SD TEAM: 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 TEAM
Largest movements
- Cash -€24,444
down €24,444 (-60.5%), from €40,435 to €15,991
mainly Net result for the year (-€20,661) and Tax, wage and social debts (-€10,300)
- Tangible fixed assets -€5,792
down €5,792 (-18.5%), from €31,326 to €25,534
of which Leasing and similar rights: -€5,633
- Receivables within one year -€3,042
down €3,042 (-37.8%), from €8,056 to €5,014
of which Other amounts receivable: -€2,024
- Profit (loss) carried forward -€20,661
down €20,661 (-48.2%), from €42,875 to €22,214
- Tax, wage and social debts -€10,300
no longer reported in 2025 (was €10,300)
- Current portion of long-term debt -€4,545
down €4,545 (-24.9%), from €18,224 to €13,679
- Other debts +€2,318
up €2,318 (+336.9%), from €688 to €3,006
- Gross operating margin -€49,293
down €49,293, from €38,783 to -€10,510
- Taxes -€9,789
down €9,789, from €9,597 to -€192
- Depreciation +€5,744
up €5,744 (+242.5%), from €2,369 to €8,113
- Financial charges +€1,409
up €1,409 (+441.7%), from €319 to €1,728
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 | €79,817 | €46,539 | -€33,278 | -41.7% |
| Fixed assets | 21/28 | €31,326 | €25,534 | -€5,792 | -18.5% |
| Tangible fixed assets | 22/27 | €31,326 | €25,534 | -€5,792 | -18.5% |
| Furniture and vehicles | 24 | €3,631 | €3,472 | -€159 | -4.4% |
| Leasing and similar rights | 25 | €27,695 | €22,062 | -€5,633 | -20.3% |
| Current assets | 29/58 | €48,491 | €21,005 | -€27,486 | -56.7% |
| Amounts receivable within one year | 40/41 | €8,056 | €5,014 | -€3,042 | -37.8% |
| Trade receivables | 40 | €3,806 | €2,788 | -€1,018 | -26.7% |
| Other amounts receivable | 41 | €4,250 | €2,226 | -€2,024 | -47.6% |
| Cash at bank and in hand | 54/58 | €40,435 | €15,991 | -€24,444 | -60.5% |
| Total equity and liabilities | 10/49 | €79,817 | €46,539 | -€33,278 | -41.7% |
| Equity | 10/15 | €49,175 | €28,514 | -€20,661 | -42.0% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,875 | €22,214 | -€20,661 | -48.2% |
| Amounts payable | 17/49 | €30,642 | €18,025 | -€12,617 | -41.2% |
| Amounts payable within one year | 42/48 | €30,642 | €18,025 | -€12,617 | -41.2% |
| Current portion of amounts payable after more than one year | 42 | €18,224 | €13,679 | -€4,545 | -24.9% |
| Trade debts | 44 | €1,430 | €1,340 | -€90 | -6.3% |
| Suppliers | 440/4 | €1,430 | €1,340 | -€90 | -6.3% |
| Taxes, remuneration and social security | 45 | €10,300 | - | -€10,300 | |
| Taxes | 450/3 | €10,300 | - | -€10,300 | |
| Other amounts payable | 47/48 | €688 | €3,006 | +€2,318 | +336.9% |
| Non-recurring operating income | 76A | - | €3,463 | +€3,463 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,369 | €8,113 | +€5,744 | +242.5% |
| Other operating charges | 640/8 | €414 | €502 | +€88 | +21.3% |
| Gross operating margin | 9900 | €38,783 | -€10,510 | -€49,293 | |
| Operating profit (loss) | 9901 | €36,000 | -€19,125 | -€55,125 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €319 | €1,728 | +€1,409 | +441.7% |
| Recurring financial charges | 65 | €319 | €1,728 | +€1,409 | +441.7% |
| Profit (loss) for the period before taxes | 9903 | €35,682 | -€20,853 | -€56,535 | |
| Income taxes | 67/77 | €9,597 | -€192 | -€9,789 | |
| Profit (loss) for the period | 9904 | €26,085 | -€20,661 | -€46,746 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,085 | -€20,661 | -€46,746 |
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 9 October 2026 via checked.be.