SDMZ: 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.
SDMZ
Largest movements
- Receivables after one year -€32,289
down €32,289 (-26.2%), from €123,286 to €90,997
- Tangible fixed assets -€22,408
down €22,408 (-28.4%), from €78,807 to €56,400
of which Furniture and vehicles: -€21,547
- Cash +€5,633
up €5,633 (+39.8%), from €14,147 to €19,780
mainly Net result for the year (+€36,099) and Receivables after one year (+€32,289)
- Other debts -€45,769
down €45,769 (-99.2%), from €46,129 to €360
- Reserves +€36,099
up €36,099 (+37.6%), from €95,998 to €132,098
- Debts after one year -€21,136
down €21,136 (-57.0%), from €37,065 to €15,929
- Tax, wage and social debts -€10,290
down €10,290 (-46.1%), from €22,315 to €12,026
- Current portion of long-term debt -€9,634
down €9,634 (-26.9%), from €35,811 to €26,178
- Gross operating margin -€19,318
down €19,318 (-20.0%), from €96,599 to €77,281
- Taxes -€3,546
down €3,546 (-17.0%), from €20,875 to €17,329
- Financial charges -€1,078
down €1,078 (-29.0%), from €3,721 to €2,643
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 | €243,096 | €193,794 | -€49,302 | -20.3% |
| Fixed assets | 21/28 | €78,807 | €56,400 | -€22,408 | -28.4% |
| Tangible fixed assets | 22/27 | €78,807 | €56,400 | -€22,408 | -28.4% |
| Furniture and vehicles | 24 | €73,600 | €52,054 | -€21,547 | -29.3% |
| Other tangible fixed assets | 26 | €5,207 | €4,346 | -€861 | -16.5% |
| Current assets | 29/58 | €164,289 | €137,394 | -€26,895 | -16.4% |
| Amounts receivable after more than one year | 29 | €123,286 | €90,997 | -€32,289 | -26.2% |
| Other amounts receivable | 291 | €123,286 | €90,997 | -€32,289 | -26.2% |
| Amounts receivable within one year | 40/41 | €26,090 | €26,222 | +€132 | +0.5% |
| Trade receivables | 40 | €25,746 | €26,220 | +€474 | +1.8% |
| Other amounts receivable | 41 | €344 | €2 | -€342 | -99.4% |
| Cash at bank and in hand | 54/58 | €14,147 | €19,780 | +€5,633 | +39.8% |
| Deferred charges and accrued income | 490/1 | €766 | €396 | -€370 | -48.3% |
| Total equity and liabilities | 10/49 | €243,096 | €193,794 | -€49,302 | -20.3% |
| Equity | 10/15 | €100,998 | €137,098 | +€36,099 | +35.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €95,998 | €132,098 | +€36,099 | +37.6% |
| Distributable reserves | 133 | €95,998 | €132,098 | +€36,099 | +37.6% |
| Amounts payable | 17/49 | €142,098 | €56,697 | -€85,401 | -60.1% |
| Amounts payable after more than one year | 17 | €37,065 | €15,929 | -€21,136 | -57.0% |
| Financial debts | 170/4 | €37,065 | €15,929 | -€21,136 | -57.0% |
| Amounts payable within one year | 42/48 | €104,739 | €40,768 | -€63,971 | -61.1% |
| Current portion of amounts payable after more than one year | 42 | €35,811 | €26,178 | -€9,634 | -26.9% |
| Trade debts | 44 | €483 | €2,205 | +€1,722 | +356.3% |
| Suppliers | 440/4 | €483 | €2,205 | +€1,722 | +356.3% |
| Taxes, remuneration and social security | 45 | €22,315 | €12,026 | -€10,290 | -46.1% |
| Taxes | 450/3 | €22,315 | €12,026 | -€10,290 | -46.1% |
| Other amounts payable | 47/48 | €46,129 | €360 | -€45,769 | -99.2% |
| Accrued charges and deferred income | 492/3 | €295 | - | -€295 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,277 | €23,152 | +€875 | +3.9% |
| Other operating charges | 640/8 | €1,066 | €1,469 | +€403 | +37.8% |
| Non-recurring operating charges | 66A | €597 | - | -€597 | |
| Gross operating margin | 9900 | €96,599 | €77,281 | -€19,318 | -20.0% |
| Operating profit (loss) | 9901 | €72,660 | €52,660 | -€20,000 | -27.5% |
| Financial income | 75/76B | €3,219 | €3,411 | +€192 | +6.0% |
| Recurring financial income | 75 | €3,219 | €3,411 | +€192 | +6.0% |
| Financial charges | 65/66B | €3,721 | €2,643 | -€1,078 | -29.0% |
| Recurring financial charges | 65 | €3,721 | €2,643 | -€1,078 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €72,157 | €53,428 | -€18,730 | -26.0% |
| Income taxes | 67/77 | €20,875 | €17,329 | -€3,546 | -17.0% |
| Profit (loss) for the period | 9904 | €51,283 | €36,099 | -€15,184 | -29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,283 | €36,099 | -€15,184 | -29.6% |
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 4 October 2026 via checked.be.