S D P: 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 P
Largest movements
- Cash -€40,245
down €40,245 (-80.9%), from €49,734 to €9,489
mainly Other debts (-€44,232) and Investment in fixed assets (net) (-€23,424)
- Tangible fixed assets -€28,162
down €28,162 (-17.6%), from €160,019 to €131,857
- Stocks and contracts +€8,741
up €8,741 (+34.8%), from €25,117 to €33,858
- Other debts -€44,232
down €44,232 (-42.3%), from €104,488 to €60,256
- Profit (loss) carried forward -€20,146
down €20,146, from €6,601 to -€13,545
- Trade debts +€13,649
new in 2025: €13,649
- Tax, wage and social debts -€7,508
down €7,508 (-22.1%), from €33,939 to €26,431
- Current portion of long-term debt +€2,744
up €2,744 (+27.2%), from €10,074 to €12,818
- Gross operating margin -€23,123
down €23,123 (-35.3%), from €65,516 to €42,392
- Taxes -€5,111
down €5,111 (-95.0%), from €5,379 to €268
- Other operating charges +€3,090
up €3,090 (+145%), from €2,131 to €5,221
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 | €267,459 | €210,671 | -€56,788 | -21.2% |
| Fixed assets | 21/28 | €160,019 | €132,816 | -€27,203 | -17.0% |
| Intangible fixed assets | 21 | - | €959 | +€959 | |
| Tangible fixed assets | 22/27 | €160,019 | €131,857 | -€28,162 | -17.6% |
| Plant, machinery and equipment | 23 | €23,129 | €9,826 | -€13,303 | -57.5% |
| Furniture and vehicles | 24 | €11,719 | €9,075 | -€2,644 | -22.6% |
| Other tangible fixed assets | 26 | €125,171 | €112,956 | -€12,215 | -9.8% |
| Current assets | 29/58 | €107,440 | €77,855 | -€29,585 | -27.5% |
| Stocks and contracts in progress | 3 | €25,117 | €33,858 | +€8,741 | +34.8% |
| Stocks | 30/36 | €25,117 | €33,858 | +€8,741 | +34.8% |
| Amounts receivable within one year | 40/41 | €30,388 | €32,894 | +€2,506 | +8.2% |
| Trade receivables | 40 | €27,901 | €30,407 | +€2,506 | +9.0% |
| Other amounts receivable | 41 | €2,487 | €2,487 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €49,734 | €9,489 | -€40,245 | -80.9% |
| Deferred charges and accrued income | 490/1 | €2,201 | €1,614 | -€587 | -26.6% |
| Total equity and liabilities | 10/49 | €267,459 | €210,671 | -€56,788 | -21.2% |
| Equity | 10/15 | €13,980 | -€6,166 | -€20,146 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,179 | €1,179 | = | 0.0% |
| Distributable reserves | 133 | €1,179 | €1,179 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,601 | -€13,545 | -€20,146 | |
| Amounts payable | 17/49 | €253,479 | €216,837 | -€36,642 | -14.5% |
| Amounts payable after more than one year | 17 | €104,978 | €103,683 | -€1,295 | -1.2% |
| Financial debts | 170/4 | €104,978 | €103,683 | -€1,295 | -1.2% |
| Amounts payable within one year | 42/48 | €148,501 | €113,154 | -€35,347 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €10,074 | €12,818 | +€2,744 | +27.2% |
| Trade debts | 44 | - | €13,649 | +€13,649 | |
| Suppliers | 440/4 | - | €13,649 | +€13,649 | |
| Taxes, remuneration and social security | 45 | €33,939 | €26,431 | -€7,508 | -22.1% |
| Taxes | 450/3 | €33,939 | €26,431 | -€7,508 | -22.1% |
| Other amounts payable | 47/48 | €104,488 | €60,256 | -€44,232 | -42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,803 | €50,626 | -€177 | -0.3% |
| Other operating charges | 640/8 | €2,131 | €5,221 | +€3,090 | +145% |
| Gross operating margin | 9900 | €65,516 | €42,392 | -€23,123 | -35.3% |
| Operating profit (loss) | 9901 | €12,582 | -€13,455 | -€26,037 | |
| Financial income | 75/76B | €1 | €5 | +€3 | +211% |
| Recurring financial income | 75 | €1 | €5 | +€3 | +211% |
| Financial charges | 65/66B | €6,025 | €6,427 | +€402 | +6.7% |
| Recurring financial charges | 65 | €6,025 | €6,427 | +€402 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €6,558 | -€19,878 | -€26,436 | |
| Income taxes | 67/77 | €5,379 | €268 | -€5,111 | -95.0% |
| Profit (loss) for the period | 9904 | €1,179 | -€20,146 | -€21,325 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,179 | -€20,146 | -€21,325 |
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 17 October 2026 via checked.be.