SDS: what changed
Two financial 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.
SDS
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Receivables within one year -€158,670
down €158,670 (-64.7%), from €245,317 to €86,647
of which Trade receivables: -€158,580
- Cash -€106,543
down €106,543 (-26.7%), from €398,377 to €291,834
mainly Current investments (-€300,000) and Debts after one year (-€197,602)
- Tangible fixed assets -€63,621
down €63,621 (-3.8%), from €1.7m to €1.6m
of which Plant, machinery and equipment: -€91,157
- Reserves +€340,288
up €340,288 (+35.7%), from €953,910 to €1.3m
- Debts after one year -€197,602
down €197,602 (-22.7%), from €871,187 to €673,585
of which Trade debts: -€123,793
- Trade debts -€98,893
down €98,893 (-56.2%), from €175,970 to €77,076
- Current portion of long-term debt -€65,477
down €65,477 (-47.0%), from €139,286 to €73,809
- Advances received -€28,000
down €28,000 (-25.0%), from €112,000 to €84,000
- Gross operating margin +€61,964
up €61,964 (+6.2%), from €1.0m to €1.1m
- Staff costs -€23,515
down €23,515 (-6.0%), from €393,553 to €370,037
- Taxes +€21,251
up €21,251 (+16.2%), from €131,127 to €152,379
- Depreciation +€19,488
up €19,488 (+10.7%), from €182,038 to €201,525
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.
Derived cash bridge
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 | €2,652,348 | €2,625,376 | -€26,972 | -1.0% |
| Fixed assets | 21/28 | €1,669,829 | €1,606,208 | -€63,621 | -3.8% |
| Tangible fixed assets | 22/27 | €1,666,169 | €1,602,548 | -€63,621 | -3.8% |
| Land and buildings | 22 | €1,331,493 | €1,353,314 | +€21,821 | +1.6% |
| Plant, machinery and equipment | 23 | €266,961 | €175,805 | -€91,157 | -34.1% |
| Furniture and vehicles | 24 | €67,714 | €73,429 | +€5,715 | +8.4% |
| Financial fixed assets | 28 | €3,660 | €3,660 | = | 0.0% |
| Current assets | 29/58 | €982,519 | €1,019,168 | +€36,649 | +3.7% |
| Stocks and contracts in progress | 3 | €334,052 | €329,451 | -€4,601 | -1.4% |
| Stocks | 30/36 | €334,052 | €329,451 | -€4,601 | -1.4% |
| Amounts receivable within one year | 40/41 | €245,317 | €86,647 | -€158,670 | -64.7% |
| Trade receivables | 40 | €245,227 | €86,647 | -€158,580 | -64.7% |
| Other amounts receivable | 41 | €90 | €0 | -€90 | -100% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €398,377 | €291,834 | -€106,543 | -26.7% |
| Deferred charges and accrued income | 490/1 | €4,773 | €11,236 | +€6,463 | +135% |
| Total equity and liabilities | 10/49 | €2,652,348 | €2,625,376 | -€26,972 | -1.0% |
| Equity | 10/15 | €1,209,500 | €1,547,755 | +€338,255 | +28.0% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €953,910 | €1,294,198 | +€340,288 | +35.7% |
| Distributable reserves | 133 | €953,910 | €1,294,198 | +€340,288 | +35.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €5,589 | €3,557 | -€2,033 | -36.4% |
| Amounts payable | 17/49 | €1,442,848 | €1,077,621 | -€365,227 | -25.3% |
| Amounts payable after more than one year | 17 | €871,187 | €673,585 | -€197,602 | -22.7% |
| Financial debts | 170/4 | €463,987 | €390,178 | -€73,809 | -15.9% |
| Trade debts | 175 | €407,200 | €283,407 | -€123,793 | -30.4% |
| Amounts payable within one year | 42/48 | €569,386 | €401,761 | -€167,625 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €139,286 | €73,809 | -€65,477 | -47.0% |
| Trade debts | 44 | €175,970 | €77,076 | -€98,893 | -56.2% |
| Suppliers | 440/4 | €175,970 | €77,076 | -€98,893 | -56.2% |
| Advances received on contracts in progress | 46 | €112,000 | €84,000 | -€28,000 | -25.0% |
| Taxes, remuneration and social security | 45 | €122,838 | €148,566 | +€25,728 | +20.9% |
| Taxes | 450/3 | €55,512 | €74,190 | +€18,678 | +33.6% |
| Remuneration and social security | 454/9 | €67,327 | €74,376 | +€7,050 | +10.5% |
| Other amounts payable | 47/48 | €19,293 | €18,310 | -€983 | -5.1% |
| Accrued charges and deferred income | 492/3 | €2,275 | €2,275 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €393,553 | €370,037 | -€23,515 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,038 | €201,525 | +€19,488 | +10.7% |
| Other operating charges | 640/8 | €13,780 | €13,024 | -€756 | -5.5% |
| Gross operating margin | 9900 | €1,006,406 | €1,068,370 | +€61,964 | +6.2% |
| Operating profit (loss) | 9901 | €417,036 | €483,784 | +€66,748 | +16.0% |
| Financial income | 75/76B | €37,029 | €31,811 | -€5,218 | -14.1% |
| Recurring financial income | 75 | €37,029 | €31,811 | -€5,218 | -14.1% |
| Financial charges | 65/66B | €24,012 | €22,928 | -€1,083 | -4.5% |
| Recurring financial charges | 65 | €24,012 | €22,928 | -€1,083 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €430,053 | €492,666 | +€62,613 | +14.6% |
| Income taxes | 67/77 | €131,127 | €152,379 | +€21,251 | +16.2% |
| Profit (loss) for the period | 9904 | €298,926 | €340,288 | +€41,362 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €298,926 | €340,288 | +€41,362 | +13.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.