SDV SYSTEMS: 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 SYSTEMS
Largest movements
- Cash +€39,693
up €39,693 (+333.2%), from €11,913 to €51,607
mainly Net result for the year (+€31,909) and Debts after one year (+€19,387)
- Receivables within one year +€35,443
up €35,443 (+134.6%), from €26,340 to €61,783
of which Trade receivables: +€24,303
- Stocks and contracts -€18,500
down €18,500 (-56.6%), from €32,707 to €14,207
of which Contracts in progress: -€16,500
- Tangible fixed assets -€9,237
down €9,237 (-20.5%), from €45,108 to €35,871
of which Furniture and vehicles: -€8,139
- Reserves +€31,909
up €31,909 (+68.4%), from €46,682 to €78,591
- Debts after one year +€19,387
new in 2025: €19,387
- Trade debts -€18,289
down €18,289 (-80.0%), from €22,848 to €4,559
- Current portion of long-term debt +€10,693
up €10,693 (+164.9%), from €6,485 to €17,178
- Other debts +€3,546
up €3,546 (+9.5%), from €37,166 to €40,713
- Taxes +€1,848
up €1,848 (+18.1%), from €10,186 to €12,034
- Depreciation +€1,183
up €1,183 (+12.6%), from €9,405 to €10,587
- Gross operating margin +€1,055
up €1,055 (+1.8%), from €57,530 to €58,586
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 | €117,143 | €164,423 | +€47,280 | +40.4% |
| Fixed assets | 21/28 | €45,950 | €36,512 | -€9,437 | -20.5% |
| Intangible fixed assets | 21 | €767 | €567 | -€200 | -26.1% |
| Tangible fixed assets | 22/27 | €45,108 | €35,871 | -€9,237 | -20.5% |
| Land and buildings | 22 | €10,642 | €10,098 | -€544 | -5.1% |
| Plant, machinery and equipment | 23 | €5,622 | €5,067 | -€555 | -9.9% |
| Furniture and vehicles | 24 | €28,844 | €20,705 | -€8,139 | -28.2% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €71,193 | €127,910 | +€56,718 | +79.7% |
| Stocks and contracts in progress | 3 | €32,707 | €14,207 | -€18,500 | -56.6% |
| Stocks | 30/36 | €16,207 | €14,207 | -€2,000 | -12.3% |
| Contracts in progress | 37 | €16,500 | - | -€16,500 | |
| Amounts receivable within one year | 40/41 | €26,340 | €61,783 | +€35,443 | +134.6% |
| Trade receivables | 40 | €22,521 | €46,824 | +€24,303 | +107.9% |
| Other amounts receivable | 41 | €3,819 | €14,959 | +€11,140 | +291.7% |
| Cash at bank and in hand | 54/58 | €11,913 | €51,607 | +€39,693 | +333.2% |
| Deferred charges and accrued income | 490/1 | €233 | €314 | +€81 | +34.8% |
| Total equity and liabilities | 10/49 | €117,143 | €164,423 | +€47,280 | +40.4% |
| Equity | 10/15 | €49,682 | €81,591 | +€31,909 | +64.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €46,682 | €78,591 | +€31,909 | +68.4% |
| Distributable reserves | 133 | €46,682 | €78,591 | +€31,909 | +68.4% |
| Amounts payable | 17/49 | €67,461 | €82,832 | +€15,371 | +22.8% |
| Amounts payable after more than one year | 17 | - | €19,387 | +€19,387 | |
| Financial debts | 170/4 | - | €19,387 | +€19,387 | |
| Amounts payable within one year | 42/48 | €67,461 | €63,445 | -€4,016 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €6,485 | €17,178 | +€10,693 | +164.9% |
| Trade debts | 44 | €22,848 | €4,559 | -€18,289 | -80.0% |
| Suppliers | 440/4 | €22,848 | €4,559 | -€18,289 | -80.0% |
| Taxes, remuneration and social security | 45 | €961 | €995 | +€34 | +3.5% |
| Taxes | 450/3 | €961 | €995 | +€34 | +3.5% |
| Other amounts payable | 47/48 | €37,166 | €40,713 | +€3,546 | +9.5% |
| Remuneration, social security and pensions | 62 | €2,016 | €2,260 | +€244 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,405 | €10,587 | +€1,183 | +12.6% |
| Other operating charges | 640/8 | €474 | €771 | +€297 | +62.6% |
| Non-recurring operating charges | 66A | €10,145 | - | -€10,145 | |
| Gross operating margin | 9900 | €57,530 | €58,586 | +€1,055 | +1.8% |
| Operating profit (loss) | 9901 | €35,490 | €44,968 | +€9,477 | +26.7% |
| Financial income | 75/76B | €6 | €33 | +€26 | +410.2% |
| Recurring financial income | 75 | €6 | €33 | +€26 | +410.2% |
| Financial charges | 65/66B | €753 | €1,057 | +€304 | +40.4% |
| Recurring financial charges | 65 | €753 | €1,057 | +€304 | +40.4% |
| Profit (loss) for the period before taxes | 9903 | €34,744 | €43,943 | +€9,199 | +26.5% |
| Income taxes | 67/77 | €10,186 | €12,034 | +€1,848 | +18.1% |
| Profit (loss) for the period | 9904 | €24,558 | €31,909 | +€7,351 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,558 | €31,909 | +€7,351 | +29.9% |
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 11 October 2026 via checked.be.