SDH CONSULT: 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.
SDH CONSULT
Largest movements
- Cash +€36,287
up €36,287 (+10.4%), from €349,619 to €385,906
mainly Net result for the year (+€99,591) and Depreciation (+€17,541)
- Tangible fixed assets -€17,541
down €17,541 (-18.9%), from €92,787 to €75,246
of which Land and buildings: -€12,350
- Profit (loss) carried forward +€99,591
new in 2025: €99,591
- Tax, wage and social debts -€37,172
down €37,172 (-73.1%), from €50,855 to €13,683
- Current portion of long-term debt -€28,261
no longer reported in 2025 (was €28,261)
- Other debts -€28,074
down €28,074 (-15.5%), from €181,548 to €153,473
- Accrued charges and deferred income +€9,240
new in 2025: €9,240
- Gross operating margin -€15,996
down €15,996 (-9.3%), from €171,429 to €155,433
- Taxes -€4,941
down €4,941 (-15.4%), from €32,066 to €27,125
- Financial income -€2,908
down €2,908 (-66.4%), from €4,376 to €1,468
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 | €495,868 | €510,682 | +€14,814 | +3.0% |
| Fixed assets | 21/28 | €92,787 | €75,246 | -€17,541 | -18.9% |
| Tangible fixed assets | 22/27 | €92,787 | €75,246 | -€17,541 | -18.9% |
| Land and buildings | 22 | €59,841 | €47,491 | -€12,350 | -20.6% |
| Other tangible fixed assets | 26 | €32,946 | €27,755 | -€5,191 | -15.8% |
| Current assets | 29/58 | €403,080 | €435,436 | +€32,355 | +8.0% |
| Amounts receivable within one year | 40/41 | €7,496 | €3,309 | -€4,187 | -55.9% |
| Trade receivables | 40 | €4,646 | - | -€4,646 | |
| Other amounts receivable | 41 | €2,850 | €3,309 | +€459 | +16.1% |
| Current investments | 50/53 | €45,000 | €45,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €349,619 | €385,906 | +€36,287 | +10.4% |
| Deferred charges and accrued income | 490/1 | €966 | €1,221 | +€255 | +26.4% |
| Total equity and liabilities | 10/49 | €495,868 | €510,682 | +€14,814 | +3.0% |
| Equity | 10/15 | €190,316 | €289,908 | +€99,591 | +52.3% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Reserves | 13 | €97,316 | €97,316 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,300 | - | -€9,300 | |
| Reserves not available under the articles | 1311 | €9,300 | - | -€9,300 | |
| Distributable reserves | 133 | €88,016 | €97,316 | +€9,300 | +10.6% |
| Profit (loss) carried forward | 14 | - | €99,591 | +€99,591 | |
| Amounts payable | 17/49 | €305,551 | €220,774 | -€84,777 | -27.7% |
| Amounts payable after more than one year | 17 | €36,708 | €36,708 | = | 0.0% |
| Financial debts | 170/4 | €36,708 | €36,708 | = | 0.0% |
| Amounts payable within one year | 42/48 | €268,843 | €174,826 | -€94,017 | -35.0% |
| Current portion of amounts payable after more than one year | 42 | €28,261 | - | -€28,261 | |
| Trade debts | 44 | €8,179 | €7,669 | -€510 | -6.2% |
| Suppliers | 440/4 | €8,179 | €7,669 | -€510 | -6.2% |
| Taxes, remuneration and social security | 45 | €50,855 | €13,683 | -€37,172 | -73.1% |
| Taxes | 450/3 | €50,855 | €13,683 | -€37,172 | -73.1% |
| Other amounts payable | 47/48 | €181,548 | €153,473 | -€28,074 | -15.5% |
| Accrued charges and deferred income | 492/3 | - | €9,240 | +€9,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,784 | €17,541 | -€242 | -1.4% |
| Other operating charges | 640/8 | €1,211 | €1,250 | +€40 | +3.3% |
| Gross operating margin | 9900 | €171,429 | €155,433 | -€15,996 | -9.3% |
| Operating profit (loss) | 9901 | €152,434 | €136,642 | -€15,793 | -10.4% |
| Financial income | 75/76B | €4,376 | €1,468 | -€2,908 | -66.4% |
| Recurring financial income | 75 | €4,376 | €1,468 | -€2,908 | -66.4% |
| Financial charges | 65/66B | €12,477 | €11,393 | -€1,084 | -8.7% |
| Recurring financial charges | 65 | €12,477 | €11,393 | -€1,084 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €144,334 | €126,717 | -€17,617 | -12.2% |
| Income taxes | 67/77 | €32,066 | €27,125 | -€4,941 | -15.4% |
| Profit (loss) for the period | 9904 | €112,267 | €99,591 | -€12,676 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €112,267 | €99,591 | -€12,676 | -11.3% |
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 11 October 2026 via checked.be.