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
- Receivables within one year -€1.1m
down €1.1m (-61.9%), from €1.7m to €647,546
of which Trade receivables: -€1.1m
- Current investments +€680,764
up €680,764 (+28.4%), from €2.4m to €3.1m
- Cash +€643,376
up €643,376 (+118.8%), from €541,752 to €1.2m
mainly Receivables within one year (+€1.1m) and Net result for the year (+€698,092)
- Reserves +€696,374
up €696,374 (+28.1%), from €2.5m to €3.2m
- Accrued charges and deferred income -€691,420
down €691,420 (-93.2%), from €741,869 to €50,449
- Short-term financial debts +€318,254
up €318,254 (+24.4%), from €1.3m to €1.6m
- Other debts -€140,740
down €140,740 (-88.5%), from €158,994 to €18,254
- Trade debts +€79,603
up €79,603 (+421.8%), from €18,874 to €98,476
- Gross operating margin -€214,418
down €214,418 (-25.0%), from €857,863 to €643,445
- Financial income +€155,904
up €155,904 (+65.9%), from €236,434 to €392,338
- Financial charges -€13,193
down €13,193 (-16.9%), from €77,931 to €64,738
- Taxes -€10,571
down €10,571 (-4.3%), from €247,994 to €237,423
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 | €4,707,692 | €4,969,514 | +€261,822 | +5.6% |
| Fixed assets | 21/28 | €62,778 | €31,126 | -€31,652 | -50.4% |
| Tangible fixed assets | 22/27 | €62,778 | €31,126 | -€31,652 | -50.4% |
| Furniture and vehicles | 24 | €62,778 | €31,126 | -€31,652 | -50.4% |
| Current assets | 29/58 | €4,644,914 | €4,938,387 | +€293,473 | +6.3% |
| Amounts receivable within one year | 40/41 | €1,701,603 | €647,546 | -€1.1m | -61.9% |
| Trade receivables | 40 | €1,678,375 | €620,793 | -€1.1m | -63.0% |
| Other amounts receivable | 41 | €23,228 | €26,753 | +€3,525 | +15.2% |
| Current investments | 50/53 | €2,396,579 | €3,077,344 | +€680,764 | +28.4% |
| Cash at bank and in hand | 54/58 | €541,752 | €1,185,128 | +€643,376 | +118.8% |
| Deferred charges and accrued income | 490/1 | €4,980 | €28,370 | +€23,390 | +469.7% |
| Total equity and liabilities | 10/49 | €4,707,692 | €4,969,514 | +€261,822 | +5.6% |
| Equity | 10/15 | €2,485,037 | €3,181,411 | +€696,374 | +28.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €2,482,037 | €3,178,411 | +€696,374 | +28.1% |
| Distributable reserves | 133 | €2,482,037 | €3,178,411 | +€696,374 | +28.1% |
| Amounts payable | 17/49 | €2,222,655 | €1,788,102 | -€434,553 | -19.6% |
| Amounts payable within one year | 42/48 | €1,480,786 | €1,737,653 | +€256,867 | +17.3% |
| Financial debts | 43 | €1,302,669 | €1,620,923 | +€318,254 | +24.4% |
| Credit institutions | 430/8 | €1,302,669 | €1,620,923 | +€318,254 | +24.4% |
| Trade debts | 44 | €18,874 | €98,476 | +€79,603 | +421.8% |
| Suppliers | 440/4 | €18,874 | €98,476 | +€79,603 | +421.8% |
| Taxes, remuneration and social security | 45 | €250 | - | -€250 | |
| Taxes | 450/3 | €250 | - | -€250 | |
| Other amounts payable | 47/48 | €158,994 | €18,254 | -€140,740 | -88.5% |
| Accrued charges and deferred income | 492/3 | €741,869 | €50,449 | -€691,420 | -93.2% |
| Non-recurring operating income | 76A | €13,615 | €5,876 | -€7,739 | -56.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,765 | €34,148 | +€383 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,882 | €263 | -€3,619 | -93.2% |
| Other operating charges | 640/8 | €1,271 | €1,118 | -€152 | -12.0% |
| Gross operating margin | 9900 | €857,863 | €643,445 | -€214,418 | -25.0% |
| Operating profit (loss) | 9901 | €818,946 | €607,916 | -€211,030 | -25.8% |
| Financial income | 75/76B | €236,434 | €392,338 | +€155,904 | +65.9% |
| Recurring financial income | 75 | €236,434 | €392,338 | +€155,904 | +65.9% |
| Financial charges | 65/66B | €77,931 | €64,738 | -€13,193 | -16.9% |
| Recurring financial charges | 65 | €77,931 | €64,738 | -€13,193 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €977,449 | €935,515 | -€41,934 | -4.3% |
| Income taxes | 67/77 | €247,994 | €237,423 | -€10,571 | -4.3% |
| Profit (loss) for the period | 9904 | €729,455 | €698,092 | -€31,363 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €729,455 | €698,092 | -€31,363 | -4.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.