SDS: 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.
What changed
SDS
NACE 69.103, Activities of bailiffs
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€667,139
2024 · €688,218-€21,079
Equity
€370,626
2024 · €243,487+€127,139
Cash
€40.0m
2024 · €2.0m+€38.0m
Balance sheet total
€41.0m
2024 · €3.0m+€38.1m
Largest movements
Assets
- Cash +€38.0m
up €38.0m (+1874.8%), from €2.0m to €40.0m
mainly Trade debts (+€38.1m) and Net result for the year (+€667,139)
Equity and liabilities
- Trade debts +€38.1m
up €38.1m (+2368.3%), from €1.6m to €39.7m
Income statement
- Taxes -€109,839
down €109,839 (-69.5%), from €158,147 to €48,308
- Gross operating margin -€56,196
down €56,196 (-4.5%), from €1.3m to €1.2m
- Financial income -€44,138
down €44,138 (-25.4%), from €173,852 to €129,714
- Staff costs +€39,505
up €39,505 (+8.1%), from €490,063 to €529,567
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.
Result 2024
€688,218
Gross operating margin
-€56,196
Staff costs
-€39,505
Depreciation
+€2,283
Other operating charges
-€31
Financial income
-€44,138
Financial charges
+€6,669
Taxes
+€109,839
Result 2025
€667,139
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.
From operations
+€38.6m
Investment
-€5,658
Financing
-€618,256
Cash 2024
€2.0m
From operations (derived)
+€38.6m
Net result for the year
+€667,139
Depreciation
+€78,007
Receivables within one year
-€207,893
Smaller working-capital items
+€61,682
Trade debts
+€38.1m
Other debts
-€138,601
Investment (derived)
-€5,658
Investment in fixed assets (net)
-€5,658
Financing
-€618,256
Debts after one year
-€62,168
Current portion of long-term debt
-€16,087
Contributions, distributions and other
-€540,000
Cash 2025
€40.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,987,709 | €41,037,730 | +€38.1m | +1273.6% |
| Fixed assets | 21/28 | €228,980 | €156,631 | -€72,349 | -31.6% |
| Tangible fixed assets | 22/27 | €228,980 | €156,631 | -€72,349 | -31.6% |
| Furniture and vehicles | 24 | €10,698 | €0 | -€10,698 | -100.0% |
| Other tangible fixed assets | 26 | €218,282 | €156,631 | -€61,652 | -28.2% |
| Current assets | 29/58 | €2,758,729 | €40,881,099 | +€38.1m | +1381.9% |
| Amounts receivable within one year | 40/41 | €561,298 | €769,191 | +€207,893 | +37.0% |
| Trade receivables | 40 | €504,270 | €619,673 | +€115,403 | +22.9% |
| Other amounts receivable | 41 | €57,027 | €149,517 | +€92,490 | +162.2% |
| Cash at bank and in hand | 54/58 | €2,024,478 | €39,978,514 | +€38.0m | +1874.8% |
| Deferred charges and accrued income | 490/1 | €172,954 | €133,394 | -€39,559 | -22.9% |
| Total equity and liabilities | 10/49 | €2,987,709 | €41,037,730 | +€38.1m | +1273.6% |
| Equity | 10/15 | €243,487 | €370,626 | +€127,139 | +52.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €237,287 | €364,426 | +€127,139 | +53.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | - | -€1,855 | |
| Other | 1319 | - | €1,855 | +€1,855 | |
| Distributable reserves | 133 | €235,432 | €362,571 | +€127,139 | +54.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,744,222 | €40,667,104 | +€37.9m | +1381.9% |
| Amounts payable after more than one year | 17 | €212,478 | €150,310 | -€62,168 | -29.3% |
| Financial debts | 170/4 | €212,478 | €150,310 | -€62,168 | -29.3% |
| Amounts payable within one year | 42/48 | €2,479,858 | €40,446,072 | +€38.0m | +1531.0% |
| Current portion of amounts payable after more than one year | 42 | €77,692 | €61,605 | -€16,087 | -20.7% |
| Trade debts | 44 | €1,609,465 | €39,727,080 | +€38.1m | +2368.3% |
| Suppliers | 440/4 | €1,609,465 | €39,727,080 | +€38.1m | +2368.3% |
| Taxes, remuneration and social security | 45 | €116,126 | €119,413 | +€3,287 | +2.8% |
| Taxes | 450/3 | €43,856 | €45,241 | +€1,385 | +3.2% |
| Remuneration and social security | 454/9 | €72,270 | €74,172 | +€1,902 | +2.6% |
| Other amounts payable | 47/48 | €676,575 | €537,974 | -€138,601 | -20.5% |
| Accrued charges and deferred income | 492/3 | €51,886 | €70,722 | +€18,836 | +36.3% |
| Remuneration, social security and pensions | 62 | €490,063 | €529,567 | +€39,505 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,290 | €78,007 | -€2,283 | -2.8% |
| Other operating charges | 640/8 | €1,118 | €1,148 | +€31 | +2.8% |
| Gross operating margin | 9900 | €1,260,003 | €1,203,807 | -€56,196 | -4.5% |
| Operating profit (loss) | 9901 | €688,533 | €595,084 | -€93,449 | -13.6% |
| Financial income | 75/76B | €173,852 | €129,714 | -€44,138 | -25.4% |
| Recurring financial income | 75 | €173,852 | €129,714 | -€44,138 | -25.4% |
| Financial charges | 65/66B | €16,019 | €9,351 | -€6,669 | -41.6% |
| Recurring financial charges | 65 | €16,019 | €9,351 | -€6,669 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €846,365 | €715,447 | -€130,918 | -15.5% |
| Income taxes | 67/77 | €158,147 | €48,308 | -€109,839 | -69.5% |
| Profit (loss) for the period | 9904 | €688,218 | €667,139 | -€21,079 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €688,218 | €667,139 | -€21,079 | -3.1% |
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 29 September 2026 via checked.be.