SD Project: 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 Project
Largest movements
- Receivables within one year +€22,818
up €22,818 (+3,297%), from €692 to €23,510
- Cash +€18,912
up €18,912 (+239%), from €7,906 to €26,818
mainly Net result for the year (+€37,881) and Trade debts (+€11,721)
- Tangible fixed assets -€9,189
down €9,189 (-4.3%), from €212,951 to €203,762
of which Land and buildings: -€6,189
- Profit (loss) carried forward +€37,881
up €37,881 (+40.0%), from €94,753 to €132,634
- Debts after one year -€25,089
down €25,089 (-39.6%), from €63,387 to €38,298
- Trade debts +€11,721
up €11,721 (+25,099%), from €47 to €11,768
- Other debts +€8,342
up €8,342 (+676%), from €1,235 to €9,577
- Current portion of long-term debt -€4,422
down €4,422 (-15.0%), from €29,512 to €25,089
- Gross operating margin +€4,772
up €4,772 (+7.9%), from €60,283 to €65,056
- Taxes +€1,330
up €1,330 (+10.7%), from €12,460 to €13,790
- Other operating charges -€1,086
down €1,086 (-47.2%), from €2,300 to €1,214
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 | €222,754 | €254,090 | +€31,336 | +14.1% |
| Fixed assets | 21/28 | €212,951 | €203,762 | -€9,189 | -4.3% |
| Tangible fixed assets | 22/27 | €212,951 | €203,762 | -€9,189 | -4.3% |
| Land and buildings | 22 | €207,099 | €200,910 | -€6,189 | -3.0% |
| Plant, machinery and equipment | 23 | €5,852 | €2,852 | -€3,000 | -51.3% |
| Current assets | 29/58 | €9,802 | €50,328 | +€40,526 | +413% |
| Amounts receivable within one year | 40/41 | €692 | €23,510 | +€22,818 | +3,297% |
| Trade receivables | 40 | €692 | €23,510 | +€22,818 | +3,297% |
| Cash at bank and in hand | 54/58 | €7,906 | €26,818 | +€18,912 | +239% |
| Deferred charges and accrued income | 490/1 | €1,205 | €0 | -€1,205 | -100% |
| Total equity and liabilities | 10/49 | €222,754 | €254,090 | +€31,336 | +14.1% |
| Equity | 10/15 | €113,353 | €151,234 | +€37,881 | +33.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,753 | €132,634 | +€37,881 | +40.0% |
| Amounts payable | 17/49 | €109,401 | €102,856 | -€6,545 | -6.0% |
| Amounts payable after more than one year | 17 | €63,387 | €38,298 | -€25,089 | -39.6% |
| Financial debts | 170/4 | €63,387 | €38,298 | -€25,089 | -39.6% |
| Amounts payable within one year | 42/48 | €46,014 | €64,558 | +€18,544 | +40.3% |
| Current portion of amounts payable after more than one year | 42 | €29,512 | €25,089 | -€4,422 | -15.0% |
| Trade debts | 44 | €47 | €11,768 | +€11,721 | +25,099% |
| Suppliers | 440/4 | €47 | €11,768 | +€11,721 | +25,099% |
| Taxes, remuneration and social security | 45 | €15,220 | €18,124 | +€2,903 | +19.1% |
| Taxes | 450/3 | €15,220 | €18,124 | +€2,903 | +19.1% |
| Other amounts payable | 47/48 | €1,235 | €9,577 | +€8,342 | +676% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,189 | €9,189 | = | 0.0% |
| Other operating charges | 640/8 | €2,300 | €1,214 | -€1,086 | -47.2% |
| Gross operating margin | 9900 | €60,283 | €65,056 | +€4,772 | +7.9% |
| Operating profit (loss) | 9901 | €48,794 | €54,653 | +€5,858 | +12.0% |
| Financial charges | 65/66B | €3,069 | €2,981 | -€88 | -2.9% |
| Recurring financial charges | 65 | €3,069 | €2,981 | -€88 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €45,725 | €51,671 | +€5,946 | +13.0% |
| Income taxes | 67/77 | €12,460 | €13,790 | +€1,330 | +10.7% |
| Profit (loss) for the period | 9904 | €33,265 | €37,881 | +€4,616 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,265 | €37,881 | +€4,616 | +13.9% |
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 13 October 2026 via checked.be.