SD: 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.
SD
Largest movements
- Tangible fixed assets +€18,293
up €18,293 (+79.5%), from €23,002 to €41,294
- Cash +€8,480
up €8,480 (+135%), from €6,304 to €14,785
mainly Debts after one year (+€13,195) and Depreciation (+€6,849)
- Receivables within one year -€2,465
down €2,465 (-7.3%), from €33,701 to €31,236
of which Trade receivables: -€2,558
- Debts after one year +€13,195
up €13,195 (+71.0%), from €18,587 to €31,782
- Current portion of long-term debt +€6,525
up €6,525 (+160%), from €4,083 to €10,608
- Tax, wage and social debts +€2,424
up €2,424 (+1,484%), from €163 to €2,588
- Profit (loss) carried forward +€2,324
up €2,324 (+4.7%), from €49,868 to €52,192
- Gross operating margin +€11,722
up €11,722 (+163%), from €7,191 to €18,912
- Depreciation +€4,210
up €4,210 (+160%), from €2,639 to €6,849
- Taxes +€1,642
up €1,642 (+67.8%), from €2,421 to €4,064
- Financial charges +€1,431
up €1,431 (+228%), from €628 to €2,059
- Other operating charges +€402
up €402 (+536%), from €75 to €477
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €72,995 | €97,304 | +€24,308 | +33.3% |
| Fixed assets | 21/28 | €23,002 | €41,294 | +€18,293 | +79.5% |
| Tangible fixed assets | 22/27 | €23,002 | €41,294 | +€18,293 | +79.5% |
| Furniture and vehicles | 24 | €23,002 | €41,294 | +€18,293 | +79.5% |
| Current assets | 29/58 | €49,994 | €56,010 | +€6,016 | +12.0% |
| Amounts receivable within one year | 40/41 | €33,701 | €31,236 | -€2,465 | -7.3% |
| Trade receivables | 40 | €9,049 | €6,491 | -€2,558 | -28.3% |
| Other amounts receivable | 41 | €24,651 | €24,745 | +€94 | +0.4% |
| Cash at bank and in hand | 54/58 | €6,304 | €14,785 | +€8,480 | +135% |
| Deferred charges and accrued income | 490/1 | €9,989 | €9,989 | = | 0.0% |
| Total equity and liabilities | 10/49 | €72,995 | €97,304 | +€24,308 | +33.3% |
| Equity | 10/15 | €49,968 | €52,292 | +€2,324 | +4.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Capital | 10 | €100 | €100 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €18,500 | €18,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,868 | €52,192 | +€2,324 | +4.7% |
| Amounts payable | 17/49 | €23,027 | €45,012 | +€21,985 | +95.5% |
| Amounts payable after more than one year | 17 | €18,587 | €31,782 | +€13,195 | +71.0% |
| Financial debts | 170/4 | €18,587 | €31,782 | +€13,195 | +71.0% |
| Amounts payable within one year | 42/48 | €4,441 | €13,230 | +€8,790 | +198% |
| Current portion of amounts payable after more than one year | 42 | €4,083 | €10,608 | +€6,525 | +160% |
| Trade debts | 44 | €194 | €35 | -€159 | -82.1% |
| Suppliers | 440/4 | €194 | €35 | -€159 | -82.1% |
| Taxes, remuneration and social security | 45 | €163 | €2,588 | +€2,424 | +1,484% |
| Taxes | 450/3 | €163 | €2,588 | +€2,424 | +1,484% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,639 | €6,849 | +€4,210 | +160% |
| Other operating charges | 640/8 | €75 | €477 | +€402 | +536% |
| Non-recurring operating charges | 66A | - | €3,139 | +€3,139 | |
| Gross operating margin | 9900 | €7,191 | €18,912 | +€11,722 | +163% |
| Operating profit (loss) | 9901 | €4,476 | €8,447 | +€3,970 | +88.7% |
| Financial charges | 65/66B | €628 | €2,059 | +€1,431 | +228% |
| Recurring financial charges | 65 | €628 | €2,059 | +€1,431 | +228% |
| Profit (loss) for the period before taxes | 9903 | €3,848 | €6,387 | +€2,539 | +66.0% |
| Income taxes | 67/77 | €2,421 | €4,064 | +€1,642 | +67.8% |
| Profit (loss) for the period | 9904 | €1,427 | €2,324 | +€897 | +62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,427 | €2,324 | +€897 | +62.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.