SDS Manco: 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 Manco
Largest movements
- Current investments +€663,034
up €663,034 (+103%), from €643,582 to €1.3m
- Cash -€337,035
down €337,035 (-60.0%), from €561,679 to €224,645
mainly Current investments (-€663,034) and Receivables after one year (-€137,405)
- Receivables after one year +€137,405
up €137,405 (+14.6%), from €938,765 to €1.1m
- Reserves +€475,381
up €475,381 (+21.6%), from €2.2m to €2.7m
- Financial income +€38,026
up €38,026 (+117%), from €32,439 to €70,465
- Gross operating margin -€29,012
down €29,012 (-4.4%), from €665,030 to €636,018
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 | €2,252,396 | €2,747,002 | +€494,606 | +22.0% |
| Fixed assets | 21/28 | €34,071 | €21,523 | -€12,548 | -36.8% |
| Tangible fixed assets | 22/27 | €34,071 | €21,523 | -€12,548 | -36.8% |
| Furniture and vehicles | 24 | €34,071 | €21,523 | -€12,548 | -36.8% |
| Current assets | 29/58 | €2,218,325 | €2,725,479 | +€507,154 | +22.9% |
| Amounts receivable after more than one year | 29 | €938,765 | €1,076,170 | +€137,405 | +14.6% |
| Other amounts receivable | 291 | €938,765 | €1,076,170 | +€137,405 | +14.6% |
| Amounts receivable within one year | 40/41 | €68,204 | €87,877 | +€19,674 | +28.8% |
| Trade receivables | 40 | €43,071 | €87,877 | +€44,806 | +104% |
| Other amounts receivable | 41 | €25,133 | €0 | -€25,133 | -100% |
| Current investments | 50/53 | €643,582 | €1,306,616 | +€663,034 | +103% |
| Cash at bank and in hand | 54/58 | €561,679 | €224,645 | -€337,035 | -60.0% |
| Deferred charges and accrued income | 490/1 | €6,094 | €30,171 | +€24,076 | +395% |
| Total equity and liabilities | 10/49 | €2,252,396 | €2,747,002 | +€494,606 | +22.0% |
| Equity | 10/15 | €2,215,013 | €2,690,395 | +€475,381 | +21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,196,413 | €2,671,795 | +€475,381 | +21.6% |
| Distributable reserves | 133 | €2,196,413 | €2,671,795 | +€475,381 | +21.6% |
| Amounts payable | 17/49 | €37,383 | €56,607 | +€19,225 | +51.4% |
| Amounts payable within one year | 42/48 | €37,383 | €56,607 | +€19,225 | +51.4% |
| Trade debts | 44 | €1,022 | €669 | -€353 | -34.5% |
| Suppliers | 440/4 | €1,022 | €669 | -€353 | -34.5% |
| Taxes, remuneration and social security | 45 | €34,394 | €54,532 | +€20,138 | +58.6% |
| Taxes | 450/3 | €34,394 | €54,532 | +€20,138 | +58.6% |
| Other amounts payable | 47/48 | €1,967 | €1,407 | -€561 | -28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,116 | €14,795 | +€679 | +4.8% |
| Other operating charges | 640/8 | €1,351 | €1,394 | +€43 | +3.2% |
| Gross operating margin | 9900 | €665,030 | €636,018 | -€29,012 | -4.4% |
| Operating profit (loss) | 9901 | €649,563 | €619,830 | -€29,734 | -4.6% |
| Financial income | 75/76B | €32,439 | €70,465 | +€38,026 | +117% |
| Recurring financial income | 75 | €32,439 | €70,465 | +€38,026 | +117% |
| Financial charges | 65/66B | €5,493 | €3,768 | -€1,725 | -31.4% |
| Recurring financial charges | 65 | €5,493 | €3,768 | -€1,725 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €676,510 | €686,528 | +€10,018 | +1.5% |
| Income taxes | 67/77 | €212,492 | €211,146 | -€1,346 | -0.6% |
| Profit (loss) for the period | 9904 | €464,018 | €475,381 | +€11,364 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €464,018 | €475,381 | +€11,364 | +2.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.