SDP ADVIES: 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 ADVIES
Largest movements
- Cash -€74,865
down €74,865 (-51.5%), from €145,388 to €70,523
mainly Contributions, distributions and other (-€110,000) and Other debts (-€40,000)
- Tangible fixed assets -€12,186
down €12,186 (-16.1%), from €75,694 to €63,508
of which Furniture and vehicles: -€10,178
- Receivables within one year +€5,393
new in 2025: €5,393
of which Trade receivables: +€5,393
- Deferred charges and accrued income -€3,719
down €3,719 (-50.5%), from €7,359 to €3,640
- Other debts -€40,000
down €40,000 (-44.4%), from €90,000 to €50,000
- Profit (loss) carried forward -€23,065
down €23,065 (-38.6%), from €59,817 to €36,752
- Debts after one year -€8,358
down €8,358 (-100.0%), from €8,358 to €0
of which Financial debts: -€8,358
- Tax, wage and social debts -€8,207
down €8,207 (-30.2%), from €27,179 to €18,972
of which Taxes: -€6,936
- Short-term financial debts -€7,920
down €7,920 (-48.7%), from €16,278 to €8,358
of which Credit institutions: -€7,920
- Gross operating margin -€14,809
down €14,809 (-9.8%), from €151,647 to €136,838
- Depreciation -€3,242
down €3,242 (-16.2%), from €20,042 to €16,800
- Taxes -€2,814
down €2,814 (-8.9%), from €31,609 to €28,795
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 | €228,440 | €143,064 | -€85,376 | -37.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €75,694 | €63,508 | -€12,186 | -16.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €75,694 | €63,508 | -€12,186 | -16.1% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €30,948 | €28,940 | -€2,008 | -6.5% |
| Furniture and vehicles | 24 | €44,746 | €34,568 | -€10,178 | -22.7% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Assets under construction and advance payments | 27 | - | €0 | = | |
| Financial fixed assets | 28 | - | €0 | = | |
| Current assets | 29/58 | €152,746 | €79,556 | -€73,190 | -47.9% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | - | €5,393 | +€5,393 | |
| Trade receivables | 40 | - | €5,393 | +€5,393 | |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €145,388 | €70,523 | -€74,865 | -51.5% |
| Deferred charges and accrued income | 490/1 | €7,359 | €3,640 | -€3,719 | -50.5% |
| Total equity and liabilities | 10/49 | €228,440 | €143,064 | -€85,376 | -37.4% |
| Equity | 10/15 | €80,277 | €57,212 | -€23,065 | -28.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €0 | = | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | - | €0 | = | |
| Financial assistance | 1313 | - | €0 | = | |
| Other | 1319 | - | €0 | = | |
| Tax-exempt reserves | 132 | - | €0 | = | |
| Distributable reserves | 133 | - | €0 | = | |
| Profit (loss) carried forward | 14 | €59,817 | €36,752 | -€23,065 | -38.6% |
| Investment grants | 15 | - | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €0 | = | |
| Provisions for liabilities and charges | 160/5 | - | €0 | = | |
| Pensions and similar obligations | 160 | - | €0 | = | |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | - | €0 | = | |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | - | €0 | = | |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €148,163 | €85,852 | -€62,311 | -42.1% |
| Amounts payable after more than one year | 17 | €8,358 | €0 | -€8,358 | -100.0% |
| Financial debts | 170/4 | €8,358 | €0 | -€8,358 | -100.0% |
| Trade debts | 175 | - | €0 | = | |
| Advances received on contracts in progress | 176 | - | €0 | = | |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €137,831 | €85,840 | -€51,991 | -37.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €0 | = | |
| Financial debts | 43 | €16,278 | €8,358 | -€7,920 | -48.7% |
| Credit institutions | 430/8 | €16,278 | €8,358 | -€7,920 | -48.7% |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €4,374 | €8,510 | +€4,136 | +94.6% |
| Suppliers | 440/4 | €4,374 | €8,510 | +€4,136 | +94.6% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €27,179 | €18,972 | -€8,207 | -30.2% |
| Taxes | 450/3 | €25,908 | €18,972 | -€6,936 | -26.8% |
| Remuneration and social security | 454/9 | €1,270 | €0 | -€1,270 | -100.0% |
| Other amounts payable | 47/48 | €90,000 | €50,000 | -€40,000 | -44.4% |
| Accrued charges and deferred income | 492/3 | €1,975 | €12 | -€1,963 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,042 | €16,800 | -€3,242 | -16.2% |
| Other operating charges | 640/8 | €2,155 | €2,002 | -€153 | -7.1% |
| Gross operating margin | 9900 | €151,647 | €136,838 | -€14,809 | -9.8% |
| Operating profit (loss) | 9901 | €129,451 | €118,036 | -€11,415 | -8.8% |
| Financial charges | 65/66B | €1,337 | €2,306 | +€969 | +72.5% |
| Recurring financial charges | 65 | €1,337 | €2,306 | +€969 | +72.5% |
| Profit (loss) for the period before taxes | 9903 | €128,114 | €115,730 | -€12,384 | -9.7% |
| Income taxes | 67/77 | €31,609 | €28,795 | -€2,814 | -8.9% |
| Profit (loss) for the period | 9904 | €96,505 | €86,935 | -€9,570 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €96,505 | €86,935 | -€9,570 | -9.9% |
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.