SDSA: 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.
SDSA
Largest movements
- Receivables within one year +€30,689
up €30,689 (+62.7%), from €48,962 to €79,651
of which Trade receivables: +€39,726
- Cash +€4,562
up €4,562 (+4340.6%), from €105 to €4,667
mainly Advances received (+€26,000) and Trade debts (+€10,389)
- Deferred charges and accrued income -€2,630
no longer reported in 2025 (was €2,630)
- Advances received +€26,000
new in 2025: €26,000
- Profit (loss) carried forward -€11,011
down €11,011 (-24.2%), from €45,485 to €34,474
- Trade debts +€10,389
up €10,389 (+186.8%), from €5,560 to €15,949
- Other debts +€7,946
up €7,946 (+20.9%), from €38,059 to €46,005
- Tax, wage and social debts -€1,721
down €1,721 (-19.6%), from €8,800 to €7,079
- Gross operating margin +€71,040
up €71,040 (+90.5%), from -€78,495 to -€7,454
- Other operating charges -€3,577
no longer reported in 2025 (was €3,577)
- Financial income -€1,940
no longer reported in 2025 (was €1,940)
- Depreciation -€892
down €892 (-46.7%), from €1,910 to €1,018
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.
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 | €116,505 | €148,108 | +€31,603 | +27.1% |
| Fixed assets | 21/28 | €64,808 | €63,789 | -€1,018 | -1.6% |
| Tangible fixed assets | 22/27 | €56,708 | €55,689 | -€1,018 | -1.8% |
| Furniture and vehicles | 24 | €56,708 | €55,689 | -€1,018 | -1.8% |
| Financial fixed assets | 28 | €8,100 | €8,100 | = | 0.0% |
| Current assets | 29/58 | €51,697 | €84,318 | +€32,621 | +63.1% |
| Amounts receivable within one year | 40/41 | €48,962 | €79,651 | +€30,689 | +62.7% |
| Trade receivables | 40 | €34,721 | €74,447 | +€39,726 | +114.4% |
| Other amounts receivable | 41 | €14,241 | €5,204 | -€9,037 | -63.5% |
| Cash at bank and in hand | 54/58 | €105 | €4,667 | +€4,562 | +4340.6% |
| Deferred charges and accrued income | 490/1 | €2,630 | - | -€2,630 | |
| Total equity and liabilities | 10/49 | €116,505 | €148,108 | +€31,603 | +27.1% |
| Equity | 10/15 | €64,085 | €53,074 | -€11,011 | -17.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,485 | €34,474 | -€11,011 | -24.2% |
| Amounts payable | 17/49 | €52,419 | €95,033 | +€42,614 | +81.3% |
| Amounts payable within one year | 42/48 | €52,419 | €95,033 | +€42,614 | +81.3% |
| Trade debts | 44 | €5,560 | €15,949 | +€10,389 | +186.8% |
| Suppliers | 440/4 | €5,560 | €15,949 | +€10,389 | +186.8% |
| Advances received on contracts in progress | 46 | - | €26,000 | +€26,000 | |
| Taxes, remuneration and social security | 45 | €8,800 | €7,079 | -€1,721 | -19.6% |
| Taxes | 450/3 | €8,800 | €7,079 | -€1,721 | -19.6% |
| Other amounts payable | 47/48 | €38,059 | €46,005 | +€7,946 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,910 | €1,018 | -€892 | -46.7% |
| Other operating charges | 640/8 | €3,577 | - | -€3,577 | |
| Non-recurring operating charges | 66A | €17,310 | - | -€17,310 | |
| Gross operating margin | 9900 | -€78,495 | -€7,454 | +€71,040 | +90.5% |
| Operating profit (loss) | 9901 | -€101,291 | -€8,472 | +€92,819 | +91.6% |
| Financial income | 75/76B | €1,940 | - | -€1,940 | |
| Recurring financial income | 75 | €1,940 | - | -€1,940 | |
| Financial charges | 65/66B | €2,060 | €2,240 | +€181 | +8.8% |
| Recurring financial charges | 65 | €2,060 | €2,240 | +€181 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | -€101,411 | -€10,713 | +€90,698 | +89.4% |
| Income taxes | 67/77 | €520 | €298 | -€221 | -42.6% |
| Profit (loss) for the period | 9904 | -€101,931 | -€11,011 | +€90,920 | +89.2% |
| Transfer from tax-exempt reserves | 789 | €11,325 | - | -€11,325 | |
| Profit (loss) for the period to be appropriated | 9905 | -€90,606 | -€11,011 | +€79,595 | +87.8% |
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 9 October 2026 via checked.be.