SDE 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.
SDE MANAGEMENT
Largest movements
- Financial fixed assets +€520,800
up €520,800 (+180%), from €289,318 to €810,118
- Current investments -€84,481
down €84,481 (-76.8%), from €110,000 to €25,519
- Cash +€54,375
up €54,375 (+309%), from €17,582 to €71,957
mainly Debts after one year (+€415,679) and Net result for the year (+€90,111)
- Tangible fixed assets +€13,325
up €13,325 (+9.5%), from €140,078 to €153,402
of which Assets under construction and advance payments: +€29,833
- Debts after one year +€415,679
up €415,679 (+636%), from €65,354 to €481,033
- Reserves +€89,900
up €89,900 (+21.0%), from €428,640 to €518,540
- Current portion of long-term debt +€16,796
up €16,796 (+51.1%), from €32,841 to €49,637
- Gross operating margin -€24,211
down €24,211 (-17.5%), from €138,278 to €114,068
- Financial income -€13,059
down €13,059 (-24.2%), from €53,930 to €40,871
- Depreciation +€11,921
up €11,921 (+108%), from €11,089 to €23,010
- Taxes -€10,724
down €10,724 (-24.7%), from €43,369 to €32,645
- Other operating charges -€4,687
down €4,687 (-79.2%), from €5,917 to €1,231
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 | €584,909 | €1,099,490 | +€514,581 | +88.0% |
| Fixed assets | 21/28 | €429,396 | €963,521 | +€534,125 | +124% |
| Tangible fixed assets | 22/27 | €140,078 | €153,402 | +€13,325 | +9.5% |
| Plant, machinery and equipment | 23 | €1,541 | €1,199 | -€343 | -22.2% |
| Furniture and vehicles | 24 | €138,536 | €122,370 | -€16,166 | -11.7% |
| Assets under construction and advance payments | 27 | - | €29,833 | +€29,833 | |
| Financial fixed assets | 28 | €289,318 | €810,118 | +€520,800 | +180% |
| Current assets | 29/58 | €155,513 | €135,970 | -€19,544 | -12.6% |
| Amounts receivable within one year | 40/41 | €26,938 | €36,218 | +€9,281 | +34.5% |
| Trade receivables | 40 | €26,832 | €28,008 | +€1,176 | +4.4% |
| Other amounts receivable | 41 | €106 | €8,210 | +€8,105 | +7,682% |
| Current investments | 50/53 | €110,000 | €25,519 | -€84,481 | -76.8% |
| Cash at bank and in hand | 54/58 | €17,582 | €71,957 | +€54,375 | +309% |
| Deferred charges and accrued income | 490/1 | €994 | €2,275 | +€1,281 | +129% |
| Total equity and liabilities | 10/49 | €584,909 | €1,099,490 | +€514,581 | +88.0% |
| Equity | 10/15 | €450,676 | €539,987 | +€89,311 | +19.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €428,640 | €518,540 | +€89,900 | +21.0% |
| Distributable reserves | 133 | €428,640 | €518,540 | +€89,900 | +21.0% |
| Profit (loss) carried forward | 14 | €1,576 | €987 | -€589 | -37.4% |
| Amounts payable | 17/49 | €134,233 | €559,503 | +€425,270 | +317% |
| Amounts payable after more than one year | 17 | €65,354 | €481,033 | +€415,679 | +636% |
| Financial debts | 170/4 | €65,354 | €481,033 | +€415,679 | +636% |
| Amounts payable within one year | 42/48 | €65,082 | €73,441 | +€8,358 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €32,841 | €49,637 | +€16,796 | +51.1% |
| Trade debts | 44 | €13,968 | €11,080 | -€2,888 | -20.7% |
| Suppliers | 440/4 | €13,968 | €11,080 | -€2,888 | -20.7% |
| Taxes, remuneration and social security | 45 | €11,972 | €10,768 | -€1,203 | -10.0% |
| Taxes | 450/3 | €11,972 | €10,768 | -€1,203 | -10.0% |
| Other amounts payable | 47/48 | €6,302 | €1,955 | -€4,347 | -69.0% |
| Accrued charges and deferred income | 492/3 | €3,797 | €5,030 | +€1,233 | +32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,089 | €23,010 | +€11,921 | +108% |
| Other operating charges | 640/8 | €5,917 | €1,231 | -€4,687 | -79.2% |
| Gross operating margin | 9900 | €138,278 | €114,068 | -€24,211 | -17.5% |
| Operating profit (loss) | 9901 | €121,272 | €89,827 | -€31,446 | -25.9% |
| Financial income | 75/76B | €53,930 | €40,871 | -€13,059 | -24.2% |
| Recurring financial income | 75 | €53,930 | €40,871 | -€13,059 | -24.2% |
| Financial charges | 65/66B | €3,409 | €7,941 | +€4,532 | +133% |
| Recurring financial charges | 65 | €3,409 | €7,941 | +€4,532 | +133% |
| Profit (loss) for the period before taxes | 9903 | €171,792 | €122,756 | -€49,036 | -28.5% |
| Income taxes | 67/77 | €43,369 | €32,645 | -€10,724 | -24.7% |
| Profit (loss) for the period | 9904 | €128,424 | €90,111 | -€38,313 | -29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €128,424 | €90,111 | -€38,313 | -29.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.