SDU: 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.
SDU
Largest movements
- Cash +€9,029
up €9,029 (+81.8%), from €11,036 to €20,066
mainly Other debts (+€26,034) and Depreciation (+€1,046)
- Receivables within one year +€4,075
up €4,075 (+43.5%), from €9,372 to €13,446
of which Other amounts receivable: +€3,151
- Tangible fixed assets +€1,332
up €1,332 (+91.7%), from €1,452 to €2,784
of which Furniture and vehicles: +€1,582
- Other debts +€26,034
up €26,034 (+2408.3%), from €1,081 to €27,115
- Profit (loss) carried forward -€12,397
new in 2025: -€12,397
- Trade debts +€796
up €796 (+51.6%), from €1,543 to €2,340
- Financial charges +€40,704
up €40,704 (+12223.5%), from €333 to €41,037
- Taxes -€7,138
down €7,138 (-98.2%), from €7,270 to €132
- Gross operating margin +€3,774
up €3,774 (+14.0%), from €26,875 to €30,649
- Depreciation +€548
up €548 (+110.0%), from €498 to €1,046
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 | €22,941 | €37,354 | +€14,413 | +62.8% |
| Fixed assets | 21/28 | €1,452 | €2,784 | +€1,332 | +91.7% |
| Tangible fixed assets | 22/27 | €1,452 | €2,784 | +€1,332 | +91.7% |
| Plant, machinery and equipment | 23 | €551 | €301 | -€250 | -45.4% |
| Furniture and vehicles | 24 | €901 | €2,483 | +€1,582 | +175.6% |
| Current assets | 29/58 | €21,489 | €34,570 | +€13,081 | +60.9% |
| Amounts receivable within one year | 40/41 | €9,372 | €13,446 | +€4,075 | +43.5% |
| Trade receivables | 40 | €8,640 | €9,564 | +€924 | +10.7% |
| Other amounts receivable | 41 | €731 | €3,882 | +€3,151 | +430.8% |
| Cash at bank and in hand | 54/58 | €11,036 | €20,066 | +€9,029 | +81.8% |
| Deferred charges and accrued income | 490/1 | €1,081 | €1,058 | -€23 | -2.2% |
| Total equity and liabilities | 10/49 | €22,941 | €37,354 | +€14,413 | +62.8% |
| Equity | 10/15 | €20,166 | €7,769 | -€12,397 | -61.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €17,166 | €17,166 | = | 0.0% |
| Distributable reserves | 133 | €17,166 | €17,166 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€12,397 | -€12,397 | |
| Amounts payable | 17/49 | €2,775 | €29,585 | +€26,810 | +966.1% |
| Amounts payable within one year | 42/48 | €2,645 | €29,455 | +€26,810 | +1013.5% |
| Trade debts | 44 | €1,543 | €2,340 | +€796 | +51.6% |
| Suppliers | 440/4 | €1,543 | €2,340 | +€796 | +51.6% |
| Taxes, remuneration and social security | 45 | €21 | - | -€21 | |
| Taxes | 450/3 | €21 | - | -€21 | |
| Other amounts payable | 47/48 | €1,081 | €27,115 | +€26,034 | +2408.3% |
| Accrued charges and deferred income | 492/3 | €130 | €130 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €498 | €1,046 | +€548 | +110.0% |
| Other operating charges | 640/8 | €754 | €878 | +€124 | +16.5% |
| Gross operating margin | 9900 | €26,875 | €30,649 | +€3,774 | +14.0% |
| Operating profit (loss) | 9901 | €25,623 | €28,725 | +€3,102 | +12.1% |
| Financial income | 75/76B | €5 | €47 | +€43 | +870.6% |
| Recurring financial income | 75 | €5 | €47 | +€43 | +870.6% |
| Financial charges | 65/66B | €333 | €41,037 | +€40,704 | +12223.5% |
| Recurring financial charges | 65 | €333 | €41,037 | +€40,704 | +12223.5% |
| Profit (loss) for the period before taxes | 9903 | €25,295 | -€12,265 | -€37,560 | |
| Income taxes | 67/77 | €7,270 | €132 | -€7,138 | -98.2% |
| Profit (loss) for the period | 9904 | €18,025 | -€12,397 | -€30,422 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,025 | -€12,397 | -€30,422 |
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.