S.D.S.: what changed
What changed
S.D.S.
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€656,317
2024 · €194,832+€461,485
Equity
€2.8m
2024 · €2.3m+€493,936
Cash
€257,901
2024 · €126,801+€131,100
Balance sheet total
€4.7m
2024 · €6.0m-€1.2m
Largest movements
Assets
- Receivables within one year -€1.1m
down €1.1m (-71.0%), from €1.6m to €456,260
of which Other amounts receivable: -€1.1m
- Financial fixed assets -€230,607
down €230,607 (-20.7%), from €1.1m to €881,204
- Cash +€131,100
up €131,100 (+103%), from €126,801 to €257,901
mainly Receivables within one year (+€1.1m) and Net result for the year (+€656,317)
Equity and liabilities
- Short-term financial debts -€1.5m
down €1.5m (-99.6%), from €1.5m to €6,727
- Reserves +€493,936
up €493,936 (+36.2%), from €1.4m to €1.9m
of which Distributable reserves: +€503,724
- Debts after one year -€212,709
down €212,709 (-11.9%), from €1.8m to €1.6m
of which Other amounts payable: -€166,950
Income statement
- Gross operating margin +€390,034
up €390,034 (+98.3%), from €396,589 to €786,623
- Financial charges -€82,496
down €82,496 (-42.9%), from €192,249 to €109,754
- Financial income +€47,358
up €47,358 (+43.6%), from €108,647 to €156,006
- Taxes +€46,229
up €46,229 (+224%), from €20,642 to €66,871
- Staff costs +€12,046
up €12,046 (+26.3%), from €45,738 to €57,784
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€194,832
Gross operating margin
+€390,034
Staff costs
-€12,046
Depreciation
+€190
Other operating charges
-€328
Financial income
+€47,358
Financial charges
+€82,496
Taxes
-€46,229
Deferred taxes and other
+€10
Result 2025
€656,317
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.8m
Investment
+€213,319
Financing
-€1.9m
Cash 2024
€126,801
From operations (derived)
+€1.8m
Net result for the year
+€656,317
Depreciation
+€50,550
Receivables within one year
+€1.1m
Deferred charges and accrued income
-€4,109
Smaller working-capital items
-€1,103
Trade debts
-€11,037
Other debts
-€16,548
Investment (derived)
+€213,319
Investment in fixed assets (net)
+€213,319
Financing
-€1.9m
Debts after one year
-€212,709
Current portion of long-term debt
+€1,651
Short-term financial debts
-€1.5m
Contributions, distributions and other
-€162,381
Cash 2025
€257,901
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,972,077 | €4,723,993 | -€1.2m | -20.9% |
| Fixed assets | 21/28 | €4,247,059 | €3,983,190 | -€263,869 | -6.2% |
| Tangible fixed assets | 22/27 | €3,135,248 | €3,101,986 | -€33,262 | -1.1% |
| Land and buildings | 22 | €3,116,507 | €3,088,778 | -€27,729 | -0.9% |
| Plant, machinery and equipment | 23 | €11,568 | €9,007 | -€2,561 | -22.1% |
| Furniture and vehicles | 24 | €7,173 | €4,201 | -€2,972 | -41.4% |
| Financial fixed assets | 28 | €1,111,811 | €881,204 | -€230,607 | -20.7% |
| Current assets | 29/58 | €1,725,018 | €740,803 | -€984,216 | -57.1% |
| Amounts receivable within one year | 40/41 | €1,575,684 | €456,260 | -€1.1m | -71.0% |
| Trade receivables | 40 | €5,067 | - | -€5,067 | |
| Other amounts receivable | 41 | €1,570,617 | €456,260 | -€1.1m | -71.0% |
| Cash at bank and in hand | 54/58 | €126,801 | €257,901 | +€131,100 | +103% |
| Deferred charges and accrued income | 490/1 | €22,533 | €26,642 | +€4,109 | +18.2% |
| Total equity and liabilities | 10/49 | €5,972,077 | €4,723,993 | -€1.2m | -20.9% |
| Equity | 10/15 | €2,270,268 | €2,764,204 | +€493,936 | +21.8% |
| Contributions | 10/11 | €905,900 | €905,900 | = | 0.0% |
| Reserves | 13 | €1,364,368 | €1,858,304 | +€493,936 | +36.2% |
| Tax-exempt reserves | 132 | €292,897 | €283,109 | -€9,788 | -3.3% |
| Distributable reserves | 133 | €1,071,471 | €1,575,195 | +€503,724 | +47.0% |
| Provisions and deferred taxes | 16 | €98,461 | €96,014 | -€2,447 | -2.5% |
| Deferred taxes | 168 | €98,461 | €96,014 | -€2,447 | -2.5% |
| Amounts payable | 17/49 | €3,603,348 | €1,863,775 | -€1.7m | -48.3% |
| Amounts payable after more than one year | 17 | €1,789,195 | €1,576,486 | -€212,709 | -11.9% |
| Financial debts | 170/4 | €748,459 | €702,700 | -€45,759 | -6.1% |
| Other amounts payable | 178/9 | €1,040,736 | €873,786 | -€166,950 | -16.0% |
| Amounts payable within one year | 42/48 | €1,814,153 | €287,289 | -€1.5m | -84.2% |
| Current portion of amounts payable after more than one year | 42 | €44,108 | €45,759 | +€1,651 | +3.7% |
| Financial debts | 43 | €1,509,000 | €6,727 | -€1.5m | -99.6% |
| Credit institutions | 430/8 | €1,509,000 | €6,727 | -€1.5m | -99.6% |
| Trade debts | 44 | €15,755 | €4,718 | -€11,037 | -70.1% |
| Suppliers | 440/4 | €15,755 | €4,718 | -€11,037 | -70.1% |
| Taxes, remuneration and social security | 45 | €32,205 | €33,548 | +€1,344 | +4.2% |
| Taxes | 450/3 | €23,532 | €23,044 | -€488 | -2.1% |
| Remuneration and social security | 454/9 | €8,673 | €10,504 | +€1,832 | +21.1% |
| Other amounts payable | 47/48 | €213,086 | €196,538 | -€16,548 | -7.8% |
| Remuneration, social security and pensions | 62 | €45,738 | €57,784 | +€12,046 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,740 | €50,550 | -€190 | -0.4% |
| Other operating charges | 640/8 | €3,472 | €3,800 | +€328 | +9.4% |
| Gross operating margin | 9900 | €396,589 | €786,623 | +€390,034 | +98.3% |
| Operating profit (loss) | 9901 | €296,639 | €674,489 | +€377,850 | +127% |
| Financial income | 75/76B | €108,647 | €156,006 | +€47,358 | +43.6% |
| Recurring financial income | 75 | €108,647 | €156,006 | +€47,358 | +43.6% |
| Financial charges | 65/66B | €192,249 | €109,754 | -€82,496 | -42.9% |
| Recurring financial charges | 65 | €192,249 | €109,754 | -€82,496 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €213,037 | €720,741 | +€507,704 | +238% |
| Transfer from deferred taxes | 780 | €2,437 | €2,447 | +€10 | +0.4% |
| Income taxes | 67/77 | €20,642 | €66,871 | +€46,229 | +224% |
| Profit (loss) for the period | 9904 | €194,832 | €656,317 | +€461,485 | +237% |
| Transfer from tax-exempt reserves | 789 | €9,798 | €9,788 | -€10 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €204,630 | €666,105 | +€461,475 | +226% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.