S & D Tech: what changed
Two fiscal 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.
What changed
S & D Tech
NACE 27.900, Manufacture of electrical equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€168,194
2024 · -€550,700+€718,894
Equity
€1.2m
2024 · €1.1m+€146,541
Cash
€153,862
2024 · €344,525-€190,663
Balance sheet total
€3.4m
2024 · €3.9m-€519,727
Largest movements
Assets
- Stocks and contracts -€635,641
down €635,641 (-41.3%), from €1.5m to €903,394
of which Stocks: -€617,478
- Receivables within one year +€298,584
up €298,584 (+42.1%), from €709,940 to €1.0m
of which Trade receivables: +€305,264
- Cash -€190,663
down €190,663 (-55.3%), from €344,525 to €153,862
mainly Short-term financial debts (-€778,238) and Receivables within one year (-€298,584)
Equity and liabilities
- Short-term financial debts -€778,238
down €778,238 (-45.0%), from €1.7m to €952,766
- Reserves +€168,194
up €168,194 (+39.8%), from €423,015 to €591,209
of which Distributable reserves: +€168,194
- Debts after one year -€94,053
down €94,053 (-12.7%), from €741,375 to €647,322
- Trade debts +€84,412
up €84,412 (+47.5%), from €177,861 to €262,273
- Tax, wage and social debts +€79,765
up €79,765 (+87.4%), from €91,299 to €171,064
of which Taxes: +€54,721
Income statement
- Turnover +€890,778
up €890,778 (+20.8%), from €4.3m to €5.2m
- Gross operating margin +€628,386
up €628,386 (+107.0%), from €587,329 to €1.2m
- Staff costs -€198,115
down €198,115 (-22.6%), from €874,694 to €676,579
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.
Result 2024
-€550,700
Gross operating margin
+€628,386
Staff costs
+€198,115
Depreciation
-€10,480
Write-downs
-€42,608
Provisions
-€10,566
Other operating charges
-€6,870
Other operating items
-€44,486
Financial income
+€2,602
Financial charges
+€21,621
Taxes
-€16,821
Result 2025
€168,194
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.
From operations
+€859,231
Investment
-€164,811
Financing
-€885,083
Cash 2024
€344,525
From operations (derived)
+€859,231
Net result for the year
+€168,194
Depreciation
+€156,808
Stocks and contracts
+€635,641
Receivables within one year
-€298,584
Deferred charges and accrued income
+€10
Provisions
-€2,409
Trade debts
+€84,412
Tax, wage and social debts
+€79,765
Other debts
+€19,636
Accrued charges and deferred income
+€15,758
Investment (derived)
-€164,811
Investment in fixed assets (net)
-€164,811
Financing
-€885,083
Debts after one year
-€94,053
Current portion of long-term debt
+€8,861
Short-term financial debts
-€778,238
Contributions, distributions and other
-€21,653
Cash 2025
€153,862
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,935,847 | €3,416,120 | -€519,727 | -13.2% |
| Formation expenses | 20 | €40,547 | €31,618 | -€8,929 | -22.0% |
| Fixed assets | 21/28 | €1,291,550 | €1,308,482 | +€16,932 | +1.3% |
| Intangible fixed assets | 21 | €3,200 | €2,469 | -€731 | -22.8% |
| Tangible fixed assets | 22/27 | €1,280,610 | €1,298,273 | +€17,663 | +1.4% |
| Land and buildings | 22 | €950,816 | €908,024 | -€42,792 | -4.5% |
| Plant, machinery and equipment | 23 | €261,119 | €311,765 | +€50,646 | +19.4% |
| Furniture and vehicles | 24 | €50,709 | €62,861 | +€12,151 | +24.0% |
| Other tangible fixed assets | 26 | €15,965 | €10,568 | -€5,397 | -33.8% |
| Assets under construction and advance payments | 27 | €2,000 | €5,055 | +€3,055 | +152.8% |
| Financial fixed assets | 28 | €7,740 | €7,740 | = | 0.0% |
| Current assets | 29/58 | €2,603,750 | €2,076,021 | -€527,730 | -20.3% |
| Stocks and contracts in progress | 3 | €1,539,034 | €903,394 | -€635,641 | -41.3% |
| Stocks | 30/36 | €1,369,044 | €751,565 | -€617,478 | -45.1% |
| Contracts in progress | 37 | €169,991 | €151,828 | -€18,162 | -10.7% |
| Amounts receivable within one year | 40/41 | €709,940 | €1,008,524 | +€298,584 | +42.1% |
| Trade receivables | 40 | €702,947 | €1,008,211 | +€305,264 | +43.4% |
| Other amounts receivable | 41 | €6,992 | €313 | -€6,679 | -95.5% |
| Cash at bank and in hand | 54/58 | €344,525 | €153,862 | -€190,663 | -55.3% |
| Deferred charges and accrued income | 490/1 | €10,252 | €10,242 | -€10 | -0.1% |
| Total equity and liabilities | 10/49 | €3,935,847 | €3,416,120 | -€519,727 | -13.2% |
| Equity | 10/15 | €1,066,835 | €1,213,376 | +€146,541 | +13.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €423,015 | €591,209 | +€168,194 | +39.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €421,155 | €589,349 | +€168,194 | +39.9% |
| Profit (loss) carried forward | 14 | €624,685 | €604,685 | -€20,000 | -3.2% |
| Investment grants | 15 | €6,735 | €5,082 | -€1,653 | -24.5% |
| Provisions and deferred taxes | 16 | €25,670 | €23,261 | -€2,409 | -9.4% |
| Provisions for liabilities and charges | 160/5 | €25,670 | €23,261 | -€2,409 | -9.4% |
| Other liabilities and charges | 164/5 | €25,670 | €23,261 | -€2,409 | -9.4% |
| Amounts payable | 17/49 | €2,843,342 | €2,179,483 | -€663,859 | -23.3% |
| Amounts payable after more than one year | 17 | €741,375 | €647,322 | -€94,053 | -12.7% |
| Financial debts | 170/4 | €741,375 | €647,322 | -€94,053 | -12.7% |
| Amounts payable within one year | 42/48 | €2,101,967 | €1,516,402 | -€585,564 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €101,438 | €110,300 | +€8,861 | +8.7% |
| Financial debts | 43 | €1,731,004 | €952,766 | -€778,238 | -45.0% |
| Credit institutions | 430/8 | €1,731,004 | €952,766 | -€778,238 | -45.0% |
| Trade debts | 44 | €177,861 | €262,273 | +€84,412 | +47.5% |
| Suppliers | 440/4 | €177,861 | €262,273 | +€84,412 | +47.5% |
| Taxes, remuneration and social security | 45 | €91,299 | €171,064 | +€79,765 | +87.4% |
| Taxes | 450/3 | €24,205 | €78,925 | +€54,721 | +226.1% |
| Remuneration and social security | 454/9 | €67,094 | €92,138 | +€25,044 | +37.3% |
| Other amounts payable | 47/48 | €364 | €20,000 | +€19,636 | +5389.8% |
| Accrued charges and deferred income | 492/3 | - | €15,758 | +€15,758 | |
| Turnover | 70 | €4,278,317 | €5,169,094 | +€890,778 | +20.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €3,446,905 | €3,398,796 | -€48,109 | -1.4% |
| Remuneration, social security and pensions | 62 | €874,694 | €676,579 | -€198,115 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,329 | €156,808 | +€10,480 | +7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €42,608 | +€42,608 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€12,975 | -€2,409 | +€10,566 | +81.4% |
| Other operating charges | 640/8 | €13,562 | €20,432 | +€6,870 | +50.7% |
| Operating charges capitalised as restructuring costs | 649 | -€44,645 | €0 | +€44,645 | |
| Non-recurring operating charges | 66A | €160 | €0 | -€160 | -100.0% |
| Gross operating margin | 9900 | €587,329 | €1,215,715 | +€628,386 | +107.0% |
| Operating profit (loss) | 9901 | -€389,795 | €321,698 | +€711,493 | |
| Financial income | 75/76B | €4,128 | €6,730 | +€2,602 | +63.0% |
| Recurring financial income | 75 | €4,128 | €6,730 | +€2,602 | +63.0% |
| Financial charges | 65/66B | €163,901 | €142,281 | -€21,621 | -13.2% |
| Recurring financial charges | 65 | €163,901 | €142,281 | -€21,621 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | -€549,568 | €186,147 | +€735,715 | |
| Income taxes | 67/77 | €1,132 | €17,953 | +€16,821 | +1485.8% |
| Profit (loss) for the period | 9904 | -€550,700 | €168,194 | +€718,894 | |
| Profit (loss) for the period to be appropriated | 9905 | -€550,700 | €168,194 | +€718,894 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.