SD-VARIA: 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-VARIA
Largest movements
- Tangible fixed assets -€17,728
down €17,728 (-17.2%), from €102,965 to €85,236
of which Plant, machinery and equipment: -€12,821
- Receivables within one year -€9,225
down €9,225 (-68.0%), from €13,556 to €4,331
of which Trade receivables: -€9,225
- Stocks and contracts -€3,353
down €3,353 (-11.2%), from €29,899 to €26,546
- Deferred charges and accrued income +€3,089
new in 2025: €3,089
- Cash +€2,404
up €2,404 (+13.8%), from €17,407 to €19,812
mainly Depreciation (+€28,439) and Receivables within one year (+€9,225)
- Debts after one year -€24,201
down €24,201 (-28.9%), from €83,651 to €59,449
- Other debts -€4,042
down €4,042 (-86.0%), from €4,699 to €658
- Reserves +€4,000
up €4,000 (+34.8%), from €11,500 to €15,500
- Current portion of long-term debt +€3,397
up €3,397 (+13.9%), from €24,494 to €27,892
- Tax, wage and social debts -€3,119
down €3,119 (-33.2%), from €9,401 to €6,282
of which Remuneration and social security: -€1,989
- Gross operating margin -€108,026
down €108,026 (-57.6%), from €187,397 to €79,371
- Staff costs -€88,942
down €88,942 (-70.0%), from €126,979 to €38,037
- Depreciation -€6,161
down €6,161 (-17.8%), from €34,600 to €28,439
- Financial charges -€5,863
down €5,863 (-69.1%), from €8,488 to €2,625
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 | €166,827 | €142,015 | -€24,813 | -14.9% |
| Fixed assets | 21/28 | €105,965 | €88,236 | -€17,728 | -16.7% |
| Tangible fixed assets | 22/27 | €102,965 | €85,236 | -€17,728 | -17.2% |
| Plant, machinery and equipment | 23 | €50,566 | €37,745 | -€12,821 | -25.4% |
| Furniture and vehicles | 24 | €44,176 | €32,044 | -€12,132 | -27.5% |
| Leasing and similar rights | 25 | - | €15,448 | +€15,448 | |
| Other tangible fixed assets | 26 | €8,223 | - | -€8,223 | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €60,862 | €53,778 | -€7,084 | -11.6% |
| Stocks and contracts in progress | 3 | €29,899 | €26,546 | -€3,353 | -11.2% |
| Stocks | 30/36 | €29,899 | €26,546 | -€3,353 | -11.2% |
| Amounts receivable within one year | 40/41 | €13,556 | €4,331 | -€9,225 | -68.0% |
| Trade receivables | 40 | €12,826 | €3,601 | -€9,225 | -71.9% |
| Other amounts receivable | 41 | €731 | €731 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,407 | €19,812 | +€2,404 | +13.8% |
| Deferred charges and accrued income | 490/1 | - | €3,089 | +€3,089 | |
| Total equity and liabilities | 10/49 | €166,827 | €142,015 | -€24,813 | -14.9% |
| Equity | 10/15 | €15,692 | €19,724 | +€4,032 | +25.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €11,500 | €15,500 | +€4,000 | +34.8% |
| Distributable reserves | 133 | €11,500 | €15,500 | +€4,000 | +34.8% |
| Profit (loss) carried forward | 14 | €192 | €224 | +€32 | +16.6% |
| Amounts payable | 17/49 | €151,135 | €122,290 | -€28,844 | -19.1% |
| Amounts payable after more than one year | 17 | €83,651 | €59,449 | -€24,201 | -28.9% |
| Financial debts | 170/4 | €83,651 | €59,449 | -€24,201 | -28.9% |
| Amounts payable within one year | 42/48 | €67,484 | €62,841 | -€4,643 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €24,494 | €27,892 | +€3,397 | +13.9% |
| Trade debts | 44 | €28,890 | €28,010 | -€880 | -3.0% |
| Suppliers | 440/4 | €28,890 | €28,010 | -€880 | -3.0% |
| Taxes, remuneration and social security | 45 | €9,401 | €6,282 | -€3,119 | -33.2% |
| Taxes | 450/3 | €7,411 | €6,282 | -€1,130 | -15.2% |
| Remuneration and social security | 454/9 | €1,989 | - | -€1,989 | |
| Other amounts payable | 47/48 | €4,699 | €658 | -€4,042 | -86.0% |
| Remuneration, social security and pensions | 62 | €126,979 | €38,037 | -€88,942 | -70.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,600 | €28,439 | -€6,161 | -17.8% |
| Other operating charges | 640/8 | €3,663 | €3,437 | -€226 | -6.2% |
| Gross operating margin | 9900 | €187,397 | €79,371 | -€108,026 | -57.6% |
| Operating profit (loss) | 9901 | €22,155 | €9,458 | -€12,697 | -57.3% |
| Financial income | 75/76B | €215 | €12 | -€203 | -94.2% |
| Recurring financial income | 75 | €215 | €12 | -€203 | -94.2% |
| Financial charges | 65/66B | €8,488 | €2,625 | -€5,863 | -69.1% |
| Recurring financial charges | 65 | €8,488 | €2,625 | -€5,863 | -69.1% |
| Profit (loss) for the period before taxes | 9903 | €13,882 | €6,845 | -€7,037 | -50.7% |
| Income taxes | 67/77 | €2,190 | €2,813 | +€623 | +28.5% |
| Profit (loss) for the period | 9904 | €11,692 | €4,032 | -€7,660 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,692 | €4,032 | -€7,660 | -65.5% |
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 3 October 2026 via checked.be.