SDM Capital: what changed
SDM Capital
Largest movements
- Cash +€43,194
up €43,194 (+212%), from €20,369 to €63,563
mainly Net result for the year (+€67,454) and Current portion of long-term debt (+€35,386)
- Receivables within one year +€42,750
up €42,750 (+19.0%), from €225,238 to €267,988
of which Other amounts receivable: +€45,498
- Tangible fixed assets -€4,674
down €4,674 (-6.1%), from €76,258 to €71,583
of which Other tangible fixed assets: -€15,436
- Reserves +€67,454
up €67,454 (+68.8%), from €98,107 to €165,561
of which Distributable reserves: +€67,454
- Current portion of long-term debt +€35,386
up €35,386 (+291%), from €12,148 to €47,534
- Tax, wage and social debts -€33,670
down €33,670 (-39.3%), from €85,747 to €52,077
of which Taxes: -€18,372
- Debts after one year +€23,046
up €23,046 (+112%), from €20,521 to €43,567
- Trade debts -€12,582
down €12,582 (-23.3%), from €54,092 to €41,510
- Gross operating margin +€26,705
up €26,705 (+14.7%), from €181,703 to €208,408
- Staff costs -€4,258
down €4,258 (-5.8%), from €73,330 to €69,072
- Depreciation +€4,074
up €4,074 (+18.7%), from €21,736 to €25,810
- Financial charges +€2,224
up €2,224 (+31.3%), from €7,107 to €9,330
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €327,560 | €407,194 | +€79,634 | +24.3% |
| Fixed assets | 21/28 | €76,258 | €71,583 | -€4,674 | -6.1% |
| Tangible fixed assets | 22/27 | €76,258 | €71,583 | -€4,674 | -6.1% |
| Plant, machinery and equipment | 23 | €988 | - | -€988 | |
| Furniture and vehicles | 24 | €12,230 | €23,980 | +€11,750 | +96.1% |
| Other tangible fixed assets | 26 | €63,040 | €47,603 | -€15,436 | -24.5% |
| Current assets | 29/58 | €251,303 | €335,611 | +€84,308 | +33.5% |
| Stocks and contracts in progress | 3 | €3,259 | €3,673 | +€414 | +12.7% |
| Stocks | 30/36 | €3,259 | €3,673 | +€414 | +12.7% |
| Amounts receivable within one year | 40/41 | €225,238 | €267,988 | +€42,750 | +19.0% |
| Trade receivables | 40 | €36,916 | €34,168 | -€2,749 | -7.4% |
| Other amounts receivable | 41 | €188,322 | €233,820 | +€45,498 | +24.2% |
| Cash at bank and in hand | 54/58 | €20,369 | €63,563 | +€43,194 | +212% |
| Deferred charges and accrued income | 490/1 | €2,436 | €387 | -€2,049 | -84.1% |
| Total equity and liabilities | 10/49 | €327,560 | €407,194 | +€79,634 | +24.3% |
| Equity | 10/15 | €155,051 | €222,506 | +€67,454 | +43.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €98,107 | €165,561 | +€67,454 | +68.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €96,247 | €163,701 | +€67,454 | +70.1% |
| Profit (loss) carried forward | 14 | €38,345 | €38,345 | = | 0.0% |
| Amounts payable | 17/49 | €172,509 | €184,689 | +€12,180 | +7.1% |
| Amounts payable after more than one year | 17 | €20,521 | €43,567 | +€23,046 | +112% |
| Financial debts | 170/4 | €20,521 | €43,567 | +€23,046 | +112% |
| Amounts payable within one year | 42/48 | €151,988 | €141,122 | -€10,866 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €12,148 | €47,534 | +€35,386 | +291% |
| Trade debts | 44 | €54,092 | €41,510 | -€12,582 | -23.3% |
| Suppliers | 440/4 | €54,092 | €41,510 | -€12,582 | -23.3% |
| Taxes, remuneration and social security | 45 | €85,747 | €52,077 | -€33,670 | -39.3% |
| Taxes | 450/3 | €62,943 | €44,572 | -€18,372 | -29.2% |
| Remuneration and social security | 454/9 | €22,804 | €7,506 | -€15,298 | -67.1% |
| Remuneration, social security and pensions | 62 | €73,330 | €69,072 | -€4,258 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,736 | €25,810 | +€4,074 | +18.7% |
| Other operating charges | 640/8 | €937 | €1,244 | +€307 | +32.7% |
| Gross operating margin | 9900 | €181,703 | €208,408 | +€26,705 | +14.7% |
| Operating profit (loss) | 9901 | €85,700 | €112,283 | +€26,582 | +31.0% |
| Financial income | 75/76B | €40 | €79 | +€39 | +97.7% |
| Recurring financial income | 75 | €40 | €79 | +€39 | +97.7% |
| Financial charges | 65/66B | €7,107 | €9,330 | +€2,224 | +31.3% |
| Recurring financial charges | 65 | €7,107 | €9,330 | +€2,224 | +31.3% |
| Profit (loss) for the period before taxes | 9903 | €78,634 | €103,031 | +€24,397 | +31.0% |
| Income taxes | 67/77 | €36,331 | €35,577 | -€754 | -2.1% |
| Profit (loss) for the period | 9904 | €42,303 | €67,454 | +€25,151 | +59.5% |
| Profit (loss) for the period to be appropriated | 9905 | €42,303 | €67,454 | +€25,151 | +59.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.