SD CAR: 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 CAR
Largest movements
- Cash +€82,321
up €82,321 (+289%), from €28,482 to €110,803
mainly Receivables within one year (+€49,869) and Stocks and contracts (+€37,155)
- Receivables within one year -€49,869
down €49,869 (-50.9%), from €97,891 to €48,022
of which Trade receivables: -€33,502
- Stocks and contracts -€37,155
down €37,155 (-43.3%), from €85,812 to €48,656
- Tangible fixed assets -€35,138
down €35,138 (-22.2%), from €158,432 to €123,294
of which Furniture and vehicles: -€30,492
- Deferred charges and accrued income +€7,126
up €7,126 (+110%), from €6,468 to €13,594
- Profit (loss) carried forward -€15,275
down €15,275 (-55.6%), from -€27,476 to -€42,751
- Current portion of long-term debt -€11,834
down €11,834 (-100%), from €11,834 to €0
- Trade debts -€10,356
down €10,356 (-55.2%), from €18,751 to €8,396
- Tax, wage and social debts +€7,128
up €7,128 (+119%), from €5,982 to €13,111
of which Taxes: +€6,782
- Gross operating margin -€20,484
down €20,484 (-20.3%), from €100,669 to €80,185
- Depreciation +€17,904
up €17,904 (+94.4%), from €18,961 to €36,865
- Staff costs -€11,401
down €11,401 (-17.7%), from €64,515 to €53,114
- Other operating charges -€7,150
down €7,150 (-61.3%), from €11,658 to €4,508
- Financial charges -€5,341
down €5,341 (-84.6%), from €6,314 to €973
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 | €392,262 | €359,548 | -€32,715 | -8.3% |
| Fixed assets | 21/28 | €173,609 | €138,471 | -€35,138 | -20.2% |
| Tangible fixed assets | 22/27 | €158,432 | €123,294 | -€35,138 | -22.2% |
| Land and buildings | 22 | €5,649 | €2,982 | -€2,668 | -47.2% |
| Plant, machinery and equipment | 23 | €2,551 | €2,149 | -€402 | -15.8% |
| Furniture and vehicles | 24 | €139,634 | €109,142 | -€30,492 | -21.8% |
| Other tangible fixed assets | 26 | €10,598 | €9,022 | -€1,576 | -14.9% |
| Financial fixed assets | 28 | €15,177 | €15,177 | = | 0.0% |
| Current assets | 29/58 | €218,653 | €221,076 | +€2,423 | +1.1% |
| Stocks and contracts in progress | 3 | €85,812 | €48,656 | -€37,155 | -43.3% |
| Stocks | 30/36 | €85,812 | €48,656 | -€37,155 | -43.3% |
| Amounts receivable within one year | 40/41 | €97,891 | €48,022 | -€49,869 | -50.9% |
| Trade receivables | 40 | €36,124 | €2,622 | -€33,502 | -92.7% |
| Other amounts receivable | 41 | €61,767 | €45,400 | -€16,367 | -26.5% |
| Cash at bank and in hand | 54/58 | €28,482 | €110,803 | +€82,321 | +289% |
| Deferred charges and accrued income | 490/1 | €6,468 | €13,594 | +€7,126 | +110% |
| Total equity and liabilities | 10/49 | €392,262 | €359,548 | -€32,715 | -8.3% |
| Equity | 10/15 | €81,036 | €65,761 | -€15,275 | -18.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €47,012 | €47,012 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,616 | €8,616 | = | 0.0% |
| Legal reserve | 130 | €8,616 | €8,616 | = | 0.0% |
| Tax-exempt reserves | 132 | €267 | €267 | = | 0.0% |
| Distributable reserves | 133 | €38,129 | €38,129 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,476 | -€42,751 | -€15,275 | -55.6% |
| Amounts payable | 17/49 | €311,226 | €293,787 | -€17,440 | -5.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €311,226 | €293,787 | -€17,440 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €11,834 | €0 | -€11,834 | -100% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €18,751 | €8,396 | -€10,356 | -55.2% |
| Suppliers | 440/4 | €18,751 | €8,396 | -€10,356 | -55.2% |
| Advances received on contracts in progress | 46 | €2,378 | €0 | -€2,378 | -100% |
| Taxes, remuneration and social security | 45 | €5,982 | €13,111 | +€7,128 | +119% |
| Taxes | 450/3 | €0 | €6,782 | +€6,782 | |
| Remuneration and social security | 454/9 | €5,982 | €6,329 | +€347 | +5.8% |
| Other amounts payable | 47/48 | €272,280 | €272,280 | = | 0.0% |
| Non-recurring operating income | 76A | - | €7,886 | +€7,886 | |
| Remuneration, social security and pensions | 62 | €64,515 | €53,114 | -€11,401 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,961 | €36,865 | +€17,904 | +94.4% |
| Other operating charges | 640/8 | €11,658 | €4,508 | -€7,150 | -61.3% |
| Non-recurring operating charges | 66A | €27,225 | €0 | -€27,225 | -100% |
| Gross operating margin | 9900 | €100,669 | €80,185 | -€20,484 | -20.3% |
| Operating profit (loss) | 9901 | -€21,690 | -€14,302 | +€7,388 | +34.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.5% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.5% |
| Financial charges | 65/66B | €6,314 | €973 | -€5,341 | -84.6% |
| Recurring financial charges | 65 | €6,314 | €973 | -€5,341 | -84.6% |
| Profit (loss) for the period before taxes | 9903 | -€28,003 | -€15,275 | +€12,728 | +45.5% |
| Income taxes | 67/77 | -€527 | €0 | +€527 | |
| Profit (loss) for the period | 9904 | -€27,476 | -€15,275 | +€12,201 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,476 | -€15,275 | +€12,201 | +44.4% |
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 19 October 2026 via checked.be.