SD Finance: 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 Finance
Largest movements
- Tangible fixed assets +€160,374
up €160,374 (+32.1%), from €499,379 to €659,752
of which Land and buildings: +€131,768
- Receivables within one year +€93,625
up €93,625 (+19.2%), from €488,601 to €582,226
of which Other amounts receivable: +€150,125
- Other debts +€98,140
up €98,140 (+63.7%), from €154,130 to €252,270
- Reserves +€80,961
up €80,961 (+29.1%), from €278,110 to €359,072
- Current portion of long-term debt +€39,946
up €39,946 (+154%), from €25,928 to €65,874
- Debts after one year +€23,204
up €23,204 (+3.9%), from €593,016 to €616,220
- Trade debts +€20,464
up €20,464 (+243%), from €8,411 to €28,875
- Depreciation -€39,107
down €39,107 (-52.6%), from €74,419 to €35,312
- Taxes +€9,132
up €9,132 (+36.6%), from €24,923 to €34,055
- Gross operating margin -€6,583
down €6,583 (-3.7%), from €176,741 to €170,157
- Financial charges +€5,539
up €5,539 (+50.2%), from €11,035 to €16,574
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,063,657 | €1,323,311 | +€259,654 | +24.4% |
| Fixed assets | 21/28 | €503,814 | €664,187 | +€160,374 | +31.8% |
| Tangible fixed assets | 22/27 | €499,379 | €659,752 | +€160,374 | +32.1% |
| Land and buildings | 22 | €494,697 | €626,465 | +€131,768 | +26.6% |
| Plant, machinery and equipment | 23 | €0 | €7,016 | +€7,016 | |
| Furniture and vehicles | 24 | - | €24,134 | +€24,134 | |
| Other tangible fixed assets | 26 | €4,681 | €2,137 | -€2,544 | -54.3% |
| Financial fixed assets | 28 | €4,435 | €4,435 | = | 0.0% |
| Current assets | 29/58 | €559,843 | €659,124 | +€99,280 | +17.7% |
| Amounts receivable after more than one year | 29 | €48,108 | €56,624 | +€8,517 | +17.7% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €48,108 | €56,624 | +€8,517 | +17.7% |
| Amounts receivable within one year | 40/41 | €488,601 | €582,226 | +€93,625 | +19.2% |
| Trade receivables | 40 | €56,500 | €0 | -€56,500 | -100% |
| Other amounts receivable | 41 | €432,101 | €582,226 | +€150,125 | +34.7% |
| Cash at bank and in hand | 54/58 | €14,593 | €11,542 | -€3,052 | -20.9% |
| Deferred charges and accrued income | 490/1 | €8,541 | €8,731 | +€190 | +2.2% |
| Total equity and liabilities | 10/49 | €1,063,657 | €1,323,311 | +€259,654 | +24.4% |
| Equity | 10/15 | €279,110 | €360,072 | +€80,961 | +29.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €278,110 | €359,072 | +€80,961 | +29.1% |
| Distributable reserves | 133 | €278,110 | €359,072 | +€80,961 | +29.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €784,546 | €963,239 | +€178,693 | +22.8% |
| Amounts payable after more than one year | 17 | €593,016 | €616,220 | +€23,204 | +3.9% |
| Financial debts | 170/4 | €593,016 | €616,220 | +€23,204 | +3.9% |
| Amounts payable within one year | 42/48 | €191,530 | €347,019 | +€155,489 | +81.2% |
| Current portion of amounts payable after more than one year | 42 | €25,928 | €65,874 | +€39,946 | +154% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €8,411 | €28,875 | +€20,464 | +243% |
| Suppliers | 440/4 | €8,411 | €28,875 | +€20,464 | +243% |
| Taxes, remuneration and social security | 45 | €3,061 | €0 | -€3,061 | -100% |
| Remuneration and social security | 454/9 | €3,061 | €0 | -€3,061 | -100% |
| Other amounts payable | 47/48 | €154,130 | €252,270 | +€98,140 | +63.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,419 | €35,312 | -€39,107 | -52.6% |
| Other operating charges | 640/8 | €2,493 | €3,255 | +€762 | +30.6% |
| Gross operating margin | 9900 | €176,741 | €170,157 | -€6,583 | -3.7% |
| Operating profit (loss) | 9901 | €99,829 | €131,591 | +€31,761 | +31.8% |
| Financial income | 75/76B | €275 | €0 | -€275 | -100.0% |
| Recurring financial income | 75 | €275 | €0 | -€275 | -100.0% |
| Financial charges | 65/66B | €11,035 | €16,574 | +€5,539 | +50.2% |
| Recurring financial charges | 65 | €11,035 | €16,574 | +€5,539 | +50.2% |
| Profit (loss) for the period before taxes | 9903 | €89,069 | €115,017 | +€25,948 | +29.1% |
| Income taxes | 67/77 | €24,923 | €34,055 | +€9,132 | +36.6% |
| Profit (loss) for the period | 9904 | €64,146 | €80,961 | +€16,816 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,146 | €80,961 | +€16,816 | +26.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.