SD INVEST: 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.
What changed
SD INVEST
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1,018
2024 · €18,784-€17,766
Equity
€282,828
2024 · €282,643+€185
Cash
€2,172
2024 · €2,917-€745
Balance sheet total
€989,140
2024 · €1.0m-€34,680
Largest movements
Assets
- Receivables within one year -€23,159
down €23,159 (-7.8%), from €297,998 to €274,839
of which Other amounts receivable: -€16,097
- Tangible fixed assets -€14,106
down €14,106 (-2.0%), from €722,905 to €708,800
of which Land and buildings: -€14,406
Equity and liabilities
- Debts after one year -€32,063
down €32,063 (-7.4%), from €433,572 to €401,509
of which Financial debts: -€32,063
Income statement
- Gross operating margin -€13,463
down €13,463 (-17.6%), from €76,528 to €63,066
- Other operating charges +€9,241
up €9,241 (+199%), from €4,633 to €13,874
- Taxes -€4,960
down €4,960 (-88.3%), from €5,620 to €660
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.
Result 2024
€18,784
Gross operating margin
-€13,463
Depreciation
-€537
Other operating charges
-€9,241
Financial charges
+€515
Taxes
+€4,960
Result 2025
€1,018
raises the resultlowers the result
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.
From operations
+€37,772
Investment
-€6,134
Financing
-€32,383
Cash 2024
€2,917
From operations (derived)
+€37,772
Net result for the year
+€1,018
Depreciation
+€20,240
Receivables within one year
+€23,159
Deferred charges and accrued income
-€3,330
Provisions
+€2,573
Trade debts
-€7,502
Tax, wage and social debts
+€890
Other debts
-€391
Accrued charges and deferred income
+€1,115
Investment (derived)
-€6,134
Investment in fixed assets (net)
-€6,134
Financing
-€32,383
Debts after one year
-€32,063
Current portion of long-term debt
+€513
Contributions, distributions and other
-€833
Cash 2025
€2,172
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,023,820 | €989,140 | -€34,680 | -3.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €722,905 | €708,800 | -€14,106 | -2.0% |
| Tangible fixed assets | 22/27 | €722,905 | €708,800 | -€14,106 | -2.0% |
| Land and buildings | 22 | €706,679 | €692,274 | -€14,406 | -2.0% |
| Plant, machinery and equipment | 23 | - | €2,856 | +€2,856 | |
| Furniture and vehicles | 24 | €4,609 | €3,598 | -€1,011 | -21.9% |
| Other tangible fixed assets | 26 | €11,617 | €10,072 | -€1,545 | -13.3% |
| Current assets | 29/58 | €300,915 | €280,340 | -€20,575 | -6.8% |
| Amounts receivable within one year | 40/41 | €297,998 | €274,839 | -€23,159 | -7.8% |
| Trade receivables | 40 | €7,062 | €0 | -€7,062 | -100% |
| Other amounts receivable | 41 | €290,936 | €274,839 | -€16,097 | -5.5% |
| Cash at bank and in hand | 54/58 | €2,917 | €2,172 | -€745 | -25.6% |
| Deferred charges and accrued income | 490/1 | €0 | €3,330 | +€3,330 | |
| Total equity and liabilities | 10/49 | €1,023,820 | €989,140 | -€34,680 | -3.4% |
| Equity | 10/15 | €282,643 | €282,828 | +€185 | +0.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €82,500 | €82,500 | = | 0.0% |
| Distributable reserves | 133 | €82,500 | €82,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €143 | €328 | +€185 | +129% |
| Provisions and deferred taxes | 16 | €232,828 | €235,400 | +€2,573 | +1.1% |
| Provisions for liabilities and charges | 160/5 | €232,828 | €235,400 | +€2,573 | +1.1% |
| Other liabilities and charges | 164/5 | €232,828 | €235,400 | +€2,573 | +1.1% |
| Amounts payable | 17/49 | €508,349 | €470,912 | -€37,438 | -7.4% |
| Amounts payable after more than one year | 17 | €433,572 | €401,509 | -€32,063 | -7.4% |
| Financial debts | 170/4 | €208,572 | €176,509 | -€32,063 | -15.4% |
| Other amounts payable | 178/9 | €225,000 | €225,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,261 | €63,771 | -€6,490 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €31,550 | €32,063 | +€513 | +1.6% |
| Trade debts | 44 | €21,701 | €14,198 | -€7,502 | -34.6% |
| Suppliers | 440/4 | €21,701 | €14,198 | -€7,502 | -34.6% |
| Taxes, remuneration and social security | 45 | €6,334 | €7,224 | +€890 | +14.1% |
| Taxes | 450/3 | €6,334 | €7,224 | +€890 | +14.1% |
| Other amounts payable | 47/48 | €10,676 | €10,286 | -€391 | -3.7% |
| Accrued charges and deferred income | 492/3 | €4,516 | €5,631 | +€1,115 | +24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,703 | €20,240 | +€537 | +2.7% |
| Other operating charges | 640/8 | €4,633 | €13,874 | +€9,241 | +199% |
| Gross operating margin | 9900 | €76,528 | €63,066 | -€13,463 | -17.6% |
| Operating profit (loss) | 9901 | €52,193 | €28,952 | -€23,241 | -44.5% |
| Financial charges | 65/66B | €27,789 | €27,274 | -€515 | -1.9% |
| Recurring financial charges | 65 | €27,789 | €27,274 | -€515 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €24,404 | €1,678 | -€22,726 | -93.1% |
| Income taxes | 67/77 | €5,620 | €660 | -€4,960 | -88.3% |
| Profit (loss) for the period | 9904 | €18,784 | €1,018 | -€17,766 | -94.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,784 | €1,018 | -€17,766 | -94.6% |
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 31 October 2026 via checked.be.