Sdlaw: 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.
Sdlaw
Largest movements
- Current investments +€46,503
up €46,503 (+66.6%), from €69,773 to €116,275
- Receivables within one year -€15,321
down €15,321 (-47.2%), from €32,465 to €17,145
of which Trade receivables: -€13,592
- Deferred charges and accrued income -€7,948
down €7,948 (-55.6%), from €14,308 to €6,360
- Tangible fixed assets -€1,941
down €1,941 (-42.8%), from €4,535 to €2,594
of which Furniture and vehicles: -€1,428
- Reserves +€19,824
up €19,824 (+32.2%), from €61,479 to €81,304
of which Distributable reserves: +€19,824
- Tax, wage and social debts +€13,478
up €13,478 (+45.0%), from €29,935 to €43,414
- Other debts -€6,972
down €6,972 (-67.0%), from €10,411 to €3,438
- Trade debts -€5,536
down €5,536 (-48.4%), from €11,442 to €5,906
- Gross operating margin +€23,641
up €23,641 (+76.6%), from €30,876 to €54,517
- Taxes +€6,078
up €6,078 (+46.5%), from €13,073 to €19,151
- Financial charges +€5,137
up €5,137 (+757.2%), from €678 to €5,816
- Financial income +€5,114
up €5,114 (+1061.8%), from €482 to €5,595
- Depreciation -€2,819
down €2,819 (-59.2%), from €4,760 to €1,941
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 | €165,414 | €186,428 | +€21,015 | +12.7% |
| Fixed assets | 21/28 | €14,285 | €12,344 | -€1,941 | -13.6% |
| Tangible fixed assets | 22/27 | €4,535 | €2,594 | -€1,941 | -42.8% |
| Furniture and vehicles | 24 | €2,484 | €1,056 | -€1,428 | -57.5% |
| Other tangible fixed assets | 26 | €2,051 | €1,538 | -€513 | -25.0% |
| Financial fixed assets | 28 | €9,750 | €9,750 | = | 0.0% |
| Current assets | 29/58 | €151,129 | €174,085 | +€22,956 | +15.2% |
| Amounts receivable within one year | 40/41 | €32,465 | €17,145 | -€15,321 | -47.2% |
| Trade receivables | 40 | €30,736 | €17,145 | -€13,592 | -44.2% |
| Other amounts receivable | 41 | €1,729 | €0 | -€1,729 | -100.0% |
| Current investments | 50/53 | €69,773 | €116,275 | +€46,503 | +66.6% |
| Cash at bank and in hand | 54/58 | €34,582 | €34,305 | -€278 | -0.8% |
| Deferred charges and accrued income | 490/1 | €14,308 | €6,360 | -€7,948 | -55.6% |
| Total equity and liabilities | 10/49 | €165,414 | €186,428 | +€21,015 | +12.7% |
| Equity | 10/15 | €113,625 | €133,670 | +€20,045 | +17.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,479 | €81,304 | +€19,824 | +32.2% |
| Non-distributable reserves | 130/1 | €28,000 | €28,000 | = | 0.0% |
| Own shares acquired | 1312 | €28,000 | €28,000 | = | 0.0% |
| Distributable reserves | 133 | €33,479 | €53,304 | +€19,824 | +59.2% |
| Profit (loss) carried forward | 14 | €33,546 | €33,766 | +€220 | +0.7% |
| Amounts payable | 17/49 | €51,788 | €52,758 | +€970 | +1.9% |
| Amounts payable within one year | 42/48 | €51,788 | €52,758 | +€970 | +1.9% |
| Trade debts | 44 | €11,442 | €5,906 | -€5,536 | -48.4% |
| Suppliers | 440/4 | €11,442 | €5,906 | -€5,536 | -48.4% |
| Taxes, remuneration and social security | 45 | €29,935 | €43,414 | +€13,478 | +45.0% |
| Taxes | 450/3 | €29,935 | €43,414 | +€13,478 | +45.0% |
| Other amounts payable | 47/48 | €10,411 | €3,438 | -€6,972 | -67.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,760 | €1,941 | -€2,819 | -59.2% |
| Other operating charges | 640/8 | €2,633 | €4,534 | +€1,901 | +72.2% |
| Non-recurring operating charges | 66A | - | €8,626 | +€8,626 | |
| Gross operating margin | 9900 | €30,876 | €54,517 | +€23,641 | +76.6% |
| Operating profit (loss) | 9901 | €23,482 | €39,416 | +€15,934 | +67.9% |
| Financial income | 75/76B | €482 | €5,595 | +€5,114 | +1061.8% |
| Recurring financial income | 75 | €482 | €5,595 | +€5,114 | +1061.8% |
| Financial charges | 65/66B | €678 | €5,816 | +€5,137 | +757.2% |
| Recurring financial charges | 65 | €678 | €5,816 | +€5,137 | +757.2% |
| Profit (loss) for the period before taxes | 9903 | €23,285 | €39,195 | +€15,910 | +68.3% |
| Income taxes | 67/77 | €13,073 | €19,151 | +€6,078 | +46.5% |
| Profit (loss) for the period | 9904 | €10,213 | €20,045 | +€9,832 | +96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,213 | €20,045 | +€9,832 | +96.3% |
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.