SDP MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€106,367
down €106,367 (-99.8%), from €106,613 to €246
of which Land and buildings: -€106,274
- Deferred charges and accrued income -€18,750
down €18,750 (-100.0%), from €18,750 to €0
- Receivables within one year -€9,792
down €9,792 (-36.7%), from €26,711 to €16,919
of which Other amounts receivable: -€7,378
- Debts after one year -€116,504
down €116,504 (-74.8%), from €155,691 to €39,187
- Profit (loss) carried forward -€22,376
down €22,376 (-68.8%), from -€32,530 to -€54,906
- Tax, wage and social debts +€7,762
up €7,762 (+4357.2%), from €178 to €7,940
- Current portion of long-term debt -€4,077
down €4,077 (-29.2%), from €13,949 to €9,872
- Trade debts -€2,461
down €2,461 (-25.9%), from €9,509 to €7,047
- Gross operating margin -€7,412
down €7,412 (-398.1%), from -€1,862 to -€9,274
- Depreciation -€2,056
down €2,056 (-68.4%), from €3,004 to €948
- Financial charges -€1,171
down €1,171 (-14.0%), from €8,385 to €7,214
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 | €189,604 | €51,947 | -€137,657 | -72.6% |
| Fixed assets | 21/28 | €110,755 | €3,533 | -€107,223 | -96.8% |
| Intangible fixed assets | 21 | €4,142 | €3,286 | -€856 | -20.7% |
| Tangible fixed assets | 22/27 | €106,613 | €246 | -€106,367 | -99.8% |
| Land and buildings | 22 | €106,274 | €0 | -€106,274 | -100.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €339 | €246 | -€92 | -27.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €78,849 | €48,415 | -€30,434 | -38.6% |
| Amounts receivable after more than one year | 29 | €27,968 | €27,968 | = | 0.0% |
| Other amounts receivable | 291 | €27,968 | €27,968 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,711 | €16,919 | -€9,792 | -36.7% |
| Trade receivables | 40 | €12,887 | €10,473 | -€2,414 | -18.7% |
| Other amounts receivable | 41 | €13,825 | €6,447 | -€7,378 | -53.4% |
| Cash at bank and in hand | 54/58 | €5,420 | €3,527 | -€1,893 | -34.9% |
| Deferred charges and accrued income | 490/1 | €18,750 | €0 | -€18,750 | -100.0% |
| Total equity and liabilities | 10/49 | €189,604 | €51,947 | -€137,657 | -72.6% |
| Equity | 10/15 | €10,277 | -€12,098 | -€22,376 | |
| Contributions | 10/11 | €6,202 | €6,202 | = | 0.0% |
| Reserves | 13 | €36,605 | €36,605 | = | 0.0% |
| Distributable reserves | 133 | €36,605 | €36,605 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,530 | -€54,906 | -€22,376 | -68.8% |
| Amounts payable | 17/49 | €179,327 | €64,046 | -€115,281 | -64.3% |
| Amounts payable after more than one year | 17 | €155,691 | €39,187 | -€116,504 | -74.8% |
| Financial debts | 170/4 | €155,691 | €39,187 | -€116,504 | -74.8% |
| Amounts payable within one year | 42/48 | €23,636 | €24,859 | +€1,223 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €13,949 | €9,872 | -€4,077 | -29.2% |
| Trade debts | 44 | €9,509 | €7,047 | -€2,461 | -25.9% |
| Suppliers | 440/4 | €9,509 | €7,047 | -€2,461 | -25.9% |
| Taxes, remuneration and social security | 45 | €178 | €7,940 | +€7,762 | +4357.2% |
| Taxes | 450/3 | €178 | €7,940 | +€7,762 | +4357.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,004 | €948 | -€2,056 | -68.4% |
| Other operating charges | 640/8 | €3,949 | €4,018 | +€69 | +1.7% |
| Non-recurring operating charges | 66A | - | €1,587 | +€1,587 | |
| Gross operating margin | 9900 | -€1,862 | -€9,274 | -€7,412 | -398.1% |
| Operating profit (loss) | 9901 | -€8,815 | -€15,827 | -€7,012 | -79.6% |
| Financial income | 75/76B | €838 | €824 | -€14 | -1.7% |
| Recurring financial income | 75 | €838 | €824 | -€14 | -1.7% |
| Financial charges | 65/66B | €8,385 | €7,214 | -€1,171 | -14.0% |
| Recurring financial charges | 65 | €8,385 | €7,214 | -€1,171 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | -€16,362 | -€22,217 | -€5,855 | -35.8% |
| Income taxes | 67/77 | €174 | €159 | -€15 | -8.6% |
| Profit (loss) for the period | 9904 | -€16,536 | -€22,376 | -€5,840 | -35.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,536 | -€22,376 | -€5,840 | -35.3% |
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.