SDB-VASTGOED: 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-VASTGOED
Largest movements
- Tangible fixed assets +€248,357
up €248,357 (+7,204%), from €3,448 to €251,805
of which Land and buildings: +€240,148
- Cash +€17,943
up €17,943 (+133%), from €13,452 to €31,395
mainly Debts after one year (+€227,391) and Depreciation (+€14,727)
- Intangible fixed assets -€4,000
down €4,000 (-23.5%), from €16,997 to €12,997
- Debts after one year +€227,391
new in 2025: €227,391
- Advances received +€12,390
up €12,390 (+163%), from €7,611 to €20,002
- Other debts +€8,674
up €8,674 (+41.1%), from €21,100 to €29,774
- Current portion of long-term debt +€7,609
new in 2025: €7,609
- Trade debts +€3,171
up €3,171 (+38.3%), from €8,288 to €11,459
- Depreciation +€10,910
up €10,910 (+286%), from €3,816 to €14,727
- Gross operating margin +€10,061
up €10,061 (+76.1%), from €13,216 to €23,277
- Financial charges +€5,837
up €5,837 (+4,066%), from €144 to €5,981
- Taxes -€1,848
down €1,848 (-91.4%), from €2,022 to €174
- Other operating charges +€1,581
up €1,581 (+122%), from €1,299 to €2,881
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 | €49,847 | €310,485 | +€260,638 | +523% |
| Fixed assets | 21/28 | €20,445 | €264,802 | +€244,357 | +1,195% |
| Intangible fixed assets | 21 | €16,997 | €12,997 | -€4,000 | -23.5% |
| Tangible fixed assets | 22/27 | €3,448 | €251,805 | +€248,357 | +7,204% |
| Land and buildings | 22 | - | €240,148 | +€240,148 | |
| Plant, machinery and equipment | 23 | €761 | €2,000 | +€1,239 | +163% |
| Furniture and vehicles | 24 | €2,687 | €9,656 | +€6,970 | +259% |
| Current assets | 29/58 | €29,402 | €45,683 | +€16,281 | +55.4% |
| Amounts receivable within one year | 40/41 | €13,892 | €12,636 | -€1,255 | -9.0% |
| Trade receivables | 40 | €11,913 | €12,636 | +€723 | +6.1% |
| Other amounts receivable | 41 | €1,978 | €0 | -€1,978 | -100% |
| Cash at bank and in hand | 54/58 | €13,452 | €31,395 | +€17,943 | +133% |
| Deferred charges and accrued income | 490/1 | €2,059 | €1,652 | -€407 | -19.8% |
| Total equity and liabilities | 10/49 | €49,847 | €310,485 | +€260,638 | +523% |
| Equity | 10/15 | €9,401 | €8,916 | -€485 | -5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,199 | -€9,684 | -€485 | -5.3% |
| Amounts payable | 17/49 | €40,446 | €301,569 | +€261,123 | +646% |
| Amounts payable after more than one year | 17 | - | €227,391 | +€227,391 | |
| Financial debts | 170/4 | - | €227,391 | +€227,391 | |
| Amounts payable within one year | 42/48 | €40,446 | €74,177 | +€33,732 | +83.4% |
| Current portion of amounts payable after more than one year | 42 | - | €7,609 | +€7,609 | |
| Financial debts | 43 | - | €33 | +€33 | |
| Credit institutions | 430/8 | - | €33 | +€33 | |
| Trade debts | 44 | €8,288 | €11,459 | +€3,171 | +38.3% |
| Suppliers | 440/4 | €8,288 | €11,459 | +€3,171 | +38.3% |
| Advances received on contracts in progress | 46 | €7,611 | €20,002 | +€12,390 | +163% |
| Taxes, remuneration and social security | 45 | €3,446 | €5,301 | +€1,855 | +53.8% |
| Taxes | 450/3 | €3,446 | €5,301 | +€1,855 | +53.8% |
| Other amounts payable | 47/48 | €21,100 | €29,774 | +€8,674 | +41.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,816 | €14,727 | +€10,910 | +286% |
| Other operating charges | 640/8 | €1,299 | €2,881 | +€1,581 | +122% |
| Gross operating margin | 9900 | €13,216 | €23,277 | +€10,061 | +76.1% |
| Operating profit (loss) | 9901 | €8,100 | €5,670 | -€2,431 | -30.0% |
| Financial income | 75/76B | €29 | €0 | -€29 | -100% |
| Recurring financial income | 75 | €29 | €0 | -€29 | -100% |
| Financial charges | 65/66B | €144 | €5,981 | +€5,837 | +4,066% |
| Recurring financial charges | 65 | €144 | €5,981 | +€5,837 | +4,066% |
| Profit (loss) for the period before taxes | 9903 | €7,985 | -€311 | -€8,297 | |
| Income taxes | 67/77 | €2,022 | €174 | -€1,848 | -91.4% |
| Profit (loss) for the period | 9904 | €5,964 | -€485 | -€6,449 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,964 | -€485 | -€6,449 |
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 27 October 2026 via checked.be.