SD-C: 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-C
Largest movements
- Cash +€67,711
up €67,711 (+249%), from €27,237 to €94,948
mainly Net result for the year (+€42,851) and Tax, wage and social debts (+€17,441)
- Reserves +€23,295
up €23,295 (+48.3%), from €48,241 to €71,536
- Tax, wage and social debts +€17,441
up €17,441 (+368%), from €4,744 to €22,185
- Current portion of long-term debt +€13,600
up €13,600, from €0 to €13,600
- Other debts +€12,920
up €12,920 (+148%), from €8,743 to €21,663
- Gross operating margin +€37,472
up €37,472 (+126%), from €29,795 to €67,267
- Taxes +€7,459
up €7,459 (+146%), from €5,107 to €12,566
- Other operating charges -€1,888
down €1,888 (-62.0%), from €3,047 to €1,159
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 | €65,104 | €132,136 | +€67,032 | +103% |
| Fixed assets | 21/28 | €9,300 | €8,673 | -€626 | -6.7% |
| Tangible fixed assets | 22/27 | €8,550 | €7,923 | -€626 | -7.3% |
| Plant, machinery and equipment | 23 | €2,310 | €688 | -€1,622 | -70.2% |
| Furniture and vehicles | 24 | €3,518 | €5,216 | +€1,698 | +48.3% |
| Other tangible fixed assets | 26 | €2,721 | €2,019 | -€703 | -25.8% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €55,805 | €123,463 | +€67,658 | +121% |
| Amounts receivable within one year | 40/41 | €28,249 | €28,515 | +€266 | +0.9% |
| Trade receivables | 40 | €26,789 | €26,003 | -€786 | -2.9% |
| Other amounts receivable | 41 | €1,460 | €2,512 | +€1,052 | +72.1% |
| Cash at bank and in hand | 54/58 | €27,237 | €94,948 | +€67,711 | +249% |
| Deferred charges and accrued income | 490/1 | €319 | €0 | -€319 | -100% |
| Total equity and liabilities | 10/49 | €65,104 | €132,136 | +€67,032 | +103% |
| Equity | 10/15 | €49,241 | €72,536 | +€23,295 | +47.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €48,241 | €71,536 | +€23,295 | +48.3% |
| Distributable reserves | 133 | €48,241 | €71,536 | +€23,295 | +48.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €15,863 | €59,600 | +€43,737 | +276% |
| Amounts payable within one year | 42/48 | €14,813 | €58,555 | +€43,742 | +295% |
| Current portion of amounts payable after more than one year | 42 | €0 | €13,600 | +€13,600 | |
| Financial debts | 43 | €841 | €1,043 | +€202 | +24.1% |
| Credit institutions | 430/8 | €841 | €1,043 | +€202 | +24.1% |
| Trade debts | 44 | €485 | €64 | -€421 | -86.8% |
| Suppliers | 440/4 | €485 | €64 | -€421 | -86.8% |
| Taxes, remuneration and social security | 45 | €4,744 | €22,185 | +€17,441 | +368% |
| Taxes | 450/3 | €4,744 | €22,185 | +€17,441 | +368% |
| Other amounts payable | 47/48 | €8,743 | €21,663 | +€12,920 | +148% |
| Accrued charges and deferred income | 492/3 | €1,050 | €1,045 | -€5 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,193 | €5,563 | -€629 | -10.2% |
| Other operating charges | 640/8 | €3,047 | €1,159 | -€1,888 | -62.0% |
| Gross operating margin | 9900 | €29,795 | €67,267 | +€37,472 | +126% |
| Operating profit (loss) | 9901 | €20,555 | €60,545 | +€39,990 | +195% |
| Financial income | 75/76B | €0 | €5 | +€5 | +7,800% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +7,800% |
| Financial charges | 65/66B | €4,650 | €5,133 | +€483 | +10.4% |
| Recurring financial charges | 65 | €4,650 | €5,133 | +€483 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €15,905 | €55,417 | +€39,512 | +248% |
| Income taxes | 67/77 | €5,107 | €12,566 | +€7,459 | +146% |
| Profit (loss) for the period | 9904 | €10,798 | €42,851 | +€32,053 | +297% |
| Profit (loss) for the period to be appropriated | 9905 | €10,798 | €42,851 | +€32,053 | +297% |
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 13 October 2026 via checked.be.