SD Connect: 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 Connect
Largest movements
- Cash +€223,617
up €223,617 (+49.0%), from €456,351 to €679,968
mainly Net result for the year (+€267,141) and Receivables after one year (+€164,610)
- Receivables after one year -€164,610
down €164,610 (-100%), from €164,610 to €0
- Tangible fixed assets +€163,611
up €163,611 (+11,780%), from €1,389 to €165,000
of which Land and buildings: +€165,000
- Receivables within one year +€20,059
up €20,059 (+65.9%), from €30,438 to €50,497
of which Trade receivables: +€19,959
- Debts after one year +€159,276
new in 2025: €159,276
- Profit (loss) carried forward +€67,141
up €67,141 (+17.3%), from €388,525 to €455,667
- Trade debts +€15,111
up €15,111 (+180%), from €8,417 to €23,528
- Depreciation +€64,754
up €64,754 (+19,080%), from €339 to €65,094
- Taxes -€17,456
down €17,456 (-17.4%), from €100,152 to €82,697
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 | €658,297 | €900,306 | +€242,008 | +36.8% |
| Formation expenses | 20 | €568 | €344 | -€224 | -39.5% |
| Fixed assets | 21/28 | €1,389 | €168,610 | +€167,221 | +12,040% |
| Intangible fixed assets | 21 | - | €3,610 | +€3,610 | |
| Tangible fixed assets | 22/27 | €1,389 | €165,000 | +€163,611 | +11,780% |
| Land and buildings | 22 | - | €165,000 | +€165,000 | |
| Plant, machinery and equipment | 23 | €1,389 | €0 | -€1,389 | -100% |
| Current assets | 29/58 | €656,340 | €731,351 | +€75,012 | +11.4% |
| Amounts receivable after more than one year | 29 | €164,610 | €0 | -€164,610 | -100% |
| Other amounts receivable | 291 | €164,610 | €0 | -€164,610 | -100% |
| Amounts receivable within one year | 40/41 | €30,438 | €50,497 | +€20,059 | +65.9% |
| Trade receivables | 40 | €30,438 | €50,397 | +€19,959 | +65.6% |
| Other amounts receivable | 41 | - | €100 | +€100 | |
| Cash at bank and in hand | 54/58 | €456,351 | €679,968 | +€223,617 | +49.0% |
| Deferred charges and accrued income | 490/1 | €4,941 | €886 | -€4,055 | -82.1% |
| Total equity and liabilities | 10/49 | €658,297 | €900,306 | +€242,008 | +36.8% |
| Equity | 10/15 | €524,060 | €591,201 | +€67,141 | +12.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €130,534 | €130,534 | = | 0.0% |
| Distributable reserves | 133 | €130,534 | €130,534 | = | 0.0% |
| Profit (loss) carried forward | 14 | €388,525 | €455,667 | +€67,141 | +17.3% |
| Amounts payable | 17/49 | €134,238 | €309,105 | +€174,867 | +130% |
| Amounts payable after more than one year | 17 | - | €159,276 | +€159,276 | |
| Financial debts | 170/4 | - | €159,276 | +€159,276 | |
| Amounts payable within one year | 42/48 | €134,238 | €149,829 | +€15,591 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | - | €5,724 | +€5,724 | |
| Trade debts | 44 | €8,417 | €23,528 | +€15,111 | +180% |
| Suppliers | 440/4 | €8,417 | €23,528 | +€15,111 | +180% |
| Taxes, remuneration and social security | 45 | €124,763 | €120,505 | -€4,257 | -3.4% |
| Taxes | 450/3 | €124,763 | €120,505 | -€4,257 | -3.4% |
| Other amounts payable | 47/48 | €1,058 | €72 | -€986 | -93.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €339 | €65,094 | +€64,754 | +19,080% |
| Other operating charges | 640/8 | €254 | €696 | +€442 | +174% |
| Gross operating margin | 9900 | €415,735 | €413,207 | -€2,528 | -0.6% |
| Operating profit (loss) | 9901 | €415,142 | €347,417 | -€67,724 | -16.3% |
| Financial income | 75/76B | €4,115 | €3,282 | -€833 | -20.2% |
| Recurring financial income | 75 | €4,115 | €3,282 | -€833 | -20.2% |
| Financial charges | 65/66B | €341 | €861 | +€520 | +152% |
| Recurring financial charges | 65 | €341 | €861 | +€520 | +152% |
| Profit (loss) for the period before taxes | 9903 | €418,915 | €349,838 | -€69,077 | -16.5% |
| Income taxes | 67/77 | €100,152 | €82,697 | -€17,456 | -17.4% |
| Profit (loss) for the period | 9904 | €318,763 | €267,141 | -€51,622 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €318,763 | €267,141 | -€51,622 | -16.2% |
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.