SDM-VALORUM: 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-VALORUM
Largest movements
- Receivables within one year -€1.2m
down €1.2m (-79.9%), from €1.5m to €297,654
of which Trade receivables: -€754,006
- Deferred charges and accrued income +€1.1m
up €1.1m (+145.6%), from €724,859 to €1.8m
- Intangible fixed assets -€809,729
down €809,729 (-28.0%), from €2.9m to €2.1m
- Cash +€75,538
up €75,538 (+10.3%), from €734,649 to €810,187
mainly Receivables within one year (+€1.2m) and Other debts (+€1.1m)
- Tax, wage and social debts -€1.4m
down €1.4m (-61.5%), from €2.3m to €878,098
of which Taxes: -€1.5m
- Other debts +€1.1m
up €1.1m (+355.9%), from €305,656 to €1.4m
- Reserves -€371,370
down €371,370 (-31.9%), from €1.2m to €792,970
of which Distributable reserves: -€371,370
- Current portion of long-term debt -€150,000
no longer reported in 2025 (was €150,000)
- Advances received +€101,578
new in 2025: €101,578
- Staff costs +€430,604
up €430,604 (+52.2%), from €824,637 to €1.3m
- Gross operating margin +€282,772
up €282,772 (+13.3%), from €2.1m to €2.4m
- Taxes -€32,436
down €32,436 (-9.6%), from €338,151 to €305,715
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 | €5,894,703 | €5,060,369 | -€834,334 | -14.2% |
| Fixed assets | 21/28 | €2,951,911 | €2,172,269 | -€779,642 | -26.4% |
| Intangible fixed assets | 21 | €2,894,782 | €2,085,052 | -€809,729 | -28.0% |
| Tangible fixed assets | 22/27 | €51,421 | €81,509 | +€30,088 | +58.5% |
| Plant, machinery and equipment | 23 | €1,325 | €411 | -€915 | -69.0% |
| Furniture and vehicles | 24 | €30,375 | €21,384 | -€8,991 | -29.6% |
| Other tangible fixed assets | 26 | €19,721 | €59,713 | +€39,993 | +202.8% |
| Financial fixed assets | 28 | €5,708 | €5,708 | = | 0.0% |
| Current assets | 29/58 | €2,942,792 | €2,888,101 | -€54,692 | -1.9% |
| Amounts receivable within one year | 40/41 | €1,483,284 | €297,654 | -€1.2m | -79.9% |
| Trade receivables | 40 | €865,865 | €111,859 | -€754,006 | -87.1% |
| Other amounts receivable | 41 | €617,419 | €185,794 | -€431,625 | -69.9% |
| Cash at bank and in hand | 54/58 | €734,649 | €810,187 | +€75,538 | +10.3% |
| Deferred charges and accrued income | 490/1 | €724,859 | €1,780,260 | +€1.1m | +145.6% |
| Total equity and liabilities | 10/49 | €5,894,703 | €5,060,369 | -€834,334 | -14.2% |
| Equity | 10/15 | €2,964,340 | €2,592,970 | -€371,370 | -12.5% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Capital | 10 | €1,800,000 | €1,800,000 | = | 0.0% |
| Issued capital | 100 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €1,164,340 | €792,970 | -€371,370 | -31.9% |
| Non-distributable reserves | 130/1 | €180,000 | €180,000 | = | 0.0% |
| Legal reserve | 130 | €180,000 | €180,000 | = | 0.0% |
| Distributable reserves | 133 | €984,340 | €612,970 | -€371,370 | -37.7% |
| Amounts payable | 17/49 | €2,930,363 | €2,467,400 | -€462,964 | -15.8% |
| Amounts payable within one year | 42/48 | €2,884,402 | €2,424,489 | -€459,913 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €150,000 | - | -€150,000 | |
| Financial debts | 43 | €91,318 | - | -€91,318 | |
| Credit institutions | 430/8 | €91,318 | - | -€91,318 | |
| Trade debts | 44 | €56,757 | €51,332 | -€5,424 | -9.6% |
| Suppliers | 440/4 | €56,757 | €51,332 | -€5,424 | -9.6% |
| Advances received on contracts in progress | 46 | - | €101,578 | +€101,578 | |
| Taxes, remuneration and social security | 45 | €2,280,672 | €878,098 | -€1.4m | -61.5% |
| Taxes | 450/3 | €2,203,992 | €705,739 | -€1.5m | -68.0% |
| Remuneration and social security | 454/9 | €76,680 | €172,360 | +€95,680 | +124.8% |
| Other amounts payable | 47/48 | €305,656 | €1,393,480 | +€1.1m | +355.9% |
| Accrued charges and deferred income | 492/3 | €45,961 | €42,911 | -€3,050 | -6.6% |
| Remuneration, social security and pensions | 62 | €824,637 | €1,255,240 | +€430,604 | +52.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €824,041 | €833,388 | +€9,347 | +1.1% |
| Other operating charges | 640/8 | €4,323 | €3,176 | -€1,148 | -26.5% |
| Gross operating margin | 9900 | €2,123,784 | €2,406,556 | +€282,772 | +13.3% |
| Operating profit (loss) | 9901 | €470,784 | €314,752 | -€156,032 | -33.1% |
| Financial income | 75/76B | €2,624 | €2,999 | +€375 | +14.3% |
| Recurring financial income | 75 | €2,624 | €2,999 | +€375 | +14.3% |
| Financial charges | 65/66B | €68,299 | €69,641 | +€1,343 | +2.0% |
| Recurring financial charges | 65 | €68,299 | €69,641 | +€1,343 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €405,109 | €248,109 | -€157,000 | -38.8% |
| Income taxes | 67/77 | €338,151 | €305,715 | -€32,436 | -9.6% |
| Profit (loss) for the period | 9904 | €66,958 | -€57,606 | -€124,564 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,958 | -€57,606 | -€124,564 |
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 8 October 2026 via checked.be.