SDL Infra: 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 Infra
Largest movements
- Cash -€239,011
down €239,011 (-89.3%), from €267,596 to €28,585
mainly Other debts (-€333,751) and Contributions, distributions and other (-€140,785)
- Tangible fixed assets +€46,249
up €46,249 (+636%), from €7,270 to €53,518
- Current investments +€24,501
up €24,501 (+15.8%), from €155,304 to €179,805
- Profit (loss) carried forward +€335,834
up €335,834 (+498,345%), from €67 to €335,902
- Other debts -€333,751
down €333,751 (-78.0%), from €428,075 to €94,324
- Reserves -€140,785
down €140,785 (-64.6%), from €218,042 to €77,257
- Accrued charges and deferred income -€31,537
down €31,537 (-100%), from €31,537 to €0
- Financial charges -€89,184
down €89,184 (-80.7%), from €110,508 to €21,324
- Financial income -€18,259
down €18,259 (-31.6%), from €57,808 to €39,549
- Gross operating margin -€15,194
down €15,194 (-3.1%), from €493,580 to €478,386
- Staff costs +€12,540
up €12,540 (+41.9%), from €29,908 to €42,448
- Depreciation +€10,116
up €10,116 (+380%), from €2,665 to €12,781
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 | €717,225 | €546,117 | -€171,108 | -23.9% |
| Fixed assets | 21/28 | €142,030 | €188,278 | +€46,249 | +32.6% |
| Tangible fixed assets | 22/27 | €7,270 | €53,518 | +€46,249 | +636% |
| Furniture and vehicles | 24 | €7,270 | €53,518 | +€46,249 | +636% |
| Financial fixed assets | 28 | €134,760 | €134,760 | = | 0.0% |
| Current assets | 29/58 | €575,195 | €357,838 | -€217,357 | -37.8% |
| Amounts receivable within one year | 40/41 | €151,243 | €148,416 | -€2,827 | -1.9% |
| Trade receivables | 40 | €32,700 | €34,023 | +€1,322 | +4.0% |
| Other amounts receivable | 41 | €118,543 | €114,393 | -€4,150 | -3.5% |
| Current investments | 50/53 | €155,304 | €179,805 | +€24,501 | +15.8% |
| Cash at bank and in hand | 54/58 | €267,596 | €28,585 | -€239,011 | -89.3% |
| Deferred charges and accrued income | 490/1 | €1,053 | €1,033 | -€20 | -1.9% |
| Total equity and liabilities | 10/49 | €717,225 | €546,117 | -€171,108 | -23.9% |
| Equity | 10/15 | €236,709 | €431,759 | +€195,049 | +82.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €218,042 | €77,257 | -€140,785 | -64.6% |
| Distributable reserves | 133 | €218,042 | €77,257 | -€140,785 | -64.6% |
| Profit (loss) carried forward | 14 | €67 | €335,902 | +€335,834 | +498,345% |
| Amounts payable | 17/49 | €480,516 | €114,358 | -€366,158 | -76.2% |
| Amounts payable within one year | 42/48 | €448,979 | €114,358 | -€334,621 | -74.5% |
| Trade debts | 44 | €8,064 | €6,185 | -€1,879 | -23.3% |
| Suppliers | 440/4 | €8,064 | €6,185 | -€1,879 | -23.3% |
| Taxes, remuneration and social security | 45 | €12,840 | €13,849 | +€1,009 | +7.9% |
| Taxes | 450/3 | €4,901 | €4,927 | +€26 | +0.5% |
| Remuneration and social security | 454/9 | €7,939 | €8,922 | +€983 | +12.4% |
| Other amounts payable | 47/48 | €428,075 | €94,324 | -€333,751 | -78.0% |
| Accrued charges and deferred income | 492/3 | €31,537 | €0 | -€31,537 | -100% |
| Remuneration, social security and pensions | 62 | €29,908 | €42,448 | +€12,540 | +41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,665 | €12,781 | +€10,116 | +380% |
| Other operating charges | 640/8 | €1,021 | €1,182 | +€161 | +15.7% |
| Gross operating margin | 9900 | €493,580 | €478,386 | -€15,194 | -3.1% |
| Operating profit (loss) | 9901 | €459,985 | €421,975 | -€38,010 | -8.3% |
| Financial income | 75/76B | €57,808 | €39,549 | -€18,259 | -31.6% |
| Recurring financial income | 75 | €57,808 | €39,549 | -€18,259 | -31.6% |
| Financial charges | 65/66B | €110,508 | €21,324 | -€89,184 | -80.7% |
| Recurring financial charges | 65 | €110,508 | €21,324 | -€89,184 | -80.7% |
| Profit (loss) for the period before taxes | 9903 | €407,285 | €440,201 | +€32,915 | +8.1% |
| Income taxes | 67/77 | €104,718 | €104,366 | -€352 | -0.3% |
| Profit (loss) for the period | 9904 | €302,567 | €335,834 | +€33,267 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €302,567 | €335,834 | +€33,267 | +11.0% |
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 27 October 2026 via checked.be.