SD-systems: 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-systems
Largest movements
- Cash +€38,030
up €38,030 (+96.5%), from €39,420 to €77,450
mainly Other debts (+€309,066) and Trade debts (+€207,153)
- Receivables within one year -€33,132
down €33,132 (-8.8%), from €377,491 to €344,359
of which Trade receivables: -€31,559
- Stocks and contracts -€22,016
down €22,016 (-11.6%), from €189,530 to €167,514
- Profit (loss) carried forward -€461,019
down €461,019 (-6.1%), from -€7.6m to -€8.1m
- Other debts +€309,066
up €309,066 (+4.2%), from €7.4m to €7.7m
- Trade debts +€207,153
up €207,153 (+26.8%), from €774,007 to €981,160
- Accrued charges and deferred income -€73,769
down €73,769 (-57.1%), from €129,092 to €55,323
- Gross operating margin -€275,328
down €275,328, from €229,446 to -€45,882
- Staff costs +€14,210
up €14,210 (+5.0%), from €282,929 to €297,139
- Other operating charges -€5,620
down €5,620 (-26.3%), from €21,356 to €15,736
- Write-downs -€4,665
down €4,665, from €2,340 to -€2,325
- Financial charges +€3,907
up €3,907 (+43.3%), from €9,017 to €12,924
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 | €875,078 | €861,023 | -€14,055 | -1.6% |
| Fixed assets | 21/28 | €267,951 | €271,420 | +€3,469 | +1.3% |
| Tangible fixed assets | 22/27 | €245,861 | €249,330 | +€3,469 | +1.4% |
| Plant, machinery and equipment | 23 | €212,024 | €223,005 | +€10,980 | +5.2% |
| Furniture and vehicles | 24 | €33,836 | €26,325 | -€7,512 | -22.2% |
| Financial fixed assets | 28 | €22,090 | €22,090 | = | 0.0% |
| Current assets | 29/58 | €607,127 | €589,603 | -€17,524 | -2.9% |
| Stocks and contracts in progress | 3 | €189,530 | €167,514 | -€22,016 | -11.6% |
| Stocks | 30/36 | €189,530 | €167,514 | -€22,016 | -11.6% |
| Amounts receivable within one year | 40/41 | €377,491 | €344,359 | -€33,132 | -8.8% |
| Trade receivables | 40 | €276,254 | €244,696 | -€31,559 | -11.4% |
| Other amounts receivable | 41 | €101,237 | €99,663 | -€1,574 | -1.6% |
| Cash at bank and in hand | 54/58 | €39,420 | €77,450 | +€38,030 | +96.5% |
| Deferred charges and accrued income | 490/1 | €686 | €280 | -€406 | -59.2% |
| Total equity and liabilities | 10/49 | €875,078 | €861,023 | -€14,055 | -1.6% |
| Equity | 10/15 | -€7,526,220 | -€7,987,238 | -€461,019 | -6.1% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €2,101 | €2,101 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,482 | €1,482 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,596,921 | -€8,057,940 | -€461,019 | -6.1% |
| Amounts payable | 17/49 | €8,401,298 | €8,848,261 | +€446,963 | +5.3% |
| Amounts payable within one year | 42/48 | €8,272,206 | €8,792,938 | +€520,732 | +6.3% |
| Trade debts | 44 | €774,007 | €981,160 | +€207,153 | +26.8% |
| Suppliers | 440/4 | €774,007 | €981,160 | +€207,153 | +26.8% |
| Taxes, remuneration and social security | 45 | €76,630 | €81,143 | +€4,513 | +5.9% |
| Taxes | 450/3 | €21,470 | €31,487 | +€10,017 | +46.7% |
| Remuneration and social security | 454/9 | €55,160 | €49,656 | -€5,505 | -10.0% |
| Other amounts payable | 47/48 | €7,421,569 | €7,730,635 | +€309,066 | +4.2% |
| Accrued charges and deferred income | 492/3 | €129,092 | €55,323 | -€73,769 | -57.1% |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100% |
| Remuneration, social security and pensions | 62 | €282,929 | €297,139 | +€14,210 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,337 | €93,681 | -€655 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,340 | -€2,325 | -€4,665 | |
| Other operating charges | 640/8 | €21,356 | €15,736 | -€5,620 | -26.3% |
| Gross operating margin | 9900 | €229,446 | -€45,882 | -€275,328 | |
| Operating profit (loss) | 9901 | -€171,515 | -€450,112 | -€278,597 | -162% |
| Financial income | 75/76B | €2,106 | €2,238 | +€132 | +6.3% |
| Recurring financial income | 75 | €2,106 | €2,238 | +€132 | +6.3% |
| Financial charges | 65/66B | €9,017 | €12,924 | +€3,907 | +43.3% |
| Recurring financial charges | 65 | €9,017 | €12,924 | +€3,907 | +43.3% |
| Profit (loss) for the period before taxes | 9903 | -€178,426 | -€460,798 | -€282,372 | -158% |
| Income taxes | 67/77 | €225 | €220 | -€5 | -2.1% |
| Profit (loss) for the period | 9904 | -€178,651 | -€461,019 | -€282,367 | -158% |
| Profit (loss) for the period to be appropriated | 9905 | -€178,651 | -€461,019 | -€282,367 | -158% |
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 15 October 2026 via checked.be.