SDM 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.
SDM Advice
Largest movements
- Tangible fixed assets +€39,299
up €39,299 (+64.4%), from €61,011 to €100,310
of which Furniture and vehicles: +€40,119
- Receivables within one year -€27,859
down €27,859 (-36.5%), from €76,280 to €48,421
of which Trade receivables: -€30,117
- Current investments -€13,571
no longer reported in 2025 (was €13,571)
- Reserves -€71,333
down €71,333 (-86.3%), from €82,629 to €11,296
- Other debts +€69,296
up €69,296 (+52.0%), from €133,333 to €202,629
- Gross operating margin +€38,120
up €38,120 (+28.5%), from €133,539 to €171,659
- Taxes +€5,955
up €5,955 (+21.8%), from €27,330 to €33,285
- Financial income +€5,225
up €5,225 (+103.1%), from €5,070 to €10,295
- Depreciation +€2,132
up €2,132 (+16.1%), from €13,281 to €15,412
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 | €236,639 | €234,311 | -€2,328 | -1.0% |
| Fixed assets | 21/28 | €61,011 | €100,310 | +€39,299 | +64.4% |
| Tangible fixed assets | 22/27 | €61,011 | €100,310 | +€39,299 | +64.4% |
| Furniture and vehicles | 24 | €57,758 | €97,877 | +€40,119 | +69.5% |
| Other tangible fixed assets | 26 | €3,253 | €2,433 | -€820 | -25.2% |
| Current assets | 29/58 | €175,628 | €134,001 | -€41,627 | -23.7% |
| Amounts receivable after more than one year | 29 | €40,885 | €42,160 | +€1,276 | +3.1% |
| Other amounts receivable | 291 | €40,885 | €42,160 | +€1,276 | +3.1% |
| Amounts receivable within one year | 40/41 | €76,280 | €48,421 | -€27,859 | -36.5% |
| Trade receivables | 40 | €30,117 | - | -€30,117 | |
| Other amounts receivable | 41 | €46,163 | €48,421 | +€2,258 | +4.9% |
| Current investments | 50/53 | €13,571 | - | -€13,571 | |
| Cash at bank and in hand | 54/58 | €44,809 | €43,420 | -€1,389 | -3.1% |
| Deferred charges and accrued income | 490/1 | €84 | - | -€84 | |
| Total equity and liabilities | 10/49 | €236,639 | €234,311 | -€2,328 | -1.0% |
| Equity | 10/15 | €83,629 | €12,296 | -€71,333 | -85.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €82,629 | €11,296 | -€71,333 | -86.3% |
| Distributable reserves | 133 | €82,629 | €11,296 | -€71,333 | -86.3% |
| Amounts payable | 17/49 | €153,010 | €222,015 | +€69,005 | +45.1% |
| Amounts payable within one year | 42/48 | €153,010 | €222,015 | +€69,005 | +45.1% |
| Trade debts | 44 | €7,342 | €6,051 | -€1,292 | -17.6% |
| Suppliers | 440/4 | €7,342 | €6,051 | -€1,292 | -17.6% |
| Taxes, remuneration and social security | 45 | €12,334 | €13,334 | +€1,000 | +8.1% |
| Taxes | 450/3 | €12,334 | €13,334 | +€1,000 | +8.1% |
| Other amounts payable | 47/48 | €133,333 | €202,629 | +€69,296 | +52.0% |
| Non-recurring operating income | 76A | €9,382 | - | -€9,382 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,281 | €15,412 | +€2,132 | +16.1% |
| Other operating charges | 640/8 | €1,649 | €1,585 | -€64 | -3.9% |
| Gross operating margin | 9900 | €133,539 | €171,659 | +€38,120 | +28.5% |
| Operating profit (loss) | 9901 | €118,609 | €154,661 | +€36,052 | +30.4% |
| Financial income | 75/76B | €5,070 | €10,295 | +€5,225 | +103.1% |
| Recurring financial income | 75 | €5,070 | €10,295 | +€5,225 | +103.1% |
| Financial charges | 65/66B | €202 | €375 | +€174 | +86.2% |
| Recurring financial charges | 65 | €202 | €375 | +€174 | +86.2% |
| Profit (loss) for the period before taxes | 9903 | €123,477 | €164,581 | +€41,104 | +33.3% |
| Income taxes | 67/77 | €27,330 | €33,285 | +€5,955 | +21.8% |
| Profit (loss) for the period | 9904 | €96,147 | €131,296 | +€35,149 | +36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,147 | €131,296 | +€35,149 | +36.6% |
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 3 October 2026 via checked.be.