SDEX: 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.
SDEX
Largest movements
- Cash +€20,955
up €20,955 (+61.9%), from €33,832 to €54,787
mainly Net result for the year (+€57,366) and Depreciation (+€13,653)
- Receivables within one year +€11,655
up €11,655 (+18.1%), from €64,493 to €76,147
of which Other amounts receivable: +€15,118
- Tangible fixed assets -€5,783
down €5,783 (-42.5%), from €13,611 to €7,829
of which Furniture and vehicles: -€7,849
- Financial fixed assets +€5,000
new in 2025: €5,000
- Receivables after one year -€4,174
down €4,174 (-6.0%), from €69,956 to €65,782
- Reserves +€57,366
up €57,366 (+55.2%), from €103,995 to €161,361
- Trade debts -€12,869
down €12,869 (-71.3%), from €18,052 to €5,182
- Tax, wage and social debts -€8,229
down €8,229 (-19.1%), from €43,045 to €34,817
- Other debts -€6,258
down €6,258 (-67.6%), from €9,258 to €3,000
- Accrued charges and deferred income -€2,133
down €2,133 (-75.8%), from €2,815 to €682
- Depreciation -€13,046
down €13,046 (-48.9%), from €26,699 to €13,653
- Gross operating margin +€12,933
up €12,933 (+17.2%), from €75,114 to €88,047
- Taxes +€5,123
up €5,123 (+45.8%), from €11,179 to €16,302
- Financial charges -€2,425
down €2,425 (-65.8%), from €3,686 to €1,262
- Other operating charges +€978
up €978 (+150.2%), from €651 to €1,628
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 | €182,684 | €210,042 | +€27,359 | +15.0% |
| Fixed assets | 21/28 | €13,611 | €12,829 | -€783 | -5.7% |
| Tangible fixed assets | 22/27 | €13,611 | €7,829 | -€5,783 | -42.5% |
| Plant, machinery and equipment | 23 | €4,134 | €1,520 | -€2,614 | -63.2% |
| Furniture and vehicles | 24 | €9,477 | €1,628 | -€7,849 | -82.8% |
| Other tangible fixed assets | 26 | - | €4,681 | +€4,681 | |
| Financial fixed assets | 28 | - | €5,000 | +€5,000 | |
| Current assets | 29/58 | €169,072 | €197,214 | +€28,142 | +16.6% |
| Amounts receivable after more than one year | 29 | €69,956 | €65,782 | -€4,174 | -6.0% |
| Other amounts receivable | 291 | €69,956 | €65,782 | -€4,174 | -6.0% |
| Amounts receivable within one year | 40/41 | €64,493 | €76,147 | +€11,655 | +18.1% |
| Trade receivables | 40 | €60,442 | €56,979 | -€3,463 | -5.7% |
| Other amounts receivable | 41 | €4,050 | €19,169 | +€15,118 | +373.2% |
| Cash at bank and in hand | 54/58 | €33,832 | €54,787 | +€20,955 | +61.9% |
| Deferred charges and accrued income | 490/1 | €792 | €497 | -€294 | -37.2% |
| Total equity and liabilities | 10/49 | €182,684 | €210,042 | +€27,359 | +15.0% |
| Equity | 10/15 | €108,995 | €166,361 | +€57,366 | +52.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €103,995 | €161,361 | +€57,366 | +55.2% |
| Distributable reserves | 133 | €103,995 | €161,361 | +€57,366 | +55.2% |
| Amounts payable | 17/49 | €73,688 | €43,681 | -€30,007 | -40.7% |
| Amounts payable within one year | 42/48 | €70,873 | €42,999 | -€27,874 | -39.3% |
| Trade debts | 44 | €18,052 | €5,182 | -€12,869 | -71.3% |
| Suppliers | 440/4 | €18,052 | €5,182 | -€12,869 | -71.3% |
| Advances received on contracts in progress | 46 | €518 | €0 | -€518 | -100.0% |
| Taxes, remuneration and social security | 45 | €43,045 | €34,817 | -€8,229 | -19.1% |
| Taxes | 450/3 | €43,045 | €34,817 | -€8,229 | -19.1% |
| Other amounts payable | 47/48 | €9,258 | €3,000 | -€6,258 | -67.6% |
| Accrued charges and deferred income | 492/3 | €2,815 | €682 | -€2,133 | -75.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,699 | €13,653 | -€13,046 | -48.9% |
| Other operating charges | 640/8 | €651 | €1,628 | +€978 | +150.2% |
| Gross operating margin | 9900 | €75,114 | €88,047 | +€12,933 | +17.2% |
| Operating profit (loss) | 9901 | €47,764 | €72,765 | +€25,001 | +52.3% |
| Financial income | 75/76B | €2,248 | €2,165 | -€83 | -3.7% |
| Recurring financial income | 75 | €2,248 | €2,165 | -€83 | -3.7% |
| Financial charges | 65/66B | €3,686 | €1,262 | -€2,425 | -65.8% |
| Recurring financial charges | 65 | €3,686 | €1,262 | -€2,425 | -65.8% |
| Profit (loss) for the period before taxes | 9903 | €46,326 | €73,668 | +€27,343 | +59.0% |
| Income taxes | 67/77 | €11,179 | €16,302 | +€5,123 | +45.8% |
| Profit (loss) for the period | 9904 | €35,147 | €57,366 | +€22,219 | +63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,147 | €57,366 | +€22,219 | +63.2% |
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 10 October 2026 via checked.be.