SDK: 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.
SDK
Largest movements
- Tangible fixed assets +€418,428
up €418,428 (+19.5%), from €2.1m to €2.6m
of which Land and buildings: +€440,528
- Receivables within one year +€232,886
up €232,886 (+521.3%), from €44,673 to €277,559
of which Trade receivables: +€237,489
- Debts after one year +€231,735
up €231,735 (+14.8%), from €1.6m to €1.8m
- Reserves +€174,500
up €174,500 (+35.3%), from €493,920 to €668,419
- Other debts +€135,714
up €135,714 (+11425.2%), from €1,188 to €136,902
- Tax, wage and social debts +€58,248
up €58,248 (+129.9%), from €44,826 to €103,075
- Gross operating margin +€111,284
up €111,284 (+41.5%), from €268,323 to €379,607
- Depreciation +€49,653
up €49,653 (+114.9%), from €43,212 to €92,864
- Financial charges +€18,564
up €18,564 (+94.6%), from €19,627 to €38,191
- Taxes +€16,284
up €16,284 (+32.2%), from €50,544 to €66,827
- Other operating charges -€6,492
down €6,492 (-47.3%), from €13,717 to €7,225
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 | €2,291,903 | €2,936,624 | +€644,722 | +28.1% |
| Fixed assets | 21/28 | €2,152,686 | €2,571,114 | +€418,428 | +19.4% |
| Tangible fixed assets | 22/27 | €2,144,386 | €2,562,814 | +€418,428 | +19.5% |
| Land and buildings | 22 | €2,036,422 | €2,476,951 | +€440,528 | +21.6% |
| Furniture and vehicles | 24 | €107,964 | €85,864 | -€22,100 | -20.5% |
| Financial fixed assets | 28 | €8,300 | €8,300 | = | 0.0% |
| Current assets | 29/58 | €139,217 | €365,510 | +€226,293 | +162.5% |
| Amounts receivable within one year | 40/41 | €44,673 | €277,559 | +€232,886 | +521.3% |
| Trade receivables | 40 | €35,070 | €272,559 | +€237,489 | +677.2% |
| Other amounts receivable | 41 | €9,603 | €5,000 | -€4,603 | -47.9% |
| Cash at bank and in hand | 54/58 | €90,847 | €82,881 | -€7,966 | -8.8% |
| Deferred charges and accrued income | 490/1 | €3,697 | €5,070 | +€1,373 | +37.1% |
| Total equity and liabilities | 10/49 | €2,291,903 | €2,936,624 | +€644,722 | +28.1% |
| Equity | 10/15 | €512,520 | €687,019 | +€174,500 | +34.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €493,920 | €668,419 | +€174,500 | +35.3% |
| Distributable reserves | 133 | €493,920 | €668,419 | +€174,500 | +35.3% |
| Amounts payable | 17/49 | €1,779,383 | €2,249,605 | +€470,222 | +26.4% |
| Amounts payable after more than one year | 17 | €1,563,875 | €1,795,610 | +€231,735 | +14.8% |
| Financial debts | 170/4 | €1,563,875 | €1,795,610 | +€231,735 | +14.8% |
| Amounts payable within one year | 42/48 | €213,967 | €451,908 | +€237,941 | +111.2% |
| Current portion of amounts payable after more than one year | 42 | €157,057 | €182,864 | +€25,808 | +16.4% |
| Trade debts | 44 | €10,896 | €29,067 | +€18,170 | +166.8% |
| Suppliers | 440/4 | €10,896 | €29,067 | +€18,170 | +166.8% |
| Taxes, remuneration and social security | 45 | €44,826 | €103,075 | +€58,248 | +129.9% |
| Taxes | 450/3 | €44,826 | €103,075 | +€58,248 | +129.9% |
| Other amounts payable | 47/48 | €1,188 | €136,902 | +€135,714 | +11425.2% |
| Accrued charges and deferred income | 492/3 | €1,541 | €2,087 | +€546 | +35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,212 | €92,864 | +€49,653 | +114.9% |
| Other operating charges | 640/8 | €13,717 | €7,225 | -€6,492 | -47.3% |
| Gross operating margin | 9900 | €268,323 | €379,607 | +€111,284 | +41.5% |
| Operating profit (loss) | 9901 | €211,395 | €279,518 | +€68,124 | +32.2% |
| Financial income | 75/76B | €86 | - | -€86 | |
| Recurring financial income | 75 | €86 | - | -€86 | |
| Financial charges | 65/66B | €19,627 | €38,191 | +€18,564 | +94.6% |
| Recurring financial charges | 65 | €19,627 | €38,191 | +€18,564 | +94.6% |
| Profit (loss) for the period before taxes | 9903 | €191,854 | €241,327 | +€49,473 | +25.8% |
| Income taxes | 67/77 | €50,544 | €66,827 | +€16,284 | +32.2% |
| Profit (loss) for the period | 9904 | €141,310 | €174,500 | +€33,189 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €141,310 | €174,500 | +€33,189 | +23.5% |
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 29 September 2026 via checked.be.