SD PROJECTS: what changed
SD PROJECTS
Largest movements
- Receivables within one year -€7,408
down €7,408 (-34.9%), from €21,225 to €13,817
of which Trade receivables: -€12,090
- Tangible fixed assets -€1,327
down €1,327 (-56.8%), from €2,338 to €1,011
of which Furniture and vehicles: -€690
- Cash +€962
new in 2025: €962
mainly Net result for the year (+€8,621) and Receivables within one year (+€7,408)
- Other debts -€13,867
down €13,867 (-81.4%), from €17,037 to €3,170
- Profit (loss) carried forward +€8,621
up €8,621 (+85.9%), from -€10,041 to -€1,421
- Tax, wage and social debts -€2,612
no longer reported in 2025 (was €2,612)
- Gross operating margin +€12,163
up €12,163, from -€2,198 to €9,965
- Depreciation -€1,327
down €1,327 (-50.0%), from €2,654 to €1,327
- Financial charges -€921
down €921 (-98.2%), from €938 to €17
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,564 | €15,790 | -€7,773 | -33.0% |
| Fixed assets | 21/28 | €2,338 | €1,011 | -€1,327 | -56.8% |
| Tangible fixed assets | 22/27 | €2,338 | €1,011 | -€1,327 | -56.8% |
| Plant, machinery and equipment | 23 | €637 | - | -€637 | |
| Furniture and vehicles | 24 | €1,701 | €1,011 | -€690 | -40.6% |
| Current assets | 29/58 | €21,225 | €14,779 | -€6,446 | -30.4% |
| Amounts receivable within one year | 40/41 | €21,225 | €13,817 | -€7,408 | -34.9% |
| Trade receivables | 40 | €20,977 | €8,887 | -€12,090 | -57.6% |
| Other amounts receivable | 41 | €248 | €4,930 | +€4,682 | +1,884% |
| Cash at bank and in hand | 54/58 | - | €962 | +€962 | |
| Total equity and liabilities | 10/49 | €23,564 | €15,790 | -€7,773 | -33.0% |
| Equity | 10/15 | -€2,986 | €5,634 | +€8,621 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €855 | €855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €855 | €855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €855 | €855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,041 | -€1,421 | +€8,621 | +85.9% |
| Amounts payable | 17/49 | €26,550 | €10,156 | -€16,394 | -61.7% |
| Amounts payable within one year | 42/48 | €26,550 | €10,156 | -€16,394 | -61.7% |
| Trade debts | 44 | €6,901 | €6,986 | +€85 | +1.2% |
| Suppliers | 440/4 | €6,901 | €6,986 | +€85 | +1.2% |
| Taxes, remuneration and social security | 45 | €2,612 | - | -€2,612 | |
| Taxes | 450/3 | €2,612 | - | -€2,612 | |
| Other amounts payable | 47/48 | €17,037 | €3,170 | -€13,867 | -81.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,654 | €1,327 | -€1,327 | -50.0% |
| Gross operating margin | 9900 | -€2,198 | €9,965 | +€12,163 | |
| Operating profit (loss) | 9901 | -€4,853 | €8,638 | +€13,490 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €938 | €17 | -€921 | -98.2% |
| Recurring financial charges | 65 | €938 | €17 | -€921 | -98.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,790 | €8,621 | +€14,411 | |
| Profit (loss) for the period | 9904 | -€5,790 | €8,621 | +€14,411 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,790 | €8,621 | +€14,411 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.