SdM: 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.
SdM
Largest movements
- Receivables within one year -€1,330
down €1,330 (-14.2%), from €9,372 to €8,043
of which Other amounts receivable: -€5,264
- Tangible fixed assets -€226
down €226 (-4.7%), from €4,790 to €4,564
of which Plant, machinery and equipment: -€554
- Cash -€213
down €213 (-44.3%), from €481 to €268
mainly Net result for the year (-€14,952) and Investment in fixed assets (net) (-€1,168)
- Profit (loss) carried forward -€14,952
down €14,952 (-43.1%), from -€34,712 to -€49,664
- Tax, wage and social debts +€6,650
up €6,650 (+67.5%), from €9,846 to €16,497
of which Remuneration and social security: +€6,296
- Other debts +€5,550
up €5,550 (+259%), from €2,140 to €7,690
- Trade debts +€988
up €988 (+14.3%), from €6,907 to €7,896
of which Suppliers: +€988
- Staff costs -€35,777
down €35,777 (-57.9%), from €61,779 to €26,002
- Gross operating margin -€33,772
down €33,772 (-71.8%), from €47,038 to €13,265
- Write-downs -€23,403
no longer reported in 2025 (was €23,403)
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 | €15,020 | €13,257 | -€1,763 | -11.7% |
| Fixed assets | 21/28 | €4,790 | €4,564 | -€226 | -4.7% |
| Tangible fixed assets | 22/27 | €4,790 | €4,564 | -€226 | -4.7% |
| Land and buildings | 22 | €484 | €363 | -€121 | -25.0% |
| Plant, machinery and equipment | 23 | €2,509 | €1,956 | -€554 | -22.1% |
| Furniture and vehicles | 24 | €1,797 | €2,245 | +€449 | +25.0% |
| Current assets | 29/58 | €10,230 | €8,693 | -€1,537 | -15.0% |
| Amounts receivable within one year | 40/41 | €9,372 | €8,043 | -€1,330 | -14.2% |
| Trade receivables | 40 | €4,108 | €8,043 | +€3,934 | +95.8% |
| Other amounts receivable | 41 | €5,264 | - | -€5,264 | |
| Cash at bank and in hand | 54/58 | €481 | €268 | -€213 | -44.3% |
| Deferred charges and accrued income | 490/1 | €377 | €383 | +€6 | +1.6% |
| Total equity and liabilities | 10/49 | €15,020 | €13,257 | -€1,763 | -11.7% |
| Equity | 10/15 | -€3,874 | -€18,825 | -€14,952 | -386% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €24,639 | €24,639 | = | 0.0% |
| Non-distributable reserves | 130/1 | €600 | €600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €600 | €600 | = | 0.0% |
| Distributable reserves | 133 | €24,039 | €24,039 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,712 | -€49,664 | -€14,952 | -43.1% |
| Amounts payable | 17/49 | €18,894 | €32,082 | +€13,189 | +69.8% |
| Amounts payable within one year | 42/48 | €18,894 | €32,082 | +€13,189 | +69.8% |
| Trade debts | 44 | €6,907 | €7,896 | +€988 | +14.3% |
| Suppliers | 440/4 | €4,124 | €5,112 | +€988 | +24.0% |
| Bills of exchange payable | 441 | €2,784 | €2,784 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €9,846 | €16,497 | +€6,650 | +67.5% |
| Taxes | 450/3 | - | €354 | +€354 | |
| Remuneration and social security | 454/9 | €9,846 | €16,143 | +€6,296 | +63.9% |
| Other amounts payable | 47/48 | €2,140 | €7,690 | +€5,550 | +259% |
| Remuneration, social security and pensions | 62 | €61,779 | €26,002 | -€35,777 | -57.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,408 | €1,394 | -€14 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,403 | - | -€23,403 | |
| Other operating charges | 640/8 | €451 | €465 | +€14 | +3.2% |
| Gross operating margin | 9900 | €47,038 | €13,265 | -€33,772 | -71.8% |
| Operating profit (loss) | 9901 | -€40,005 | -€14,596 | +€25,408 | +63.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €47 | €355 | +€308 | +649% |
| Recurring financial charges | 65 | €47 | €355 | +€308 | +649% |
| Profit (loss) for the period before taxes | 9903 | -€40,052 | -€14,952 | +€25,100 | +62.7% |
| Income taxes | 67/77 | -€0 | - | +€0 | |
| Profit (loss) for the period | 9904 | -€40,052 | -€14,952 | +€25,100 | +62.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,052 | -€14,952 | +€25,100 | +62.7% |
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 17 October 2026 via checked.be.