SDP: 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.
SDP
Largest movements
- Current investments +€236,219
up €236,219 (+53.0%), from €446,102 to €682,320
- Cash -€221,107
down €221,107 (-51.6%), from €428,374 to €207,268
mainly Current investments (-€236,219) and Current portion of long-term debt (-€229,590)
- Receivables within one year +€70,908
up €70,908 (+283.6%), from €25,007 to €95,915
of which Other amounts receivable: +€73,408
- Reserves +€416,514
up €416,514 (+16.3%), from €2.6m to €3.0m
- Current portion of long-term debt -€229,590
down €229,590 (-84.5%), from €271,633 to €42,043
- Tax, wage and social debts -€65,224
down €65,224 (-45.6%), from €142,940 to €77,716
of which Taxes: -€66,159
- Gross operating margin +€93,677
up €93,677 (+16.6%), from €565,940 to €659,617
- Depreciation -€42,234
down €42,234 (-83.5%), from €50,551 to €8,318
- Taxes +€35,307
up €35,307 (+21.9%), from €161,486 to €196,792
- Financial income -€21,565
down €21,565 (-80.9%), from €26,660 to €5,095
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 | €3,673,765 | €3,729,982 | +€56,217 | +1.5% |
| Fixed assets | 21/28 | €2,704,592 | €2,702,382 | -€2,210 | -0.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €21,347 | €19,137 | -€2,210 | -10.4% |
| Furniture and vehicles | 24 | €21,347 | €19,137 | -€2,210 | -10.4% |
| Financial fixed assets | 28 | €2,683,245 | €2,683,245 | = | 0.0% |
| Current assets | 29/58 | €969,173 | €1,027,601 | +€58,427 | +6.0% |
| Amounts receivable within one year | 40/41 | €25,007 | €95,915 | +€70,908 | +283.6% |
| Trade receivables | 40 | €2,500 | €0 | -€2,500 | -100.0% |
| Other amounts receivable | 41 | €22,507 | €95,915 | +€73,408 | +326.2% |
| Current investments | 50/53 | €446,102 | €682,320 | +€236,219 | +53.0% |
| Cash at bank and in hand | 54/58 | €428,374 | €207,268 | -€221,107 | -51.6% |
| Deferred charges and accrued income | 490/1 | €69,691 | €42,098 | -€27,593 | -39.6% |
| Total equity and liabilities | 10/49 | €3,673,765 | €3,729,982 | +€56,217 | +1.5% |
| Equity | 10/15 | €3,179,739 | €3,596,253 | +€416,514 | +13.1% |
| Contributions | 10/11 | €621,795 | €621,795 | = | 0.0% |
| Reserves | 13 | €2,557,944 | €2,974,458 | +€416,514 | +16.3% |
| Distributable reserves | 133 | €2,557,944 | €2,974,458 | +€416,514 | +16.3% |
| Amounts payable | 17/49 | €494,026 | €133,729 | -€360,297 | -72.9% |
| Amounts payable after more than one year | 17 | €21,031 | €0 | -€21,031 | -100.0% |
| Financial debts | 170/4 | €21,031 | €0 | -€21,031 | -100.0% |
| Amounts payable within one year | 42/48 | €472,995 | €133,729 | -€339,266 | -71.7% |
| Current portion of amounts payable after more than one year | 42 | €271,633 | €42,043 | -€229,590 | -84.5% |
| Financial debts | 43 | €40,893 | €3,641 | -€37,253 | -91.1% |
| Credit institutions | 430/8 | €40,893 | €3,641 | -€37,253 | -91.1% |
| Trade debts | 44 | €2,529 | €3,030 | +€501 | +19.8% |
| Suppliers | 440/4 | €2,529 | €3,030 | +€501 | +19.8% |
| Taxes, remuneration and social security | 45 | €142,940 | €77,716 | -€65,224 | -45.6% |
| Taxes | 450/3 | €138,869 | €72,709 | -€66,159 | -47.6% |
| Remuneration and social security | 454/9 | €4,071 | €5,006 | +€936 | +23.0% |
| Other amounts payable | 47/48 | €15,000 | €7,300 | -€7,700 | -51.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €27,622 | €33,685 | +€6,064 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,551 | €8,318 | -€42,234 | -83.5% |
| Other operating charges | 640/8 | €1,964 | €1,525 | -€440 | -22.4% |
| Gross operating margin | 9900 | €565,940 | €659,617 | +€93,677 | +16.6% |
| Operating profit (loss) | 9901 | €485,803 | €616,089 | +€130,287 | +26.8% |
| Financial income | 75/76B | €26,660 | €5,095 | -€21,565 | -80.9% |
| Recurring financial income | 75 | €26,660 | €5,095 | -€21,565 | -80.9% |
| Financial charges | 65/66B | €11,071 | €7,877 | -€3,193 | -28.8% |
| Recurring financial charges | 65 | €11,071 | €7,877 | -€3,193 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €501,392 | €613,307 | +€111,915 | +22.3% |
| Income taxes | 67/77 | €161,486 | €196,792 | +€35,307 | +21.9% |
| Profit (loss) for the period | 9904 | €339,906 | €416,514 | +€76,608 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €339,906 | €416,514 | +€76,608 | +22.5% |
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 6 October 2026 via checked.be.