SD KWADRA: 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 KWADRA
Largest movements
- Tangible fixed assets +€291,761
up €291,761 (+1,482%), from €19,688 to €311,449
of which Land and buildings: +€299,382
- Cash -€26,034
down €26,034 (-53.2%), from €48,950 to €22,916
mainly Investment in fixed assets (net) (-€295,000) and Contributions, distributions and other (-€15,000)
- Debts after one year +€265,670
new in 2025: €265,670
- Revaluation surpluses -€15,000
no longer reported in 2025 (was €15,000)
- Current portion of long-term debt +€14,330
new in 2025: €14,330
- Other operating charges +€37,553
up €37,553 (+2,005%), from €1,873 to €39,427
- Gross operating margin +€18,695
up €18,695 (+65.3%), from €28,624 to €47,319
- Taxes -€4,588
down €4,588 (-72.2%), from €6,354 to €1,766
- Financial charges +€1,944
up €1,944 (+420%), from €463 to €2,406
- Depreciation +€1,042
up €1,042 (+47.5%), from €2,196 to €3,239
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 | €133,032 | €397,027 | +€263,994 | +198% |
| Fixed assets | 21/28 | €63,414 | €355,175 | +€291,761 | +460% |
| Tangible fixed assets | 22/27 | €19,688 | €311,449 | +€291,761 | +1,482% |
| Land and buildings | 22 | - | €299,382 | +€299,382 | |
| Furniture and vehicles | 24 | €16,012 | €9,892 | -€6,121 | -38.2% |
| Other tangible fixed assets | 26 | €3,675 | €2,175 | -€1,501 | -40.8% |
| Financial fixed assets | 28 | €43,727 | €43,727 | = | 0.0% |
| Current assets | 29/58 | €69,618 | €41,851 | -€27,767 | -39.9% |
| Amounts receivable within one year | 40/41 | €20,668 | €18,935 | -€1,733 | -8.4% |
| Trade receivables | 40 | €19,522 | €18,906 | -€615 | -3.2% |
| Other amounts receivable | 41 | €1,146 | €29 | -€1,117 | -97.5% |
| Cash at bank and in hand | 54/58 | €48,950 | €22,916 | -€26,034 | -53.2% |
| Total equity and liabilities | 10/49 | €133,032 | €397,027 | +€263,994 | +198% |
| Equity | 10/15 | €112,270 | €97,752 | -€14,518 | -12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €15,000 | - | -€15,000 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,810 | €77,292 | +€482 | +0.6% |
| Amounts payable | 17/49 | €20,763 | €299,275 | +€278,512 | +1,341% |
| Amounts payable after more than one year | 17 | - | €265,670 | +€265,670 | |
| Financial debts | 170/4 | - | €265,670 | +€265,670 | |
| Amounts payable within one year | 42/48 | €20,620 | €33,205 | +€12,586 | +61.0% |
| Current portion of amounts payable after more than one year | 42 | - | €14,330 | +€14,330 | |
| Trade debts | 44 | €4,770 | €912 | -€3,859 | -80.9% |
| Suppliers | 440/4 | €4,770 | €912 | -€3,859 | -80.9% |
| Taxes, remuneration and social security | 45 | €15,613 | €17,964 | +€2,350 | +15.1% |
| Taxes | 450/3 | €15,613 | €17,964 | +€2,350 | +15.1% |
| Other amounts payable | 47/48 | €236 | - | -€236 | |
| Accrued charges and deferred income | 492/3 | €143 | €400 | +€257 | +179% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,196 | €3,239 | +€1,042 | +47.5% |
| Other operating charges | 640/8 | €1,873 | €39,427 | +€37,553 | +2,005% |
| Gross operating margin | 9900 | €28,624 | €47,319 | +€18,695 | +65.3% |
| Operating profit (loss) | 9901 | €24,555 | €4,654 | -€19,900 | -81.0% |
| Financial charges | 65/66B | €463 | €2,406 | +€1,944 | +420% |
| Recurring financial charges | 65 | €463 | €2,406 | +€1,944 | +420% |
| Profit (loss) for the period before taxes | 9903 | €24,092 | €2,248 | -€21,844 | -90.7% |
| Income taxes | 67/77 | €6,354 | €1,766 | -€4,588 | -72.2% |
| Profit (loss) for the period | 9904 | €17,738 | €482 | -€17,256 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,738 | €482 | -€17,256 | -97.3% |
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 19 October 2026 via checked.be.