SD2MH: 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.
SD2MH
Largest movements
- Receivables within one year -€22,279
down €22,279 (-53.3%), from €41,794 to €19,515
of which Trade receivables: -€21,929
- Cash +€20,568
up €20,568 (+58.7%), from €35,060 to €55,628
mainly Receivables within one year (+€22,279) and Trade debts (+€8,302)
- Deferred charges and accrued income +€5,457
up €5,457 (+341%), from €1,598 to €7,055
- Profit (loss) carried forward -€10,800
down €10,800 (-23.9%), from -€45,135 to -€55,935
- Trade debts +€8,302
up €8,302 (+207%), from €4,007 to €12,309
- Other debts +€3,822
up €3,822 (+101%), from €3,768 to €7,590
- Tax, wage and social debts +€1,853
up €1,853 (+230%), from €806 to €2,659
- Gross operating margin -€27,531
down €27,531, from €21,871 to -€5,660
- Financial charges +€1,354
up €1,354 (+151%), from €898 to €2,251
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 | €79,916 | €83,093 | +€3,177 | +4.0% |
| Fixed assets | 21/28 | €1,463 | €895 | -€568 | -38.8% |
| Tangible fixed assets | 22/27 | €1,463 | €895 | -€568 | -38.8% |
| Furniture and vehicles | 24 | €1,463 | €895 | -€568 | -38.8% |
| Current assets | 29/58 | €78,453 | €82,198 | +€3,745 | +4.8% |
| Amounts receivable within one year | 40/41 | €41,794 | €19,515 | -€22,279 | -53.3% |
| Trade receivables | 40 | €41,444 | €19,515 | -€21,929 | -52.9% |
| Other amounts receivable | 41 | €350 | €0 | -€350 | -100% |
| Cash at bank and in hand | 54/58 | €35,060 | €55,628 | +€20,568 | +58.7% |
| Deferred charges and accrued income | 490/1 | €1,598 | €7,055 | +€5,457 | +341% |
| Total equity and liabilities | 10/49 | €79,916 | €83,093 | +€3,177 | +4.0% |
| Equity | 10/15 | €71,336 | €60,535 | -€10,800 | -15.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €104,070 | €104,070 | = | 0.0% |
| Distributable reserves | 133 | €104,070 | €104,070 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,135 | -€55,935 | -€10,800 | -23.9% |
| Amounts payable | 17/49 | €8,581 | €22,558 | +€13,977 | +163% |
| Amounts payable within one year | 42/48 | €8,581 | €22,558 | +€13,977 | +163% |
| Trade debts | 44 | €4,007 | €12,309 | +€8,302 | +207% |
| Suppliers | 440/4 | €4,007 | €12,309 | +€8,302 | +207% |
| Taxes, remuneration and social security | 45 | €806 | €2,659 | +€1,853 | +230% |
| Taxes | 450/3 | €806 | €2,659 | +€1,853 | +230% |
| Other amounts payable | 47/48 | €3,768 | €7,590 | +€3,822 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,321 | €1,350 | +€30 | +2.3% |
| Other operating charges | 640/8 | €1,512 | €1,296 | -€216 | -14.3% |
| Gross operating margin | 9900 | €21,871 | -€5,660 | -€27,531 | |
| Operating profit (loss) | 9901 | €19,039 | -€8,307 | -€27,346 | |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €898 | €2,251 | +€1,354 | +151% |
| Recurring financial charges | 65 | €898 | €2,251 | +€1,354 | +151% |
| Profit (loss) for the period before taxes | 9903 | €18,141 | -€10,558 | -€28,699 | |
| Income taxes | 67/77 | €450 | €242 | -€208 | -46.1% |
| Profit (loss) for the period | 9904 | €17,691 | -€10,800 | -€28,492 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,691 | -€10,800 | -€28,492 |
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 16 October 2026 via checked.be.