SD INVEST & DEVELOPMENT: 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 & DEVELOPMENT
Largest movements
- Tangible fixed assets -€23,903
down €23,903 (-4.8%), from €502,662 to €478,758
of which Land and buildings: -€23,162
- Cash -€11,428
down €11,428 (-33.1%), from €34,479 to €23,051
mainly Debts after one year (-€35,979) and Other debts (-€17,323)
- Debts after one year -€35,979
down €35,979 (-17.9%), from €200,622 to €164,643
of which Financial debts: -€35,979
- Tax, wage and social debts +€23,141
up €23,141 (+750%), from €3,085 to €26,226
- Other debts -€17,323
down €17,323 (-37.0%), from €46,836 to €29,514
- Provisions -€14,843
no longer reported in 2025 (was €14,843)
- Reserves +€7,320
up €7,320 (+6.1%), from €120,235 to €127,554
of which Distributable reserves: +€51,848
- Taxes +€19,637
up €19,637 (+310%), from €6,327 to €25,964
- Gross operating margin -€1,214
down €1,214 (-2.4%), from €51,290 to €50,076
- Financial charges -€550
down €550 (-11.7%), from €4,715 to €4,165
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 | €539,393 | €501,809 | -€37,583 | -7.0% |
| Fixed assets | 21/28 | €502,662 | €478,758 | -€23,903 | -4.8% |
| Tangible fixed assets | 22/27 | €502,662 | €478,758 | -€23,903 | -4.8% |
| Land and buildings | 22 | €498,782 | €475,620 | -€23,162 | -4.6% |
| Other tangible fixed assets | 26 | €3,879 | €3,138 | -€741 | -19.1% |
| Current assets | 29/58 | €36,731 | €23,051 | -€13,680 | -37.2% |
| Amounts receivable within one year | 40/41 | €2,252 | - | -€2,252 | |
| Trade receivables | 40 | €2,117 | - | -€2,117 | |
| Other amounts receivable | 41 | €135 | - | -€135 | |
| Cash at bank and in hand | 54/58 | €34,479 | €23,051 | -€11,428 | -33.1% |
| Total equity and liabilities | 10/49 | €539,393 | €501,809 | -€37,583 | -7.0% |
| Equity | 10/15 | €237,487 | €244,807 | +€7,320 | +3.1% |
| Contributions | 10/11 | €115,000 | €115,000 | = | 0.0% |
| Reserves | 13 | €120,235 | €127,554 | +€7,320 | +6.1% |
| Tax-exempt reserves | 132 | €44,528 | - | -€44,528 | |
| Distributable reserves | 133 | €75,707 | €127,554 | +€51,848 | +68.5% |
| Profit (loss) carried forward | 14 | €2,252 | €2,252 | = | 0.0% |
| Provisions and deferred taxes | 16 | €14,843 | - | -€14,843 | |
| Deferred taxes | 168 | €14,843 | - | -€14,843 | |
| Amounts payable | 17/49 | €287,063 | €257,003 | -€30,060 | -10.5% |
| Amounts payable after more than one year | 17 | €200,622 | €164,643 | -€35,979 | -17.9% |
| Financial debts | 170/4 | €175,622 | €139,643 | -€35,979 | -20.5% |
| Other amounts payable | 178/9 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €86,441 | €91,720 | +€5,279 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €36,519 | €35,979 | -€539 | -1.5% |
| Trade debts | 44 | €0 | €0 | = | 0.0% |
| Suppliers | 440/4 | €0 | €0 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,085 | €26,226 | +€23,141 | +750% |
| Taxes | 450/3 | €3,085 | €26,226 | +€23,141 | +750% |
| Other amounts payable | 47/48 | €46,836 | €29,514 | -€17,323 | -37.0% |
| Accrued charges and deferred income | 492/3 | - | €640 | +€640 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,903 | €23,903 | = | 0.0% |
| Other operating charges | 640/8 | €3,466 | €3,567 | +€101 | +2.9% |
| Gross operating margin | 9900 | €51,290 | €50,076 | -€1,214 | -2.4% |
| Operating profit (loss) | 9901 | €23,920 | €22,605 | -€1,315 | -5.5% |
| Financial income | 75/76B | €395 | - | -€395 | |
| Recurring financial income | 75 | €395 | - | -€395 | |
| Financial charges | 65/66B | €4,715 | €4,165 | -€550 | -11.7% |
| Recurring financial charges | 65 | €4,715 | €4,165 | -€550 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €19,601 | €18,441 | -€1,160 | -5.9% |
| Transfer from deferred taxes | 780 | €39 | €14,843 | +€14,804 | +37,997% |
| Income taxes | 67/77 | €6,327 | €25,964 | +€19,637 | +310% |
| Profit (loss) for the period | 9904 | €13,313 | €7,320 | -€5,993 | -45.0% |
| Transfer from tax-exempt reserves | 789 | €117 | €44,528 | +€44,411 | +37,997% |
| Profit (loss) for the period to be appropriated | 9905 | €13,430 | €51,848 | +€38,418 | +286% |
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 1 November 2026 via checked.be.