SDuckers: 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.
SDuckers
Largest movements
- Current investments +€149,467
new in 2025: €149,467
- Cash -€110,660
down €110,660 (-63.2%), from €175,193 to €64,533
mainly Current investments (-€149,467) and Tax, wage and social debts (-€13,459)
- Tangible fixed assets -€11,060
down €11,060 (-22.6%), from €48,840 to €37,780
- Receivables within one year +€2,873
up €2,873 (+16.2%), from €17,761 to €20,634
of which Other amounts receivable: +€3,883
- Profit (loss) carried forward +€55,339
up €55,339 (+30.8%), from €179,383 to €234,721
- Tax, wage and social debts -€13,459
down €13,459 (-61.0%), from €22,079 to €8,620
of which Taxes: -€13,459
- Debts after one year -€12,791
down €12,791 (-48.8%), from €26,224 to €13,433
- Gross operating margin +€17,641
up €17,641 (+23.8%), from €74,158 to €91,799
- Taxes +€9,260
up €9,260 (+77.6%), from €11,927 to €21,187
- Other operating charges -€1,209
down €1,209 (-56.6%), from €2,138 to €928
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 | €245,056 | €275,879 | +€30,823 | +12.6% |
| Fixed assets | 21/28 | €48,840 | €37,780 | -€11,060 | -22.6% |
| Tangible fixed assets | 22/27 | €48,840 | €37,780 | -€11,060 | -22.6% |
| Furniture and vehicles | 24 | €48,840 | €37,780 | -€11,060 | -22.6% |
| Current assets | 29/58 | €196,216 | €238,099 | +€41,883 | +21.3% |
| Amounts receivable within one year | 40/41 | €17,761 | €20,634 | +€2,873 | +16.2% |
| Trade receivables | 40 | €14,688 | €13,678 | -€1,010 | -6.9% |
| Other amounts receivable | 41 | €3,073 | €6,956 | +€3,883 | +126.4% |
| Current investments | 50/53 | - | €149,467 | +€149,467 | |
| Cash at bank and in hand | 54/58 | €175,193 | €64,533 | -€110,660 | -63.2% |
| Deferred charges and accrued income | 490/1 | €3,262 | €3,465 | +€203 | +6.2% |
| Total equity and liabilities | 10/49 | €245,056 | €275,879 | +€30,823 | +12.6% |
| Equity | 10/15 | €184,383 | €239,721 | +€55,339 | +30.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €179,383 | €234,721 | +€55,339 | +30.8% |
| Amounts payable | 17/49 | €60,673 | €36,157 | -€24,516 | -40.4% |
| Amounts payable after more than one year | 17 | €26,224 | €13,433 | -€12,791 | -48.8% |
| Financial debts | 170/4 | €26,224 | €13,433 | -€12,791 | -48.8% |
| Amounts payable within one year | 42/48 | €34,449 | €22,724 | -€11,725 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €12,179 | €12,791 | +€612 | +5.0% |
| Trade debts | 44 | €160 | €209 | +€49 | +30.7% |
| Suppliers | 440/4 | €160 | €209 | +€49 | +30.7% |
| Taxes, remuneration and social security | 45 | €22,079 | €8,620 | -€13,459 | -61.0% |
| Taxes | 450/3 | €22,079 | €8,620 | -€13,459 | -61.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €32 | €1,105 | +€1,073 | +3381.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,604 | €12,838 | +€234 | +1.9% |
| Other operating charges | 640/8 | €2,138 | €928 | -€1,209 | -56.6% |
| Gross operating margin | 9900 | €74,158 | €91,799 | +€17,641 | +23.8% |
| Operating profit (loss) | 9901 | €59,417 | €78,033 | +€18,616 | +31.3% |
| Financial income | 75/76B | - | €260 | +€260 | |
| Recurring financial income | 75 | - | €260 | +€260 | |
| Financial charges | 65/66B | €2,324 | €1,768 | -€556 | -23.9% |
| Recurring financial charges | 65 | €2,324 | €1,768 | -€556 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €57,093 | €76,526 | +€19,433 | +34.0% |
| Income taxes | 67/77 | €11,927 | €21,187 | +€9,260 | +77.6% |
| Profit (loss) for the period | 9904 | €45,166 | €55,339 | +€10,173 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,166 | €55,339 | +€10,173 | +22.5% |
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.