SDM-CONSULT: 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-CONSULT
Largest movements
- Cash -€429,326
down €429,326 (-67.8%), from €632,780 to €203,454
mainly Contributions, distributions and other (-€295,661) and Current investments (-€246,000)
- Current investments +€246,000
new in 2025: €246,000
- Tangible fixed assets +€38,436
up €38,436 (+11.2%), from €342,959 to €381,395
of which Land and buildings: +€60,524
- Receivables within one year +€21,393
up €21,393 (+10.6%), from €202,083 to €223,476
of which Trade receivables: +€24,755
- Reserves -€115,234
down €115,234 (-13.9%), from €830,416 to €715,182
- Trade debts -€14,731
down €14,731 (-55.7%), from €26,428 to €11,697
- Gross operating margin +€24,759
up €24,759 (+8.5%), from €290,959 to €315,719
- Other operating charges +€17,682
up €17,682 (+191.8%), from €9,220 to €26,902
- Depreciation +€5,418
up €5,418 (+16.2%), from €33,360 to €38,779
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 | €1,189,584 | €1,071,432 | -€118,152 | -9.9% |
| Fixed assets | 21/28 | €342,959 | €381,395 | +€38,436 | +11.2% |
| Tangible fixed assets | 22/27 | €342,959 | €381,395 | +€38,436 | +11.2% |
| Land and buildings | 22 | €248,164 | €308,688 | +€60,524 | +24.4% |
| Furniture and vehicles | 24 | €94,795 | €72,707 | -€22,088 | -23.3% |
| Current assets | 29/58 | €846,624 | €690,037 | -€156,587 | -18.5% |
| Amounts receivable within one year | 40/41 | €202,083 | €223,476 | +€21,393 | +10.6% |
| Trade receivables | 40 | €39,191 | €63,946 | +€24,755 | +63.2% |
| Other amounts receivable | 41 | €162,892 | €159,530 | -€3,362 | -2.1% |
| Current investments | 50/53 | - | €246,000 | +€246,000 | |
| Cash at bank and in hand | 54/58 | €632,780 | €203,454 | -€429,326 | -67.8% |
| Deferred charges and accrued income | 490/1 | €11,761 | €17,107 | +€5,345 | +45.4% |
| Total equity and liabilities | 10/49 | €1,189,584 | €1,071,432 | -€118,152 | -9.9% |
| Equity | 10/15 | €842,816 | €727,582 | -€115,234 | -13.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €830,416 | €715,182 | -€115,234 | -13.9% |
| Distributable reserves | 133 | €830,416 | €715,182 | -€115,234 | -13.9% |
| Amounts payable | 17/49 | €346,768 | €343,850 | -€2,918 | -0.8% |
| Amounts payable within one year | 42/48 | €346,768 | €343,809 | -€2,958 | -0.9% |
| Trade debts | 44 | €26,428 | €11,697 | -€14,731 | -55.7% |
| Suppliers | 440/4 | €26,428 | €11,697 | -€14,731 | -55.7% |
| Taxes, remuneration and social security | 45 | €30,024 | €35,050 | +€5,026 | +16.7% |
| Taxes | 450/3 | €30,024 | €35,050 | +€5,026 | +16.7% |
| Other amounts payable | 47/48 | €290,316 | €297,062 | +€6,747 | +2.3% |
| Accrued charges and deferred income | 492/3 | - | €41 | +€41 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,360 | €38,779 | +€5,418 | +16.2% |
| Other operating charges | 640/8 | €9,220 | €26,902 | +€17,682 | +191.8% |
| Gross operating margin | 9900 | €290,959 | €315,719 | +€24,759 | +8.5% |
| Operating profit (loss) | 9901 | €248,379 | €250,038 | +€1,659 | +0.7% |
| Financial income | 75/76B | €7,109 | €7,349 | +€240 | +3.4% |
| Recurring financial income | 75 | €3,390 | €7,349 | +€3,959 | +116.8% |
| Non-recurring financial income | 76B | €3,719 | - | -€3,719 | |
| Financial charges | 65/66B | €239 | €760 | +€521 | +218.3% |
| Recurring financial charges | 65 | €239 | €760 | +€521 | +218.3% |
| Profit (loss) for the period before taxes | 9903 | €255,249 | €256,627 | +€1,378 | +0.5% |
| Income taxes | 67/77 | €76,741 | €76,200 | -€541 | -0.7% |
| Profit (loss) for the period | 9904 | €178,508 | €180,427 | +€1,919 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €178,508 | €180,427 | +€1,919 | +1.1% |
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 29 September 2026 via checked.be.