SD Development: 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 Development
Largest movements
- Current investments +€41,959
up €41,959 (+354%), from €11,842 to €53,801
- Cash -€15,459
down €15,459 (-19.4%), from €79,635 to €64,176
mainly Current investments (-€41,959) and Receivables within one year (-€11,022)
- Receivables within one year +€11,022
up €11,022 (+774%), from €1,425 to €12,447
of which Trade receivables: +€12,417
- Tangible fixed assets +€5,153
up €5,153 (+473%), from €1,089 to €6,242
of which Plant, machinery and equipment: +€2,869
- Deferred charges and accrued income +€5,097
up €5,097 (+754%), from €676 to €5,774
- Reserves +€42,967
up €42,967 (+55.9%), from €76,802 to €119,769
- Tax, wage and social debts +€2,803
up €2,803 (+19.7%), from €14,232 to €17,034
of which Taxes: +€5,245
- Trade debts +€1,662
up €1,662 (+205%), from €809 to €2,471
- Gross operating margin +€10,591
up €10,591 (+21.9%), from €48,372 to €58,964
- Financial charges +€1,381
up €1,381 (+175%), from €787 to €2,168
of which Financial charges: +€1,313
- Depreciation +€805
up €805 (+174%), from €462 to €1,268
- Financial income +€794
up €794 (+1,875%), from €42 to €836
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 | €94,668 | €142,440 | +€47,772 | +50.5% |
| Fixed assets | 21/28 | €1,089 | €6,242 | +€5,153 | +473% |
| Tangible fixed assets | 22/27 | €1,089 | €6,242 | +€5,153 | +473% |
| Plant, machinery and equipment | 23 | €1,089 | €3,958 | +€2,869 | +263% |
| Other tangible fixed assets | 26 | - | €2,284 | +€2,284 | |
| Current assets | 29/58 | €93,578 | €136,198 | +€42,619 | +45.5% |
| Amounts receivable within one year | 40/41 | €1,425 | €12,447 | +€11,022 | +774% |
| Trade receivables | 40 | €0 | €12,417 | +€12,417 | |
| Other amounts receivable | 41 | €1,425 | €30 | -€1,395 | -97.9% |
| Current investments | 50/53 | €11,842 | €53,801 | +€41,959 | +354% |
| Cash at bank and in hand | 54/58 | €79,635 | €64,176 | -€15,459 | -19.4% |
| Deferred charges and accrued income | 490/1 | €676 | €5,774 | +€5,097 | +754% |
| Total equity and liabilities | 10/49 | €94,668 | €142,440 | +€47,772 | +50.5% |
| Equity | 10/15 | €77,802 | €120,769 | +€42,967 | +55.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €76,802 | €119,769 | +€42,967 | +55.9% |
| Distributable reserves | 133 | €76,802 | €119,769 | +€42,967 | +55.9% |
| Amounts payable | 17/49 | €16,866 | €21,671 | +€4,805 | +28.5% |
| Amounts payable within one year | 42/48 | €16,866 | €21,671 | +€4,805 | +28.5% |
| Trade debts | 44 | €809 | €2,471 | +€1,662 | +205% |
| Suppliers | 440/4 | €809 | €2,471 | +€1,662 | +205% |
| Taxes, remuneration and social security | 45 | €14,232 | €17,034 | +€2,803 | +19.7% |
| Taxes | 450/3 | €11,789 | €17,034 | +€5,245 | +44.5% |
| Remuneration and social security | 454/9 | €2,443 | €0 | -€2,443 | -100% |
| Other amounts payable | 47/48 | €1,825 | €2,166 | +€341 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462 | €1,268 | +€805 | +174% |
| Other operating charges | 640/8 | €876 | €517 | -€359 | -41.0% |
| Gross operating margin | 9900 | €48,372 | €58,964 | +€10,591 | +21.9% |
| Operating profit (loss) | 9901 | €47,034 | €57,179 | +€10,145 | +21.6% |
| Financial income | 75/76B | €42 | €836 | +€794 | +1,875% |
| Recurring financial income | 75 | €42 | €836 | +€794 | +1,875% |
| Financial charges | 65/66B | €787 | €2,168 | +€1,381 | +175% |
| Recurring financial charges | 65 | €787 | €2,100 | +€1,313 | +167% |
| Non-recurring financial charges | 66B | - | €67 | +€67 | |
| Profit (loss) for the period before taxes | 9903 | €46,289 | €55,847 | +€9,558 | +20.6% |
| Income taxes | 67/77 | €12,958 | €12,880 | -€77 | -0.6% |
| Profit (loss) for the period | 9904 | €33,331 | €42,967 | +€9,636 | +28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,331 | €42,967 | +€9,636 | +28.9% |
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 18 October 2026 via checked.be.