S.D. & N.: 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. & N.
Largest movements
- Tangible fixed assets +€13,974
up €13,974 (+136.2%), from €10,260 to €24,234
of which Furniture and vehicles: +€13,974
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€3,003
down €3,003 (-46.6%), from €6,439 to €3,436
- Taxes +€786
new in 2025: €786
- Other operating charges +€422
up €422, from €0 to €422
- Depreciation +€410
up €410 (+4.1%), from €9,901 to €10,311
- Financial charges -€98
down €98 (-100.0%), from €98 to €0
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 | €830,451 | €829,930 | -€521 | -0.1% |
| Fixed assets | 21/28 | €10,260 | €24,234 | +€13,974 | +136.2% |
| Tangible fixed assets | 22/27 | €10,260 | €24,234 | +€13,974 | +136.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €10,260 | €24,234 | +€13,974 | +136.2% |
| Current assets | 29/58 | €820,191 | €805,696 | -€14,494 | -1.8% |
| Amounts receivable after more than one year | 29 | €780,000 | €780,000 | = | 0.0% |
| Trade receivables | 290 | €780,000 | €780,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,271 | €0 | -€7,271 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €7,271 | €0 | -€7,271 | -100.0% |
| Cash at bank and in hand | 54/58 | €420 | €0 | -€420 | -100.0% |
| Deferred charges and accrued income | 490/1 | €32,500 | €25,696 | -€6,804 | -20.9% |
| Total equity and liabilities | 10/49 | €830,451 | €829,930 | -€521 | -0.1% |
| Equity | 10/15 | €738,106 | €736,523 | -€1,583 | -0.2% |
| Contributions | 10/11 | €1,046,838 | €1,046,838 | = | 0.0% |
| Capital | 10 | €1,046,838 | €1,046,838 | = | 0.0% |
| Issued capital | 100 | €1,046,838 | €1,046,838 | = | 0.0% |
| Reserves | 13 | €338,748 | €338,748 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,958 | €4,958 | = | 0.0% |
| Legal reserve | 130 | €4,958 | €4,958 | = | 0.0% |
| Tax-exempt reserves | 132 | €277,035 | €277,035 | = | 0.0% |
| Distributable reserves | 133 | €56,755 | €56,755 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€647,480 | -€649,063 | -€1,583 | -0.2% |
| Provisions and deferred taxes | 16 | €92,345 | €92,345 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €92,345 | €92,345 | = | 0.0% |
| Taxes | 161 | €92,345 | €92,345 | = | 0.0% |
| Amounts payable | 17/49 | - | €1,062 | +€1,062 | |
| Amounts payable within one year | 42/48 | - | €1,062 | +€1,062 | |
| Other amounts payable | 47/48 | - | €1,062 | +€1,062 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,901 | €10,311 | +€410 | +4.1% |
| Other operating charges | 640/8 | €0 | €422 | +€422 | |
| Gross operating margin | 9900 | €6,439 | €3,436 | -€3,003 | -46.6% |
| Operating profit (loss) | 9901 | -€3,462 | -€7,297 | -€3,835 | -110.8% |
| Financial income | 75/76B | €6,500 | €6,500 | = | 0.0% |
| Recurring financial income | 75 | €6,500 | €6,500 | = | 0.0% |
| Financial charges | 65/66B | €98 | €0 | -€98 | -100.0% |
| Recurring financial charges | 65 | €98 | €0 | -€98 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €2,939 | -€797 | -€3,736 | |
| Income taxes | 67/77 | - | €786 | +€786 | |
| Profit (loss) for the period | 9904 | €2,939 | -€1,583 | -€4,523 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,939 | -€1,583 | -€4,523 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.