SDSPHAR: 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.
SDSPHAR
Largest movements
- Cash +€75,077
up €75,077 (+75.6%), from €99,282 to €174,359
mainly Net result for the year (+€203,366) and Other debts (+€64,416)
- Receivables within one year -€52,839
down €52,839 (-29.7%), from €177,840 to €125,001
of which Trade receivables: -€43,686
- Stocks and contracts +€23,892
up €23,892 (+17.4%), from €137,653 to €161,545
- Intangible fixed assets -€20,000
down €20,000 (-22.9%), from €87,507 to €67,507
- Tangible fixed assets -€13,247
down €13,247 (-6.2%), from €213,463 to €200,216
of which Plant, machinery and equipment: -€11,963
- Other debts +€64,416
up €64,416 (+31.5%), from €204,213 to €268,629
- Trade debts -€50,345
down €50,345 (-27.0%), from €186,269 to €135,923
- Gross operating margin +€132,421
up €132,421 (+48.9%), from €270,543 to €402,964
- Taxes +€29,803
up €29,803 (+66.5%), from €44,847 to €74,650
- Depreciation +€13,517
up €13,517 (+40.1%), from €33,727 to €47,244
- Staff costs +€10,451
up €10,451 (+19.6%), from €53,391 to €63,843
- Financial charges +€5,254
up €5,254 (+60.1%), from €8,748 to €14,002
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 | €726,240 | €740,622 | +€14,382 | +2.0% |
| Fixed assets | 21/28 | €306,968 | €277,037 | -€29,931 | -9.8% |
| Intangible fixed assets | 21 | €87,507 | €67,507 | -€20,000 | -22.9% |
| Tangible fixed assets | 22/27 | €213,463 | €200,216 | -€13,247 | -6.2% |
| Plant, machinery and equipment | 23 | €211,052 | €199,089 | -€11,963 | -5.7% |
| Furniture and vehicles | 24 | €2,411 | €1,127 | -€1,284 | -53.3% |
| Financial fixed assets | 28 | €5,998 | €9,314 | +€3,316 | +55.3% |
| Current assets | 29/58 | €419,273 | €463,586 | +€44,313 | +10.6% |
| Stocks and contracts in progress | 3 | €137,653 | €161,545 | +€23,892 | +17.4% |
| Stocks | 30/36 | €137,653 | €161,545 | +€23,892 | +17.4% |
| Amounts receivable within one year | 40/41 | €177,840 | €125,001 | -€52,839 | -29.7% |
| Trade receivables | 40 | €168,687 | €125,001 | -€43,686 | -25.9% |
| Other amounts receivable | 41 | €9,153 | - | -€9,153 | |
| Current investments | 50/53 | €3,316 | - | -€3,316 | |
| Cash at bank and in hand | 54/58 | €99,282 | €174,359 | +€75,077 | +75.6% |
| Deferred charges and accrued income | 490/1 | €1,181 | €2,681 | +€1,499 | +126.9% |
| Total equity and liabilities | 10/49 | €726,240 | €740,622 | +€14,382 | +2.0% |
| Equity | 10/15 | €28,378 | €21,745 | -€6,634 | -23.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,580 | €1,580 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,580 | €1,580 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,580 | €1,580 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,198 | €1,565 | -€6,634 | -80.9% |
| Amounts payable | 17/49 | €697,862 | €718,878 | +€21,015 | +3.0% |
| Amounts payable after more than one year | 17 | €213,404 | €217,447 | +€4,043 | +1.9% |
| Financial debts | 170/4 | €213,404 | €217,447 | +€4,043 | +1.9% |
| Amounts payable within one year | 42/48 | €484,458 | €501,431 | +€16,972 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €50,825 | €54,178 | +€3,354 | +6.6% |
| Trade debts | 44 | €186,269 | €135,923 | -€50,345 | -27.0% |
| Suppliers | 440/4 | €186,269 | €135,923 | -€50,345 | -27.0% |
| Taxes, remuneration and social security | 45 | €43,153 | €42,700 | -€452 | -1.0% |
| Taxes | 450/3 | €31,332 | €32,656 | +€1,324 | +4.2% |
| Remuneration and social security | 454/9 | €11,821 | €10,044 | -€1,777 | -15.0% |
| Other amounts payable | 47/48 | €204,213 | €268,629 | +€64,416 | +31.5% |
| Remuneration, social security and pensions | 62 | €53,391 | €63,843 | +€10,451 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,727 | €47,244 | +€13,517 | +40.1% |
| Other operating charges | 640/8 | €2 | - | -€2 | |
| Gross operating margin | 9900 | €270,543 | €402,964 | +€132,421 | +48.9% |
| Operating profit (loss) | 9901 | €183,423 | €291,877 | +€108,454 | +59.1% |
| Financial income | 75/76B | €248 | €141 | -€107 | -43.1% |
| Recurring financial income | 75 | €248 | €141 | -€107 | -43.1% |
| Financial charges | 65/66B | €8,748 | €14,002 | +€5,254 | +60.1% |
| Recurring financial charges | 65 | €8,748 | €14,002 | +€5,254 | +60.1% |
| Profit (loss) for the period before taxes | 9903 | €174,923 | €278,016 | +€103,093 | +58.9% |
| Income taxes | 67/77 | €44,847 | €74,650 | +€29,803 | +66.5% |
| Profit (loss) for the period | 9904 | €130,076 | €203,366 | +€73,291 | +56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €130,076 | €203,366 | +€73,291 | +56.3% |
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 5 October 2026 via checked.be.