SDV Advisory Group: 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.
SDV Advisory Group
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Cash -€85,366
down €85,366 (-55.2%), from €154,585 to €69,218
mainly Current investments (-€150,000) and Other debts (-€4,054)
- Receivables within one year -€4,799
down €4,799 (-20.4%), from €23,513 to €18,714
- Reserves +€66,300
up €66,300 (+45.3%), from €146,500 to €212,800
- Other debts -€4,054
down €4,054 (-60.9%), from €6,661 to €2,606
- Tax, wage and social debts -€2,767
down €2,767 (-9.7%), from €28,650 to €25,883
- Gross operating margin -€21,017
down €21,017 (-19.3%), from €108,905 to €87,888
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.
Derived cash bridge
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 | €184,874 | €244,699 | +€59,825 | +32.4% |
| Fixed assets | 21/28 | €3,959 | €4,032 | +€72 | +1.8% |
| Tangible fixed assets | 22/27 | €3,959 | €4,032 | +€72 | +1.8% |
| Plant, machinery and equipment | 23 | €2,822 | €2,480 | -€342 | -12.1% |
| Furniture and vehicles | 24 | €1,137 | €1,551 | +€414 | +36.4% |
| Current assets | 29/58 | €180,915 | €240,668 | +€59,752 | +33.0% |
| Amounts receivable within one year | 40/41 | €23,513 | €18,714 | -€4,799 | -20.4% |
| Trade receivables | 40 | €23,513 | €18,714 | -€4,799 | -20.4% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €154,585 | €69,218 | -€85,366 | -55.2% |
| Deferred charges and accrued income | 490/1 | €2,818 | €2,736 | -€83 | -2.9% |
| Total equity and liabilities | 10/49 | €184,874 | €244,699 | +€59,825 | +32.4% |
| Equity | 10/15 | €149,564 | €215,866 | +€66,302 | +44.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €146,500 | €212,800 | +€66,300 | +45.3% |
| Distributable reserves | 133 | €146,500 | €212,800 | +€66,300 | +45.3% |
| Profit (loss) carried forward | 14 | €64 | €66 | +€2 | +3.8% |
| Amounts payable | 17/49 | €35,310 | €28,833 | -€6,478 | -18.3% |
| Amounts payable within one year | 42/48 | €35,310 | €28,833 | -€6,478 | -18.3% |
| Trade debts | 44 | €0 | €344 | +€344 | |
| Suppliers | 440/4 | €0 | €344 | +€344 | |
| Taxes, remuneration and social security | 45 | €28,650 | €25,883 | -€2,767 | -9.7% |
| Taxes | 450/3 | €28,650 | €25,883 | -€2,767 | -9.7% |
| Other amounts payable | 47/48 | €6,661 | €2,606 | -€4,054 | -60.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €933 | €1,387 | +€454 | +48.7% |
| Other operating charges | 640/8 | €126 | €516 | +€390 | +309% |
| Non-recurring operating charges | 66A | €23,050 | €0 | -€23,050 | -100% |
| Gross operating margin | 9900 | €108,905 | €87,888 | -€21,017 | -19.3% |
| Operating profit (loss) | 9901 | €84,796 | €85,984 | +€1,188 | +1.4% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €2,305 | €1,901 | -€404 | -17.5% |
| Recurring financial charges | 65 | €2,305 | €1,901 | -€404 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €82,491 | €84,089 | +€1,598 | +1.9% |
| Income taxes | 67/77 | €16,999 | €17,787 | +€788 | +4.6% |
| Profit (loss) for the period | 9904 | €65,492 | €66,302 | +€810 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €65,492 | €66,302 | +€810 | +1.2% |
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 21 October 2026 via checked.be.