S.D. Renders: 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. Renders
Largest movements
- Stocks and contracts +€79,610
up €79,610, from €0 to €79,610
- Cash -€61,766
down €61,766 (-82.5%), from €74,858 to €13,093
mainly Stocks and contracts (-€79,610) and Debts after one year (-€70,667)
- Receivables within one year +€51,961
up €51,961 (+294%), from €17,656 to €69,617
of which Trade receivables: +€44,884
- Tangible fixed assets -€33,154
down €33,154 (-3.0%), from €1.1m to €1.1m
of which Land and buildings: -€56,704
- Debts after one year -€70,667
down €70,667 (-11.5%), from €612,444 to €541,778
- Trade debts +€41,061
up €41,061 (+569%), from €7,219 to €48,280
- Other debts +€37,032
up €37,032 (+15.6%), from €236,760 to €273,792
- Reserves +€25,387
up €25,387 (+31.3%), from €81,099 to €106,486
- Financial charges +€10,834
up €10,834 (+70.6%), from €15,340 to €26,174
- Gross operating margin +€9,593
up €9,593 (+7.6%), from €125,891 to €135,484
- Depreciation +€2,452
up €2,452 (+3.5%), from €69,372 to €71,824
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 | €1,183,894 | €1,220,396 | +€36,502 | +3.1% |
| Fixed assets | 21/28 | €1,088,449 | €1,055,295 | -€33,154 | -3.0% |
| Tangible fixed assets | 22/27 | €1,088,449 | €1,055,295 | -€33,154 | -3.0% |
| Land and buildings | 22 | €1,041,653 | €984,949 | -€56,704 | -5.4% |
| Plant, machinery and equipment | 23 | €27,648 | €57,198 | +€29,550 | +107% |
| Furniture and vehicles | 24 | €19,148 | €13,148 | -€6,000 | -31.3% |
| Current assets | 29/58 | €95,445 | €165,100 | +€69,656 | +73.0% |
| Stocks and contracts in progress | 3 | €0 | €79,610 | +€79,610 | |
| Stocks | 30/36 | €0 | €79,610 | +€79,610 | |
| Amounts receivable within one year | 40/41 | €17,656 | €69,617 | +€51,961 | +294% |
| Trade receivables | 40 | €15,613 | €60,497 | +€44,884 | +287% |
| Other amounts receivable | 41 | €2,043 | €9,120 | +€7,077 | +346% |
| Cash at bank and in hand | 54/58 | €74,858 | €13,093 | -€61,766 | -82.5% |
| Deferred charges and accrued income | 490/1 | €2,930 | €2,781 | -€149 | -5.1% |
| Total equity and liabilities | 10/49 | €1,183,894 | €1,220,396 | +€36,502 | +3.1% |
| Equity | 10/15 | €256,099 | €281,486 | +€25,387 | +9.9% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €81,099 | €106,486 | +€25,387 | +31.3% |
| Distributable reserves | 133 | €81,099 | €106,486 | +€25,387 | +31.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €927,795 | €938,910 | +€11,115 | +1.2% |
| Amounts payable after more than one year | 17 | €612,444 | €541,778 | -€70,667 | -11.5% |
| Financial debts | 170/4 | €612,444 | €541,778 | -€70,667 | -11.5% |
| Amounts payable within one year | 42/48 | €314,903 | €396,685 | +€81,782 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €70,667 | €70,667 | = | 0.0% |
| Trade debts | 44 | €7,219 | €48,280 | +€41,061 | +569% |
| Suppliers | 440/4 | €7,219 | €48,280 | +€41,061 | +569% |
| Taxes, remuneration and social security | 45 | €257 | €3,946 | +€3,689 | +1,434% |
| Taxes | 450/3 | €257 | €3,946 | +€3,689 | +1,434% |
| Other amounts payable | 47/48 | €236,760 | €273,792 | +€37,032 | +15.6% |
| Accrued charges and deferred income | 492/3 | €447 | €447 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,372 | €71,824 | +€2,452 | +3.5% |
| Other operating charges | 640/8 | €6,803 | €6,219 | -€584 | -8.6% |
| Gross operating margin | 9900 | €125,891 | €135,484 | +€9,593 | +7.6% |
| Operating profit (loss) | 9901 | €49,715 | €57,441 | +€7,726 | +15.5% |
| Financial charges | 65/66B | €15,340 | €26,174 | +€10,834 | +70.6% |
| Recurring financial charges | 65 | €15,340 | €26,174 | +€10,834 | +70.6% |
| Profit (loss) for the period before taxes | 9903 | €34,375 | €31,267 | -€3,109 | -9.0% |
| Income taxes | 67/77 | €6,999 | €5,880 | -€1,119 | -16.0% |
| Profit (loss) for the period | 9904 | €27,377 | €25,387 | -€1,990 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €27,377 | €25,387 | -€1,990 | -7.3% |
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 21 October 2026 via checked.be.