SDB MANAGEMENT: 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.
SDB MANAGEMENT
Largest movements
- Current investments -€606,067
down €606,067 (-78.0%), from €776,526 to €170,459
- Tangible fixed assets +€526,643
up €526,643 (+21,714%), from €2,425 to €529,068
of which Land and buildings: +€522,720
- Cash +€228,274
up €228,274 (+75.4%), from €302,710 to €530,983
mainly Current investments (+€606,067) and Net result for the year (+€420,814)
- Debts after one year +€250,000
new in 2025: €250,000
- Reserves -€120,340
down €120,340 (-18.6%), from €648,579 to €528,239
- Other debts +€16,565
up €16,565 (+4.8%), from €341,975 to €358,540
- Tax, wage and social debts -€14,570
down €14,570 (-10.4%), from €140,139 to €125,569
- Financial income +€45,338
up €45,338 (+432%), from €10,491 to €55,829
- Depreciation +€16,457
up €16,457 (+1,931%), from €852 to €17,310
- Gross operating margin -€8,517
down €8,517 (-1.6%), from €527,954 to €519,437
- Financial charges +€5,858
up €5,858 (+3,984%), from €147 to €6,005
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 | €1,137,239 | €1,269,525 | +€132,286 | +11.6% |
| Fixed assets | 21/28 | €2,425 | €529,068 | +€526,643 | +21,714% |
| Tangible fixed assets | 22/27 | €2,425 | €529,068 | +€526,643 | +21,714% |
| Land and buildings | 22 | - | €522,720 | +€522,720 | |
| Furniture and vehicles | 24 | €2,425 | €6,348 | +€3,923 | +162% |
| Current assets | 29/58 | €1,134,813 | €740,456 | -€394,357 | -34.8% |
| Amounts receivable within one year | 40/41 | €36,554 | €24,887 | -€11,667 | -31.9% |
| Trade receivables | 40 | €6,554 | - | -€6,554 | |
| Other amounts receivable | 41 | €30,000 | €24,887 | -€5,113 | -17.0% |
| Current investments | 50/53 | €776,526 | €170,459 | -€606,067 | -78.0% |
| Cash at bank and in hand | 54/58 | €302,710 | €530,983 | +€228,274 | +75.4% |
| Deferred charges and accrued income | 490/1 | €19,023 | €14,127 | -€4,896 | -25.7% |
| Total equity and liabilities | 10/49 | €1,137,239 | €1,269,525 | +€132,286 | +11.6% |
| Equity | 10/15 | €649,454 | €529,929 | -€119,525 | -18.4% |
| Reserves | 13 | €648,579 | €528,239 | -€120,340 | -18.6% |
| Distributable reserves | 133 | €648,579 | €528,239 | -€120,340 | -18.6% |
| Profit (loss) carried forward | 14 | €875 | €1,690 | +€814 | +93.0% |
| Amounts payable | 17/49 | €487,785 | €739,596 | +€251,811 | +51.6% |
| Amounts payable after more than one year | 17 | - | €250,000 | +€250,000 | |
| Financial debts | 170/4 | - | €250,000 | +€250,000 | |
| Amounts payable within one year | 42/48 | €487,785 | €489,596 | +€1,811 | +0.4% |
| Trade debts | 44 | €5,671 | €5,487 | -€184 | -3.2% |
| Suppliers | 440/4 | €5,671 | €5,487 | -€184 | -3.2% |
| Taxes, remuneration and social security | 45 | €140,139 | €125,569 | -€14,570 | -10.4% |
| Taxes | 450/3 | €140,139 | €125,569 | -€14,570 | -10.4% |
| Other amounts payable | 47/48 | €341,975 | €358,540 | +€16,565 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €852 | €17,310 | +€16,457 | +1,931% |
| Other operating charges | 640/8 | €756 | €1,666 | +€909 | +120% |
| Gross operating margin | 9900 | €527,954 | €519,437 | -€8,517 | -1.6% |
| Operating profit (loss) | 9901 | €526,345 | €500,461 | -€25,883 | -4.9% |
| Financial income | 75/76B | €10,491 | €55,829 | +€45,338 | +432% |
| Recurring financial income | 75 | €10,491 | €55,829 | +€45,338 | +432% |
| Financial charges | 65/66B | €147 | €6,005 | +€5,858 | +3,984% |
| Recurring financial charges | 65 | €147 | €6,005 | +€5,858 | +3,984% |
| Profit (loss) for the period before taxes | 9903 | €536,689 | €550,286 | +€13,597 | +2.5% |
| Income taxes | 67/77 | €134,365 | €129,471 | -€4,893 | -3.6% |
| Profit (loss) for the period | 9904 | €402,324 | €420,814 | +€18,490 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €402,324 | €420,814 | +€18,490 | +4.6% |
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 23 October 2026 via checked.be.