SD INC: 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 INC
Largest movements
- Tangible fixed assets +€480,665
up €480,665 (+32.3%), from €1.5m to €2.0m
of which Assets under construction and advance payments: +€495,147
- Receivables within one year -€167,976
down €167,976 (-53.0%), from €316,957 to €148,981
of which Trade receivables: -€172,002
- Cash -€71,986
down €71,986 (-30.5%), from €236,349 to €164,362
mainly Investment in fixed assets (net) (-€495,524) and Advances received (-€123,041)
- Debts after one year +€249,320
up €249,320 (+17.1%), from €1.5m to €1.7m
- Advances received -€123,041
no longer reported in 2025 (was €123,041)
- Short-term financial debts +€60,000
new in 2025: €60,000
- Reserves +€54,321
up €54,321 (+106.5%), from €51,000 to €105,321
- Other debts -€34,229
down €34,229 (-19.4%), from €176,673 to €142,444
- Depreciation -€46,590
down €46,590 (-75.8%), from €61,449 to €14,859
- Financial charges +€35,848
up €35,848 (+84.6%), from €42,380 to €78,228
- Taxes +€16,308
up €16,308 (+341.8%), from €4,772 to €21,079
- Gross operating margin +€8,167
up €8,167 (+4.9%), from €165,278 to €173,444
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 | €2,040,153 | €2,283,341 | +€243,189 | +11.9% |
| Fixed assets | 21/28 | €1,486,044 | €1,966,709 | +€480,665 | +32.3% |
| Tangible fixed assets | 22/27 | €1,486,044 | €1,966,709 | +€480,665 | +32.3% |
| Land and buildings | 22 | €1,452,427 | €1,437,761 | -€14,666 | -1.0% |
| Plant, machinery and equipment | 23 | €2,365 | €14,201 | +€11,836 | +500.5% |
| Furniture and vehicles | 24 | €31,252 | €19,601 | -€11,651 | -37.3% |
| Assets under construction and advance payments | 27 | - | €495,147 | +€495,147 | |
| Current assets | 29/58 | €554,108 | €316,632 | -€237,477 | -42.9% |
| Amounts receivable within one year | 40/41 | €316,957 | €148,981 | -€167,976 | -53.0% |
| Trade receivables | 40 | €309,725 | €137,723 | -€172,002 | -55.5% |
| Other amounts receivable | 41 | €7,232 | €11,259 | +€4,027 | +55.7% |
| Cash at bank and in hand | 54/58 | €236,349 | €164,362 | -€71,986 | -30.5% |
| Deferred charges and accrued income | 490/1 | €803 | €3,288 | +€2,486 | +309.7% |
| Total equity and liabilities | 10/49 | €2,040,153 | €2,283,341 | +€243,189 | +11.9% |
| Equity | 10/15 | €52,847 | €107,168 | +€54,321 | +102.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €51,000 | €105,321 | +€54,321 | +106.5% |
| Distributable reserves | 133 | €51,000 | €105,321 | +€54,321 | +106.5% |
| Profit (loss) carried forward | 14 | €847 | €847 | = | 0.0% |
| Amounts payable | 17/49 | €1,987,306 | €2,176,174 | +€188,868 | +9.5% |
| Amounts payable after more than one year | 17 | €1,458,361 | €1,707,681 | +€249,320 | +17.1% |
| Financial debts | 170/4 | €1,458,361 | €1,707,681 | +€249,320 | +17.1% |
| Amounts payable within one year | 42/48 | €522,148 | €450,450 | -€71,698 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €37,516 | €52,824 | +€15,308 | +40.8% |
| Financial debts | 43 | - | €60,000 | +€60,000 | |
| Other loans | 439 | - | €60,000 | +€60,000 | |
| Trade debts | 44 | €137,639 | €118,181 | -€19,458 | -14.1% |
| Suppliers | 440/4 | €137,639 | €118,181 | -€19,458 | -14.1% |
| Advances received on contracts in progress | 46 | €123,041 | - | -€123,041 | |
| Taxes, remuneration and social security | 45 | €47,279 | €77,001 | +€29,721 | +62.9% |
| Taxes | 450/3 | €47,279 | €58,761 | +€11,481 | +24.3% |
| Remuneration and social security | 454/9 | - | €18,240 | +€18,240 | |
| Other amounts payable | 47/48 | €176,673 | €142,444 | -€34,229 | -19.4% |
| Accrued charges and deferred income | 492/3 | €6,797 | €18,042 | +€11,246 | +165.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,449 | €14,859 | -€46,590 | -75.8% |
| Other operating charges | 640/8 | €5,093 | €6,005 | +€912 | +17.9% |
| Gross operating margin | 9900 | €165,278 | €173,444 | +€8,167 | +4.9% |
| Operating profit (loss) | 9901 | €98,736 | €152,580 | +€53,845 | +54.5% |
| Financial income | 75/76B | €262 | €1,048 | +€785 | +299.4% |
| Recurring financial income | 75 | €262 | €1,048 | +€785 | +299.4% |
| Financial charges | 65/66B | €42,380 | €78,228 | +€35,848 | +84.6% |
| Recurring financial charges | 65 | €42,380 | €78,228 | +€35,848 | +84.6% |
| Profit (loss) for the period before taxes | 9903 | €56,618 | €75,400 | +€18,782 | +33.2% |
| Income taxes | 67/77 | €4,772 | €21,079 | +€16,308 | +341.8% |
| Profit (loss) for the period | 9904 | €51,847 | €54,321 | +€2,474 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,847 | €54,321 | +€2,474 | +4.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.