SDF Construct: 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.
SDF Construct
Largest movements
- Stocks and contracts -€1.8m
down €1.8m (-40.2%), from €4.5m to €2.7m
- Receivables within one year -€602,096
down €602,096 (-42.3%), from €1.4m to €822,586
of which Trade receivables: -€475,699
- Cash -€285,075
down €285,075 (-32.2%), from €884,563 to €599,488
mainly Advances received (-€3.2m) and Investment in fixed assets (net) (-€237,130)
- Financial fixed assets +€237,130
up €237,130 (+2,280%), from €10,400 to €247,530
- Advances received -€3.2m
down €3.2m (-100%), from €3.2m to €0
- Other debts +€536,737
up €536,737 (+16.3%), from €3.3m to €3.8m
- Profit (loss) carried forward +€315,602
up €315,602 (+80.4%), from -€392,333 to -€76,731
- Gross operating margin +€151,401
up €151,401 (+69.0%), from €219,367 to €370,767
- Financial charges -€31,066
down €31,066 (-31.2%), from €99,691 to €68,626
- Financial income -€14,449
down €14,449 (-50.2%), from €28,768 to €14,318
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 | €6,794,542 | €4,374,897 | -€2.4m | -35.6% |
| Fixed assets | 21/28 | €10,400 | €247,530 | +€237,130 | +2,280% |
| Financial fixed assets | 28 | €10,400 | €247,530 | +€237,130 | +2,280% |
| Current assets | 29/58 | €6,784,142 | €4,127,367 | -€2.7m | -39.2% |
| Stocks and contracts in progress | 3 | €4,474,897 | €2,677,653 | -€1.8m | -40.2% |
| Stocks | 30/36 | €4,474,897 | €2,677,653 | -€1.8m | -40.2% |
| Amounts receivable within one year | 40/41 | €1,424,682 | €822,586 | -€602,096 | -42.3% |
| Trade receivables | 40 | €1,248,641 | €772,942 | -€475,699 | -38.1% |
| Other amounts receivable | 41 | €176,042 | €49,644 | -€126,398 | -71.8% |
| Cash at bank and in hand | 54/58 | €884,563 | €599,488 | -€285,075 | -32.2% |
| Deferred charges and accrued income | 490/1 | €0 | €27,640 | +€27,640 | |
| Total equity and liabilities | 10/49 | €6,794,542 | €4,374,897 | -€2.4m | -35.6% |
| Equity | 10/15 | -€269,333 | €46,269 | +€315,602 | |
| Contributions | 10/11 | €123,000 | €123,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€392,333 | -€76,731 | +€315,602 | +80.4% |
| Amounts payable | 17/49 | €7,063,876 | €4,328,628 | -€2.7m | -38.7% |
| Amounts payable within one year | 42/48 | €7,063,876 | €4,328,628 | -€2.7m | -38.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €558,825 | €508,562 | -€50,263 | -9.0% |
| Suppliers | 440/4 | €558,825 | €508,562 | -€50,263 | -9.0% |
| Advances received on contracts in progress | 46 | €3,221,721 | €0 | -€3.2m | -100% |
| Other amounts payable | 47/48 | €3,283,330 | €3,820,067 | +€536,737 | +16.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €3,202 | €857 | -€2,345 | -73.2% |
| Gross operating margin | 9900 | €219,367 | €370,767 | +€151,401 | +69.0% |
| Operating profit (loss) | 9901 | €216,165 | €369,910 | +€153,745 | +71.1% |
| Financial income | 75/76B | €28,768 | €14,318 | -€14,449 | -50.2% |
| Recurring financial income | 75 | €28,768 | €14,318 | -€14,449 | -50.2% |
| Financial charges | 65/66B | €99,691 | €68,626 | -€31,066 | -31.2% |
| Recurring financial charges | 65 | €99,691 | €68,626 | -€31,066 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €145,241 | €315,602 | +€170,361 | +117% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €145,241 | €315,602 | +€170,361 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €145,241 | €315,602 | +€170,361 | +117% |
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 20 October 2026 via checked.be.