SD MANAGEMENT: what changed
Two fiscal 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 MANAGEMENT
Largest movements
- Financial fixed assets +€30,000
up €30,000 (+28.6%), from €105,000 to €135,000
- Tangible fixed assets -€7,557
down €7,557 (-22.5%), from €33,595 to €26,038
- Cash -€3,936
down €3,936 (-8.8%), from €44,858 to €40,922
mainly Contributions, distributions and other (-€60,000) and Investment in fixed assets (net) (-€30,000)
- Receivables within one year -€2,938
down €2,938 (-23.6%), from €12,438 to €9,500
of which Trade receivables: -€2,600
- Other debts +€49,329
up €49,329 (+5297.6%), from €931 to €50,260
- Profit (loss) carried forward -€22,916
down €22,916 (-15.6%), from €146,452 to €123,536
- Debts after one year -€6,860
down €6,860 (-27.2%), from €25,181 to €18,321
- Tax, wage and social debts -€4,947
down €4,947 (-59.1%), from €8,372 to €3,425
- Accrued charges and deferred income +€2,987
new in 2025: €2,987
- Gross operating margin +€8,692
up €8,692 (+16.1%), from €54,042 to €62,734
- Depreciation +€3,366
up €3,366 (+80.3%), from €4,192 to €7,557
- Financial charges +€3,176
up €3,176 (+313.9%), from €1,012 to €4,188
- Financial income -€998
down €998 (-69.8%), from €1,429 to €431
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.
Cash bridge derived
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 | €197,095 | €212,344 | +€15,249 | +7.7% |
| Fixed assets | 21/28 | €138,595 | €161,038 | +€22,443 | +16.2% |
| Tangible fixed assets | 22/27 | €33,595 | €26,038 | -€7,557 | -22.5% |
| Furniture and vehicles | 24 | €33,595 | €26,038 | -€7,557 | -22.5% |
| Financial fixed assets | 28 | €105,000 | €135,000 | +€30,000 | +28.6% |
| Current assets | 29/58 | €58,501 | €51,307 | -€7,194 | -12.3% |
| Amounts receivable within one year | 40/41 | €12,438 | €9,500 | -€2,938 | -23.6% |
| Trade receivables | 40 | €12,100 | €9,500 | -€2,600 | -21.5% |
| Other amounts receivable | 41 | €338 | €0 | -€338 | -100.0% |
| Cash at bank and in hand | 54/58 | €44,858 | €40,922 | -€3,936 | -8.8% |
| Deferred charges and accrued income | 490/1 | €1,205 | €885 | -€320 | -26.6% |
| Total equity and liabilities | 10/49 | €197,095 | €212,344 | +€15,249 | +7.7% |
| Equity | 10/15 | €152,452 | €129,536 | -€22,916 | -15.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €146,452 | €123,536 | -€22,916 | -15.6% |
| Amounts payable | 17/49 | €44,643 | €82,808 | +€38,164 | +85.5% |
| Amounts payable after more than one year | 17 | €25,181 | €18,321 | -€6,860 | -27.2% |
| Financial debts | 170/4 | €25,181 | €18,321 | -€6,860 | -27.2% |
| Amounts payable within one year | 42/48 | €19,463 | €61,500 | +€42,037 | +216.0% |
| Current portion of amounts payable after more than one year | 42 | €6,607 | €6,860 | +€253 | +3.8% |
| Trade debts | 44 | €3,552 | €954 | -€2,598 | -73.1% |
| Suppliers | 440/4 | €3,552 | €954 | -€2,598 | -73.1% |
| Taxes, remuneration and social security | 45 | €8,372 | €3,425 | -€4,947 | -59.1% |
| Taxes | 450/3 | €8,372 | €3,425 | -€4,947 | -59.1% |
| Other amounts payable | 47/48 | €931 | €50,260 | +€49,329 | +5297.6% |
| Accrued charges and deferred income | 492/3 | - | €2,987 | +€2,987 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,192 | €7,557 | +€3,366 | +80.3% |
| Other operating charges | 640/8 | €1,060 | €1,637 | +€577 | +54.4% |
| Gross operating margin | 9900 | €54,042 | €62,734 | +€8,692 | +16.1% |
| Operating profit (loss) | 9901 | €48,790 | €53,540 | +€4,750 | +9.7% |
| Financial income | 75/76B | €1,429 | €431 | -€998 | -69.8% |
| Recurring financial income | 75 | €1,429 | €431 | -€998 | -69.8% |
| Financial charges | 65/66B | €1,012 | €4,188 | +€3,176 | +313.9% |
| Recurring financial charges | 65 | €1,012 | €4,188 | +€3,176 | +313.9% |
| Profit (loss) for the period before taxes | 9903 | €49,207 | €49,782 | +€576 | +1.2% |
| Income taxes | 67/77 | €12,662 | €12,698 | +€36 | +0.3% |
| Profit (loss) for the period | 9904 | €36,545 | €37,084 | +€539 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,545 | €37,084 | +€539 | +1.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.