SDREG: 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.
SDREG
Largest movements
- Tangible fixed assets +€26,805
up €26,805 (+200.9%), from €13,341 to €40,147
of which Furniture and vehicles: +€17,198
- Receivables within one year -€21,121
down €21,121 (-83.5%), from €25,296 to €4,174
of which Trade receivables: -€12,234
- Cash +€6,760
up €6,760 (+24.8%), from €27,228 to €33,988
mainly Net result for the year (+€29,201) and Receivables within one year (+€21,121)
- Reserves +€29,201
up €29,201 (+89.5%), from €32,618 to €61,819
- Trade debts -€11,680
down €11,680 (-99.8%), from €11,704 to €24
- Tax, wage and social debts -€4,629
down €4,629 (-33.0%), from €14,043 to €9,414
- Depreciation +€5,079
up €5,079 (+477.8%), from €1,063 to €6,141
- Gross operating margin +€4,904
up €4,904 (+11.4%), from €43,085 to €47,990
- Taxes +€3,147
up €3,147 (+35.6%), from €8,843 to €11,990
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 | €65,865 | €78,757 | +€12,892 | +19.6% |
| Fixed assets | 21/28 | €13,341 | €40,147 | +€26,805 | +200.9% |
| Tangible fixed assets | 22/27 | €13,341 | €40,147 | +€26,805 | +200.9% |
| Plant, machinery and equipment | 23 | €12,213 | €21,821 | +€9,608 | +78.7% |
| Furniture and vehicles | 24 | €1,128 | €18,326 | +€17,198 | +1524.0% |
| Current assets | 29/58 | €52,523 | €38,610 | -€13,913 | -26.5% |
| Amounts receivable within one year | 40/41 | €25,296 | €4,174 | -€21,121 | -83.5% |
| Trade receivables | 40 | €12,889 | €656 | -€12,234 | -94.9% |
| Other amounts receivable | 41 | €12,406 | €3,519 | -€8,887 | -71.6% |
| Cash at bank and in hand | 54/58 | €27,228 | €33,988 | +€6,760 | +24.8% |
| Deferred charges and accrued income | 490/1 | - | €448 | +€448 | |
| Total equity and liabilities | 10/49 | €65,865 | €78,757 | +€12,892 | +19.6% |
| Equity | 10/15 | €40,118 | €69,319 | +€29,201 | +72.8% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €32,618 | €61,819 | +€29,201 | +89.5% |
| Distributable reserves | 133 | €32,618 | €61,819 | +€29,201 | +89.5% |
| Amounts payable | 17/49 | €25,747 | €9,438 | -€16,309 | -63.3% |
| Amounts payable within one year | 42/48 | €25,747 | €9,438 | -€16,309 | -63.3% |
| Trade debts | 44 | €11,704 | €24 | -€11,680 | -99.8% |
| Suppliers | 440/4 | €11,704 | €24 | -€11,680 | -99.8% |
| Taxes, remuneration and social security | 45 | €14,043 | €9,414 | -€4,629 | -33.0% |
| Taxes | 450/3 | €14,043 | €9,414 | -€4,629 | -33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,063 | €6,141 | +€5,079 | +477.8% |
| Other operating charges | 640/8 | €544 | €954 | +€410 | +75.5% |
| Gross operating margin | 9900 | €43,085 | €47,990 | +€4,904 | +11.4% |
| Operating profit (loss) | 9901 | €41,479 | €40,894 | -€585 | -1.4% |
| Financial income | 75/76B | €140 | €447 | +€307 | +219.7% |
| Recurring financial income | 75 | €140 | €447 | +€307 | +219.7% |
| Financial charges | 65/66B | €157 | €150 | -€8 | -4.8% |
| Recurring financial charges | 65 | €157 | €150 | -€8 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €41,461 | €41,191 | -€270 | -0.7% |
| Income taxes | 67/77 | €8,843 | €11,990 | +€3,147 | +35.6% |
| Profit (loss) for the period | 9904 | €32,618 | €29,201 | -€3,416 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,618 | €29,201 | -€3,416 | -10.5% |
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 30 September 2026 via checked.be.