SD Analytics: what changed
SD Analytics
Largest movements
- Receivables after one year +€80,198
up €80,198 (+171%), from €46,852 to €127,050
- Current investments +€55,000
up €55,000 (+95.5%), from €57,580 to €112,580
- Cash -€33,479
down €33,479 (-67.8%), from €49,362 to €15,883
mainly Contributions, distributions and other (-€226,000) and Receivables after one year (-€80,198)
- Receivables within one year +€5,655
up €5,655 (+11.9%), from €47,536 to €53,191
of which Other amounts receivable: +€18,856
- Other debts +€181,572
up €181,572 (+621%), from €29,233 to €210,805
- Reserves -€63,000
down €63,000 (-50.0%), from €126,000 to €63,000
- Tax, wage and social debts -€31,313
down €31,313 (-75.9%), from €41,280 to €9,967
of which Taxes: -€30,685
- Advances received +€20,201
new in 2025: €20,201
- Gross operating margin +€48,047
up €48,047 (+28.8%), from €166,835 to €214,882
- Taxes +€11,717
up €11,717 (+32.5%), from €36,072 to €47,789
- Staff costs +€6,343
up €6,343 (+139%), from €4,567 to €10,910
- Financial income +€5,694
up €5,694 (+372%), from €1,530 to €7,225
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €201,330 | €308,704 | +€107,375 | +53.3% |
| Current assets | 29/58 | €201,330 | €308,704 | +€107,375 | +53.3% |
| Amounts receivable after more than one year | 29 | €46,852 | €127,050 | +€80,198 | +171% |
| Other amounts receivable | 291 | €46,852 | €127,050 | +€80,198 | +171% |
| Amounts receivable within one year | 40/41 | €47,536 | €53,191 | +€5,655 | +11.9% |
| Trade receivables | 40 | €47,536 | €34,336 | -€13,200 | -27.8% |
| Other amounts receivable | 41 | - | €18,856 | +€18,856 | |
| Current investments | 50/53 | €57,580 | €112,580 | +€55,000 | +95.5% |
| Cash at bank and in hand | 54/58 | €49,362 | €15,883 | -€33,479 | -67.8% |
| Total equity and liabilities | 10/49 | €201,330 | €308,704 | +€107,375 | +53.3% |
| Equity | 10/15 | €128,488 | €65,312 | -€63,176 | -49.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €126,000 | €63,000 | -€63,000 | -50.0% |
| Distributable reserves | 133 | €126,000 | €63,000 | -€63,000 | -50.0% |
| Profit (loss) carried forward | 14 | €988 | €812 | -€176 | -17.8% |
| Amounts payable | 17/49 | €72,842 | €243,393 | +€170,551 | +234% |
| Amounts payable within one year | 42/48 | €72,842 | €243,393 | +€170,551 | +234% |
| Trade debts | 44 | €2,329 | €2,420 | +€91 | +3.9% |
| Suppliers | 440/4 | €2,329 | €2,420 | +€91 | +3.9% |
| Advances received on contracts in progress | 46 | - | €20,201 | +€20,201 | |
| Taxes, remuneration and social security | 45 | €41,280 | €9,967 | -€31,313 | -75.9% |
| Taxes | 450/3 | €40,652 | €9,967 | -€30,685 | -75.5% |
| Remuneration and social security | 454/9 | €628 | - | -€628 | |
| Other amounts payable | 47/48 | €29,233 | €210,805 | +€181,572 | +621% |
| Remuneration, social security and pensions | 62 | €4,567 | €10,910 | +€6,343 | +139% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €291 | - | -€291 | |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €166,835 | €214,882 | +€48,047 | +28.8% |
| Operating profit (loss) | 9901 | €161,449 | €203,428 | +€41,979 | +26.0% |
| Financial income | 75/76B | €1,530 | €7,225 | +€5,694 | +372% |
| Recurring financial income | 75 | €1,530 | €7,225 | +€5,694 | +372% |
| Financial charges | 65/66B | €261 | €40 | -€221 | -84.6% |
| Recurring financial charges | 65 | €261 | €40 | -€221 | -84.6% |
| Profit (loss) for the period before taxes | 9903 | €162,718 | €210,612 | +€47,894 | +29.4% |
| Income taxes | 67/77 | €36,072 | €47,789 | +€11,717 | +32.5% |
| Profit (loss) for the period | 9904 | €126,646 | €162,824 | +€36,178 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €126,646 | €162,824 | +€36,178 | +28.6% |
Next steps
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 1 November 2026 via checked.be.