SDM Advisory: 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 Advisory
Largest movements
- Cash +€2.9m
up €2.9m (+389.3%), from €751,190 to €3.7m
mainly Net result for the year (+€4.9m) and Receivables within one year (+€1.4m)
- Receivables within one year -€1.4m
down €1.4m (-92.3%), from €1.5m to €117,516
of which Other amounts receivable: -€1.1m
- Current investments -€500,000
down €500,000 (-66.5%), from €752,430 to €252,430
- Deferred charges and accrued income -€228,912
down €228,912 (-97.4%), from €235,070 to €6,158
- Reserves +€2.9m
up €2.9m (+52.3%), from €5.5m to €8.3m
- Other debts -€1.1m
down €1.1m (-32.8%), from €3.3m to €2.2m
- Debts after one year -€844,810
down €844,810 (-16.9%), from €5.0m to €4.1m
- Accrued charges and deferred income +€565,600
up €565,600 (+494.9%), from €114,281 to €679,881
- Trade debts -€444,700
down €444,700 (-47.9%), from €927,908 to €483,208
- Gross operating margin +€2.2m
up €2.2m (+51.8%), from €4.2m to €6.4m
- Taxes +€732,605
up €732,605 (+275.8%), from €265,650 to €998,255
- Write-downs +€110,000
new in 2025: €110,000
- Financial charges -€85,616
down €85,616 (-31.8%), from €269,385 to €183,770
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 | €18,122,838 | €18,904,898 | +€782,060 | +4.3% |
| Fixed assets | 21/28 | €14,857,489 | €14,853,551 | -€3,938 | 0.0% |
| Tangible fixed assets | 22/27 | €2,854,380 | €2,850,442 | -€3,938 | -0.1% |
| Land and buildings | 22 | €2,777,484 | €2,785,348 | +€7,864 | +0.3% |
| Furniture and vehicles | 24 | €76,896 | €65,094 | -€11,802 | -15.3% |
| Financial fixed assets | 28 | €12,003,109 | €12,003,109 | = | 0.0% |
| Current assets | 29/58 | €3,265,348 | €4,051,346 | +€785,998 | +24.1% |
| Amounts receivable within one year | 40/41 | €1,526,658 | €117,516 | -€1.4m | -92.3% |
| Trade receivables | 40 | €442,307 | €113,971 | -€328,336 | -74.2% |
| Other amounts receivable | 41 | €1,084,352 | €3,545 | -€1.1m | -99.7% |
| Current investments | 50/53 | €752,430 | €252,430 | -€500,000 | -66.5% |
| Cash at bank and in hand | 54/58 | €751,190 | €3,675,242 | +€2.9m | +389.3% |
| Deferred charges and accrued income | 490/1 | €235,070 | €6,158 | -€228,912 | -97.4% |
| Total equity and liabilities | 10/49 | €18,122,838 | €18,904,898 | +€782,060 | +4.3% |
| Equity | 10/15 | €7,659,028 | €10,509,788 | +€2.9m | +37.2% |
| Contributions | 10/11 | €2,206,200 | €2,206,200 | = | 0.0% |
| Reserves | 13 | €5,452,828 | €8,303,588 | +€2.9m | +52.3% |
| Distributable reserves | 133 | €5,452,828 | €8,303,588 | +€2.9m | +52.3% |
| Amounts payable | 17/49 | €10,463,810 | €8,395,110 | -€2.1m | -19.8% |
| Amounts payable after more than one year | 17 | €4,984,589 | €4,139,779 | -€844,810 | -16.9% |
| Financial debts | 170/4 | €4,984,589 | €4,139,779 | -€844,810 | -16.9% |
| Amounts payable within one year | 42/48 | €5,364,940 | €3,575,450 | -€1.8m | -33.4% |
| Current portion of amounts payable after more than one year | 42 | €992,711 | €844,810 | -€147,902 | -14.9% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €927,908 | €483,208 | -€444,700 | -47.9% |
| Suppliers | 440/4 | €927,908 | €483,208 | -€444,700 | -47.9% |
| Other amounts payable | 47/48 | €3,344,321 | €2,247,433 | -€1.1m | -32.8% |
| Accrued charges and deferred income | 492/3 | €114,281 | €679,881 | +€565,600 | +494.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,731 | €148,407 | +€22,675 | +18.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €110,000 | +€110,000 | |
| Other operating charges | 640/8 | €24,638 | €22,037 | -€2,601 | -10.6% |
| Gross operating margin | 9900 | €4,210,409 | €6,391,070 | +€2.2m | +51.8% |
| Operating profit (loss) | 9901 | €4,060,040 | €6,110,626 | +€2.1m | +50.5% |
| Financial income | 75/76B | €32,755 | €12,158 | -€20,596 | -62.9% |
| Recurring financial income | 75 | €32,755 | €12,158 | -€20,596 | -62.9% |
| Financial charges | 65/66B | €269,385 | €183,770 | -€85,616 | -31.8% |
| Recurring financial charges | 65 | €269,385 | €183,770 | -€85,616 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €3,823,410 | €5,939,015 | +€2.1m | +55.3% |
| Income taxes | 67/77 | €265,650 | €998,255 | +€732,605 | +275.8% |
| Profit (loss) for the period | 9904 | €3,557,759 | €4,940,760 | +€1.4m | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,557,759 | €4,940,760 | +€1.4m | +38.9% |
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 5 October 2026 via checked.be.