SADOC: 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.
SADOC
Largest movements
- Tangible fixed assets +€8.6m
up €8.6m (+201%), from €4.3m to €12.8m
of which Furniture and vehicles: +€10.9m
- Receivables after one year +€2.1m
new in 2025: €2.1m
- Receivables within one year +€329,028
up €329,028 (+79.2%), from €415,508 to €744,536
of which Trade receivables: +€255,680
- Cash +€312,504
up €312,504 (+162%), from €192,937 to €505,442
mainly Debts after one year (+€8.3m) and Trade debts (+€1.1m)
- Financial fixed assets -€234,190
down €234,190 (-83.6%), from €280,000 to €45,810
- Debts after one year +€8.3m
up €8.3m (+269%), from €3.1m to €11.4m
- Reserves +€2.8m
up €2.8m (+4,988%), from €56,922 to €2.9m
of which Tax-exempt reserves: +€2.9m
- Profit (loss) carried forward -€2.4m
down €2.4m, from €312,786 to -€2.1m
- Trade debts +€1.1m
up €1.1m (+417%), from €257,098 to €1.3m
- Provisions +€964,709
new in 2025: €964,709
- Gross operating margin +€981,728
up €981,728 (+139%), from €703,808 to €1.7m
- Depreciation -€256,093
down €256,093 (-83.0%), from €308,412 to €52,319
- Taxes -€148,937
down €148,937 (-99.8%), from €149,206 to €269
- Staff costs +€51,716
new in 2025: €51,716
- Financial charges -€36,755
down €36,755 (-16.7%), from €220,543 to €183,789
of which Non-recurring financial charges: -€22,590
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 | €5,156,641 | €16,270,527 | +€11.1m | +216% |
| Fixed assets | 21/28 | €4,548,196 | €12,894,787 | +€8.3m | +184% |
| Tangible fixed assets | 22/27 | €4,268,196 | €12,848,977 | +€8.6m | +201% |
| Land and buildings | 22 | €339,663 | €316,924 | -€22,738 | -6.7% |
| Plant, machinery and equipment | 23 | €3,426,891 | €5,706 | -€3.4m | -99.8% |
| Furniture and vehicles | 24 | €251,642 | €11,178,693 | +€10.9m | +4,342% |
| Assets under construction and advance payments | 27 | €250,000 | €1,347,654 | +€1.1m | +439% |
| Financial fixed assets | 28 | €280,000 | €45,810 | -€234,190 | -83.6% |
| Current assets | 29/58 | €608,446 | €3,375,740 | +€2.8m | +455% |
| Amounts receivable after more than one year | 29 | - | €2,123,400 | +€2.1m | |
| Other amounts receivable | 291 | - | €2,123,400 | +€2.1m | |
| Amounts receivable within one year | 40/41 | €415,508 | €744,536 | +€329,028 | +79.2% |
| Trade receivables | 40 | €34,140 | €289,820 | +€255,680 | +749% |
| Other amounts receivable | 41 | €381,369 | €454,717 | +€73,348 | +19.2% |
| Cash at bank and in hand | 54/58 | €192,937 | €505,442 | +€312,504 | +162% |
| Deferred charges and accrued income | 490/1 | €0 | €2,362 | +€2,362 | |
| Total equity and liabilities | 10/49 | €5,156,641 | €16,270,527 | +€11.1m | +216% |
| Equity | 10/15 | €382,108 | €786,584 | +€404,475 | +106% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €56,922 | €2,895,986 | +€2.8m | +4,988% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €2,894,126 | +€2.9m | |
| Distributable reserves | 133 | €55,062 | €0 | -€55,062 | -100% |
| Profit (loss) carried forward | 14 | €312,786 | -€2,121,803 | -€2.4m | |
| Provisions and deferred taxes | 16 | - | €964,709 | +€964,709 | |
| Deferred taxes | 168 | - | €964,709 | +€964,709 | |
| Amounts payable | 17/49 | €4,774,533 | €14,519,235 | +€9.7m | +204% |
| Amounts payable after more than one year | 17 | €3,092,820 | €11,405,275 | +€8.3m | +269% |
| Financial debts | 170/4 | €3,092,820 | €11,405,275 | +€8.3m | +269% |
| Amounts payable within one year | 42/48 | €1,681,713 | €3,113,960 | +€1.4m | +85.2% |
| Current portion of amounts payable after more than one year | 42 | €1,004,137 | €749,721 | -€254,415 | -25.3% |
| Financial debts | 43 | - | €355,404 | +€355,404 | |
| Credit institutions | 430/8 | - | €355,404 | +€355,404 | |
| Trade debts | 44 | €257,098 | €1,329,413 | +€1.1m | +417% |
| Suppliers | 440/4 | €257,098 | €1,329,413 | +€1.1m | +417% |
| Taxes, remuneration and social security | 45 | €79,712 | €5,131 | -€74,582 | -93.6% |
| Taxes | 450/3 | €79,712 | €2,103 | -€77,609 | -97.4% |
| Remuneration and social security | 454/9 | - | €3,028 | +€3,028 | |
| Other amounts payable | 47/48 | €340,766 | €674,292 | +€333,526 | +97.9% |
| Non-recurring operating income | 76A | €0 | €1,571,155 | +€1.6m | |
| Remuneration, social security and pensions | 62 | - | €51,716 | +€51,716 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €308,412 | €52,319 | -€256,093 | -83.0% |
| Other operating charges | 640/8 | €14,959 | €20,390 | +€5,431 | +36.3% |
| Non-recurring operating charges | 66A | - | €1,004,198 | +€1.0m | |
| Gross operating margin | 9900 | €703,808 | €1,685,536 | +€981,728 | +139% |
| Operating profit (loss) | 9901 | €380,438 | €556,914 | +€176,476 | +46.4% |
| Financial income | 75/76B | €24,012 | €31,620 | +€7,607 | +31.7% |
| Recurring financial income | 75 | €24,012 | €31,620 | +€7,607 | +31.7% |
| Financial charges | 65/66B | €220,543 | €183,789 | -€36,755 | -16.7% |
| Recurring financial charges | 65 | €197,953 | €183,789 | -€14,165 | -7.2% |
| Non-recurring financial charges | 66B | €22,590 | €0 | -€22,590 | -100% |
| Profit (loss) for the period before taxes | 9903 | €183,907 | €404,745 | +€220,838 | +120% |
| Income taxes | 67/77 | €149,206 | €269 | -€148,937 | -99.8% |
| Profit (loss) for the period | 9904 | €34,700 | €404,475 | +€369,775 | +1,066% |
| Transfer to tax-exempt reserves | 689 | - | €2,894,126 | +€2.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €34,700 | -€2,489,651 | -€2.5m |
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 18 October 2026 via checked.be.