SD 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 Services
Largest movements
- Cash +€47,522
up €47,522 (+53.5%), from €88,843 to €136,365
mainly Net result for the year (+€35,909) and Receivables within one year (+€12,894)
- Receivables within one year -€12,894
down €12,894 (-58.3%), from €22,121 to €9,227
of which Trade receivables: -€19,426
- Tangible fixed assets -€5,045
down €5,045 (-12.5%), from €40,489 to €35,444
of which Furniture and vehicles: -€2,545
- Stocks and contracts +€4,162
up €4,162 (+18.0%), from €23,121 to €27,283
- Reserves +€35,909
up €35,909 (+34.9%), from €102,838 to €138,747
of which Distributable reserves: +€35,909
- Trade debts +€5,016
up €5,016 (+450.4%), from €1,114 to €6,130
- Debts after one year -€3,718
down €3,718 (-62.7%), from €5,928 to €2,209
- Tax, wage and social debts -€3,504
down €3,504 (-20.2%), from €17,305 to €13,802
of which Taxes: -€3,788
- Gross operating margin -€14,801
down €14,801 (-10.3%), from €143,713 to €128,913
- Taxes -€8,090
down €8,090 (-36.0%), from €22,484 to €14,394
- Staff costs +€2,118
up €2,118 (+3.2%), from €65,605 to €67,723
- Depreciation +€1,488
up €1,488 (+17.1%), from €8,712 to €10,200
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 | €177,206 | €211,686 | +€34,481 | +19.5% |
| Fixed assets | 21/28 | €40,489 | €35,444 | -€5,045 | -12.5% |
| Tangible fixed assets | 22/27 | €40,489 | €35,444 | -€5,045 | -12.5% |
| Plant, machinery and equipment | 23 | €28,531 | €26,152 | -€2,379 | -8.3% |
| Furniture and vehicles | 24 | €10,936 | €8,391 | -€2,545 | -23.3% |
| Other tangible fixed assets | 26 | €1,022 | €901 | -€121 | -11.8% |
| Current assets | 29/58 | €136,716 | €176,242 | +€39,526 | +28.9% |
| Stocks and contracts in progress | 3 | €23,121 | €27,283 | +€4,162 | +18.0% |
| Stocks | 30/36 | €23,121 | €27,283 | +€4,162 | +18.0% |
| Amounts receivable within one year | 40/41 | €22,121 | €9,227 | -€12,894 | -58.3% |
| Trade receivables | 40 | €19,426 | €0 | -€19,426 | -100.0% |
| Other amounts receivable | 41 | €2,696 | €9,227 | +€6,532 | +242.3% |
| Cash at bank and in hand | 54/58 | €88,843 | €136,365 | +€47,522 | +53.5% |
| Deferred charges and accrued income | 490/1 | €2,631 | €3,366 | +€736 | +28.0% |
| Total equity and liabilities | 10/49 | €177,206 | €211,686 | +€34,481 | +19.5% |
| Equity | 10/15 | €147,571 | €183,480 | +€35,909 | +24.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €102,838 | €138,747 | +€35,909 | +34.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €100,978 | €136,887 | +€35,909 | +35.6% |
| Profit (loss) carried forward | 14 | €32,334 | €32,334 | = | 0.0% |
| Amounts payable | 17/49 | €29,634 | €28,206 | -€1,428 | -4.8% |
| Amounts payable after more than one year | 17 | €5,928 | €2,209 | -€3,718 | -62.7% |
| Financial debts | 170/4 | €5,928 | €2,209 | -€3,718 | -62.7% |
| Amounts payable within one year | 42/48 | €23,659 | €25,997 | +€2,338 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €3,633 | €3,718 | +€85 | +2.3% |
| Trade debts | 44 | €1,114 | €6,130 | +€5,016 | +450.4% |
| Suppliers | 440/4 | €1,114 | €6,130 | +€5,016 | +450.4% |
| Taxes, remuneration and social security | 45 | €17,305 | €13,802 | -€3,504 | -20.2% |
| Taxes | 450/3 | €9,371 | €5,583 | -€3,788 | -40.4% |
| Remuneration and social security | 454/9 | €7,935 | €8,219 | +€284 | +3.6% |
| Other amounts payable | 47/48 | €1,606 | €2,347 | +€741 | +46.1% |
| Accrued charges and deferred income | 492/3 | €48 | €0 | -€48 | -100.0% |
| Remuneration, social security and pensions | 62 | €65,605 | €67,723 | +€2,118 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,712 | €10,200 | +€1,488 | +17.1% |
| Other operating charges | 640/8 | €744 | €251 | -€493 | -66.2% |
| Gross operating margin | 9900 | €143,713 | €128,913 | -€14,801 | -10.3% |
| Operating profit (loss) | 9901 | €68,653 | €50,737 | -€17,915 | -26.1% |
| Financial income | 75/76B | €7 | €6 | -€1 | -7.9% |
| Recurring financial income | 75 | €7 | €6 | -€1 | -7.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €390 | €441 | +€52 | +13.2% |
| Recurring financial charges | 65 | €390 | €441 | +€52 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €68,270 | €50,302 | -€17,967 | -26.3% |
| Income taxes | 67/77 | €22,484 | €14,394 | -€8,090 | -36.0% |
| Profit (loss) for the period | 9904 | €45,786 | €35,909 | -€9,877 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,786 | €35,909 | -€9,877 | -21.6% |
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 9 October 2026 via checked.be.