€1,934 | -26.9% |
| Furniture and vehicles | 24 | €35,142 | €27,419 | -€7,724 | -22.0% |
| Current assets | 29/58 | €733,945 | €911,493 | +€177,548 | +24.2% |
| Stocks and contracts in progress | 3 | €417 | €452 | +€35 | +8.4% |
| Stocks | 30/36 | €417 | €452 | +€35 | +8.4% |
| Amounts receivable within one year | 40/41 | €26,395 | €45,630 | +€19,235 | +72.9% |
| Trade receivables | 40 | €26,395 | €27,421 | +€1,026 | +3.9% |
| Other amounts receivable | 41 | - | €18,209 | +€18,209 | |
| Current investments | 50/53 | €555,000 | €725,000 | +€170,000 | +30.6% |
| Cash at bank and in hand | 54/58 | €88,272 | €77,434 | -€10,838 | -12.3% |
| Deferred charges and accrued income | 490/1 | €63,861 | €62,977 | -€884 | -1.4% |
| Total equity and liabilities | 10/49 | €1,031,438 | €1,177,484 | +€146,046 | +14.2% |
| Equity | 10/15 | €907,234 | €1,072,318 | +€165,084 | +18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €888,634 | €1,053,718 | +€165,084 | +18.6% |
| Non-distributable reserves | 130/1 | €857,177 | €1,022,262 | +€165,084 | +19.3% |
| Other | 1319 | €857,177 | €1,022,262 | +€165,084 | +19.3% |
| Tax-exempt reserves | 132 | €132 | €132 | = | 0.0% |
| Distributable reserves | 133 | €31,324 | €31,324 | = | 0.0% |
| Amounts payable | 17/49 | €124,204 | €105,165 | -€19,039 | -15.3% |
| Amounts payable after more than one year | 17 | €48,118 | €36,252 | -€11,867 | -24.7% |
| Financial debts | 170/4 | €41,533 | €29,667 | -€11,867 | -28.6% |
| Other amounts payable | 178/9 | €6,585 | €6,585 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,995 | €65,662 | -€5,334 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €24,981 | €12,856 | -€12,125 | -48.5% |
| Trade debts | 44 | €8,136 | €17,527 | +€9,391 | +115% |
| Suppliers | 440/4 | €8,136 | €17,527 | +€9,391 | +115% |
| Advances received on contracts in progress | 46 | €3,472 | €3,071 | -€401 | -11.5% |
| Taxes, remuneration and social security | 45 | €30,830 | €32,208 | +€1,378 | +4.5% |
| Taxes | 450/3 | €30,830 | €32,208 | +€1,378 | +4.5% |
| Other amounts payable | 47/48 | €3,577 | - | -€3,577 | |
| Accrued charges and deferred income | 492/3 | €5,090 | €3,252 | -€1,838 | -36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,943 | €40,024 | +€81 | +0.2% |
| Other operating charges | 640/8 | €6,799 | €4,953 | -€1,847 | -27.2% |
| Non-recurring operating charges | 66A | €63 | €63 | +€0 | +0.6% |
| Gross operating margin | 9900 | €284,232 | €271,801 | -€12,431 | -4.4% |
| Operating profit (loss) | 9901 | €237,427 | €226,761 | -€10,666 | -4.5% |
| Financial income | 75/76B | €15,860 | €14,724 | -€1,136 | -7.2% |
| Recurring financial income | 75 | €15,860 | €14,724 | -€1,136 | -7.2% |
| Financial charges | 65/66B | €2,951 | €1,739 | -€1,212 | -41.1% |
| Recurring financial charges | 65 | €2,951 | €1,739 | -€1,212 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €250,336 | €239,746 | -€10,590 | -4.2% |
| Income taxes | 67/77 | €77,384 | €74,662 | -€2,723 | -3.5% |
| Profit (loss) for the period | 9904 | €172,951 | €165,084 | -€7,867 | -4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €172,951 | €165,084 | -€7,867 | -4.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.