SD DISTRIBUTION: 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 DISTRIBUTION
Largest movements
- Cash -€189,300
down €189,300 (-29.3%), from €645,830 to €456,530
mainly Net result for the year (-€181,164) and Trade debts (-€163,074)
- Deferred charges and accrued income -€152,559
no longer reported in 2025 (was €152,559)
- Profit (loss) carried forward -€181,164
down €181,164 (-12.2%), from €1.5m to €1.3m
- Trade debts -€163,074
down €163,074 (-29.6%), from €550,581 to €387,507
- Tax, wage and social debts +€79,766
up €79,766 (+39.6%), from €201,463 to €281,229
of which Taxes: +€69,415
- Debts after one year -€58,757
down €58,757 (-47.2%), from €124,374 to €65,617
- Gross operating margin -€307,439
down €307,439 (-26.6%), from €1.2m to €849,960
- Depreciation -€65,199
down €65,199 (-68.8%), from €94,729 to €29,530
- Financial income +€26,284
up €26,284 (+3900.9%), from €674 to €26,958
- Financial charges -€25,254
down €25,254 (-49.3%), from €51,252 to €25,997
- Staff costs +€23,399
up €23,399 (+2.5%), from €942,098 to €965,498
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 | €3,068,350 | €2,745,638 | -€322,712 | -10.5% |
| Fixed assets | 21/28 | €671,604 | €679,619 | +€8,016 | +1.2% |
| Tangible fixed assets | 22/27 | €507,204 | €513,652 | +€6,448 | +1.3% |
| Land and buildings | 22 | €444,744 | €440,280 | -€4,465 | -1.0% |
| Plant, machinery and equipment | 23 | €1,508 | €2,157 | +€649 | +43.0% |
| Furniture and vehicles | 24 | €12,749 | €9,126 | -€3,622 | -28.4% |
| Other tangible fixed assets | 26 | €48,202 | €62,089 | +€13,886 | +28.8% |
| Financial fixed assets | 28 | €164,400 | €165,967 | +€1,567 | +1.0% |
| Current assets | 29/58 | €2,396,746 | €2,066,019 | -€330,727 | -13.8% |
| Amounts receivable after more than one year | 29 | €264,767 | €264,767 | = | 0.0% |
| Other amounts receivable | 291 | €264,767 | €264,767 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,096,840 | €1,082,960 | -€13,880 | -1.3% |
| Stocks | 30/36 | €1,096,840 | €1,082,960 | -€13,880 | -1.3% |
| Amounts receivable within one year | 40/41 | €66,466 | €80,478 | +€14,012 | +21.1% |
| Trade receivables | 40 | €65,928 | €60,949 | -€4,979 | -7.6% |
| Other amounts receivable | 41 | €538 | €19,529 | +€18,991 | +3529.2% |
| Current investments | 50/53 | €170,284 | €181,284 | +€11,000 | +6.5% |
| Cash at bank and in hand | 54/58 | €645,830 | €456,530 | -€189,300 | -29.3% |
| Deferred charges and accrued income | 490/1 | €152,559 | - | -€152,559 | |
| Total equity and liabilities | 10/49 | €3,068,350 | €2,745,638 | -€322,712 | -10.5% |
| Equity | 10/15 | €2,132,954 | €1,951,790 | -€181,164 | -8.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €641,417 | €641,417 | = | 0.0% |
| Distributable reserves | 133 | €641,417 | €641,417 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,479,137 | €1,297,972 | -€181,164 | -12.2% |
| Amounts payable | 17/49 | €935,396 | €793,849 | -€141,547 | -15.1% |
| Amounts payable after more than one year | 17 | €124,374 | €65,617 | -€58,757 | -47.2% |
| Financial debts | 170/4 | €124,374 | €65,617 | -€58,757 | -47.2% |
| Amounts payable within one year | 42/48 | €811,022 | €728,232 | -€82,791 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €58,239 | €58,757 | +€517 | +0.9% |
| Trade debts | 44 | €550,581 | €387,507 | -€163,074 | -29.6% |
| Suppliers | 440/4 | €550,581 | €387,507 | -€163,074 | -29.6% |
| Taxes, remuneration and social security | 45 | €201,463 | €281,229 | +€79,766 | +39.6% |
| Taxes | 450/3 | €76,285 | €145,700 | +€69,415 | +91.0% |
| Remuneration and social security | 454/9 | €125,178 | €135,529 | +€10,351 | +8.3% |
| Other amounts payable | 47/48 | €739 | €739 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €942,098 | €965,498 | +€23,399 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,729 | €29,530 | -€65,199 | -68.8% |
| Other operating charges | 640/8 | €44,259 | €47,870 | +€3,611 | +8.2% |
| Gross operating margin | 9900 | €1,157,399 | €849,960 | -€307,439 | -26.6% |
| Operating profit (loss) | 9901 | €76,312 | -€192,938 | -€269,250 | |
| Financial income | 75/76B | €674 | €26,958 | +€26,284 | +3900.9% |
| Recurring financial income | 75 | €674 | €26,958 | +€26,284 | +3900.9% |
| Financial charges | 65/66B | €51,252 | €25,997 | -€25,254 | -49.3% |
| Recurring financial charges | 65 | €51,252 | €25,997 | -€25,254 | -49.3% |
| Profit (loss) for the period before taxes | 9903 | €25,735 | -€191,977 | -€217,712 | |
| Income taxes | 67/77 | €178 | -€10,813 | -€10,991 | |
| Profit (loss) for the period | 9904 | €25,557 | -€181,164 | -€206,721 | |
| Transfer from tax-exempt reserves | 789 | €53,400 | - | -€53,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €78,957 | -€181,164 | -€260,121 |
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 11 October 2026 via checked.be.