SD ESTATE: 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 ESTATE
Largest movements
- Tangible fixed assets +€598,358
up €598,358 (+75.3%), from €794,694 to €1.4m
of which Land and buildings: +€598,358
- Cash -€18,669
down €18,669 (-50.3%), from €37,121 to €18,452
mainly Investment in fixed assets (net) (-€630,470) and Receivables within one year (-€2,365)
- Debts after one year +€384,941
up €384,941 (+72.5%), from €530,910 to €915,850
- Other debts +€120,000
up €120,000 (+58.3%), from €205,904 to €325,904
- Profit (loss) carried forward +€32,291
up €32,291 (+73.2%), from €44,128 to €76,420
- Current portion of long-term debt +€29,142
up €29,142 (+38.0%), from €76,782 to €105,923
- Trade debts +€15,681
up €15,681 (+208%), from €7,541 to €23,222
- Taxes +€14,233
up €14,233, from €0 to €14,233
- Depreciation +€5,734
up €5,734 (+21.7%), from €26,378 to €32,112
- Gross operating margin -€5,582
down €5,582 (-4.3%), from €128,382 to €122,800
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 | €897,802 | €1,479,857 | +€582,054 | +64.8% |
| Fixed assets | 21/28 | €794,694 | €1,393,052 | +€598,358 | +75.3% |
| Tangible fixed assets | 22/27 | €794,694 | €1,393,052 | +€598,358 | +75.3% |
| Land and buildings | 22 | €791,509 | €1,389,867 | +€598,358 | +75.6% |
| Assets under construction and advance payments | 27 | €3,185 | €3,185 | = | 0.0% |
| Current assets | 29/58 | €103,108 | €86,804 | -€16,304 | -15.8% |
| Amounts receivable within one year | 40/41 | €65,987 | €68,353 | +€2,365 | +3.6% |
| Trade receivables | 40 | €60,007 | €65,214 | +€5,208 | +8.7% |
| Other amounts receivable | 41 | €5,981 | €3,138 | -€2,842 | -47.5% |
| Cash at bank and in hand | 54/58 | €37,121 | €18,452 | -€18,669 | -50.3% |
| Total equity and liabilities | 10/49 | €897,802 | €1,479,857 | +€582,054 | +64.8% |
| Equity | 10/15 | €76,665 | €108,957 | +€32,291 | +42.1% |
| Contributions | 10/11 | €6,510 | €6,510 | = | 0.0% |
| Reserves | 13 | €26,027 | €26,027 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €24,167 | €24,167 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,128 | €76,420 | +€32,291 | +73.2% |
| Amounts payable | 17/49 | €821,137 | €1,370,900 | +€549,763 | +67.0% |
| Amounts payable after more than one year | 17 | €530,910 | €915,850 | +€384,941 | +72.5% |
| Financial debts | 170/4 | €530,910 | €915,850 | +€384,941 | +72.5% |
| Amounts payable within one year | 42/48 | €290,227 | €455,050 | +€164,823 | +56.8% |
| Current portion of amounts payable after more than one year | 42 | €76,782 | €105,923 | +€29,142 | +38.0% |
| Trade debts | 44 | €7,541 | €23,222 | +€15,681 | +208% |
| Suppliers | 440/4 | €7,541 | €23,222 | +€15,681 | +208% |
| Other amounts payable | 47/48 | €205,904 | €325,904 | +€120,000 | +58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,378 | €32,112 | +€5,734 | +21.7% |
| Other operating charges | 640/8 | €13,493 | €12,341 | -€1,152 | -8.5% |
| Gross operating margin | 9900 | €128,382 | €122,800 | -€5,582 | -4.3% |
| Operating profit (loss) | 9901 | €88,510 | €78,347 | -€10,163 | -11.5% |
| Financial income | 75/76B | €724 | €151 | -€573 | -79.1% |
| Recurring financial income | 75 | €724 | €151 | -€573 | -79.1% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €33,137 | €31,974 | -€1,163 | -3.5% |
| Recurring financial charges | 65 | €33,137 | €31,974 | -€1,163 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €56,098 | €46,524 | -€9,574 | -17.1% |
| Income taxes | 67/77 | €0 | €14,233 | +€14,233 | |
| Profit (loss) for the period | 9904 | €56,098 | €32,291 | -€23,806 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €56,098 | €32,291 | -€23,806 | -42.4% |
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 15 October 2026 via checked.be.