SDNOT: 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.
SDNOT
Largest movements
- Receivables within one year -€50,015
down €50,015 (-66.1%), from €75,631 to €25,617
of which Other amounts receivable: -€43,965
- Tangible fixed assets -€35,110
down €35,110 (-2.7%), from €1.3m to €1.3m
of which Land and buildings: -€46,861
- Other debts -€100,000
no longer reported in 2025 (was €100,000)
- Reserves +€45,839
up €45,839 (+10.3%), from €443,289 to €489,127
- Debts after one year -€42,351
down €42,351 (-4.5%), from €937,887 to €895,536
- Gross operating margin -€151,990
down €151,990 (-48.3%), from €314,822 to €162,832
- Depreciation -€77,882
down €77,882 (-53.6%), from €145,382 to €67,500
- Taxes -€25,923
down €25,923 (-56.3%), from €46,045 to €20,122
- Other operating charges -€15,284
down €15,284 (-83.3%), from €18,345 to €3,061
- Financial income -€9,073
down €9,073 (-91.2%), from €9,950 to €877
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 | €1,547,597 | €1,450,793 | -€96,804 | -6.3% |
| Fixed assets | 21/28 | €1,401,906 | €1,366,796 | -€35,110 | -2.5% |
| Tangible fixed assets | 22/27 | €1,288,462 | €1,253,352 | -€35,110 | -2.7% |
| Land and buildings | 22 | €1,176,364 | €1,129,503 | -€46,861 | -4.0% |
| Plant, machinery and equipment | 23 | €80,623 | €99,541 | +€18,918 | +23.5% |
| Furniture and vehicles | 24 | €31,475 | €24,309 | -€7,167 | -22.8% |
| Financial fixed assets | 28 | €113,444 | €113,444 | = | 0.0% |
| Current assets | 29/58 | €145,690 | €83,997 | -€61,694 | -42.3% |
| Amounts receivable within one year | 40/41 | €75,631 | €25,617 | -€50,015 | -66.1% |
| Trade receivables | 40 | €6,050 | - | -€6,050 | |
| Other amounts receivable | 41 | €69,581 | €25,617 | -€43,965 | -63.2% |
| Cash at bank and in hand | 54/58 | €70,059 | €58,380 | -€11,679 | -16.7% |
| Total equity and liabilities | 10/49 | €1,547,597 | €1,450,793 | -€96,804 | -6.3% |
| Equity | 10/15 | €455,689 | €501,527 | +€45,839 | +10.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €443,289 | €489,127 | +€45,839 | +10.3% |
| Distributable reserves | 133 | €443,289 | €489,127 | +€45,839 | +10.3% |
| Amounts payable | 17/49 | €1,091,908 | €949,266 | -€142,642 | -13.1% |
| Amounts payable after more than one year | 17 | €937,887 | €895,536 | -€42,351 | -4.5% |
| Financial debts | 170/4 | €937,887 | €895,536 | -€42,351 | -4.5% |
| Amounts payable within one year | 42/48 | €154,021 | €53,730 | -€100,291 | -65.1% |
| Current portion of amounts payable after more than one year | 42 | €41,341 | €42,351 | +€1,010 | +2.4% |
| Trade debts | 44 | €1,616 | €2,261 | +€645 | +39.9% |
| Suppliers | 440/4 | €1,616 | €2,261 | +€645 | +39.9% |
| Taxes, remuneration and social security | 45 | €11,064 | €9,118 | -€1,946 | -17.6% |
| Taxes | 450/3 | €11,064 | €9,118 | -€1,946 | -17.6% |
| Other amounts payable | 47/48 | €100,000 | - | -€100,000 | |
| Remuneration, social security and pensions | 62 | €3,536 | €1,988 | -€1,548 | -43.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,382 | €67,500 | -€77,882 | -53.6% |
| Other operating charges | 640/8 | €18,345 | €3,061 | -€15,284 | -83.3% |
| Gross operating margin | 9900 | €314,822 | €162,832 | -€151,990 | -48.3% |
| Operating profit (loss) | 9901 | €147,560 | €90,283 | -€57,276 | -38.8% |
| Financial income | 75/76B | €9,950 | €877 | -€9,073 | -91.2% |
| Recurring financial income | 75 | €9,950 | €877 | -€9,073 | -91.2% |
| Financial charges | 65/66B | €18,345 | €25,200 | +€6,854 | +37.4% |
| Recurring financial charges | 65 | €18,345 | €25,200 | +€6,854 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | €139,164 | €65,961 | -€73,203 | -52.6% |
| Income taxes | 67/77 | €46,045 | €20,122 | -€25,923 | -56.3% |
| Profit (loss) for the period | 9904 | €93,119 | €45,839 | -€47,280 | -50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €93,119 | €45,839 | -€47,280 | -50.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.