SDC: what changed
Two fiscal 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.
SDC
Largest movements
- Cash -€49,776
down €49,776 (-88.3%), from €56,362 to €6,586
mainly Net result for the year (-€154,142) and Tax, wage and social debts (-€60,361)
- Stocks and contracts -€30,844
down €30,844 (-14.6%), from €211,648 to €180,804
- Tangible fixed assets -€20,368
down €20,368 (-9.4%), from €216,137 to €195,769
of which Other tangible fixed assets: -€16,995
- Receivables within one year +€11,353
up €11,353 (+7.5%), from €151,229 to €162,582
of which Trade receivables: +€7,992
- Deferred charges and accrued income -€9,556
down €9,556 (-94.3%), from €10,131 to €575
- Profit (loss) carried forward -€154,142
down €154,142 (-63.6%), from -€242,409 to -€396,551
- Contributions +€80,000
up €80,000 (+48.1%), from €166,200 to €246,200
- Tax, wage and social debts -€60,361
down €60,361 (-76.2%), from €79,199 to €18,838
of which Remuneration and social security: -€58,083
- Trade debts +€42,059
up €42,059 (+25.8%), from €162,799 to €204,858
of which Suppliers: +€42,059
- Current portion of long-term debt -€33,359
down €33,359 (-40.8%), from €81,735 to €48,376
- Gross operating margin -€161,144
down €161,144 (-64.8%), from €248,628 to €87,484
- Other operating charges +€79,067
up €79,067 (+742.9%), from €10,643 to €89,710
- Staff costs -€22,473
down €22,473 (-21.0%), from €106,853 to €84,379
- Write-downs +€14,770
up €14,770, from -€12,027 to €2,744
- Financial income -€4,161
down €4,161 (-68.6%), from €6,062 to €1,901
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.
Cash bridge derived
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 | €699,099 | €588,008 | -€111,091 | -15.9% |
| Fixed assets | 21/28 | €232,228 | €207,460 | -€24,768 | -10.7% |
| Intangible fixed assets | 21 | €14,667 | €10,267 | -€4,400 | -30.0% |
| Tangible fixed assets | 22/27 | €216,137 | €195,769 | -€20,368 | -9.4% |
| Plant, machinery and equipment | 23 | €53,017 | €47,221 | -€5,797 | -10.9% |
| Furniture and vehicles | 24 | €0 | €2,423 | +€2,423 | |
| Other tangible fixed assets | 26 | €163,119 | €146,124 | -€16,995 | -10.4% |
| Financial fixed assets | 28 | €1,425 | €1,425 | = | 0.0% |
| Current assets | 29/58 | €466,870 | €380,547 | -€86,323 | -18.5% |
| Amounts receivable after more than one year | 29 | €37,500 | €30,000 | -€7,500 | -20.0% |
| Other amounts receivable | 291 | €37,500 | €30,000 | -€7,500 | -20.0% |
| Stocks and contracts in progress | 3 | €211,648 | €180,804 | -€30,844 | -14.6% |
| Stocks | 30/36 | €211,648 | €180,804 | -€30,844 | -14.6% |
| Amounts receivable within one year | 40/41 | €151,229 | €162,582 | +€11,353 | +7.5% |
| Trade receivables | 40 | €92,830 | €100,822 | +€7,992 | +8.6% |
| Other amounts receivable | 41 | €58,399 | €61,761 | +€3,361 | +5.8% |
| Cash at bank and in hand | 54/58 | €56,362 | €6,586 | -€49,776 | -88.3% |
| Deferred charges and accrued income | 490/1 | €10,131 | €575 | -€9,556 | -94.3% |
| Total equity and liabilities | 10/49 | €699,099 | €588,008 | -€111,091 | -15.9% |
| Equity | 10/15 | €1,558 | -€72,584 | -€74,142 | |
| Contributions | 10/11 | €166,200 | €246,200 | +€80,000 | +48.1% |
| Reserves | 13 | €77,767 | €77,767 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Tax-exempt reserves | 132 | €18,951 | €18,951 | = | 0.0% |
| Distributable reserves | 133 | €56,956 | €58,816 | +€1,860 | +3.3% |
| Profit (loss) carried forward | 14 | -€242,409 | -€396,551 | -€154,142 | -63.6% |
| Amounts payable | 17/49 | €697,541 | €660,592 | -€36,949 | -5.3% |
| Amounts payable after more than one year | 17 | €323,807 | €314,477 | -€9,330 | -2.9% |
| Financial debts | 170/4 | €323,807 | €314,477 | -€9,330 | -2.9% |
| Amounts payable within one year | 42/48 | €373,733 | €325,809 | -€47,925 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €81,735 | €48,376 | -€33,359 | -40.8% |
| Financial debts | 43 | €50,000 | €50,076 | +€76 | +0.2% |
| Credit institutions | 430/8 | €50,000 | €50,076 | +€76 | +0.2% |
| Trade debts | 44 | €162,799 | €204,858 | +€42,059 | +25.8% |
| Suppliers | 440/4 | €162,799 | €204,858 | +€42,059 | +25.8% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €79,199 | €18,838 | -€60,361 | -76.2% |
| Taxes | 450/3 | €2,954 | €676 | -€2,278 | -77.1% |
| Remuneration and social security | 454/9 | €76,245 | €18,162 | -€58,083 | -76.2% |
| Other amounts payable | 47/48 | €0 | €3,660 | +€3,660 | |
| Accrued charges and deferred income | 492/3 | €0 | €20,306 | +€20,306 | |
| Non-recurring operating income | 76A | €144,856 | €0 | -€144,856 | -100.0% |
| Remuneration, social security and pensions | 62 | €106,853 | €84,379 | -€22,473 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,418 | €27,827 | -€591 | -2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€12,027 | €2,744 | +€14,770 | |
| Other operating charges | 640/8 | €10,643 | €89,710 | +€79,067 | +742.9% |
| Non-recurring operating charges | 66A | €15,920 | €71 | -€15,850 | -99.6% |
| Gross operating margin | 9900 | €248,628 | €87,484 | -€161,144 | -64.8% |
| Operating profit (loss) | 9901 | €98,821 | -€117,246 | -€216,067 | |
| Financial income | 75/76B | €6,062 | €1,901 | -€4,161 | -68.6% |
| Recurring financial income | 75 | €6,062 | €1,901 | -€4,161 | -68.6% |
| Financial charges | 65/66B | €40,186 | €38,057 | -€2,129 | -5.3% |
| Recurring financial charges | 65 | €40,186 | €38,057 | -€2,129 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €64,697 | -€153,402 | -€218,099 | |
| Income taxes | 67/77 | - | €741 | +€741 | |
| Profit (loss) for the period | 9904 | €64,697 | -€154,142 | -€218,839 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,697 | -€154,142 | -€218,839 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.