SDHub: 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.
SDHub
Largest movements
- Financial fixed assets +€621,500
new in 2025: €621,500
- Cash -€122,360
down €122,360 (-90.2%), from €135,672 to €13,313
mainly Investment in fixed assets (net) (-€629,176) and Receivables within one year (-€13,034)
- Receivables within one year +€13,034
up €13,034 (+46.5%), from €28,008 to €41,042
of which Other amounts receivable: +€9,574
- Debts after one year +€422,994
new in 2025: €422,994
- Current portion of long-term debt +€68,384
new in 2025: €68,384
- Reserves +€32,634
up €32,634 (+21.2%), from €153,755 to €186,388
- Tax, wage and social debts -€9,964
down €9,964 (-33.7%), from €29,603 to €19,640
- Short-term financial debts +€7,900
up €7,900 (+155.8%), from €5,071 to €12,971
- Gross operating margin -€23,076
down €23,076 (-25.7%), from €89,754 to €66,678
- Financial charges +€9,993
up €9,993 (+228.6%), from €4,372 to €14,365
- Taxes -€4,061
down €4,061 (-23.5%), from €17,313 to €13,252
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 | €199,213 | €713,208 | +€513,995 | +258.0% |
| Fixed assets | 21/28 | €28,670 | €653,055 | +€624,385 | +2177.9% |
| Tangible fixed assets | 22/27 | €28,670 | €31,555 | +€2,885 | +10.1% |
| Land and buildings | 22 | €18,526 | €17,937 | -€589 | -3.2% |
| Furniture and vehicles | 24 | €10,144 | €13,618 | +€3,474 | +34.2% |
| Financial fixed assets | 28 | - | €621,500 | +€621,500 | |
| Current assets | 29/58 | €170,543 | €60,153 | -€110,390 | -64.7% |
| Amounts receivable within one year | 40/41 | €28,008 | €41,042 | +€13,034 | +46.5% |
| Trade receivables | 40 | €27,919 | €31,379 | +€3,460 | +12.4% |
| Other amounts receivable | 41 | €89 | €9,663 | +€9,574 | +10727.0% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €135,672 | €13,313 | -€122,360 | -90.2% |
| Deferred charges and accrued income | 490/1 | €6,863 | €5,798 | -€1,065 | -15.5% |
| Total equity and liabilities | 10/49 | €199,213 | €713,208 | +€513,995 | +258.0% |
| Equity | 10/15 | €155,755 | €188,388 | +€32,634 | +21.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €153,755 | €186,388 | +€32,634 | +21.2% |
| Distributable reserves | 133 | €153,755 | €186,388 | +€32,634 | +21.2% |
| Amounts payable | 17/49 | €43,458 | €524,819 | +€481,361 | +1107.6% |
| Amounts payable after more than one year | 17 | - | €422,994 | +€422,994 | |
| Financial debts | 170/4 | - | €422,994 | +€422,994 | |
| Amounts payable within one year | 42/48 | €43,458 | €101,825 | +€58,366 | +134.3% |
| Current portion of amounts payable after more than one year | 42 | - | €68,384 | +€68,384 | |
| Financial debts | 43 | €5,071 | €12,971 | +€7,900 | +155.8% |
| Credit institutions | 430/8 | €5,071 | €12,971 | +€7,900 | +155.8% |
| Trade debts | 44 | €7,468 | €830 | -€6,637 | -88.9% |
| Suppliers | 440/4 | €7,468 | €830 | -€6,637 | -88.9% |
| Taxes, remuneration and social security | 45 | €29,603 | €19,640 | -€9,964 | -33.7% |
| Taxes | 450/3 | €29,603 | €19,640 | -€9,964 | -33.7% |
| Other amounts payable | 47/48 | €1,317 | €0 | -€1,317 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,098 | €4,791 | +€693 | +16.9% |
| Other operating charges | 640/8 | €873 | €1,702 | +€829 | +94.9% |
| Gross operating margin | 9900 | €89,754 | €66,678 | -€23,076 | -25.7% |
| Operating profit (loss) | 9901 | €84,783 | €60,186 | -€24,598 | -29.0% |
| Financial income | 75/76B | €20 | €65 | +€45 | +223.1% |
| Recurring financial income | 75 | €20 | €65 | +€45 | +223.1% |
| Financial charges | 65/66B | €4,372 | €14,365 | +€9,993 | +228.6% |
| Recurring financial charges | 65 | €4,372 | €14,365 | +€9,993 | +228.6% |
| Profit (loss) for the period before taxes | 9903 | €80,432 | €45,885 | -€34,546 | -43.0% |
| Income taxes | 67/77 | €17,313 | €13,252 | -€4,061 | -23.5% |
| Profit (loss) for the period | 9904 | €63,119 | €32,634 | -€30,486 | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,119 | €32,634 | -€30,486 | -48.3% |
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 28 September 2026 via checked.be.