SD ELEC: 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 ELEC
Largest movements
- Tangible fixed assets +€4,425
up €4,425 (+471%), from €939 to €5,363
of which Furniture and vehicles: +€4,865
- Intangible fixed assets -€4,023
down €4,023 (-14.4%), from €27,951 to €23,928
- Cash +€3,981
up €3,981 (+157%), from €2,531 to €6,511
mainly Debts after one year (+€8,558) and Depreciation (+€4,565)
- Receivables within one year +€1,387
up €1,387 (+13.1%), from €10,584 to €11,972
of which Other amounts receivable: +€5,192
- Profit (loss) carried forward -€24,071
no longer reported in 2025 (was €24,071)
- Reserves +€21,758
new in 2025: €21,758
- Debts after one year +€8,558
new in 2025: €8,558
- Trade debts -€4,903
down €4,903 (-50.1%), from €9,779 to €4,876
- Current portion of long-term debt +€1,990
up €1,990 (+130%), from €1,532 to €3,522
- Gross operating margin -€30,559
down €30,559 (-81.5%), from €37,506 to €6,947
- Taxes -€9,622
down €9,622 (-93.3%), from €10,317 to €696
- Depreciation +€3,975
up €3,975 (+674%), from €590 to €4,565
- Financial charges +€2,360
up €2,360 (+1,059%), from €223 to €2,583
- Other operating charges -€967
down €967 (-40.4%), from €2,396 to €1,429
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 | €42,700 | €48,461 | +€5,761 | +13.5% |
| Fixed assets | 21/28 | €28,889 | €29,291 | +€402 | +1.4% |
| Intangible fixed assets | 21 | €27,951 | €23,928 | -€4,023 | -14.4% |
| Tangible fixed assets | 22/27 | €939 | €5,363 | +€4,425 | +471% |
| Plant, machinery and equipment | 23 | €939 | €498 | -€440 | -46.9% |
| Furniture and vehicles | 24 | - | €4,865 | +€4,865 | |
| Current assets | 29/58 | €13,811 | €19,170 | +€5,359 | +38.8% |
| Amounts receivable within one year | 40/41 | €10,584 | €11,972 | +€1,387 | +13.1% |
| Trade receivables | 40 | €4,411 | €607 | -€3,805 | -86.2% |
| Other amounts receivable | 41 | €6,173 | €11,365 | +€5,192 | +84.1% |
| Cash at bank and in hand | 54/58 | €2,531 | €6,511 | +€3,981 | +157% |
| Deferred charges and accrued income | 490/1 | €695 | €687 | -€9 | -1.2% |
| Total equity and liabilities | 10/49 | €42,700 | €48,461 | +€5,761 | +13.5% |
| Equity | 10/15 | €27,071 | €24,758 | -€2,312 | -8.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €21,758 | +€21,758 | |
| Distributable reserves | 133 | - | €21,758 | +€21,758 | |
| Profit (loss) carried forward | 14 | €24,071 | - | -€24,071 | |
| Amounts payable | 17/49 | €15,629 | €23,703 | +€8,074 | +51.7% |
| Amounts payable after more than one year | 17 | - | €8,558 | +€8,558 | |
| Financial debts | 170/4 | - | €8,558 | +€8,558 | |
| Amounts payable within one year | 42/48 | €15,629 | €14,894 | -€735 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €1,532 | €3,522 | +€1,990 | +130% |
| Financial debts | 43 | - | €1,272 | +€1,272 | |
| Credit institutions | 430/8 | - | €1,272 | +€1,272 | |
| Trade debts | 44 | €9,779 | €4,876 | -€4,903 | -50.1% |
| Suppliers | 440/4 | €9,779 | €4,876 | -€4,903 | -50.1% |
| Taxes, remuneration and social security | 45 | €4,317 | €3,237 | -€1,080 | -25.0% |
| Taxes | 450/3 | €4,317 | €3,237 | -€1,080 | -25.0% |
| Other amounts payable | 47/48 | - | €1,986 | +€1,986 | |
| Accrued charges and deferred income | 492/3 | - | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €590 | €4,565 | +€3,975 | +674% |
| Other operating charges | 640/8 | €2,396 | €1,429 | -€967 | -40.4% |
| Gross operating margin | 9900 | €37,506 | €6,947 | -€30,559 | -81.5% |
| Operating profit (loss) | 9901 | €34,520 | €952 | -€33,567 | -97.2% |
| Financial income | 75/76B | €91 | €13 | -€78 | -85.3% |
| Recurring financial income | 75 | €91 | €13 | -€78 | -85.3% |
| Financial charges | 65/66B | €223 | €2,583 | +€2,360 | +1,059% |
| Recurring financial charges | 65 | €223 | €2,583 | +€2,360 | +1,059% |
| Profit (loss) for the period before taxes | 9903 | €34,388 | -€1,617 | -€36,005 | |
| Income taxes | 67/77 | €10,317 | €696 | -€9,622 | -93.3% |
| Profit (loss) for the period | 9904 | €24,071 | -€2,312 | -€26,383 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,071 | -€2,312 | -€26,383 |
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 14 October 2026 via checked.be.