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.
SD Invest
Largest movements
- Current investments -€176,843
down €176,843 (-100.0%), from €176,892 to €48
- Cash +€101,970
up €101,970 (+124%), from €82,563 to €184,533
mainly Other debts (+€253,061) and Current investments (+€176,843)
- Receivables within one year +€63,979
up €63,979 (+170%), from €37,630 to €101,609
of which Other amounts receivable: +€50,295
- Profit (loss) carried forward -€256,264
down €256,264 (-100%), from €256,264 to €0
- Other debts +€253,061
up €253,061 (+13,415%), from €1,886 to €254,947
- Reserves +€12,142
new in 2025: €12,142
- Tax, wage and social debts -€12,064
down €12,064 (-40.5%), from €29,770 to €17,706
of which Taxes: -€12,064
- Trade debts -€7,581
down €7,581 (-44.5%), from €17,048 to €9,467
- Gross operating margin -€131,841
down €131,841 (-84.1%), from €156,771 to €24,930
- Taxes -€32,209
down €32,209 (-86.5%), from €37,225 to €5,016
- Financial charges +€6,071
up €6,071 (+106%), from €5,715 to €11,786
- Financial income -€4,803
down €4,803 (-63.1%), from €7,606 to €2,803
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €312,731 | €300,859 | -€11,871 | -3.8% |
| Fixed assets | 21/28 | €6,425 | €5,186 | -€1,239 | -19.3% |
| Tangible fixed assets | 22/27 | €6,175 | €4,936 | -€1,239 | -20.1% |
| Land and buildings | 22 | €96 | €0 | -€96 | -100% |
| Furniture and vehicles | 24 | €6,079 | €4,936 | -€1,143 | -18.8% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €306,306 | €295,673 | -€10,633 | -3.5% |
| Amounts receivable within one year | 40/41 | €37,630 | €101,609 | +€63,979 | +170% |
| Trade receivables | 40 | €37,044 | €50,728 | +€13,684 | +36.9% |
| Other amounts receivable | 41 | €586 | €50,881 | +€50,295 | +8,579% |
| Current investments | 50/53 | €176,892 | €48 | -€176,843 | -100.0% |
| Cash at bank and in hand | 54/58 | €82,563 | €184,533 | +€101,970 | +124% |
| Deferred charges and accrued income | 490/1 | €9,221 | €9,483 | +€261 | +2.8% |
| Total equity and liabilities | 10/49 | €312,731 | €300,859 | -€11,871 | -3.8% |
| Equity | 10/15 | €257,264 | €13,142 | -€244,123 | -94.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €12,142 | +€12,142 | |
| Distributable reserves | 133 | - | €12,142 | +€12,142 | |
| Profit (loss) carried forward | 14 | €256,264 | €0 | -€256,264 | -100% |
| Amounts payable | 17/49 | €55,466 | €287,718 | +€232,251 | +419% |
| Amounts payable within one year | 42/48 | €55,466 | €287,718 | +€232,251 | +419% |
| Current portion of amounts payable after more than one year | 42 | €6,762 | €5,046 | -€1,716 | -25.4% |
| Financial debts | 43 | €0 | €552 | +€552 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | - | €552 | +€552 | |
| Trade debts | 44 | €17,048 | €9,467 | -€7,581 | -44.5% |
| Suppliers | 440/4 | €17,048 | €9,467 | -€7,581 | -44.5% |
| Taxes, remuneration and social security | 45 | €29,770 | €17,706 | -€12,064 | -40.5% |
| Taxes | 450/3 | €27,820 | €15,756 | -€12,064 | -43.4% |
| Remuneration and social security | 454/9 | €1,950 | €1,950 | = | 0.0% |
| Other amounts payable | 47/48 | €1,886 | €254,947 | +€253,061 | +13,415% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,288 | €2,839 | -€449 | -13.7% |
| Other operating charges | 640/8 | €2,957 | €2,216 | -€741 | -25.1% |
| Non-recurring operating charges | 66A | €125 | €0 | -€125 | -100% |
| Gross operating margin | 9900 | €156,771 | €24,930 | -€131,841 | -84.1% |
| Operating profit (loss) | 9901 | €150,401 | €19,876 | -€130,525 | -86.8% |
| Financial income | 75/76B | €7,606 | €2,803 | -€4,803 | -63.1% |
| Recurring financial income | 75 | €7,606 | €2,803 | -€4,803 | -63.1% |
| Financial charges | 65/66B | €5,715 | €11,786 | +€6,071 | +106% |
| Recurring financial charges | 65 | €5,715 | €11,786 | +€6,071 | +106% |
| Profit (loss) for the period before taxes | 9903 | €152,292 | €10,893 | -€141,399 | -92.8% |
| Income taxes | 67/77 | €37,225 | €5,016 | -€32,209 | -86.5% |
| Profit (loss) for the period | 9904 | €115,067 | €5,877 | -€109,189 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €115,067 | €5,877 | -€109,189 | -94.9% |
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 29 October 2026 via checked.be.