SDM-HOUT: 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-HOUT
Largest movements
- Stocks and contracts -€393,435
down €393,435 (-99.1%), from €397,155 to €3,721
- Receivables after one year +€125,896
new in 2025: €125,896
- Cash +€50,515
up €50,515 (+635%), from €7,960 to €58,475
mainly Stocks and contracts (+€393,435) and Net result for the year (+€70,966)
- Receivables within one year +€27,178
up €27,178 (+131%), from €20,703 to €47,881
of which Other amounts receivable: +€27,191
- Short-term financial debts -€247,874
no longer reported in 2025 (was €247,874)
- Profit (loss) carried forward +€70,966
up €70,966 (+56.6%), from €125,345 to €196,311
- Debts after one year -€27,688
down €27,688 (-56.2%), from €49,300 to €21,613
- Trade debts +€12,786
up €12,786 (+69.0%), from €18,533 to €31,319
- Gross operating margin +€2,735
up €2,735 (+2.9%), from €93,546 to €96,281
- Depreciation +€1,720
up €1,720 (+37.5%), from €4,582 to €6,302
- Other operating charges -€1,042
down €1,042 (-73.2%), from €1,424 to €382
- Taxes +€1,023
up €1,023 (+5.9%), from €17,290 to €18,314
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.
Derived cash bridge
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 | €449,940 | €258,400 | -€191,541 | -42.6% |
| Fixed assets | 21/28 | €24,122 | €22,428 | -€1,694 | -7.0% |
| Tangible fixed assets | 22/27 | €22,742 | €21,048 | -€1,694 | -7.5% |
| Plant, machinery and equipment | 23 | €10,189 | €8,435 | -€1,754 | -17.2% |
| Furniture and vehicles | 24 | €12,553 | €12,613 | +€60 | +0.5% |
| Financial fixed assets | 28 | €1,380 | €1,380 | = | 0.0% |
| Current assets | 29/58 | €425,818 | €235,972 | -€189,846 | -44.6% |
| Amounts receivable after more than one year | 29 | - | €125,896 | +€125,896 | |
| Other amounts receivable | 291 | - | €125,896 | +€125,896 | |
| Stocks and contracts in progress | 3 | €397,155 | €3,721 | -€393,435 | -99.1% |
| Stocks | 30/36 | €397,155 | €3,721 | -€393,435 | -99.1% |
| Amounts receivable within one year | 40/41 | €20,703 | €47,881 | +€27,178 | +131% |
| Trade receivables | 40 | €12,197 | €12,184 | -€13 | -0.1% |
| Other amounts receivable | 41 | €8,506 | €35,697 | +€27,191 | +320% |
| Cash at bank and in hand | 54/58 | €7,960 | €58,475 | +€50,515 | +635% |
| Total equity and liabilities | 10/49 | €449,940 | €258,400 | -€191,541 | -42.6% |
| Equity | 10/15 | €128,345 | €199,311 | +€70,966 | +55.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,345 | €196,311 | +€70,966 | +56.6% |
| Amounts payable | 17/49 | €321,595 | €59,089 | -€262,507 | -81.6% |
| Amounts payable after more than one year | 17 | €49,300 | €21,613 | -€27,688 | -56.2% |
| Financial debts | 170/4 | €49,300 | €21,613 | -€27,688 | -56.2% |
| Amounts payable within one year | 42/48 | €272,295 | €37,476 | -€234,819 | -86.2% |
| Current portion of amounts payable after more than one year | 42 | €5,888 | €6,157 | +€269 | +4.6% |
| Financial debts | 43 | €247,874 | - | -€247,874 | |
| Credit institutions | 430/8 | €247,874 | - | -€247,874 | |
| Trade debts | 44 | €18,533 | €31,319 | +€12,786 | +69.0% |
| Suppliers | 440/4 | €18,533 | €31,319 | +€12,786 | +69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,582 | €6,302 | +€1,720 | +37.5% |
| Other operating charges | 640/8 | €1,424 | €382 | -€1,042 | -73.2% |
| Non-recurring operating charges | 66A | €3,446 | - | -€3,446 | |
| Gross operating margin | 9900 | €93,546 | €96,281 | +€2,735 | +2.9% |
| Operating profit (loss) | 9901 | €84,094 | €89,597 | +€5,503 | +6.5% |
| Financial income | 75/76B | €7 | €941 | +€934 | +13,437% |
| Recurring financial income | 75 | €7 | €941 | +€934 | +13,437% |
| Financial charges | 65/66B | €1,365 | €1,258 | -€107 | -7.8% |
| Recurring financial charges | 65 | €1,365 | €1,258 | -€107 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €82,736 | €89,280 | +€6,544 | +7.9% |
| Income taxes | 67/77 | €17,290 | €18,314 | +€1,023 | +5.9% |
| Profit (loss) for the period | 9904 | €65,446 | €70,966 | +€5,520 | +8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €65,446 | €70,966 | +€5,520 | +8.4% |
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 25 October 2026 via checked.be.