SDR: 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.
SDR
Largest movements
- Intangible fixed assets +€22,500
new in 2025: €22,500
- Receivables within one year -€18,302
down €18,302 (-68.9%), from €26,566 to €8,264
of which Trade receivables: -€19,982
- Cash +€8,711
up €8,711 (+79.5%), from €10,962 to €19,673
mainly Debts after one year (+€19,298) and Receivables within one year (+€18,302)
- Stocks and contracts +€3,326
new in 2025: €3,326
- Tangible fixed assets -€1,746
down €1,746 (-4.8%), from €36,552 to €34,806
of which Furniture and vehicles: -€2,436
- Debts after one year +€19,298
up €19,298, from €0 to €19,298
- Trade debts +€8,381
up €8,381 (+5504.7%), from €152 to €8,533
- Current portion of long-term debt -€5,462
down €5,462 (-43.1%), from €12,667 to €7,205
- Other debts -€2,492
down €2,492 (-27.6%), from €9,032 to €6,540
- Tax, wage and social debts -€2,226
down €2,226 (-36.6%), from €6,081 to €3,855
of which Taxes: -€1,726
- Depreciation -€3,308
down €3,308 (-28.1%), from €11,758 to €8,450
- Gross operating margin -€2,297
down €2,297 (-16.6%), from €13,817 to €11,520
- Other operating charges +€1,866
up €1,866 (+272.0%), from €686 to €2,553
- Taxes +€820
up €820, from €0 to €820
- Financial charges +€639
up €639 (+57.8%), from €1,105 to €1,744
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 | €74,080 | €89,797 | +€15,717 | +21.2% |
| Fixed assets | 21/28 | €36,552 | €57,306 | +€20,754 | +56.8% |
| Intangible fixed assets | 21 | - | €22,500 | +€22,500 | |
| Tangible fixed assets | 22/27 | €36,552 | €34,806 | -€1,746 | -4.8% |
| Plant, machinery and equipment | 23 | €3,620 | €4,310 | +€690 | +19.1% |
| Furniture and vehicles | 24 | €32,932 | €30,497 | -€2,436 | -7.4% |
| Current assets | 29/58 | €37,527 | €32,491 | -€5,037 | -13.4% |
| Stocks and contracts in progress | 3 | - | €3,326 | +€3,326 | |
| Stocks | 30/36 | - | €3,326 | +€3,326 | |
| Amounts receivable within one year | 40/41 | €26,566 | €8,264 | -€18,302 | -68.9% |
| Trade receivables | 40 | €20,066 | €84 | -€19,982 | -99.6% |
| Other amounts receivable | 41 | €6,500 | €8,180 | +€1,680 | +25.8% |
| Cash at bank and in hand | 54/58 | €10,962 | €19,673 | +€8,711 | +79.5% |
| Deferred charges and accrued income | 490/1 | €0 | €1,229 | +€1,229 | |
| Total equity and liabilities | 10/49 | €74,080 | €89,797 | +€15,717 | +21.2% |
| Equity | 10/15 | €45,819 | €44,037 | -€1,782 | -3.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €42,819 | €41,037 | -€1,782 | -4.2% |
| Distributable reserves | 133 | €42,819 | €41,037 | -€1,782 | -4.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €28,260 | €45,760 | +€17,499 | +61.9% |
| Amounts payable after more than one year | 17 | €0 | €19,298 | +€19,298 | |
| Financial debts | 170/4 | €0 | €19,298 | +€19,298 | |
| Amounts payable within one year | 42/48 | €27,932 | €26,134 | -€1,799 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €12,667 | €7,205 | -€5,462 | -43.1% |
| Trade debts | 44 | €152 | €8,533 | +€8,381 | +5504.7% |
| Suppliers | 440/4 | €152 | €8,533 | +€8,381 | +5504.7% |
| Taxes, remuneration and social security | 45 | €6,081 | €3,855 | -€2,226 | -36.6% |
| Taxes | 450/3 | €4,081 | €2,355 | -€1,726 | -42.3% |
| Remuneration and social security | 454/9 | €2,000 | €1,500 | -€500 | -25.0% |
| Other amounts payable | 47/48 | €9,032 | €6,540 | -€2,492 | -27.6% |
| Accrued charges and deferred income | 492/3 | €328 | €328 | = | 0.0% |
| Non-recurring operating income | 76A | - | €2,068 | +€2,068 | |
| Remuneration, social security and pensions | 62 | - | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,758 | €8,450 | -€3,308 | -28.1% |
| Other operating charges | 640/8 | €686 | €2,553 | +€1,866 | +272.0% |
| Gross operating margin | 9900 | €13,817 | €11,520 | -€2,297 | -16.6% |
| Operating profit (loss) | 9901 | €1,373 | €268 | -€1,106 | -80.5% |
| Financial income | 75/76B | - | €514 | +€514 | |
| Recurring financial income | 75 | - | €514 | +€514 | |
| Financial charges | 65/66B | €1,105 | €1,744 | +€639 | +57.8% |
| Recurring financial charges | 65 | €1,105 | €1,744 | +€639 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | €269 | -€962 | -€1,231 | |
| Income taxes | 67/77 | €0 | €820 | +€820 | |
| Profit (loss) for the period | 9904 | €269 | -€1,782 | -€2,051 | |
| Profit (loss) for the period to be appropriated | 9905 | €269 | -€1,782 | -€2,051 |
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.