SDV: 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.
SDV
Largest movements
- Receivables within one year +€30,227
up €30,227 (+104.3%), from €28,974 to €59,200
of which Trade receivables: +€38,065
- Cash -€18,298
down €18,298 (-40.3%), from €45,386 to €27,089
mainly Receivables within one year (-€30,227) and Investment in fixed assets (net) (-€16,292)
- Tangible fixed assets +€12,706
up €12,706 (+121.1%), from €10,491 to €23,197
of which Furniture and vehicles: +€12,033
- Reserves +€33,062
up €33,062 (+24.4%), from €135,719 to €168,781
- Current portion of long-term debt -€12,250
down €12,250 (-100.0%), from €12,250 to €0
- Other debts +€4,070
up €4,070 (+5.6%), from €72,812 to €76,882
- Taxes +€4,982
up €4,982 (+38.0%), from €13,112 to €18,094
- Depreciation -€4,927
down €4,927 (-56.5%), from €8,714 to €3,787
- Gross operating margin +€4,890
up €4,890 (+8.6%), from €56,606 to €61,496
- Financial charges -€626
down €626 (-9.8%), from €6,407 to €5,781
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 | €247,159 | €271,996 | +€24,837 | +10.0% |
| Formation expenses | 20 | €201 | €0 | -€201 | -100.0% |
| Fixed assets | 21/28 | €170,491 | €183,197 | +€12,706 | +7.5% |
| Tangible fixed assets | 22/27 | €10,491 | €23,197 | +€12,706 | +121.1% |
| Plant, machinery and equipment | 23 | €0 | €673 | +€673 | |
| Furniture and vehicles | 24 | €10,491 | €22,524 | +€12,033 | +114.7% |
| Financial fixed assets | 28 | €160,000 | €160,000 | = | 0.0% |
| Current assets | 29/58 | €76,467 | €88,799 | +€12,331 | +16.1% |
| Amounts receivable within one year | 40/41 | €28,974 | €59,200 | +€30,227 | +104.3% |
| Trade receivables | 40 | €12,959 | €51,024 | +€38,065 | +293.7% |
| Other amounts receivable | 41 | €16,015 | €8,176 | -€7,839 | -48.9% |
| Cash at bank and in hand | 54/58 | €45,386 | €27,089 | -€18,298 | -40.3% |
| Deferred charges and accrued income | 490/1 | €2,107 | €2,509 | +€403 | +19.1% |
| Total equity and liabilities | 10/49 | €247,159 | €271,996 | +€24,837 | +10.0% |
| Equity | 10/15 | €140,719 | €173,781 | +€33,062 | +23.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €135,719 | €168,781 | +€33,062 | +24.4% |
| Distributable reserves | 133 | €135,719 | €168,781 | +€33,062 | +24.4% |
| Amounts payable | 17/49 | €106,439 | €98,214 | -€8,225 | -7.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €100,737 | €92,835 | -€7,902 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €12,250 | €0 | -€12,250 | -100.0% |
| Financial debts | 43 | €15 | €0 | -€15 | -100.0% |
| Credit institutions | 430/8 | €15 | €0 | -€15 | -100.0% |
| Trade debts | 44 | €1,422 | €1,108 | -€315 | -22.1% |
| Suppliers | 440/4 | €1,422 | €1,108 | -€315 | -22.1% |
| Taxes, remuneration and social security | 45 | €14,237 | €14,845 | +€608 | +4.3% |
| Taxes | 450/3 | €12,207 | €12,815 | +€608 | +5.0% |
| Remuneration and social security | 454/9 | €2,030 | €2,030 | = | 0.0% |
| Other amounts payable | 47/48 | €72,812 | €76,882 | +€4,070 | +5.6% |
| Accrued charges and deferred income | 492/3 | €5,703 | €5,380 | -€323 | -5.7% |
| Non-recurring operating income | 76A | €3,326 | €0 | -€3,326 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,714 | €3,787 | -€4,927 | -56.5% |
| Other operating charges | 640/8 | €1,176 | €772 | -€404 | -34.4% |
| Gross operating margin | 9900 | €56,606 | €61,496 | +€4,890 | +8.6% |
| Operating profit (loss) | 9901 | €46,716 | €56,937 | +€10,221 | +21.9% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100.0% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €6,407 | €5,781 | -€626 | -9.8% |
| Recurring financial charges | 65 | €6,407 | €5,781 | -€626 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €40,311 | €51,156 | +€10,845 | +26.9% |
| Income taxes | 67/77 | €13,112 | €18,094 | +€4,982 | +38.0% |
| Profit (loss) for the period | 9904 | €27,199 | €33,062 | +€5,863 | +21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,199 | €33,062 | +€5,863 | +21.6% |
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 6 October 2026 via checked.be.