SDK Express: 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.
SDK Express
Largest movements
- Cash -€28,550
down €28,550 (-10.6%), from €270,424 to €241,875
mainly Other debts (-€81,333) and Current portion of long-term debt (-€31,667)
- Deferred charges and accrued income -€21,412
down €21,412 (-70.3%), from €30,455 to €9,043
- Tangible fixed assets -€14,267
down €14,267 (-27.1%), from €52,583 to €38,315
of which Plant, machinery and equipment: -€10,908
- Stocks and contracts -€4,979
down €4,979 (-7.0%), from €71,623 to €66,644
- Other debts -€81,333
down €81,333 (-90.7%), from €89,649 to €8,316
- Profit (loss) carried forward +€41,712
new in 2025: €41,712
- Current portion of long-term debt -€31,667
down €31,667 (-74.0%), from €42,789 to €11,122
- Tax, wage and social debts +€31,505
up €31,505 (+79.2%), from €39,790 to €71,295
of which Taxes: +€19,003
- Contributions -€18,600
no longer reported in 2025 (was €18,600)
- Staff costs -€56,317
down €56,317 (-16.2%), from €347,816 to €291,499
- Gross operating margin -€30,234
down €30,234 (-7.1%), from €423,578 to €393,344
- Taxes +€13,291
up €13,291 (+89.7%), from €14,822 to €28,114
- Financial charges +€4,260
up €4,260 (+34.4%), from €12,381 to €16,641
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 | €432,615 | €367,275 | -€65,341 | -15.1% |
| Fixed assets | 21/28 | €52,583 | €38,315 | -€14,267 | -27.1% |
| Tangible fixed assets | 22/27 | €52,583 | €38,315 | -€14,267 | -27.1% |
| Plant, machinery and equipment | 23 | €44,706 | €33,798 | -€10,908 | -24.4% |
| Furniture and vehicles | 24 | €7,877 | €4,518 | -€3,359 | -42.6% |
| Current assets | 29/58 | €380,033 | €328,959 | -€51,074 | -13.4% |
| Stocks and contracts in progress | 3 | €71,623 | €66,644 | -€4,979 | -7.0% |
| Stocks | 30/36 | €71,623 | €66,644 | -€4,979 | -7.0% |
| Amounts receivable within one year | 40/41 | €7,530 | €11,397 | +€3,867 | +51.4% |
| Trade receivables | 40 | €1,168 | €4,179 | +€3,011 | +257.8% |
| Other amounts receivable | 41 | €6,362 | €7,218 | +€856 | +13.5% |
| Cash at bank and in hand | 54/58 | €270,424 | €241,875 | -€28,550 | -10.6% |
| Deferred charges and accrued income | 490/1 | €30,455 | €9,043 | -€21,412 | -70.3% |
| Total equity and liabilities | 10/49 | €432,615 | €367,275 | -€65,341 | -15.1% |
| Equity | 10/15 | €18,600 | €41,712 | +€23,112 | +124.3% |
| Contributions | 10/11 | €18,600 | - | -€18,600 | |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Profit (loss) carried forward | 14 | - | €41,712 | +€41,712 | |
| Amounts payable | 17/49 | €414,015 | €325,563 | -€88,453 | -21.4% |
| Amounts payable after more than one year | 17 | €33,889 | €25,978 | -€7,911 | -23.3% |
| Financial debts | 170/4 | €33,889 | €25,978 | -€7,911 | -23.3% |
| Amounts payable within one year | 42/48 | €380,127 | €299,345 | -€80,782 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €42,789 | €11,122 | -€31,667 | -74.0% |
| Financial debts | 43 | €489 | - | -€489 | |
| Credit institutions | 430/8 | €489 | - | -€489 | |
| Trade debts | 44 | €207,409 | €208,612 | +€1,203 | +0.6% |
| Suppliers | 440/4 | €207,409 | €208,612 | +€1,203 | +0.6% |
| Taxes, remuneration and social security | 45 | €39,790 | €71,295 | +€31,505 | +79.2% |
| Taxes | 450/3 | - | €19,003 | +€19,003 | |
| Remuneration and social security | 454/9 | €39,790 | €52,292 | +€12,502 | +31.4% |
| Other amounts payable | 47/48 | €89,649 | €8,316 | -€81,333 | -90.7% |
| Accrued charges and deferred income | 492/3 | - | €240 | +€240 | |
| Remuneration, social security and pensions | 62 | €347,816 | €291,499 | -€56,317 | -16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,557 | €14,267 | +€711 | +5.2% |
| Other operating charges | 640/8 | €950 | €1,323 | +€373 | +39.3% |
| Non-recurring operating charges | 66A | €100 | - | -€100 | |
| Gross operating margin | 9900 | €423,578 | €393,344 | -€30,234 | -7.1% |
| Operating profit (loss) | 9901 | €61,155 | €86,255 | +€25,099 | +41.0% |
| Financial income | 75/76B | €2,898 | €212 | -€2,686 | -92.7% |
| Recurring financial income | 75 | €2,898 | €212 | -€2,686 | -92.7% |
| Non-recurring financial income | 76B | €2,898 | - | -€2,898 | |
| Financial charges | 65/66B | €12,381 | €16,641 | +€4,260 | +34.4% |
| Recurring financial charges | 65 | €12,381 | €16,641 | +€4,260 | +34.4% |
| Profit (loss) for the period before taxes | 9903 | €51,673 | €69,826 | +€18,153 | +35.1% |
| Income taxes | 67/77 | €14,822 | €28,114 | +€13,291 | +89.7% |
| Profit (loss) for the period | 9904 | €36,850 | €41,712 | +€4,862 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,850 | €41,712 | +€4,862 | +13.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.