SDM PROJECTS: what changed
What changed
SDM PROJECTS
NACE 25.110, Manufacture of metal structures and parts of structures
filed annual accounts (NBB)
Net result for the year
€3.6m
2024 · €2.2m+€1.4m
Equity
€6.5m
2024 · €3.0m+€3.6m
Cash
€4.2m
2024 · €5.1m-€803,138
Balance sheet total
€7.7m
2024 · €8.0m-€288,304
Largest movements
Assets
- Cash -€803,138
down €803,138 (-15.9%), from €5.1m to €4.2m
mainly Debts after one year (-€2.0m) and Current portion of long-term debt (-€896,951)
- Receivables within one year +€491,365
up €491,365 (+18.5%), from €2.7m to €3.2m
of which Other amounts receivable: +€416,159
Equity and liabilities
- Profit (loss) carried forward +€3.6m
up €3.6m (+123%), from €2.9m to €6.5m
- Debts after one year -€2.0m
no longer reported in 2025 (was €2.0m)
- Current portion of long-term debt -€896,951
no longer reported in 2025 (was €896,951)
- Other debts -€500,000
no longer reported in 2025 (was €500,000)
- Accrued charges and deferred income -€434,032
down €434,032 (-61.8%), from €702,856 to €268,824
Income statement
- Gross operating margin +€1.1m
up €1.1m (+26.0%), from €4.2m to €5.3m
- Financial charges -€560,640
down €560,640 (-90.6%), from €619,138 to €58,498
of which Non-recurring financial charges: -€384,484
- Taxes +€206,256
up €206,256 (+45.1%), from €457,159 to €663,415
- Staff costs +€60,622
up €60,622 (+6.5%), from €928,383 to €989,005
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.
Result 2024
€2.2m
Gross operating margin
+€1.1m
Staff costs
-€60,622
Depreciation
-€9,883
Other operating charges
-€22,044
Other operating items
+€517
Financial income
+€30,263
Financial charges
+€560,640
Taxes
-€206,256
Result 2025
€3.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.1m
Investment
-€87,449
Financing
-€2.9m
Cash 2024
€5.1m
From operations (derived)
+€2.1m
Net result for the year
+€3.6m
Depreciation
+€57,939
Receivables within one year
-€491,365
Deferred charges and accrued income
+€6,041
Trade debts
-€215,788
Tax, wage and social debts
+€139,799
Other debts
-€500,000
Accrued charges and deferred income
-€434,032
Investment (derived)
-€87,449
Investment in fixed assets (net)
-€87,449
Financing
-€2.9m
Debts after one year
-€2.0m
Current portion of long-term debt
-€896,951
Cash 2025
€4.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,976,424 | €7,688,120 | -€288,304 | -3.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €254,671 | €284,181 | +€29,510 | +11.6% |
| Intangible fixed assets | 21 | €7,918 | €3,389 | -€4,529 | -57.2% |
| Tangible fixed assets | 22/27 | €178,640 | €221,328 | +€42,688 | +23.9% |
| Land and buildings | 22 | - | €0 | = | |
| Plant, machinery and equipment | 23 | €43,717 | €42,951 | -€765 | -1.8% |
| Furniture and vehicles | 24 | €134,924 | €178,377 | +€43,453 | +32.2% |
| Financial fixed assets | 28 | €68,112 | €59,463 | -€8,650 | -12.7% |
| Current assets | 29/58 | €7,721,753 | €7,403,939 | -€317,814 | -4.1% |
| Amounts receivable within one year | 40/41 | €2,661,283 | €3,152,648 | +€491,365 | +18.5% |
| Trade receivables | 40 | €2,502,204 | €2,577,410 | +€75,206 | +3.0% |
| Other amounts receivable | 41 | €159,080 | €575,239 | +€416,159 | +262% |
| Cash at bank and in hand | 54/58 | €5,050,092 | €4,246,954 | -€803,138 | -15.9% |
| Deferred charges and accrued income | 490/1 | €10,378 | €4,337 | -€6,041 | -58.2% |
| Total equity and liabilities | 10/49 | €7,976,424 | €7,688,120 | -€288,304 | -3.6% |
| Equity | 10/15 | €2,969,744 | €6,546,996 | +€3.6m | +120% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | - | €6,150 | +€6,150 | |
| Non-distributable reserves | 130/1 | - | €6,150 | +€6,150 | |
| Legal reserve | 130 | - | €6,150 | +€6,150 | |
| Profit (loss) carried forward | 14 | €2,908,244 | €6,479,346 | +€3.6m | +123% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €5,006,680 | €1,141,124 | -€3.9m | -77.2% |
| Amounts payable after more than one year | 17 | €1,958,584 | - | -€2.0m | |
| Financial debts | 170/4 | €1,958,584 | - | -€2.0m | |
| Amounts payable within one year | 42/48 | €2,345,240 | €872,299 | -€1.5m | -62.8% |
| Current portion of amounts payable after more than one year | 42 | €896,951 | - | -€896,951 | |
| Trade debts | 44 | €726,243 | €510,455 | -€215,788 | -29.7% |
| Suppliers | 440/4 | €726,243 | €510,455 | -€215,788 | -29.7% |
| Taxes, remuneration and social security | 45 | €222,046 | €361,844 | +€139,799 | +63.0% |
| Taxes | 450/3 | €44,173 | €234,036 | +€189,863 | +430% |
| Remuneration and social security | 454/9 | €177,873 | €127,809 | -€50,064 | -28.1% |
| Other amounts payable | 47/48 | €500,000 | - | -€500,000 | |
| Accrued charges and deferred income | 492/3 | €702,856 | €268,824 | -€434,032 | -61.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €928,383 | €989,005 | +€60,622 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,056 | €57,939 | +€9,883 | +20.6% |
| Other operating charges | 640/8 | €4,052 | €26,096 | +€22,044 | +544% |
| Non-recurring operating charges | 66A | €517 | - | -€517 | |
| Gross operating margin | 9900 | €4,233,024 | €5,333,111 | +€1.1m | +26.0% |
| Operating profit (loss) | 9901 | €3,252,016 | €4,260,071 | +€1.0m | +31.0% |
| Financial income | 75/76B | €8,831 | €39,094 | +€30,263 | +343% |
| Recurring financial income | 75 | €8,831 | €7,686 | -€1,145 | -13.0% |
| Non-recurring financial income | 76B | - | €31,408 | +€31,408 | |
| Financial charges | 65/66B | €619,138 | €58,498 | -€560,640 | -90.6% |
| Recurring financial charges | 65 | €234,654 | €58,498 | -€176,156 | -75.1% |
| Non-recurring financial charges | 66B | €384,484 | - | -€384,484 | |
| Profit (loss) for the period before taxes | 9903 | €2,641,709 | €4,240,667 | +€1.6m | +60.5% |
| Income taxes | 67/77 | €457,159 | €663,415 | +€206,256 | +45.1% |
| Profit (loss) for the period | 9904 | €2,184,550 | €3,577,252 | +€1.4m | +63.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,184,550 | €3,577,252 | +€1.4m | +63.8% |
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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 1 November 2026 via checked.be.