S & D PARTNERS: 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 PARTNERS
Largest movements
- Receivables within one year -€25,568
down €25,568 (-29.2%), from €87,548 to €61,980
- Tangible fixed assets +€16,119
up €16,119 (+160%), from €10,051 to €26,170
of which Furniture and vehicles: +€18,463
- Cash -€13,747
down €13,747 (-53.7%), from €25,601 to €11,853
mainly Investment in fixed assets (net) (-€19,727) and Tax, wage and social debts (-€14,962)
- Stocks and contracts -€2,350
down €2,350 (-19.0%), from €12,340 to €9,990
- Tax, wage and social debts -€14,962
down €14,962 (-98.8%), from €15,137 to €175
of which Remuneration and social security: -€10,112
- Trade debts -€5,259
down €5,259 (-43.4%), from €12,127 to €6,868
- Advances received -€3,336
down €3,336 (-62.6%), from €5,325 to €1,990
- Gross operating margin +€24,041
up €24,041 (+21.8%), from €110,295 to €134,336
- Staff costs +€9,537
up €9,537 (+7.7%), from €123,194 to €132,731
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 | €142,290 | €117,855 | -€24,435 | -17.2% |
| Fixed assets | 21/28 | €16,801 | €32,920 | +€16,119 | +95.9% |
| Tangible fixed assets | 22/27 | €10,051 | €26,170 | +€16,119 | +160% |
| Plant, machinery and equipment | 23 | €8,392 | €6,047 | -€2,344 | -27.9% |
| Furniture and vehicles | 24 | €1,659 | €20,122 | +€18,463 | +1,113% |
| Financial fixed assets | 28 | €6,750 | €6,750 | = | 0.0% |
| Current assets | 29/58 | €125,489 | €84,935 | -€40,554 | -32.3% |
| Stocks and contracts in progress | 3 | €12,340 | €9,990 | -€2,350 | -19.0% |
| Stocks | 30/36 | €12,340 | €9,990 | -€2,350 | -19.0% |
| Amounts receivable within one year | 40/41 | €87,548 | €61,980 | -€25,568 | -29.2% |
| Other amounts receivable | 41 | €87,548 | €61,980 | -€25,568 | -29.2% |
| Cash at bank and in hand | 54/58 | €25,601 | €11,853 | -€13,747 | -53.7% |
| Deferred charges and accrued income | 490/1 | - | €1,112 | +€1,112 | |
| Total equity and liabilities | 10/49 | €142,290 | €117,855 | -€24,435 | -17.2% |
| Equity | 10/15 | €108,177 | €107,123 | -€1,054 | -1.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €95,777 | €94,723 | -€1,054 | -1.1% |
| Distributable reserves | 133 | €95,777 | €94,723 | -€1,054 | -1.1% |
| Amounts payable | 17/49 | €34,113 | €10,732 | -€23,381 | -68.5% |
| Amounts payable within one year | 42/48 | €34,113 | €10,732 | -€23,381 | -68.5% |
| Current portion of amounts payable after more than one year | 42 | €1,524 | €1,700 | +€176 | +11.5% |
| Trade debts | 44 | €12,127 | €6,868 | -€5,259 | -43.4% |
| Suppliers | 440/4 | €12,127 | €6,868 | -€5,259 | -43.4% |
| Advances received on contracts in progress | 46 | €5,325 | €1,990 | -€3,336 | -62.6% |
| Taxes, remuneration and social security | 45 | €15,137 | €175 | -€14,962 | -98.8% |
| Taxes | 450/3 | €5,018 | €168 | -€4,850 | -96.6% |
| Remuneration and social security | 454/9 | €10,119 | €7 | -€10,112 | -99.9% |
| Remuneration, social security and pensions | 62 | €123,194 | €132,731 | +€9,537 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,793 | €3,609 | -€1,185 | -24.7% |
| Other operating charges | 640/8 | €2,996 | €3,658 | +€662 | +22.1% |
| Gross operating margin | 9900 | €110,295 | €134,336 | +€24,041 | +21.8% |
| Operating profit (loss) | 9901 | -€20,688 | -€5,661 | +€15,028 | +72.6% |
| Financial income | 75/76B | €5,506 | €4,776 | -€730 | -13.3% |
| Recurring financial income | 75 | €5,506 | €4,069 | -€1,437 | -26.1% |
| Non-recurring financial income | 76B | - | €707 | +€707 | |
| Financial charges | 65/66B | €88 | €169 | +€81 | +91.6% |
| Recurring financial charges | 65 | €88 | €169 | +€81 | +91.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,271 | -€1,054 | +€14,217 | +93.1% |
| Profit (loss) for the period | 9904 | -€15,271 | -€1,054 | +€14,217 | +93.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,271 | -€1,054 | +€14,217 | +93.1% |
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 23 October 2026 via checked.be.