SDG Frontier Fund: 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.
SDG Frontier Fund
Largest movements
- Financial fixed assets +€1.9m
up €1.9m (+11.2%), from €16.8m to €18.7m
- Current investments +€1.9m
up €1.9m (+88.3%), from €2.1m to €4.0m
- Cash -€616,069
down €616,069 (-53.1%), from €1.2m to €543,320
mainly Investment in fixed assets (net) (-€1.9m) and Current investments (-€1.9m)
- Debts after one year +€1.8m
up €1.8m (+65.8%), from €2.7m to €4.5m
- Profit (loss) carried forward +€1.3m
up €1.3m, from -€685,751 to €603,905
- Financial income +€715,235
up €715,235 (+40.8%), from €1.8m to €2.5m
of which Non-recurring financial income: +€840,175
- Financial charges +€503,258
up €503,258 (+160%), from €315,325 to €818,583
of which Non-recurring financial charges: +€264,446
- Taxes -€42,105
down €42,105, from €21,052 to -€21,052
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 | €20,180,979 | €23,262,666 | +€3.1m | +15.3% |
| Fixed assets | 21/28 | €16,825,196 | €18,702,903 | +€1.9m | +11.2% |
| Financial fixed assets | 28 | €16,825,196 | €18,702,903 | +€1.9m | +11.2% |
| Current assets | 29/58 | €3,355,783 | €4,559,763 | +€1.2m | +35.9% |
| Amounts receivable within one year | 40/41 | €36,201 | €39,206 | +€3,004 | +8.3% |
| Trade receivables | 40 | €27,422 | - | -€27,422 | |
| Other amounts receivable | 41 | €8,779 | €39,206 | +€30,427 | +347% |
| Current investments | 50/53 | €2,107,602 | €3,968,085 | +€1.9m | +88.3% |
| Cash at bank and in hand | 54/58 | €1,159,389 | €543,320 | -€616,069 | -53.1% |
| Deferred charges and accrued income | 490/1 | €52,590 | €9,152 | -€43,438 | -82.6% |
| Total equity and liabilities | 10/49 | €20,180,979 | €23,262,666 | +€3.1m | +15.3% |
| Equity | 10/15 | €17,358,009 | €18,714,766 | +€1.4m | +7.8% |
| Contributions | 10/11 | €18,043,760 | €18,043,760 | = | 0.0% |
| Capital | 10 | €17,980,000 | €17,980,000 | = | 0.0% |
| Issued capital | 100 | €17,980,000 | €17,980,000 | = | 0.0% |
| Contributions outside capital | 11 | €63,760 | €63,760 | = | 0.0% |
| Share premium | 1100/10 | €63,760 | €63,760 | = | 0.0% |
| Reserves | 13 | - | €67,101 | +€67,101 | |
| Non-distributable reserves | 130/1 | - | €67,101 | +€67,101 | |
| Legal reserve | 130 | - | €67,101 | +€67,101 | |
| Profit (loss) carried forward | 14 | -€685,751 | €603,905 | +€1.3m | |
| Amounts payable | 17/49 | €2,822,969 | €4,547,900 | +€1.7m | +61.1% |
| Amounts payable after more than one year | 17 | €2,728,805 | €4,524,377 | +€1.8m | +65.8% |
| Financial debts | 170/4 | €2,728,805 | €4,524,377 | +€1.8m | +65.8% |
| Amounts payable within one year | 42/48 | €45,256 | €5,667 | -€39,589 | -87.5% |
| Trade debts | 44 | €43,137 | - | -€43,137 | |
| Suppliers | 440/4 | €43,137 | - | -€43,137 | |
| Taxes, remuneration and social security | 45 | €2,118 | €5,667 | +€3,549 | +168% |
| Taxes | 450/3 | €2,118 | €5,667 | +€3,549 | +168% |
| Accrued charges and deferred income | 492/3 | €48,909 | €17,856 | -€31,052 | -63.5% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Other operating charges | 640/8 | €1,949 | €1,076 | -€873 | -44.8% |
| Gross operating margin | 9900 | -€311,203 | -€313,282 | -€2,079 | -0.7% |
| Operating profit (loss) | 9901 | -€313,152 | -€314,358 | -€1,206 | -0.4% |
| Financial income | 75/76B | €1,753,411 | €2,468,646 | +€715,235 | +40.8% |
| Recurring financial income | 75 | €285,871 | €160,931 | -€124,940 | -43.7% |
| Non-recurring financial income | 76B | €1,467,540 | €2,307,714 | +€840,175 | +57.3% |
| Financial charges | 65/66B | €315,325 | €818,583 | +€503,258 | +160% |
| Recurring financial charges | 65 | €71,526 | €310,338 | +€238,812 | +334% |
| Non-recurring financial charges | 66B | €243,799 | €508,245 | +€264,446 | +108% |
| Profit (loss) for the period before taxes | 9903 | €1,124,934 | €1,335,704 | +€210,770 | +18.7% |
| Income taxes | 67/77 | €21,052 | -€21,052 | -€42,105 | |
| Profit (loss) for the period | 9904 | €1,103,882 | €1,356,757 | +€252,875 | +22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,103,882 | €1,356,757 | +€252,875 | +22.9% |
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 26 October 2026 via checked.be.