SD Holding: what changed
Two fiscal 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 -€83,352
down €83,352 (-36.9%), from €225,844 to €142,492
mainly Contributions, distributions and other (-€295,484) and Receivables within one year (-€61,337)
- Receivables within one year +€61,337
up €61,337 (+226.6%), from €27,069 to €88,406
of which Other amounts receivable: +€32,781
- Tangible fixed assets -€16,399
down €16,399 (-29.8%), from €55,110 to €38,712
- Deferred charges and accrued income +€7,300
up €7,300 (+830.0%), from €880 to €8,180
- Reserves -€225,756
down €225,756 (-100.0%), from €225,756 to €0
- Other debts +€162,298
new in 2026: €162,298
- Accrued charges and deferred income +€22,132
up €22,132 (+1507.7%), from €1,468 to €23,600
- Tax, wage and social debts +€22,058
up €22,058 (+212.2%), from €10,397 to €32,456
of which Taxes: +€20,037
- Debts after one year -€16,725
down €16,725 (-43.7%), from €38,283 to €21,558
- Gross operating margin -€16,775
down €16,775 (-8.3%), from €201,047 to €184,272
- Staff costs +€4,041
up €4,041 (+5.9%), from €68,717 to €72,758
- Taxes -€3,749
down €3,749 (-15.3%), from €24,500 to €20,751
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.
Cash bridge derived
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 | €393,903 | €362,789 | -€31,114 | -7.9% |
| Fixed assets | 21/28 | €140,110 | €123,712 | -€16,399 | -11.7% |
| Tangible fixed assets | 22/27 | €55,110 | €38,712 | -€16,399 | -29.8% |
| Leasing and similar rights | 25 | €55,110 | €38,712 | -€16,399 | -29.8% |
| Financial fixed assets | 28 | €85,000 | €85,000 | = | 0.0% |
| Current assets | 29/58 | €253,793 | €239,077 | -€14,715 | -5.8% |
| Amounts receivable within one year | 40/41 | €27,069 | €88,406 | +€61,337 | +226.6% |
| Trade receivables | 40 | €0 | €28,556 | +€28,556 | |
| Other amounts receivable | 41 | €27,069 | €59,850 | +€32,781 | +121.1% |
| Cash at bank and in hand | 54/58 | €225,844 | €142,492 | -€83,352 | -36.9% |
| Deferred charges and accrued income | 490/1 | €880 | €8,180 | +€7,300 | +830.0% |
| Total equity and liabilities | 10/49 | €393,903 | €362,789 | -€31,114 | -7.9% |
| Equity | 10/15 | €325,756 | €100,000 | -€225,756 | -69.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €225,756 | €0 | -€225,756 | -100.0% |
| Distributable reserves | 133 | €225,756 | €0 | -€225,756 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €68,147 | €262,789 | +€194,642 | +285.6% |
| Amounts payable after more than one year | 17 | €38,283 | €21,558 | -€16,725 | -43.7% |
| Financial debts | 170/4 | €38,283 | €21,558 | -€16,725 | -43.7% |
| Amounts payable within one year | 42/48 | €28,395 | €217,631 | +€189,236 | +666.4% |
| Current portion of amounts payable after more than one year | 42 | €16,275 | €16,725 | +€450 | +2.8% |
| Trade debts | 44 | €1,723 | €6,152 | +€4,430 | +257.1% |
| Suppliers | 440/4 | €1,723 | €6,152 | +€4,430 | +257.1% |
| Taxes, remuneration and social security | 45 | €10,397 | €32,456 | +€22,058 | +212.2% |
| Taxes | 450/3 | €724 | €20,760 | +€20,037 | +2769.1% |
| Remuneration and social security | 454/9 | €9,674 | €11,696 | +€2,022 | +20.9% |
| Other amounts payable | 47/48 | - | €162,298 | +€162,298 | |
| Accrued charges and deferred income | 492/3 | €1,468 | €23,600 | +€22,132 | +1507.7% |
| Remuneration, social security and pensions | 62 | €68,717 | €72,758 | +€4,041 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,399 | €16,399 | = | 0.0% |
| Other operating charges | 640/8 | €2,628 | €2,959 | +€331 | +12.6% |
| Gross operating margin | 9900 | €201,047 | €184,272 | -€16,775 | -8.3% |
| Operating profit (loss) | 9901 | €113,303 | €92,156 | -€21,147 | -18.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,983 | €1,677 | -€306 | -15.4% |
| Recurring financial charges | 65 | €1,983 | €1,677 | -€306 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €111,320 | €90,479 | -€20,841 | -18.7% |
| Income taxes | 67/77 | €24,500 | €20,751 | -€3,749 | -15.3% |
| Profit (loss) for the period | 9904 | €86,820 | €69,727 | -€17,092 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €86,820 | €69,727 | -€17,092 | -19.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.