SD Projects: 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 Projects
Largest movements
- Cash +€16,646
up €16,646 (+84.6%), from €19,681 to €36,326
mainly Depreciation (+€31,178) and Debts after one year (+€20,495)
- Receivables within one year -€6,329
down €6,329 (-12.5%), from €50,773 to €44,444
of which Trade receivables: -€11,195
- Tangible fixed assets -€5,819
down €5,819 (-5.6%), from €103,352 to €97,533
of which Leasing and similar rights: -€6,004
- Stocks and contracts +€4,808
up €4,808 (+40.9%), from €11,768 to €16,576
- Deferred charges and accrued income -€4,173
down €4,173 (-53.8%), from €7,753 to €3,581
- Profit (loss) carried forward -€20,697
down €20,697 (-35.4%), from €58,526 to €37,828
- Debts after one year +€20,495
up €20,495 (+33.7%), from €60,808 to €81,302
- Current portion of long-term debt +€10,516
up €10,516 (+36.5%), from €28,823 to €39,338
- Tax, wage and social debts -€5,021
down €5,021 (-89.1%), from €5,637 to €616
of which Taxes: -€3,021
- Gross operating margin -€52,775
down €52,775 (-74.2%), from €71,124 to €18,349
- Taxes -€13,062
down €13,062 (-99.1%), from €13,186 to €125
- Depreciation +€8,468
up €8,468 (+37.3%), from €22,710 to €31,178
- Other operating charges -€6,259
down €6,259 (-82.2%), from €7,614 to €1,355
- Write-downs +€5,807
up €5,807, from -€5,807 to €0
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 | €193,326 | €198,609 | +€5,283 | +2.7% |
| Fixed assets | 21/28 | €103,352 | €97,683 | -€5,669 | -5.5% |
| Tangible fixed assets | 22/27 | €103,352 | €97,533 | -€5,819 | -5.6% |
| Plant, machinery and equipment | 23 | €25,149 | €20,657 | -€4,492 | -17.9% |
| Furniture and vehicles | 24 | €71,213 | €74,607 | +€3,394 | +4.8% |
| Leasing and similar rights | 25 | €6,989 | €985 | -€6,004 | -85.9% |
| Other tangible fixed assets | 26 | - | €1,284 | +€1,284 | |
| Financial fixed assets | 28 | - | €150 | +€150 | |
| Current assets | 29/58 | €89,974 | €100,927 | +€10,952 | +12.2% |
| Stocks and contracts in progress | 3 | €11,768 | €16,576 | +€4,808 | +40.9% |
| Stocks | 30/36 | €11,768 | €16,576 | +€4,808 | +40.9% |
| Amounts receivable within one year | 40/41 | €50,773 | €44,444 | -€6,329 | -12.5% |
| Trade receivables | 40 | €27,263 | €16,068 | -€11,195 | -41.1% |
| Other amounts receivable | 41 | €23,510 | €28,376 | +€4,866 | +20.7% |
| Cash at bank and in hand | 54/58 | €19,681 | €36,326 | +€16,646 | +84.6% |
| Deferred charges and accrued income | 490/1 | €7,753 | €3,581 | -€4,173 | -53.8% |
| Total equity and liabilities | 10/49 | €193,326 | €198,609 | +€5,283 | +2.7% |
| Equity | 10/15 | €87,328 | €66,630 | -€20,697 | -23.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €26,802 | €26,802 | = | 0.0% |
| Distributable reserves | 133 | €26,802 | €26,802 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,526 | €37,828 | -€20,697 | -35.4% |
| Amounts payable | 17/49 | €105,998 | €131,979 | +€25,981 | +24.5% |
| Amounts payable after more than one year | 17 | €60,808 | €81,302 | +€20,495 | +33.7% |
| Financial debts | 170/4 | €60,808 | €81,302 | +€20,495 | +33.7% |
| Amounts payable within one year | 42/48 | €45,190 | €50,107 | +€4,917 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €28,823 | €39,338 | +€10,516 | +36.5% |
| Trade debts | 44 | €10,731 | €10,153 | -€578 | -5.4% |
| Suppliers | 440/4 | €10,731 | €10,153 | -€578 | -5.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,637 | €616 | -€5,021 | -89.1% |
| Taxes | 450/3 | €3,637 | €616 | -€3,021 | -83.1% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €569 | +€569 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,710 | €31,178 | +€8,468 | +37.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,807 | €0 | +€5,807 | |
| Other operating charges | 640/8 | €7,614 | €1,355 | -€6,259 | -82.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €71,124 | €18,349 | -€52,775 | -74.2% |
| Operating profit (loss) | 9901 | €46,608 | -€14,184 | -€60,792 | |
| Financial income | 75/76B | €1,085 | €1,032 | -€53 | -4.9% |
| Recurring financial income | 75 | €1,085 | €1,032 | -€53 | -4.9% |
| Financial charges | 65/66B | €7,705 | €7,421 | -€284 | -3.7% |
| Recurring financial charges | 65 | €7,705 | €7,421 | -€284 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €39,988 | -€20,573 | -€60,561 | |
| Income taxes | 67/77 | €13,186 | €125 | -€13,062 | -99.1% |
| Profit (loss) for the period | 9904 | €26,802 | -€20,697 | -€47,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,802 | -€20,697 | -€47,500 |
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 5 October 2026 via checked.be.