S.D. MEAT: what changed
Two fiscal 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. MEAT
Largest movements
- Cash +€202,367
up €202,367 (+107.0%), from €189,062 to €391,429
mainly Trade debts (+€494,245) and Net result for the year (+€297,508)
- Receivables within one year -€164,331
down €164,331 (-7.2%), from €2.3m to €2.1m
of which Trade receivables: -€142,605
- Reserves -€552,492
down €552,492 (-64.3%), from €859,589 to €307,097
- Trade debts +€494,245
up €494,245 (+36.3%), from €1.4m to €1.9m
- Tax, wage and social debts +€96,908
up €96,908 (+40.0%), from €242,437 to €339,345
of which Taxes: +€84,492
- Staff costs +€106,204
up €106,204 (+25.9%), from €409,911 to €516,115
- Gross operating margin +€31,486
up €31,486 (+3.5%), from €899,545 to €931,031
- Taxes -€14,878
down €14,878 (-11.7%), from €127,329 to €112,450
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 | €2,484,691 | €2,526,353 | +€41,661 | +1.7% |
| Fixed assets | 21/28 | €7,251 | €10,229 | +€2,978 | +41.1% |
| Intangible fixed assets | 21 | €413 | €313 | -€100 | -24.2% |
| Tangible fixed assets | 22/27 | €6,837 | €3,915 | -€2,922 | -42.7% |
| Plant, machinery and equipment | 23 | €271 | €82 | -€189 | -69.9% |
| Furniture and vehicles | 24 | €4,051 | €2,497 | -€1,554 | -38.4% |
| Other tangible fixed assets | 26 | €2,516 | €1,337 | -€1,178 | -46.8% |
| Financial fixed assets | 28 | - | €6,000 | +€6,000 | |
| Current assets | 29/58 | €2,477,441 | €2,516,124 | +€38,684 | +1.6% |
| Amounts receivable within one year | 40/41 | €2,271,316 | €2,106,985 | -€164,331 | -7.2% |
| Trade receivables | 40 | €2,165,298 | €2,022,694 | -€142,605 | -6.6% |
| Other amounts receivable | 41 | €106,018 | €84,292 | -€21,727 | -20.5% |
| Cash at bank and in hand | 54/58 | €189,062 | €391,429 | +€202,367 | +107.0% |
| Deferred charges and accrued income | 490/1 | €17,063 | €17,710 | +€647 | +3.8% |
| Total equity and liabilities | 10/49 | €2,484,691 | €2,526,353 | +€41,661 | +1.7% |
| Equity | 10/15 | €879,589 | €327,097 | -€552,492 | -62.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €859,589 | €307,097 | -€552,492 | -64.3% |
| Distributable reserves | 133 | €859,589 | €307,097 | -€552,492 | -64.3% |
| Amounts payable | 17/49 | €1,605,102 | €2,199,256 | +€594,153 | +37.0% |
| Amounts payable within one year | 42/48 | €1,605,102 | €2,199,256 | +€594,153 | +37.0% |
| Trade debts | 44 | €1,362,665 | €1,856,910 | +€494,245 | +36.3% |
| Suppliers | 440/4 | €1,362,665 | €1,856,910 | +€494,245 | +36.3% |
| Taxes, remuneration and social security | 45 | €242,437 | €339,345 | +€96,908 | +40.0% |
| Taxes | 450/3 | €196,986 | €281,477 | +€84,492 | +42.9% |
| Remuneration and social security | 454/9 | €45,452 | €57,868 | +€12,417 | +27.3% |
| Other amounts payable | 47/48 | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €409,911 | €516,115 | +€106,204 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,814 | €3,876 | +€63 | +1.6% |
| Other operating charges | 640/8 | €1,794 | €736 | -€1,058 | -59.0% |
| Gross operating margin | 9900 | €899,545 | €931,031 | +€31,486 | +3.5% |
| Operating profit (loss) | 9901 | €484,027 | €410,305 | -€73,722 | -15.2% |
| Financial income | 75/76B | €0 | €10 | +€10 | +4676.2% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +4676.2% |
| Financial charges | 65/66B | €341 | €356 | +€15 | +4.4% |
| Recurring financial charges | 65 | €341 | €356 | +€15 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €483,686 | €409,958 | -€73,728 | -15.2% |
| Income taxes | 67/77 | €127,329 | €112,450 | -€14,878 | -11.7% |
| Profit (loss) for the period | 9904 | €356,357 | €297,508 | -€58,849 | -16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €356,357 | €297,508 | -€58,849 | -16.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.