SdA Invest: 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.
SdA Invest
Largest movements
- Current investments -€15.7m
down €15.7m (-46.6%), from €33.7m to €18.0m
- Cash -€2.2m
down €2.2m (-32.4%), from €6.9m to €4.7m
mainly Contributions, distributions and other (-€18.7m) and Receivables within one year (-€114,410)
- Reserves -€18.7m
down €18.7m (-62.0%), from €30.2m to €11.5m
of which Non-distributable reserves: -€18.7m
- Financial income -€13.9m
down €13.9m (-95.0%), from €14.7m to €726,269
of which Non-recurring financial income: -€14.1m
- Financial charges +€234,321
up €234,321 (+12,132%), from €1,931 to €236,252
- Taxes -€90,620
down €90,620 (-64.5%), from €140,491 to €49,871
- Other operating charges +€6,817
up €6,817 (+26.2%), from €25,979 to €32,796
- Gross operating margin +€269
up €269 (+2.8%), from -€9,593 to -€9,325
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 | €56,429,004 | €38,097,123 | -€18.3m | -32.5% |
| Fixed assets | 21/28 | €14,476,003 | €13,941,584 | -€534,419 | -3.7% |
| Financial fixed assets | 28 | €14,476,003 | €13,941,584 | -€534,419 | -3.7% |
| Current assets | 29/58 | €41,953,001 | €24,155,539 | -€17.8m | -42.4% |
| Amounts receivable after more than one year | 29 | €1,161,888 | €1,161,888 | = | 0.0% |
| Other amounts receivable | 291 | €1,161,888 | €1,161,888 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,564 | €124,974 | +€114,410 | +1,083% |
| Other amounts receivable | 41 | €10,564 | €124,974 | +€114,410 | +1,083% |
| Current investments | 50/53 | €33,746,737 | €18,026,541 | -€15.7m | -46.6% |
| Cash at bank and in hand | 54/58 | €6,915,558 | €4,676,750 | -€2.2m | -32.4% |
| Deferred charges and accrued income | 490/1 | €118,254 | €165,386 | +€47,133 | +39.9% |
| Total equity and liabilities | 10/49 | €56,429,004 | €38,097,123 | -€18.3m | -32.5% |
| Equity | 10/15 | €56,418,400 | €38,082,265 | -€18.3m | -32.5% |
| Contributions | 10/11 | €8,489,807 | €8,489,807 | = | 0.0% |
| Reserves | 13 | €30,231,403 | €11,497,242 | -€18.7m | -62.0% |
| Non-distributable reserves | 130/1 | €18,734,161 | - | -€18.7m | |
| Own shares acquired | 1312 | €18,734,161 | - | -€18.7m | |
| Tax-exempt reserves | 132 | €11,497,242 | €11,497,242 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,697,190 | €18,095,215 | +€398,026 | +2.2% |
| Amounts payable | 17/49 | €10,604 | €14,858 | +€4,255 | +40.1% |
| Amounts payable within one year | 42/48 | €4,013 | €1,845 | -€2,167 | -54.0% |
| Trade debts | 44 | €1,513 | €1,845 | +€333 | +22.0% |
| Suppliers | 440/4 | €1,513 | €1,845 | +€333 | +22.0% |
| Taxes, remuneration and social security | 45 | €2,500 | - | -€2,500 | |
| Taxes | 450/3 | €2,500 | - | -€2,500 | |
| Accrued charges and deferred income | 492/3 | €6,591 | €13,013 | +€6,422 | +97.4% |
| Other operating charges | 640/8 | €25,979 | €32,796 | +€6,817 | +26.2% |
| Gross operating margin | 9900 | -€9,593 | -€9,325 | +€269 | +2.8% |
| Operating profit (loss) | 9901 | -€35,572 | -€42,120 | -€6,548 | -18.4% |
| Financial income | 75/76B | €14,670,577 | €726,269 | -€13.9m | -95.0% |
| Recurring financial income | 75 | €533,365 | €726,269 | +€192,903 | +36.2% |
| Non-recurring financial income | 76B | €14,137,211 | - | -€14.1m | |
| Financial charges | 65/66B | €1,931 | €236,252 | +€234,321 | +12,132% |
| Recurring financial charges | 65 | €1,931 | €236,252 | +€234,321 | +12,132% |
| Profit (loss) for the period before taxes | 9903 | €14,633,073 | €447,896 | -€14.2m | -96.9% |
| Income taxes | 67/77 | €140,491 | €49,871 | -€90,620 | -64.5% |
| Profit (loss) for the period | 9904 | €14,492,582 | €398,026 | -€14.1m | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,492,582 | €398,026 | -€14.1m | -97.3% |
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 1 November 2026 via checked.be.