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
- Receivables within one year -€29,333
down €29,333 (-17.7%), from €165,314 to €135,981
of which Other amounts receivable: -€54,117
- Cash -€21,698
down €21,698 (-26.0%), from €83,522 to €61,823
mainly Contributions, distributions and other (-€62,077) and Investment in fixed assets (net) (-€11,140)
- Deferred charges and accrued income +€10,000
new in 2025: €10,000
- Tangible fixed assets +€7,450
up €7,450 (+41.2%), from €18,081 to €25,530
of which Plant, machinery and equipment: +€8,654
- Reserves -€23,690
down €23,690 (-14.0%), from €168,905 to €145,215
of which Distributable reserves: -€23,690
- Tax, wage and social debts -€7,218
down €7,218 (-15.7%), from €45,904 to €38,687
of which Taxes: -€5,500
- Gross operating margin +€17,757
up €17,757 (+36.8%), from €48,255 to €66,012
- Taxes +€4,334
up €4,334 (+32.9%), from €13,172 to €17,506
- Financial income -€1,724
down €1,724 (-36.5%), from €4,730 to €3,005
- Financial charges +€821
up €821 (+96.9%), from €847 to €1,668
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €267,562 | €233,980 | -€33,582 | -12.6% |
| Fixed assets | 21/28 | €18,726 | €26,175 | +€7,450 | +39.8% |
| Tangible fixed assets | 22/27 | €18,081 | €25,530 | +€7,450 | +41.2% |
| Land and buildings | 22 | €13,850 | €13,850 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,375 | €10,029 | +€8,654 | +629.3% |
| Furniture and vehicles | 24 | €2,856 | €1,651 | -€1,204 | -42.2% |
| Financial fixed assets | 28 | €645 | €645 | = | 0.0% |
| Current assets | 29/58 | €248,836 | €207,805 | -€41,031 | -16.5% |
| Amounts receivable within one year | 40/41 | €165,314 | €135,981 | -€29,333 | -17.7% |
| Trade receivables | 40 | €46,756 | €71,540 | +€24,784 | +53.0% |
| Other amounts receivable | 41 | €118,558 | €64,441 | -€54,117 | -45.6% |
| Cash at bank and in hand | 54/58 | €83,522 | €61,823 | -€21,698 | -26.0% |
| Deferred charges and accrued income | 490/1 | - | €10,000 | +€10,000 | |
| Total equity and liabilities | 10/49 | €267,562 | €233,980 | -€33,582 | -12.6% |
| Equity | 10/15 | €215,284 | €191,594 | -€23,690 | -11.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €168,905 | €145,215 | -€23,690 | -14.0% |
| 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 | €167,045 | €143,355 | -€23,690 | -14.2% |
| Profit (loss) carried forward | 14 | €33,979 | €33,979 | = | 0.0% |
| Amounts payable | 17/49 | €52,278 | €42,386 | -€9,892 | -18.9% |
| Amounts payable within one year | 42/48 | €52,278 | €42,386 | -€9,892 | -18.9% |
| Trade debts | 44 | €6,373 | €3,699 | -€2,674 | -42.0% |
| Suppliers | 440/4 | €6,373 | €3,699 | -€2,674 | -42.0% |
| Taxes, remuneration and social security | 45 | €45,904 | €38,687 | -€7,218 | -15.7% |
| Taxes | 450/3 | €43,500 | €38,000 | -€5,500 | -12.6% |
| Remuneration and social security | 454/9 | €2,405 | €687 | -€1,718 | -71.4% |
| Remuneration, social security and pensions | 62 | €6,733 | €6,273 | -€460 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,355 | €3,691 | +€336 | +10.0% |
| Other operating charges | 640/8 | €1,544 | €1,492 | -€52 | -3.3% |
| Gross operating margin | 9900 | €48,255 | €66,012 | +€17,757 | +36.8% |
| Operating profit (loss) | 9901 | €36,623 | €54,555 | +€17,932 | +49.0% |
| Financial income | 75/76B | €4,730 | €3,005 | -€1,724 | -36.5% |
| Recurring financial income | 75 | €4,730 | €3,005 | -€1,724 | -36.5% |
| Financial charges | 65/66B | €847 | €1,668 | +€821 | +96.9% |
| Recurring financial charges | 65 | €847 | €1,668 | +€821 | +96.9% |
| Profit (loss) for the period before taxes | 9903 | €40,506 | €55,893 | +€15,387 | +38.0% |
| Income taxes | 67/77 | €13,172 | €17,506 | +€4,334 | +32.9% |
| Profit (loss) for the period | 9904 | €27,334 | €38,387 | +€11,053 | +40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,334 | €38,387 | +€11,053 | +40.4% |
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 12 October 2026 via checked.be.