SdL ADVICE: 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.
SdL ADVICE
Largest movements
- Cash -€11,320
down €11,320 (-20.4%), from €55,569 to €44,249
mainly Contributions, distributions and other (-€58,000) and Current portion of long-term debt (-€17,024)
- Tangible fixed assets -€6,211
down €6,211 (-2.1%), from €290,119 to €283,908
- Reserves +€64,126
up €64,126 (+142.5%), from €45,000 to €109,126
- Contributions -€30,873
down €30,873 (-38.5%), from €80,283 to €49,410
- Profit (loss) carried forward -€27,127
down €27,127 (-38.5%), from €70,549 to €43,422
- Current portion of long-term debt -€17,024
down €17,024 (-91.7%), from €18,572 to €1,548
- Tax, wage and social debts -€8,322
down €8,322 (-25.4%), from €32,770 to €24,449
- Taxes +€2,485
up €2,485 (+10.5%), from €23,723 to €26,209
- Gross operating margin +€2,317
up €2,317 (+2.3%), from €100,440 to €102,757
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 | €350,561 | €329,640 | -€20,921 | -6.0% |
| Fixed assets | 21/28 | €290,369 | €284,158 | -€6,211 | -2.1% |
| Tangible fixed assets | 22/27 | €290,119 | €283,908 | -€6,211 | -2.1% |
| Land and buildings | 22 | €290,119 | €283,908 | -€6,211 | -2.1% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €60,192 | €45,482 | -€14,710 | -24.4% |
| Amounts receivable within one year | 40/41 | €2,385 | €676 | -€1,709 | -71.7% |
| Trade receivables | 40 | €99 | €676 | +€577 | +582.9% |
| Other amounts receivable | 41 | €2,286 | €0 | -€2,286 | -100.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €55,569 | €44,249 | -€11,320 | -20.4% |
| Deferred charges and accrued income | 490/1 | €2,238 | €558 | -€1,680 | -75.1% |
| Total equity and liabilities | 10/49 | €350,561 | €329,640 | -€20,921 | -6.0% |
| Equity | 10/15 | €195,832 | €201,958 | +€6,126 | +3.1% |
| Contributions | 10/11 | €80,283 | €49,410 | -€30,873 | -38.5% |
| Reserves | 13 | €45,000 | €109,126 | +€64,126 | +142.5% |
| Distributable reserves | 133 | €45,000 | €109,126 | +€64,126 | +142.5% |
| Profit (loss) carried forward | 14 | €70,549 | €43,422 | -€27,127 | -38.5% |
| Amounts payable | 17/49 | €154,730 | €127,683 | -€27,047 | -17.5% |
| Amounts payable after more than one year | 17 | €79,498 | €77,950 | -€1,548 | -1.9% |
| Financial debts | 170/4 | €1,548 | €0 | -€1,548 | -100.0% |
| Other amounts payable | 178/9 | €77,950 | €77,950 | = | 0.0% |
| Amounts payable within one year | 42/48 | €73,673 | €48,174 | -€25,499 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €18,572 | €1,548 | -€17,024 | -91.7% |
| Trade debts | 44 | €2,799 | €2,901 | +€102 | +3.6% |
| Suppliers | 440/4 | €2,799 | €2,901 | +€102 | +3.6% |
| Taxes, remuneration and social security | 45 | €32,770 | €24,449 | -€8,322 | -25.4% |
| Taxes | 450/3 | €32,770 | €24,449 | -€8,322 | -25.4% |
| Other amounts payable | 47/48 | €19,531 | €19,276 | -€255 | -1.3% |
| Accrued charges and deferred income | 492/3 | €1,559 | €1,559 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,211 | €6,211 | = | 0.0% |
| Other operating charges | 640/8 | €2,704 | €2,117 | -€587 | -21.7% |
| Gross operating margin | 9900 | €100,440 | €102,757 | +€2,317 | +2.3% |
| Operating profit (loss) | 9901 | €91,525 | €94,429 | +€2,904 | +3.2% |
| Financial income | 75/76B | €423 | €172 | -€252 | -59.4% |
| Recurring financial income | 75 | €423 | €172 | -€252 | -59.4% |
| Financial charges | 65/66B | €4,204 | €4,266 | +€62 | +1.5% |
| Recurring financial charges | 65 | €4,204 | €4,266 | +€62 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €87,745 | €90,335 | +€2,590 | +3.0% |
| Income taxes | 67/77 | €23,723 | €26,209 | +€2,485 | +10.5% |
| Profit (loss) for the period | 9904 | €64,021 | €64,126 | +€105 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,021 | €64,126 | +€105 | +0.2% |
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 8 October 2026 via checked.be.