SDR 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.
SDR MANAGEMENT
Largest movements
- Current investments -€20,000
down €20,000 (-100.0%), from €20,000 to €0
- Receivables within one year -€12,213
down €12,213 (-55.5%), from €22,014 to €9,801
of which Trade receivables: -€10,782
- Tangible fixed assets -€3,618
down €3,618 (-29.6%), from €12,224 to €8,605
of which Furniture and vehicles: -€2,126
- Reserves -€53,514
down €53,514 (-100.0%), from €53,514 to €0
- Other debts +€23,068
new in 2025: €23,068
- Tax, wage and social debts -€4,784
down €4,784 (-43.9%), from €10,895 to €6,111
of which Taxes: -€4,762
- Gross operating margin -€3,602
down €3,602 (-14.7%), from €24,575 to €20,973
- Financial charges -€588
down €588 (-13.4%), from €4,387 to €3,799
- Other operating charges +€588
up €588 (+131.4%), from €447 to €1,035
- Depreciation -€465
down €465 (-11.4%), from €4,083 to €3,618
- Taxes -€414
down €414 (-11.4%), from €3,638 to €3,224
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 | €68,576 | €32,760 | -€35,816 | -52.2% |
| Fixed assets | 21/28 | €12,224 | €8,605 | -€3,618 | -29.6% |
| Tangible fixed assets | 22/27 | €12,224 | €8,605 | -€3,618 | -29.6% |
| Plant, machinery and equipment | 23 | €5,161 | €3,669 | -€1,492 | -28.9% |
| Furniture and vehicles | 24 | €7,063 | €4,937 | -€2,126 | -30.1% |
| Current assets | 29/58 | €56,353 | €24,155 | -€32,198 | -57.1% |
| Amounts receivable within one year | 40/41 | €22,014 | €9,801 | -€12,213 | -55.5% |
| Trade receivables | 40 | €20,583 | €9,801 | -€10,782 | -52.4% |
| Other amounts receivable | 41 | €1,431 | €0 | -€1,431 | -100.0% |
| Current investments | 50/53 | €20,000 | €0 | -€20,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €12,608 | €12,531 | -€77 | -0.6% |
| Deferred charges and accrued income | 490/1 | €1,731 | €1,823 | +€92 | +5.3% |
| Total equity and liabilities | 10/49 | €68,576 | €32,760 | -€35,816 | -52.2% |
| Equity | 10/15 | €56,514 | €3,000 | -€53,514 | -94.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €53,514 | €0 | -€53,514 | -100.0% |
| Distributable reserves | 133 | €53,514 | €0 | -€53,514 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,062 | €29,760 | +€17,698 | +146.7% |
| Amounts payable within one year | 42/48 | €12,062 | €29,760 | +€17,698 | +146.7% |
| Financial debts | 43 | €301 | €102 | -€198 | -66.0% |
| Credit institutions | 430/8 | €301 | €102 | -€198 | -66.0% |
| Trade debts | 44 | €866 | €479 | -€387 | -44.7% |
| Suppliers | 440/4 | €866 | €479 | -€387 | -44.7% |
| Taxes, remuneration and social security | 45 | €10,895 | €6,111 | -€4,784 | -43.9% |
| Taxes | 450/3 | €10,874 | €6,111 | -€4,762 | -43.8% |
| Remuneration and social security | 454/9 | €22 | €0 | -€22 | -100.0% |
| Other amounts payable | 47/48 | - | €23,068 | +€23,068 | |
| Non-recurring operating income | 76A | €5,893 | €0 | -€5,893 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,083 | €3,618 | -€465 | -11.4% |
| Other operating charges | 640/8 | €447 | €1,035 | +€588 | +131.4% |
| Gross operating margin | 9900 | €24,575 | €20,973 | -€3,602 | -14.7% |
| Operating profit (loss) | 9901 | €20,045 | €16,321 | -€3,724 | -18.6% |
| Financial income | 75/76B | €293 | €181 | -€112 | -38.2% |
| Recurring financial income | 75 | €293 | €181 | -€112 | -38.2% |
| Financial charges | 65/66B | €4,387 | €3,799 | -€588 | -13.4% |
| Recurring financial charges | 65 | €4,387 | €3,799 | -€588 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €15,951 | €12,703 | -€3,248 | -20.4% |
| Income taxes | 67/77 | €3,638 | €3,224 | -€414 | -11.4% |
| Profit (loss) for the period | 9904 | €12,313 | €9,478 | -€2,834 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,313 | €9,478 | -€2,834 | -23.0% |
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 4 October 2026 via checked.be.