SD MANAGEMENT SERVICES: 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 SERVICES
Largest movements
- Tangible fixed assets +€14,851
new in 2025: €14,851
- Receivables after one year +€1,963
up €1,963 (+4.8%), from €41,023 to €42,986
- Cash -€1,491
down €1,491 (-28.5%), from €5,231 to €3,740
mainly Investment in fixed assets (net) (-€15,841) and Contributions, distributions and other (-€14,671)
- Debts after one year +€11,158
new in 2025: €11,158
- Other debts +€6,315
new in 2025: €6,315
- Tax, wage and social debts -€4,233
down €4,233 (-21.6%), from €19,634 to €15,400
- Short-term financial debts +€2,164
new in 2025: €2,164
- Taxes -€1,547
down €1,547 (-26.7%), from €5,798 to €4,251
- Depreciation +€990
new in 2025: €990
- Financial charges +€853
up €853 (+210.1%), from €406 to €1,259
- Gross operating margin -€819
down €819 (-4.0%), from €20,247 to €19,428
- Financial income +€669
up €669 (+45.4%), from €1,474 to €2,142
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 | €86,228 | €101,521 | +€15,294 | +17.7% |
| Fixed assets | 21/28 | - | €14,851 | +€14,851 | |
| Tangible fixed assets | 22/27 | - | €14,851 | +€14,851 | |
| Furniture and vehicles | 24 | - | €14,851 | +€14,851 | |
| Current assets | 29/58 | €86,228 | €86,670 | +€443 | +0.5% |
| Amounts receivable after more than one year | 29 | €41,023 | €42,986 | +€1,963 | +4.8% |
| Other amounts receivable | 291 | €41,023 | €42,986 | +€1,963 | +4.8% |
| Amounts receivable within one year | 40/41 | €39,974 | €39,944 | -€29 | -0.1% |
| Trade receivables | 40 | €39,524 | €39,944 | +€420 | +1.1% |
| Other amounts receivable | 41 | €449 | - | -€449 | |
| Cash at bank and in hand | 54/58 | €5,231 | €3,740 | -€1,491 | -28.5% |
| Total equity and liabilities | 10/49 | €86,228 | €101,521 | +€15,294 | +17.7% |
| Equity | 10/15 | €65,000 | €65,000 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €62,000 | €62,000 | = | 0.0% |
| Distributable reserves | 133 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €21,228 | €36,521 | +€15,294 | +72.0% |
| Amounts payable after more than one year | 17 | - | €11,158 | +€11,158 | |
| Financial debts | 170/4 | - | €11,158 | +€11,158 | |
| Amounts payable within one year | 42/48 | €21,228 | €25,363 | +€4,135 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | - | €0 | = | |
| Financial debts | 43 | - | €2,164 | +€2,164 | |
| Credit institutions | 430/8 | - | €2,164 | +€2,164 | |
| Trade debts | 44 | €1,594 | €1,484 | -€110 | -6.9% |
| Suppliers | 440/4 | €1,594 | €1,484 | -€110 | -6.9% |
| Taxes, remuneration and social security | 45 | €19,634 | €15,400 | -€4,233 | -21.6% |
| Taxes | 450/3 | €19,634 | €15,400 | -€4,233 | -21.6% |
| Other amounts payable | 47/48 | - | €6,315 | +€6,315 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €990 | +€990 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €20,247 | €19,428 | -€819 | -4.0% |
| Operating profit (loss) | 9901 | €19,860 | €18,039 | -€1,821 | -9.2% |
| Financial income | 75/76B | €1,474 | €2,142 | +€669 | +45.4% |
| Recurring financial income | 75 | €1,474 | €2,142 | +€669 | +45.4% |
| Financial charges | 65/66B | €406 | €1,259 | +€853 | +210.1% |
| Recurring financial charges | 65 | €406 | €1,259 | +€853 | +210.1% |
| Profit (loss) for the period before taxes | 9903 | €20,927 | €18,922 | -€2,006 | -9.6% |
| Income taxes | 67/77 | €5,798 | €4,251 | -€1,547 | -26.7% |
| Profit (loss) for the period | 9904 | €15,129 | €14,671 | -€459 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,129 | €14,671 | -€459 | -3.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.