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
- Cash +€109,728
up €109,728 (+10414.9%), from €1,054 to €110,782
mainly Net result for the year (+€356,392) and Depreciation (+€70,322)
- Reserves +€106,392
up €106,392 (+17.0%), from €626,748 to €733,140
- Other debts -€74,231
down €74,231 (-9.5%), from €781,809 to €707,578
- Tax, wage and social debts +€43,257
up €43,257 (+211.6%), from €20,446 to €63,703
of which Taxes: +€43,257
- Debts after one year -€37,560
down €37,560 (-3.4%), from €1.1m to €1.1m
of which Financial debts: -€38,385
- Accrued charges and deferred income +€33,973
up €33,973 (+82.4%), from €41,248 to €75,221
- Gross operating margin +€307,294
up €307,294 (+93.7%), from €327,791 to €635,085
- Taxes +€116,571
up €116,571 (+271.4%), from €42,956 to €159,527
- Depreciation +€8,034
up €8,034 (+12.9%), from €62,288 to €70,322
- Financial charges -€7,033
down €7,033 (-10.2%), from €69,017 to €61,985
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 | €2,641,504 | €2,713,066 | +€71,562 | +2.7% |
| Fixed assets | 21/28 | €1,685,203 | €1,658,513 | -€26,690 | -1.6% |
| Tangible fixed assets | 22/27 | €1,685,203 | €1,658,513 | -€26,690 | -1.6% |
| Land and buildings | 22 | €1,568,151 | €1,513,854 | -€54,297 | -3.5% |
| Plant, machinery and equipment | 23 | €117,052 | €144,659 | +€27,607 | +23.6% |
| Current assets | 29/58 | €956,301 | €1,054,553 | +€98,252 | +10.3% |
| Amounts receivable after more than one year | 29 | €859,000 | €841,000 | -€18,000 | -2.1% |
| Other amounts receivable | 291 | €859,000 | €841,000 | -€18,000 | -2.1% |
| Amounts receivable within one year | 40/41 | €34,216 | €22,175 | -€12,041 | -35.2% |
| Trade receivables | 40 | €12,101 | €60 | -€12,041 | -99.5% |
| Other amounts receivable | 41 | €22,115 | €22,115 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,054 | €110,782 | +€109,728 | +10414.9% |
| Deferred charges and accrued income | 490/1 | €62,032 | €80,596 | +€18,565 | +29.9% |
| Total equity and liabilities | 10/49 | €2,641,504 | €2,713,066 | +€71,562 | +2.7% |
| Equity | 10/15 | €639,148 | €745,540 | +€106,392 | +16.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €626,748 | €733,140 | +€106,392 | +17.0% |
| Distributable reserves | 133 | €626,748 | €733,140 | +€106,392 | +17.0% |
| Amounts payable | 17/49 | €2,002,356 | €1,967,526 | -€34,830 | -1.7% |
| Amounts payable after more than one year | 17 | €1,116,549 | €1,078,990 | -€37,560 | -3.4% |
| Financial debts | 170/4 | €1,115,749 | €1,077,365 | -€38,385 | -3.4% |
| Other amounts payable | 178/9 | €800 | €1,625 | +€825 | +103.1% |
| Amounts payable within one year | 42/48 | €844,559 | €813,316 | -€31,243 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €39,247 | €38,385 | -€863 | -2.2% |
| Trade debts | 44 | €3,057 | €3,650 | +€593 | +19.4% |
| Suppliers | 440/4 | €3,057 | €3,650 | +€593 | +19.4% |
| Taxes, remuneration and social security | 45 | €20,446 | €63,703 | +€43,257 | +211.6% |
| Taxes | 450/3 | €18,246 | €61,503 | +€43,257 | +237.1% |
| Remuneration and social security | 454/9 | €2,200 | €2,200 | = | 0.0% |
| Other amounts payable | 47/48 | €781,809 | €707,578 | -€74,231 | -9.5% |
| Accrued charges and deferred income | 492/3 | €41,248 | €75,221 | +€33,973 | +82.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,288 | €70,322 | +€8,034 | +12.9% |
| Other operating charges | 640/8 | €5,460 | €5,397 | -€63 | -1.2% |
| Gross operating margin | 9900 | €327,791 | €635,085 | +€307,294 | +93.7% |
| Operating profit (loss) | 9901 | €260,043 | €559,366 | +€299,323 | +115.1% |
| Financial income | 75/76B | €18,261 | €18,537 | +€276 | +1.5% |
| Recurring financial income | 75 | €18,261 | €18,537 | +€276 | +1.5% |
| Financial charges | 65/66B | €69,017 | €61,985 | -€7,033 | -10.2% |
| Recurring financial charges | 65 | €69,017 | €61,985 | -€7,033 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €209,287 | €515,919 | +€306,631 | +146.5% |
| Income taxes | 67/77 | €42,956 | €159,527 | +€116,571 | +271.4% |
| Profit (loss) for the period | 9904 | €166,331 | €356,392 | +€190,061 | +114.3% |
| Profit (loss) for the period to be appropriated | 9905 | €166,331 | €356,392 | +€190,061 | +114.3% |
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 11 October 2026 via checked.be.