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
- Receivables within one year -€61,002
down €61,002 (-71.8%), from €84,984 to €23,982
of which Other amounts receivable: -€46,003
- Cash +€49,827
up €49,827 (+61.8%), from €80,574 to €130,401
mainly Depreciation (+€90,534) and Receivables within one year (+€61,002)
- Tangible fixed assets +€17,042
up €17,042 (+1.2%), from €1.4m to €1.5m
of which Land and buildings: +€16,057
- Debts after one year -€43,520
down €43,520 (-9.5%), from €458,101 to €414,581
- Other debts +€31,111
up €31,111 (+4.7%), from €656,058 to €687,168
- Reserves +€29,010
up €29,010 (+24.9%), from €116,595 to €145,605
of which Distributable reserves: +€29,010
- Gross operating margin +€37,826
up €37,826 (+21.1%), from €179,112 to €216,938
- Write-downs +€18,418
new in 2025: €18,418
- Depreciation +€15,641
up €15,641 (+20.9%), from €74,893 to €90,534
- Financial charges +€11,536
up €11,536 (+41.1%), from €28,066 to €39,602
- Other operating charges +€5,874
up €5,874 (+24.2%), from €24,315 to €30,189
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 | €1,608,702 | €1,614,771 | +€6,068 | +0.4% |
| Fixed assets | 21/28 | €1,438,375 | €1,455,417 | +€17,042 | +1.2% |
| Tangible fixed assets | 22/27 | €1,438,375 | €1,455,417 | +€17,042 | +1.2% |
| Land and buildings | 22 | €1,403,221 | €1,419,279 | +€16,057 | +1.1% |
| Plant, machinery and equipment | 23 | €24,809 | €33,941 | +€9,131 | +36.8% |
| Furniture and vehicles | 24 | €7,681 | €201 | -€7,480 | -97.4% |
| Other tangible fixed assets | 26 | €2,663 | €1,997 | -€666 | -25.0% |
| Current assets | 29/58 | €170,327 | €159,353 | -€10,974 | -6.4% |
| Amounts receivable within one year | 40/41 | €84,984 | €23,982 | -€61,002 | -71.8% |
| Trade receivables | 40 | €23,621 | €8,622 | -€14,999 | -63.5% |
| Other amounts receivable | 41 | €61,363 | €15,360 | -€46,003 | -75.0% |
| Cash at bank and in hand | 54/58 | €80,574 | €130,401 | +€49,827 | +61.8% |
| Deferred charges and accrued income | 490/1 | €4,769 | €4,970 | +€201 | +4.2% |
| Total equity and liabilities | 10/49 | €1,608,702 | €1,614,771 | +€6,068 | +0.4% |
| Equity | 10/15 | €404,295 | €433,305 | +€29,010 | +7.2% |
| Contributions | 10/11 | €287,700 | €287,700 | = | 0.0% |
| Reserves | 13 | €116,595 | €145,605 | +€29,010 | +24.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €2,641 | €2,641 | = | 0.0% |
| Distributable reserves | 133 | €113,954 | €142,964 | +€29,010 | +25.5% |
| Amounts payable | 17/49 | €1,204,407 | €1,181,466 | -€22,941 | -1.9% |
| Amounts payable after more than one year | 17 | €458,101 | €414,581 | -€43,520 | -9.5% |
| Financial debts | 170/4 | €458,101 | €414,581 | -€43,520 | -9.5% |
| Amounts payable within one year | 42/48 | €745,946 | €766,885 | +€20,939 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €49,585 | €43,520 | -€6,065 | -12.2% |
| Financial debts | 43 | €25,533 | €25,013 | -€520 | -2.0% |
| Credit institutions | 430/8 | €25,533 | €25,013 | -€520 | -2.0% |
| Trade debts | 44 | €8,171 | €6,579 | -€1,592 | -19.5% |
| Suppliers | 440/4 | €8,171 | €6,579 | -€1,592 | -19.5% |
| Taxes, remuneration and social security | 45 | €6,600 | €4,604 | -€1,996 | -30.2% |
| Taxes | 450/3 | €6,600 | €4,604 | -€1,996 | -30.2% |
| Other amounts payable | 47/48 | €656,058 | €687,168 | +€31,111 | +4.7% |
| Accrued charges and deferred income | 492/3 | €360 | €0 | -€360 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,893 | €90,534 | +€15,641 | +20.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,418 | +€18,418 | |
| Other operating charges | 640/8 | €24,315 | €30,189 | +€5,874 | +24.2% |
| Gross operating margin | 9900 | €179,112 | €216,938 | +€37,826 | +21.1% |
| Operating profit (loss) | 9901 | €79,904 | €77,796 | -€2,108 | -2.6% |
| Financial income | 75/76B | €2,634 | €485 | -€2,149 | -81.6% |
| Recurring financial income | 75 | €2,634 | €485 | -€2,149 | -81.6% |
| Financial charges | 65/66B | €28,066 | €39,602 | +€11,536 | +41.1% |
| Recurring financial charges | 65 | €28,066 | €39,602 | +€11,536 | +41.1% |
| Profit (loss) for the period before taxes | 9903 | €54,472 | €38,680 | -€15,792 | -29.0% |
| Income taxes | 67/77 | €13,637 | €9,670 | -€3,967 | -29.1% |
| Profit (loss) for the period | 9904 | €40,835 | €29,010 | -€11,825 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,835 | €29,010 | -€11,825 | -29.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.