SDL: 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.
SDL
Largest movements
- Receivables within one year +€28,195
up €28,195 (+2,274%), from €1,240 to €29,435
of which Other amounts receivable: +€28,641
- Cash +€18,916
up €18,916 (+203%), from €9,307 to €28,223
mainly Contributions, distributions and other (+€67,401) and Net result for the year (+€16,796)
- Stocks and contracts +€5,985
up €5,985 (+44.6%), from €13,414 to €19,399
- Tangible fixed assets -€3,227
down €3,227 (-6.8%), from €47,656 to €44,429
of which Furniture and vehicles: -€6,234
- Intangible fixed assets -€2,500
down €2,500 (-12.0%), from €20,790 to €18,290
- Profit (loss) carried forward +€84,197
up €84,197 (+811%), from €10,386 to €94,583
- Other debts -€40,663
no longer reported in 2025 (was €40,663)
- Trade debts +€7,656
up €7,656 (+48.7%), from €15,731 to €23,387
- Accrued charges and deferred income -€3,186
no longer reported in 2025 (was €3,186)
- Staff costs -€24,781
down €24,781 (-6.9%), from €360,490 to €335,709
- Gross operating margin -€14,382
down €14,382 (-3.7%), from €390,629 to €376,247
- Depreciation +€4,714
up €4,714 (+44.1%), from €10,679 to €15,394
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.
Derived cash bridge
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 | €103,024 | €151,253 | +€48,229 | +46.8% |
| Fixed assets | 21/28 | €76,696 | €70,969 | -€5,727 | -7.5% |
| Intangible fixed assets | 21 | €20,790 | €18,290 | -€2,500 | -12.0% |
| Tangible fixed assets | 22/27 | €47,656 | €44,429 | -€3,227 | -6.8% |
| Plant, machinery and equipment | 23 | €4,080 | €7,087 | +€3,007 | +73.7% |
| Furniture and vehicles | 24 | €43,576 | €37,342 | -€6,234 | -14.3% |
| Financial fixed assets | 28 | €8,250 | €8,250 | = | 0.0% |
| Current assets | 29/58 | €26,328 | €80,284 | +€53,956 | +205% |
| Stocks and contracts in progress | 3 | €13,414 | €19,399 | +€5,985 | +44.6% |
| Stocks | 30/36 | €13,414 | €19,399 | +€5,985 | +44.6% |
| Amounts receivable within one year | 40/41 | €1,240 | €29,435 | +€28,195 | +2,274% |
| Trade receivables | 40 | €1,103 | €658 | -€446 | -40.4% |
| Other amounts receivable | 41 | €136 | €28,777 | +€28,641 | +21,004% |
| Cash at bank and in hand | 54/58 | €9,307 | €28,223 | +€18,916 | +203% |
| Deferred charges and accrued income | 490/1 | €2,367 | €3,227 | +€860 | +36.3% |
| Total equity and liabilities | 10/49 | €103,024 | €151,253 | +€48,229 | +46.8% |
| Equity | 10/15 | €11,386 | €95,583 | +€84,197 | +739% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,386 | €94,583 | +€84,197 | +811% |
| Amounts payable | 17/49 | €91,638 | €55,670 | -€35,968 | -39.3% |
| Amounts payable within one year | 42/48 | €88,453 | €55,670 | -€32,783 | -37.1% |
| Trade debts | 44 | €15,731 | €23,387 | +€7,656 | +48.7% |
| Suppliers | 440/4 | €15,731 | €23,387 | +€7,656 | +48.7% |
| Taxes, remuneration and social security | 45 | €32,059 | €32,283 | +€224 | +0.7% |
| Taxes | 450/3 | €21,925 | €21,635 | -€290 | -1.3% |
| Remuneration and social security | 454/9 | €10,134 | €10,648 | +€514 | +5.1% |
| Other amounts payable | 47/48 | €40,663 | - | -€40,663 | |
| Accrued charges and deferred income | 492/3 | €3,186 | - | -€3,186 | |
| Remuneration, social security and pensions | 62 | €360,490 | €335,709 | -€24,781 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,679 | €15,394 | +€4,714 | +44.1% |
| Other operating charges | 640/8 | €1,006 | €2,596 | +€1,590 | +158% |
| Gross operating margin | 9900 | €390,629 | €376,247 | -€14,382 | -3.7% |
| Operating profit (loss) | 9901 | €18,454 | €22,549 | +€4,095 | +22.2% |
| Financial income | 75/76B | €75 | €1,473 | +€1,397 | +1,854% |
| Recurring financial income | 75 | €75 | €1,473 | +€1,397 | +1,854% |
| Financial charges | 65/66B | €3,381 | €127 | -€3,253 | -96.2% |
| Recurring financial charges | 65 | €3,381 | €127 | -€3,253 | -96.2% |
| Profit (loss) for the period before taxes | 9903 | €15,149 | €23,894 | +€8,745 | +57.7% |
| Income taxes | 67/77 | €4,888 | €7,098 | +€2,210 | +45.2% |
| Profit (loss) for the period | 9904 | €10,261 | €16,796 | +€6,535 | +63.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,261 | €16,796 | +€6,535 | +63.7% |
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 28 October 2026 via checked.be.