SDG Project: 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.
SDG Project
Largest movements
- Stocks and contracts -€204,923
down €204,923 (-17.4%), from €1.2m to €974,128
- Receivables within one year -€45,134
down €45,134 (-6.5%), from €693,063 to €647,930
of which Trade receivables: -€23,896
- Debts after one year -€541,440
down €541,440 (-37.4%), from €1.4m to €904,792
of which Financial debts: -€541,440
- Other debts +€135,735
up €135,735 (+13.1%), from €1.0m to €1.2m
- Profit (loss) carried forward +€94,304
up €94,304 (+48.1%), from -€196,165 to -€101,861
- Trade debts +€28,756
new in 2025: €28,756
- Current portion of long-term debt +€26,167
up €26,167 (+803.8%), from €3,255 to €29,422
- Gross operating margin +€164,868
up €164,868 (+2444.8%), from €6,744 to €171,611
- Financial charges -€23,612
down €23,612 (-29.3%), from €80,501 to €56,889
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 | €2,298,672 | €2,039,430 | -€259,242 | -11.3% |
| Fixed assets | 21/28 | €413,884 | €405,024 | -€8,860 | -2.1% |
| Tangible fixed assets | 22/27 | €410,834 | €395,974 | -€14,860 | -3.6% |
| Land and buildings | 22 | €404,382 | €391,201 | -€13,182 | -3.3% |
| Furniture and vehicles | 24 | €6,452 | €4,774 | -€1,678 | -26.0% |
| Financial fixed assets | 28 | €3,050 | €9,050 | +€6,000 | +196.7% |
| Current assets | 29/58 | €1,884,788 | €1,634,406 | -€250,383 | -13.3% |
| Stocks and contracts in progress | 3 | €1,179,051 | €974,128 | -€204,923 | -17.4% |
| Stocks | 30/36 | €1,179,051 | €974,128 | -€204,923 | -17.4% |
| Amounts receivable within one year | 40/41 | €693,063 | €647,930 | -€45,134 | -6.5% |
| Trade receivables | 40 | €23,896 | €0 | -€23,896 | -100.0% |
| Other amounts receivable | 41 | €669,168 | €647,930 | -€21,238 | -3.2% |
| Cash at bank and in hand | 54/58 | €9,643 | €6,531 | -€3,112 | -32.3% |
| Deferred charges and accrued income | 490/1 | €3,030 | €5,816 | +€2,786 | +91.9% |
| Total equity and liabilities | 10/49 | €2,298,672 | €2,039,430 | -€259,242 | -11.3% |
| Equity | 10/15 | -€188,105 | -€93,801 | +€94,304 | +50.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€196,165 | -€101,861 | +€94,304 | +48.1% |
| Amounts payable | 17/49 | €2,486,778 | €2,133,231 | -€353,547 | -14.2% |
| Amounts payable after more than one year | 17 | €1,446,232 | €904,792 | -€541,440 | -37.4% |
| Financial debts | 170/4 | €1,442,455 | €901,015 | -€541,440 | -37.5% |
| Other amounts payable | 178/9 | €3,777 | €3,777 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,038,446 | €1,228,439 | +€189,993 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €3,255 | €29,422 | +€26,167 | +803.8% |
| Trade debts | 44 | - | €28,756 | +€28,756 | |
| Suppliers | 440/4 | - | €28,756 | +€28,756 | |
| Taxes, remuneration and social security | 45 | €665 | €0 | -€665 | -100.0% |
| Taxes | 450/3 | €665 | €0 | -€665 | -100.0% |
| Other amounts payable | 47/48 | €1,034,526 | €1,170,261 | +€135,735 | +13.1% |
| Accrued charges and deferred income | 492/3 | €2,100 | €0 | -€2,100 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,809 | €14,860 | +€1,051 | +7.6% |
| Other operating charges | 640/8 | €7,576 | €7,731 | +€155 | +2.0% |
| Gross operating margin | 9900 | €6,744 | €171,611 | +€164,868 | +2444.8% |
| Operating profit (loss) | 9901 | -€14,641 | €149,020 | +€163,662 | |
| Financial income | 75/76B | €1,936 | €2,173 | +€237 | +12.2% |
| Recurring financial income | 75 | €1,936 | €2,173 | +€237 | +12.2% |
| Financial charges | 65/66B | €80,501 | €56,889 | -€23,612 | -29.3% |
| Recurring financial charges | 65 | €80,501 | €56,889 | -€23,612 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | -€93,206 | €94,304 | +€187,510 | |
| Profit (loss) for the period | 9904 | -€93,206 | €94,304 | +€187,510 | |
| Profit (loss) for the period to be appropriated | 9905 | -€93,206 | €94,304 | +€187,510 |
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 6 October 2026 via checked.be.