S.D.S.: 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.S.
Largest movements
- Current investments -€500,000
down €500,000 (-100.0%), from €500,000 to €0
- Tangible fixed assets +€325,679
up €325,679 (+50.0%), from €650,812 to €976,492
of which Land and buildings: +€225,334
- Stocks and contracts +€65,136
up €65,136 (+42.4%), from €153,487 to €218,623
- Receivables within one year -€21,626
down €21,626 (-14.4%), from €150,496 to €128,870
of which Trade receivables: -€22,868
- Cash -€19,708
down €19,708 (-29.6%), from €66,536 to €46,828
mainly Investment in fixed assets (net) (-€481,193) and Net result for the year (-€243,295)
- Reserves -€243,295
down €243,295 (-25.1%), from €969,973 to €726,678
of which Distributable reserves: -€306,061
- Other debts +€94,272
up €94,272 (+942.0%), from €10,007 to €104,279
- Trade debts +€56,643
up €56,643 (+437.1%), from €12,958 to €69,602
- Short-term financial debts -€40,000
down €40,000 (-100.0%), from €40,000 to €0
- Tax, wage and social debts -€23,732
down €23,732 (-58.5%), from €40,566 to €16,834
of which Taxes: -€23,732
- Gross operating margin -€958,301
down €958,301, from €906,900 to -€51,401
- Staff costs -€195,823
down €195,823 (-100.0%), from €195,823 to €0
- Taxes -€144,991
down €144,991, from €143,567 to -€1,424
- Depreciation +€50,112
up €50,112 (+47.5%), from €105,401 to €155,513
- Financial charges -€29,934
down €29,934 (-61.8%), from €48,457 to €18,523
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 | €1,543,469 | €1,403,925 | -€139,544 | -9.0% |
| Fixed assets | 21/28 | €653,602 | €979,282 | +€325,679 | +49.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €650,812 | €976,492 | +€325,679 | +50.0% |
| Land and buildings | 22 | €258,712 | €484,046 | +€225,334 | +87.1% |
| Plant, machinery and equipment | 23 | €18,109 | €13,913 | -€4,195 | -23.2% |
| Furniture and vehicles | 24 | €37,068 | €180,905 | +€143,837 | +388.0% |
| Other tangible fixed assets | 26 | €336,924 | €297,628 | -€39,296 | -11.7% |
| Financial fixed assets | 28 | €2,790 | €2,790 | = | 0.0% |
| Current assets | 29/58 | €889,867 | €424,644 | -€465,223 | -52.3% |
| Stocks and contracts in progress | 3 | €153,487 | €218,623 | +€65,136 | +42.4% |
| Stocks | 30/36 | €153,487 | €218,623 | +€65,136 | +42.4% |
| Amounts receivable within one year | 40/41 | €150,496 | €128,870 | -€21,626 | -14.4% |
| Trade receivables | 40 | €103,092 | €80,224 | -€22,868 | -22.2% |
| Other amounts receivable | 41 | €47,404 | €48,646 | +€1,241 | +2.6% |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €66,536 | €46,828 | -€19,708 | -29.6% |
| Deferred charges and accrued income | 490/1 | €19,347 | €30,323 | +€10,976 | +56.7% |
| Total equity and liabilities | 10/49 | €1,543,469 | €1,403,925 | -€139,544 | -9.0% |
| Equity | 10/15 | €988,573 | €745,278 | -€243,295 | -24.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €969,973 | €726,678 | -€243,295 | -25.1% |
| Tax-exempt reserves | 132 | €285,149 | €347,915 | +€62,767 | +22.0% |
| Distributable reserves | 133 | €684,824 | €378,762 | -€306,061 | -44.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €554,897 | €658,647 | +€103,751 | +18.7% |
| Amounts payable after more than one year | 17 | €391,398 | €395,731 | +€4,333 | +1.1% |
| Financial debts | 170/4 | €391,398 | €395,731 | +€4,333 | +1.1% |
| Amounts payable within one year | 42/48 | €163,499 | €252,061 | +€88,562 | +54.2% |
| Current portion of amounts payable after more than one year | 42 | €59,967 | €61,096 | +€1,129 | +1.9% |
| Financial debts | 43 | €40,000 | €0 | -€40,000 | -100.0% |
| Credit institutions | 430/8 | €40,000 | €0 | -€40,000 | -100.0% |
| Trade debts | 44 | €12,958 | €69,602 | +€56,643 | +437.1% |
| Suppliers | 440/4 | €12,958 | €69,602 | +€56,643 | +437.1% |
| Advances received on contracts in progress | 46 | - | €250 | +€250 | |
| Taxes, remuneration and social security | 45 | €40,566 | €16,834 | -€23,732 | -58.5% |
| Taxes | 450/3 | €40,566 | €16,834 | -€23,732 | -58.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €10,007 | €104,279 | +€94,272 | +942.0% |
| Accrued charges and deferred income | 492/3 | - | €10,856 | +€10,856 | |
| Non-recurring operating income | 76A | €1,604 | €0 | -€1,604 | -100.0% |
| Remuneration, social security and pensions | 62 | €195,823 | €0 | -€195,823 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,401 | €155,513 | +€50,112 | +47.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €17,629 | €17,176 | -€453 | -2.6% |
| Non-recurring operating charges | 66A | €30,831 | €10,879 | -€19,952 | -64.7% |
| Gross operating margin | 9900 | €906,900 | -€51,401 | -€958,301 | |
| Operating profit (loss) | 9901 | €557,217 | -€234,970 | -€792,186 | |
| Financial income | 75/76B | €14,565 | €8,775 | -€5,791 | -39.8% |
| Recurring financial income | 75 | €14,565 | €8,775 | -€5,791 | -39.8% |
| Financial charges | 65/66B | €48,457 | €18,523 | -€29,934 | -61.8% |
| Recurring financial charges | 65 | €48,457 | €18,523 | -€29,934 | -61.8% |
| Profit (loss) for the period before taxes | 9903 | €523,325 | -€244,718 | -€768,043 | |
| Income taxes | 67/77 | €143,567 | -€1,424 | -€144,991 | |
| Profit (loss) for the period | 9904 | €379,758 | -€243,295 | -€623,053 | |
| Transfer from tax-exempt reserves | 789 | - | €8,374 | +€8,374 | |
| Transfer to tax-exempt reserves | 689 | €189,879 | €71,141 | -€118,738 | -62.5% |
| Profit (loss) for the period to be appropriated | 9905 | €189,879 | -€306,061 | -€495,940 |
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 9 October 2026 via checked.be.