SD HOLDING: 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 HOLDING
Largest movements
- Cash +€164,103
up €164,103 (+8390.3%), from €1,956 to €166,059
mainly Net result for the year (+€802,079) and Tax, wage and social debts (+€32,563)
- Receivables within one year +€94,170
up €94,170 (+2458.6%), from €3,830 to €98,000
- Tangible fixed assets -€30,717
down €30,717 (-3.9%), from €788,897 to €758,180
- Reserves +€802,079
up €802,079 (+985.8%), from €81,363 to €883,442
- Other debts -€467,764
down €467,764 (-99.0%), from €472,500 to €4,736
- Trade debts -€89,080
down €89,080 (-100.0%), from €89,080 to €0
- Debts after one year -€37,609
down €37,609 (-6.9%), from €544,596 to €506,988
- Tax, wage and social debts +€32,563
up €32,563 (+203.5%), from €16,004 to €48,567
of which Taxes: +€32,563
- Financial income +€780,728
up €780,728 (+4051.1%), from €19,272 to €800,000
- Gross operating margin -€25,135
down €25,135 (-18.9%), from €133,268 to €108,133
- Taxes +€19,993
up €19,993 (+92.5%), from €21,607 to €41,600
- Financial charges +€1,681
up €1,681 (+6.5%), from €25,847 to €27,528
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 | €2,080,542 | €2,311,703 | +€231,162 | +11.1% |
| Fixed assets | 21/28 | €2,071,300 | €2,040,583 | -€30,717 | -1.5% |
| Tangible fixed assets | 22/27 | €788,897 | €758,180 | -€30,717 | -3.9% |
| Land and buildings | 22 | €788,897 | €758,180 | -€30,717 | -3.9% |
| Financial fixed assets | 28 | €1,282,403 | €1,282,403 | = | 0.0% |
| Current assets | 29/58 | €9,242 | €271,120 | +€261,879 | +2833.7% |
| Amounts receivable within one year | 40/41 | €3,830 | €98,000 | +€94,170 | +2458.6% |
| Other amounts receivable | 41 | €3,830 | €98,000 | +€94,170 | +2458.6% |
| Cash at bank and in hand | 54/58 | €1,956 | €166,059 | +€164,103 | +8390.3% |
| Deferred charges and accrued income | 490/1 | €3,456 | €7,062 | +€3,606 | +104.4% |
| Total equity and liabilities | 10/49 | €2,080,542 | €2,311,703 | +€231,162 | +11.1% |
| Equity | 10/15 | €907,366 | €1,709,445 | +€802,079 | +88.4% |
| Contributions | 10/11 | €826,003 | €826,003 | = | 0.0% |
| Reserves | 13 | €81,363 | €883,442 | +€802,079 | +985.8% |
| Distributable reserves | 133 | €81,363 | €883,442 | +€802,079 | +985.8% |
| Amounts payable | 17/49 | €1,173,176 | €602,258 | -€570,917 | -48.7% |
| Amounts payable after more than one year | 17 | €544,596 | €506,988 | -€37,609 | -6.9% |
| Financial debts | 170/4 | €544,596 | €506,988 | -€37,609 | -6.9% |
| Amounts payable within one year | 42/48 | €628,579 | €95,271 | -€533,309 | -84.8% |
| Current portion of amounts payable after more than one year | 42 | €50,996 | €41,967 | -€9,029 | -17.7% |
| Trade debts | 44 | €89,080 | €0 | -€89,080 | -100.0% |
| Suppliers | 440/4 | €89,080 | €0 | -€89,080 | -100.0% |
| Taxes, remuneration and social security | 45 | €16,004 | €48,567 | +€32,563 | +203.5% |
| Taxes | 450/3 | €15,844 | €48,407 | +€32,563 | +205.5% |
| Remuneration and social security | 454/9 | €160 | €160 | = | 0.0% |
| Other amounts payable | 47/48 | €472,500 | €4,736 | -€467,764 | -99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,795 | €30,717 | +€921 | +3.1% |
| Other operating charges | 640/8 | €6,318 | €6,210 | -€108 | -1.7% |
| Gross operating margin | 9900 | €133,268 | €108,133 | -€25,135 | -18.9% |
| Operating profit (loss) | 9901 | €97,155 | €71,207 | -€25,949 | -26.7% |
| Financial income | 75/76B | €19,272 | €800,000 | +€780,728 | +4051.1% |
| Recurring financial income | 75 | €19,272 | €800,000 | +€780,728 | +4051.1% |
| Financial charges | 65/66B | €25,847 | €27,528 | +€1,681 | +6.5% |
| Recurring financial charges | 65 | €25,847 | €27,528 | +€1,681 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €90,580 | €843,679 | +€753,099 | +831.4% |
| Income taxes | 67/77 | €21,607 | €41,600 | +€19,993 | +92.5% |
| Profit (loss) for the period | 9904 | €68,973 | €802,079 | +€733,106 | +1062.9% |
| Profit (loss) for the period to be appropriated | 9905 | €68,973 | €802,079 | +€733,106 | +1062.9% |
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 12 October 2026 via checked.be.