SDU Consult: 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.
What changed
SDU Consult
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €1.1m+€198,281
Equity
€7.4m
2024 · €6.6m+€813,095
Cash
€2.4m
2024 · €1.6m+€793,778
Balance sheet total
€9.2m
2024 · €8.4m+€830,197
Largest movements
Assets
- Cash +€793,778
up €793,778 (+48.3%), from €1.6m to €2.4m
mainly Net result for the year (+€1.3m) and Tax, wage and social debts (+€63,565)
Equity and liabilities
- Reserves +€813,095
up €813,095 (+12.3%), from €6.6m to €7.4m
of which Distributable reserves: +€813,095
Income statement
- Gross operating margin +€348,334
up €348,334 (+24.5%), from €1.4m to €1.8m
- Taxes +€95,846
up €95,846 (+19.3%), from €496,084 to €591,931
- Financial income -€56,374
down €56,374 (-35.8%), from €157,374 to €101,001
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.
Result 2024
€1.1m
Gross operating margin
+€348,334
Depreciation
-€367
Write-downs
+€1,759
Other operating charges
+€59
Financial income
-€56,374
Financial charges
+€716
Taxes
-€95,846
Result 2025
€1.3m
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.
From operations
+€1.4m
Investment
-€99,986
Financing
-€467,236
Cash 2024
€1.6m
From operations (derived)
+€1.4m
Net result for the year
+€1.3m
Depreciation
+€20,629
Receivables within one year
+€50,524
Deferred charges and accrued income
-€7,585
Trade debts
-€672
Tax, wage and social debts
+€63,565
Other debts
-€21,842
Investment (derived)
-€99,986
Investment in fixed assets (net)
-€9,986
Current investments
-€90,000
Financing
-€467,236
Debts after one year
-€22,492
Current portion of long-term debt
-€1,458
Contributions, distributions and other
-€443,286
Cash 2025
€2.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,405,916 | €9,236,113 | +€830,197 | +9.9% |
| Fixed assets | 21/28 | €275,924 | €265,281 | -€10,643 | -3.9% |
| Tangible fixed assets | 22/27 | €273,424 | €257,781 | -€15,643 | -5.7% |
| Land and buildings | 22 | €131,892 | €123,355 | -€8,536 | -6.5% |
| Plant, machinery and equipment | 23 | €1,564 | €5,869 | +€4,305 | +275.2% |
| Furniture and vehicles | 24 | €37,374 | €25,963 | -€11,411 | -30.5% |
| Other tangible fixed assets | 26 | €102,594 | €102,594 | = | 0.0% |
| Financial fixed assets | 28 | €2,500 | €7,500 | +€5,000 | +200.0% |
| Current assets | 29/58 | €8,129,993 | €8,970,832 | +€840,840 | +10.3% |
| Amounts receivable after more than one year | 29 | €2,200,000 | €2,200,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,200,000 | €2,200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €211,125 | €160,602 | -€50,524 | -23.9% |
| Trade receivables | 40 | €51,929 | €33,678 | -€18,251 | -35.1% |
| Other amounts receivable | 41 | €159,197 | €126,924 | -€32,272 | -20.3% |
| Current investments | 50/53 | €4,060,000 | €4,150,000 | +€90,000 | +2.2% |
| Cash at bank and in hand | 54/58 | €1,641,918 | €2,435,696 | +€793,778 | +48.3% |
| Deferred charges and accrued income | 490/1 | €16,949 | €24,534 | +€7,585 | +44.8% |
| Total equity and liabilities | 10/49 | €8,405,916 | €9,236,113 | +€830,197 | +9.9% |
| Equity | 10/15 | €6,610,755 | €7,423,850 | +€813,095 | +12.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €6,598,355 | €7,411,450 | +€813,095 | +12.3% |
| Non-distributable reserves | 130/1 | €66,570 | €66,570 | = | 0.0% |
| Reserves not available under the articles | 1311 | €66,570 | €66,570 | = | 0.0% |
| Distributable reserves | 133 | €6,531,785 | €7,344,880 | +€813,095 | +12.4% |
| Amounts payable | 17/49 | €1,795,161 | €1,812,263 | +€17,102 | +1.0% |
| Amounts payable after more than one year | 17 | €22,492 | - | -€22,492 | |
| Financial debts | 170/4 | €22,492 | - | -€22,492 | |
| Amounts payable within one year | 42/48 | €1,772,669 | €1,812,263 | +€39,594 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €23,950 | €22,492 | -€1,458 | -6.1% |
| Trade debts | 44 | €1,554 | €882 | -€672 | -43.2% |
| Suppliers | 440/4 | €1,554 | €882 | -€672 | -43.2% |
| Taxes, remuneration and social security | 45 | €17,220 | €80,785 | +€63,565 | +369.1% |
| Taxes | 450/3 | €17,220 | €80,785 | +€63,565 | +369.1% |
| Other amounts payable | 47/48 | €1,729,946 | €1,708,104 | -€21,842 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,261 | €20,629 | +€367 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,759 | - | -€1,759 | |
| Other operating charges | 640/8 | €1,915 | €1,856 | -€59 | -3.1% |
| Gross operating margin | 9900 | €1,423,990 | €1,772,324 | +€348,334 | +24.5% |
| Operating profit (loss) | 9901 | €1,400,055 | €1,749,840 | +€349,784 | +25.0% |
| Financial income | 75/76B | €157,374 | €101,001 | -€56,374 | -35.8% |
| Recurring financial income | 75 | €157,374 | €101,001 | -€56,374 | -35.8% |
| Financial charges | 65/66B | €3,245 | €2,529 | -€716 | -22.1% |
| Recurring financial charges | 65 | €3,245 | €2,529 | -€716 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €1,554,185 | €1,848,312 | +€294,127 | +18.9% |
| Income taxes | 67/77 | €496,084 | €591,931 | +€95,846 | +19.3% |
| Profit (loss) for the period | 9904 | €1,058,100 | €1,256,381 | +€198,281 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,058,100 | €1,256,381 | +€198,281 | +18.7% |
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 7 October 2026 via checked.be.