SD MUTATIO: 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 MUTATIO
Largest movements
- Cash -€7,811
down €7,811 (-82.0%), from €9,529 to €1,718
mainly Investment in fixed assets (net) (-€7,351) and Receivables within one year (-€5,674)
- Receivables within one year +€5,674
up €5,674 (+105.4%), from €5,383 to €11,058
of which Trade receivables: +€5,674
- Tangible fixed assets +€2,040
up €2,040 (+12.2%), from €16,725 to €18,765
of which Other tangible fixed assets: +€6,940
- Debts after one year -€4,963
down €4,963 (-49.6%), from €10,007 to €5,044
- Other debts +€4,253
up €4,253 (+260.1%), from €1,635 to €5,888
- Trade debts +€1,825
up €1,825 (+65.1%), from €2,805 to €4,630
- Profit (loss) carried forward -€776
down €776 (-12.9%), from €6,030 to €5,255
- Tax, wage and social debts -€380
down €380 (-8.5%), from €4,456 to €4,076
- Gross operating margin -€5,844
down €5,844 (-46.3%), from €12,631 to €6,787
- Taxes -€1,159
down €1,159 (-46.7%), from €2,480 to €1,321
- Depreciation +€411
up €411 (+8.4%), from €4,900 to €5,311
- Other operating charges -€363
down €363 (-30.8%), from €1,181 to €818
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 | €32,896 | €32,855 | -€40 | -0.1% |
| Fixed assets | 21/28 | €17,325 | €19,365 | +€2,040 | +11.8% |
| Tangible fixed assets | 22/27 | €16,725 | €18,765 | +€2,040 | +12.2% |
| Furniture and vehicles | 24 | €16,725 | €11,825 | -€4,900 | -29.3% |
| Other tangible fixed assets | 26 | - | €6,940 | +€6,940 | |
| Assets under construction and advance payments | 27 | - | €0 | = | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €15,571 | €13,490 | -€2,080 | -13.4% |
| Amounts receivable within one year | 40/41 | €5,383 | €11,058 | +€5,674 | +105.4% |
| Trade receivables | 40 | €5,383 | €11,058 | +€5,674 | +105.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €9,529 | €1,718 | -€7,811 | -82.0% |
| Deferred charges and accrued income | 490/1 | €658 | €714 | +€56 | +8.6% |
| Total equity and liabilities | 10/49 | €32,896 | €32,855 | -€40 | -0.1% |
| Equity | 10/15 | €9,030 | €8,255 | -€776 | -8.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,030 | €5,255 | -€776 | -12.9% |
| Amounts payable | 17/49 | €23,866 | €24,601 | +€735 | +3.1% |
| Amounts payable after more than one year | 17 | €10,007 | €5,044 | -€4,963 | -49.6% |
| Financial debts | 170/4 | €10,007 | €5,044 | -€4,963 | -49.6% |
| Amounts payable within one year | 42/48 | €13,858 | €19,556 | +€5,698 | +41.1% |
| Current portion of amounts payable after more than one year | 42 | €4,963 | €4,963 | = | 0.0% |
| Trade debts | 44 | €2,805 | €4,630 | +€1,825 | +65.1% |
| Suppliers | 440/4 | €2,805 | €4,630 | +€1,825 | +65.1% |
| Taxes, remuneration and social security | 45 | €4,456 | €4,076 | -€380 | -8.5% |
| Taxes | 450/3 | €4,456 | €4,076 | -€380 | -8.5% |
| Other amounts payable | 47/48 | €1,635 | €5,888 | +€4,253 | +260.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,900 | €5,311 | +€411 | +8.4% |
| Other operating charges | 640/8 | €1,181 | €818 | -€363 | -30.8% |
| Gross operating margin | 9900 | €12,631 | €6,787 | -€5,844 | -46.3% |
| Operating profit (loss) | 9901 | €6,550 | €658 | -€5,892 | -90.0% |
| Financial income | 75/76B | €25 | €7 | -€18 | -71.5% |
| Recurring financial income | 75 | €25 | €7 | -€18 | -71.5% |
| Financial charges | 65/66B | €40 | €120 | +€80 | +200.8% |
| Recurring financial charges | 65 | €40 | €120 | +€80 | +200.8% |
| Profit (loss) for the period before taxes | 9903 | €6,535 | €546 | -€5,990 | -91.7% |
| Income taxes | 67/77 | €2,480 | €1,321 | -€1,159 | -46.7% |
| Profit (loss) for the period | 9904 | €4,055 | -€776 | -€4,831 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,055 | -€776 | -€4,831 |
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 30 September 2026 via checked.be.