SDS-Construct: 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.
SDS-Construct
Largest movements
- Stocks and contracts +€33,138
up €33,138 (+25.2%), from €131,677 to €164,815
of which Contracts in progress: +€35,138
- Tangible fixed assets -€13,616
down €13,616 (-29.0%), from €46,948 to €33,332
of which Furniture and vehicles: -€9,365
- Cash +€11,064
up €11,064 (+39.2%), from €28,225 to €39,289
mainly Net result for the year (+€120,394) and Other debts (+€20,000)
- Receivables within one year -€6,870
down €6,870 (-3.1%), from €224,350 to €217,480
of which Trade receivables: -€32,352
- Intangible fixed assets +€4,860
new in 2025: €4,860
- Reserves +€102,100
up €102,100 (+71.9%), from €142,046 to €244,146
of which Distributable reserves: +€102,100
- Trade debts -€52,879
down €52,879 (-24.5%), from €215,817 to €162,938
- Tax, wage and social debts -€20,404
down €20,404 (-58.7%), from €34,768 to €14,364
of which Taxes: -€20,799
- Other debts +€20,000
new in 2025: €20,000
- Debts after one year -€10,666
down €10,666 (-100.0%), from €10,666 to €0
- Gross operating margin +€171,252
up €171,252 (+472.5%), from €36,241 to €207,493
- Taxes +€33,540
up €33,540 (+1504.3%), from €2,230 to €35,769
- Other operating charges +€16,420
up €16,420 (+524.2%), from €3,132 to €19,552
- Depreciation +€4,644
up €4,644 (+51.0%), from €9,112 to €13,756
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 | €431,912 | €460,394 | +€28,482 | +6.6% |
| Fixed assets | 21/28 | €47,353 | €38,597 | -€8,756 | -18.5% |
| Intangible fixed assets | 21 | - | €4,860 | +€4,860 | |
| Tangible fixed assets | 22/27 | €46,948 | €33,332 | -€13,616 | -29.0% |
| Plant, machinery and equipment | 23 | €1,399 | €932 | -€467 | -33.4% |
| Furniture and vehicles | 24 | €41,765 | €32,400 | -€9,365 | -22.4% |
| Leasing and similar rights | 25 | €3,784 | €0 | -€3,784 | -100.0% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €384,559 | €421,797 | +€37,238 | +9.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €131,677 | €164,815 | +€33,138 | +25.2% |
| Stocks | 30/36 | €17,000 | €15,000 | -€2,000 | -11.8% |
| Contracts in progress | 37 | €114,677 | €149,815 | +€35,138 | +30.6% |
| Amounts receivable within one year | 40/41 | €224,350 | €217,480 | -€6,870 | -3.1% |
| Trade receivables | 40 | €49,920 | €17,569 | -€32,352 | -64.8% |
| Other amounts receivable | 41 | €174,430 | €199,912 | +€25,482 | +14.6% |
| Cash at bank and in hand | 54/58 | €28,225 | €39,289 | +€11,064 | +39.2% |
| Deferred charges and accrued income | 490/1 | €307 | €213 | -€94 | -30.6% |
| Total equity and liabilities | 10/49 | €431,912 | €460,394 | +€28,482 | +6.6% |
| Equity | 10/15 | €150,070 | €250,464 | +€100,394 | +66.9% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €142,046 | €244,146 | +€102,100 | +71.9% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €141,046 | €243,146 | +€102,100 | +72.4% |
| Profit (loss) carried forward | 14 | €1,725 | €18 | -€1,706 | -98.9% |
| Amounts payable | 17/49 | €281,842 | €209,931 | -€71,911 | -25.5% |
| Amounts payable after more than one year | 17 | €10,666 | €0 | -€10,666 | -100.0% |
| Financial debts | 170/4 | €10,666 | €0 | -€10,666 | -100.0% |
| Amounts payable within one year | 42/48 | €271,176 | €209,931 | -€61,246 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €15,591 | €7,629 | -€7,962 | -51.1% |
| Financial debts | 43 | €5,000 | €5,000 | = | 0.0% |
| Credit institutions | 430/8 | €5,000 | €5,000 | = | 0.0% |
| Trade debts | 44 | €215,817 | €162,938 | -€52,879 | -24.5% |
| Suppliers | 440/4 | €215,817 | €162,938 | -€52,879 | -24.5% |
| Taxes, remuneration and social security | 45 | €34,768 | €14,364 | -€20,404 | -58.7% |
| Taxes | 450/3 | €29,267 | €8,468 | -€20,799 | -71.1% |
| Remuneration and social security | 454/9 | €5,501 | €5,896 | +€395 | +7.2% |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €23,738 | €23,543 | -€195 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,112 | €13,756 | +€4,644 | +51.0% |
| Other operating charges | 640/8 | €3,132 | €19,552 | +€16,420 | +524.2% |
| Gross operating margin | 9900 | €36,241 | €207,493 | +€171,252 | +472.5% |
| Operating profit (loss) | 9901 | €259 | €150,642 | +€150,383 | +58078.6% |
| Financial income | 75/76B | €6,916 | €8,292 | +€1,376 | +19.9% |
| Recurring financial income | 75 | €6,916 | €8,292 | +€1,376 | +19.9% |
| Financial charges | 65/66B | €2,453 | €2,771 | +€318 | +12.9% |
| Recurring financial charges | 65 | €2,453 | €2,771 | +€318 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €4,722 | €156,163 | +€151,441 | +3207.1% |
| Income taxes | 67/77 | €2,230 | €35,769 | +€33,540 | +1504.3% |
| Profit (loss) for the period | 9904 | €2,492 | €120,394 | +€117,901 | +4730.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,492 | €120,394 | +€117,901 | +4730.3% |
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.