SDU MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€54,120
up €54,120 (+52.7%), from €102,785 to €156,905
of which Land and buildings: +€53,931
- Receivables within one year -€31,118
down €31,118 (-47.6%), from €65,397 to €34,280
of which Other amounts receivable: -€24,852
- Cash -€10,902
down €10,902 (-41.6%), from €26,184 to €15,282
mainly Investment in fixed assets (net) (-€61,113) and Contributions, distributions and other (-€35,178)
- Other debts +€12,008
up €12,008 (+51.8%), from €23,170 to €35,178
- Tax, wage and social debts +€6,046
up €6,046 (+95.1%), from €6,359 to €12,404
of which Taxes: +€6,027
- Reserves -€4,279
down €4,279 (-5.3%), from €81,106 to €76,827
- Debts after one year -€2,389
down €2,389 (-4.0%), from €59,483 to €57,095
of which Financial debts: -€4,289
- Gross operating margin +€10,319
up €10,319 (+26.5%), from €38,948 to €49,268
- Financial income +€4,978
up €4,978 (+485.4%), from €1,026 to €6,003
of which Non-recurring financial income: +€4,979
- Taxes +€3,293
up €3,293 (+35.9%), from €9,163 to €12,456
- Write-downs +€1,479
new in 2025: €1,479
- Depreciation -€1,158
down €1,158 (-14.2%), from €8,151 to €6,993
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 | €194,367 | €206,467 | +€12,100 | +6.2% |
| Fixed assets | 21/28 | €102,785 | €156,905 | +€54,120 | +52.7% |
| Tangible fixed assets | 22/27 | €102,785 | €156,905 | +€54,120 | +52.7% |
| Land and buildings | 22 | €100,517 | €154,448 | +€53,931 | +53.7% |
| Plant, machinery and equipment | 23 | €584 | €1,194 | +€610 | +104.5% |
| Furniture and vehicles | 24 | €1,685 | €1,264 | -€421 | -25.0% |
| Current assets | 29/58 | €91,581 | €49,561 | -€42,020 | -45.9% |
| Amounts receivable within one year | 40/41 | €65,397 | €34,280 | -€31,118 | -47.6% |
| Trade receivables | 40 | €39,560 | €33,295 | -€6,265 | -15.8% |
| Other amounts receivable | 41 | €25,837 | €985 | -€24,852 | -96.2% |
| Cash at bank and in hand | 54/58 | €26,184 | €15,282 | -€10,902 | -41.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €194,367 | €206,467 | +€12,100 | +6.2% |
| Equity | 10/15 | €95,474 | €91,194 | -€4,279 | -4.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €81,106 | €76,827 | -€4,279 | -5.3% |
| Distributable reserves | 133 | €81,106 | €76,827 | -€4,279 | -5.3% |
| Profit (loss) carried forward | 14 | €1,968 | €1,968 | = | 0.0% |
| Amounts payable | 17/49 | €98,893 | €115,273 | +€16,379 | +16.6% |
| Amounts payable after more than one year | 17 | €59,483 | €57,095 | -€2,389 | -4.0% |
| Financial debts | 170/4 | €59,483 | €55,195 | -€4,289 | -7.2% |
| Other amounts payable | 178/9 | - | €1,900 | +€1,900 | |
| Amounts payable within one year | 42/48 | €39,410 | €58,178 | +€18,768 | +47.6% |
| Current portion of amounts payable after more than one year | 42 | €4,661 | €4,289 | -€373 | -8.0% |
| Financial debts | 43 | €3,402 | €3,387 | -€15 | -0.4% |
| Credit institutions | 430/8 | €3,402 | €3,387 | -€15 | -0.4% |
| Trade debts | 44 | €1,818 | €2,921 | +€1,103 | +60.6% |
| Suppliers | 440/4 | €1,818 | €2,921 | +€1,103 | +60.6% |
| Taxes, remuneration and social security | 45 | €6,359 | €12,404 | +€6,046 | +95.1% |
| Taxes | 450/3 | €3,400 | €9,428 | +€6,027 | +177.3% |
| Remuneration and social security | 454/9 | €2,958 | €2,977 | +€18 | +0.6% |
| Other amounts payable | 47/48 | €23,170 | €35,178 | +€12,008 | +51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,151 | €6,993 | -€1,158 | -14.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,479 | +€1,479 | |
| Other operating charges | 640/8 | €1,425 | €987 | -€438 | -30.8% |
| Gross operating margin | 9900 | €38,948 | €49,268 | +€10,319 | +26.5% |
| Operating profit (loss) | 9901 | €29,372 | €39,809 | +€10,437 | +35.5% |
| Financial income | 75/76B | €1,026 | €6,003 | +€4,978 | +485.4% |
| Recurring financial income | 75 | €5 | €3 | -€1 | -32.8% |
| Non-recurring financial income | 76B | €1,021 | €6,000 | +€4,979 | +487.6% |
| Financial charges | 65/66B | €2,815 | €2,458 | -€357 | -12.7% |
| Recurring financial charges | 65 | €2,815 | €2,458 | -€357 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €27,583 | €43,354 | +€15,772 | +57.2% |
| Income taxes | 67/77 | €9,163 | €12,456 | +€3,293 | +35.9% |
| Profit (loss) for the period | 9904 | €18,419 | €30,898 | +€12,479 | +67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,419 | €30,898 | +€12,479 | +67.7% |
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.