SD Worx: 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.
What changed
SD Worx
NACE 66.191, Agents and brokers in banking services
financial year 2022 against 2023filed annual accounts (NBB)
Net result for the year
€2.0m
2022 · €135.3m-€133.3m
Equity
€1.32bn
2022 · €1.24bn+€71.5m
Cash
€36.3m
2022 · €42.6m-€6.3m
Balance sheet total
€1.58bn
2022 · €1.56bn+€12.6m
Largest movements
Assets
- Current investments +€55.5m
up €55.5m (+1263814.9%), from €4,390 to €55.5m
- Financial fixed assets -€19.7m
down €19.7m (-1.3%), from €1.47bn to €1.45bn
- Receivables after one year -€17.2m
no longer reported in 2023 (was €17.2m)
Equity and liabilities
- Debts after one year -€206.2m
down €206.2m (-72.1%), from €286.2m to €80.0m
- Contributions +€150.0m
up €150.0m (+30.5%), from €492.1m to €642.1m
of which Contributions outside capital: +€94.1m
- Other debts +€83.5m
up €83.5m (+310401.3%), from €26,892 to €83.5m
- Profit (loss) carried forward -€78.6m
down €78.6m (-11.1%), from €705.6m to €627.0m
- Short-term financial debts +€42.0m
up €42.0m (+140.0%), from €30.0m to €72.0m
of which Credit institutions: +€40.0m
Income statement
- Financial income -€126.4m
down €126.4m (-90.5%), from €139.6m to €13.2m
of which Financial income: -€114.7m
- Turnover +€14.2m
new in 2023: €14.2m
- Services and other goods +€14.2m
up €14.2m (+378.6%), from €3.8m to €18.0m
- Financial charges +€3.1m
up €3.1m (+49.8%), from €6.3m to €9.5m
of which Financial charges: +€3.2m
- Provisions +€2.4m
up €2.4m (+93.7%), from -€2.5m to -€158,399
From the 2022 result to the 2023 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.
Result 2022
€135.3m
Turnover
+€14.2m
Other operating income
+€708,961
Services and other goods
-€14.2m
Staff costs
-€155,304
Provisions
-€2.4m
Other operating charges
-€524,981
Other operating items
-€568,502
Financial income
-€126.4m
Financial charges
-€3.1m
Taxes
-€881,362
Result 2023
€2.0m
Cash bridge derived
Derived from the 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€124.1m
Investment
-€35.7m
Financing
-€94.7m
Cash 2022
€42.6m
From operations (derived)
+€124.1m
Net result for the year
+€2.0m
Depreciation
+€4,039
Receivables after one year
+€17.2m
Smaller working-capital items
-€619,622
Trade debts
+€14.0m
Tax, wage and social debts
+€1.5m
Advances received
+€6.5m
Other debts
+€83.5m
Investment (derived)
-€35.7m
Investment in fixed assets (net)
+€19.8m
Current investments
-€55.5m
Financing
-€94.7m
Debts after one year
-€206.2m
Short-term financial debts
+€42.0m
Contributions, distributions and other
+€69.5m
Cash 2023
€36.3m
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,563,823,522 | €1,576,432,797 | +€12.6m | +0.8% |
| Formation expenses | 20 | €1,166,849 | €1,018,247 | -€148,602 | -12.7% |
| Fixed assets | 21/28 | €1,472,208,506 | €1,452,537,010 | -€19.7m | -1.3% |
| Tangible fixed assets | 22/27 | €10,433 | €6,394 | -€4,039 | -38.7% |
| Plant, machinery and equipment | 23 | €10,433 | €6,394 | -€4,039 | -38.7% |
| Financial fixed assets | 28 | €1,472,198,073 | €1,452,530,616 | -€19.7m | -1.3% |
| Affiliated companies | 280/1 | €1,472,198,073 | €1,452,530,616 | -€19.7m | -1.3% |
| Participating interests | 280 | €1,247,839,014 | €1,247,839,014 | = | 0.0% |
| Amounts receivable | 281 | €224,359,059 | €204,691,602 | -€19.7m | -8.8% |
| Current assets | 29/58 | €90,448,167 | €122,877,540 | +€32.4m | +35.9% |
| Amounts receivable after more than one year | 29 | €17,200,000 | - | -€17.2m | |
| Other amounts receivable | 291 | €17,200,000 | - | -€17.2m | |
| Amounts receivable within one year | 40/41 | €29,677,599 | €30,065,319 | +€387,720 | +1.3% |
| Trade receivables | 40 | €5,182,373 | €7,701,686 | +€2.5m | +48.6% |
| Other amounts receivable | 41 | €24,495,226 | €22,363,633 | -€2.1m | -8.7% |
| Current investments | 50/53 | €4,390 | €55,485,864 | +€55.5m | +1263814.9% |
| Other investments | 51/53 | €4,390 | €55,485,864 | +€55.5m | +1263814.9% |
| Cash at bank and in hand | 54/58 | €42,574,775 | €36,269,885 | -€6.3m | -14.8% |
| Deferred charges and accrued income | 490/1 | €991,403 | €1,056,472 | +€65,069 | +6.6% |
| Total equity and liabilities | 10/49 | €1,563,823,522 | €1,576,432,797 | +€12.6m | +0.8% |
| Equity | 10/15 | €1,243,484,754 | €1,315,009,926 | +€71.5m | +5.8% |
| Contributions | 10/11 | €492,061,380 | €642,061,380 | +€150.0m | +30.5% |
| Capital | 10 | €492,060,000 | €548,000,000 | +€55.9m | +11.4% |
| Issued capital | 100 | €492,060,000 | €548,000,000 | +€55.9m | +11.4% |
| Contributions outside capital | 11 | €1,380 | €94,061,380 | +€94.1m | +6815942.0% |
| Share premium | 1100/10 | €1,380 | €94,061,380 | +€94.1m | +6815942.0% |
| Reserves | 13 | €45,817,000 | €45,919,000 | +€102,000 | +0.2% |
| Non-distributable reserves | 130/1 | €45,817,000 | €45,919,000 | +€102,000 | +0.2% |
| Legal reserve | 130 | €45,817,000 | €45,919,000 | +€102,000 | +0.2% |
| Profit (loss) carried forward | 14 | €705,606,374 | €627,029,546 | -€78.6m | -11.1% |
| Provisions and deferred taxes | 16 | €327,923 | - | -€327,923 | |
| Provisions for liabilities and charges | 160/5 | €327,923 | - | -€327,923 | |
| Other liabilities and charges | 164/5 | €327,923 | - | -€327,923 | |
| Amounts payable | 17/49 | €320,010,845 | €261,422,871 | -€58.6m | -18.3% |
| Amounts payable after more than one year | 17 | €286,237,682 | €80,000,000 | -€206.2m | -72.1% |
| Financial debts | 170/4 | €286,237,682 | €80,000,000 | -€206.2m | -72.1% |
| Subordinated loans | 170 | €80,000,000 | €80,000,000 | = | 0.0% |
| Other loans | 174 | €206,237,682 | - | -€206.2m | |
| Amounts payable within one year | 42/48 | €31,809,328 | €179,297,946 | +€147.5m | +463.7% |
| Financial debts | 43 | €30,000,000 | €72,000,000 | +€42.0m | +140.0% |
| Credit institutions | 430/8 | €30,000,000 | €70,000,000 | +€40.0m | +133.3% |
| Other loans | 439 | - | €2,000,000 | +€2.0m | |
| Trade debts | 44 | €686,474 | €14,718,630 | +€14.0m | +2044.1% |
| Suppliers | 440/4 | €686,474 | €14,718,630 | +€14.0m | +2044.1% |
| Advances received on contracts in progress | 46 | - | €6,500,000 | +€6.5m | |
| Taxes, remuneration and social security | 45 | €1,095,962 | €2,579,313 | +€1.5m | +135.3% |
| Taxes | 450/3 | €517,621 | €1,930,526 | +€1.4m | +273.0% |
| Remuneration and social security | 454/9 | €578,341 | €648,787 | +€70,446 | +12.2% |
| Other amounts payable | 47/48 | €26,892 | €83,500,003 | +€83.5m | +310401.3% |
| Accrued charges and deferred income | 492/3 | €1,963,835 | €2,124,925 | +€161,090 | +8.2% |
| Operating income | 70/76A | €6,606,385 | €20,986,790 | +€14.4m | +217.7% |
| Turnover | 70 | - | €14,234,227 | +€14.2m | |
| Other operating income | 74 | €6,043,602 | €6,752,563 | +€708,961 | +11.7% |
| Non-recurring operating income | 76A | €562,783 | - | -€562,783 | |
| Operating charges | 60/66A | €4,073,927 | €21,348,587 | +€17.3m | +424.0% |
| Services and other goods | 61 | €3,758,721 | €17,990,098 | +€14.2m | +378.6% |
| Remuneration, social security and pensions | 62 | €2,776,138 | €2,931,442 | +€155,304 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,039 | €4,039 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,515,678 | -€158,399 | +€2.4m | +93.7% |
| Other operating charges | 640/8 | €48,426 | €573,407 | +€524,981 | +1084.1% |
| Non-recurring operating charges | 66A | €2,281 | €8,000 | +€5,719 | +250.7% |
| Operating profit (loss) | 9901 | €2,532,458 | -€361,797 | -€2.9m | |
| Financial income | 75/76B | €139,574,843 | €13,219,194 | -€126.4m | -90.5% |
| Recurring financial income | 75 | €127,461,244 | €12,729,087 | -€114.7m | -90.0% |
| Income from financial fixed assets | 750 | €127,173,191 | €12,264,079 | -€114.9m | -90.4% |
| Income from current assets | 751 | - | €73,568 | +€73,568 | |
| Other financial income | 752/9 | €288,053 | €391,440 | +€103,387 | +35.9% |
| Non-recurring financial income | 76B | €12,113,599 | €490,107 | -€11.6m | -96.0% |
| Financial charges | 65/66B | €6,315,593 | €9,461,283 | +€3.1m | +49.8% |
| Recurring financial charges | 65 | €6,259,343 | €9,461,283 | +€3.2m | +51.2% |
| Debt charges | 650 | €5,521,867 | €9,295,342 | +€3.8m | +68.3% |
| Other financial charges | 652/9 | €737,476 | €165,941 | -€571,535 | -77.5% |
| Non-recurring financial charges | 66B | €56,250 | - | -€56,250 | |
| Profit (loss) for the period before taxes | 9903 | €135,791,708 | €3,396,114 | -€132.4m | -97.5% |
| Income taxes | 67/77 | €489,580 | €1,370,942 | +€881,362 | +180.0% |
| Taxes | 670/3 | €490,000 | €1,370,942 | +€880,942 | +179.8% |
| Tax adjustments and reversals of tax provisions | 77 | €420 | - | -€420 | |
| Profit (loss) for the period | 9904 | €135,302,128 | €2,025,172 | -€133.3m | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €135,302,128 | €2,025,172 | -€133.3m | -98.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.