SDE GROUP: 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.
SDE GROUP
Largest movements
- Receivables within one year -€568,985
down €568,985 (-80.3%), from €708,318 to €139,334
of which Trade receivables: -€566,505
- Stocks and contracts +€87,542
up €87,542 (+6.2%), from €1.4m to €1.5m
- Trade debts -€470,981
down €470,981 (-22.2%), from €2.1m to €1.6m
- Other debts +€38,541
up €38,541 (+67.0%), from €57,489 to €96,030
- Profit (loss) carried forward -€23,909
down €23,909 (-11.1%), from -€216,009 to -€239,918
- Gross operating margin -€18,706
down €18,706 (-20.7%), from €90,335 to €71,629
- Taxes -€7,836
down €7,836 (-36.2%), from €21,659 to €13,824
- Staff costs +€2,835
up €2,835 (+4.0%), from €71,538 to €74,373
- Depreciation +€1,835
up €1,835 (+370.5%), from €495 to €2,330
- Financial income -€1,189
down €1,189 (-42.5%), from €2,798 to €1,610
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 | €2,167,602 | €1,707,967 | -€459,635 | -21.2% |
| Fixed assets | 21/28 | €424 | €13,010 | +€12,586 | +2967.1% |
| Tangible fixed assets | 22/27 | €224 | €12,810 | +€12,586 | +5614.2% |
| Plant, machinery and equipment | 23 | €224 | €12,810 | +€12,586 | +5614.2% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €2,167,177 | €1,694,957 | -€472,221 | -21.8% |
| Stocks and contracts in progress | 3 | €1,419,187 | €1,506,729 | +€87,542 | +6.2% |
| Stocks | 30/36 | €1,419,187 | €1,506,729 | +€87,542 | +6.2% |
| Amounts receivable within one year | 40/41 | €708,318 | €139,334 | -€568,985 | -80.3% |
| Trade receivables | 40 | €704,914 | €138,409 | -€566,505 | -80.4% |
| Other amounts receivable | 41 | €3,405 | €925 | -€2,480 | -72.8% |
| Cash at bank and in hand | 54/58 | €18,049 | €24,372 | +€6,323 | +35.0% |
| Deferred charges and accrued income | 490/1 | €21,623 | €24,522 | +€2,899 | +13.4% |
| Total equity and liabilities | 10/49 | €2,167,602 | €1,707,967 | -€459,635 | -21.2% |
| Equity | 10/15 | -€33,002 | -€56,910 | -€23,909 | -72.4% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €176,802 | €176,802 | = | 0.0% |
| Distributable reserves | 133 | €176,802 | €176,802 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€216,009 | -€239,918 | -€23,909 | -11.1% |
| Amounts payable | 17/49 | €2,200,603 | €1,764,877 | -€435,726 | -19.8% |
| Amounts payable within one year | 42/48 | €2,200,603 | €1,764,877 | -€435,726 | -19.8% |
| Trade debts | 44 | €2,118,547 | €1,647,567 | -€470,981 | -22.2% |
| Suppliers | 440/4 | €2,118,547 | €1,647,567 | -€470,981 | -22.2% |
| Taxes, remuneration and social security | 45 | €24,567 | €21,280 | -€3,287 | -13.4% |
| Taxes | 450/3 | €14,037 | €10,230 | -€3,807 | -27.1% |
| Remuneration and social security | 454/9 | €10,530 | €11,050 | +€520 | +4.9% |
| Other amounts payable | 47/48 | €57,489 | €96,030 | +€38,541 | +67.0% |
| Remuneration, social security and pensions | 62 | €71,538 | €74,373 | +€2,835 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €495 | €2,330 | +€1,835 | +370.5% |
| Other operating charges | 640/8 | €1,171 | €1,206 | +€36 | +3.0% |
| Gross operating margin | 9900 | €90,335 | €71,629 | -€18,706 | -20.7% |
| Operating profit (loss) | 9901 | €17,132 | -€6,280 | -€23,411 | |
| Financial income | 75/76B | €2,798 | €1,610 | -€1,189 | -42.5% |
| Recurring financial income | 75 | €2,798 | €1,610 | -€1,189 | -42.5% |
| Financial charges | 65/66B | €5,526 | €5,415 | -€111 | -2.0% |
| Recurring financial charges | 65 | €5,526 | €5,415 | -€111 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €14,404 | -€10,085 | -€24,489 | |
| Income taxes | 67/77 | €21,659 | €13,824 | -€7,836 | -36.2% |
| Profit (loss) for the period | 9904 | -€7,255 | -€23,909 | -€16,653 | -229.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,255 | -€23,909 | -€16,653 | -229.5% |
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 4 October 2026 via checked.be.