SDW consult: 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.
SDW consult
Largest movements
- Receivables within one year +€71,074
up €71,074 (+131.5%), from €54,031 to €125,105
of which Other amounts receivable: +€89,624
- Cash -€28,866
down €28,866 (-36.0%), from €80,138 to €51,272
mainly Receivables within one year (-€71,074) and Current investments (-€28,763)
- Current investments +€28,763
up €28,763 (+57.3%), from €50,155 to €78,917
- Tangible fixed assets -€22,283
down €22,283 (-11.7%), from €190,943 to €168,659
of which Furniture and vehicles: -€17,489
- Reserves +€61,200
up €61,200 (+22.7%), from €270,082 to €331,282
- Debts after one year -€10,880
down €10,880 (-14.8%), from €73,674 to €62,794
of which Financial debts: -€10,880
- Gross operating margin -€48,097
down €48,097 (-32.9%), from €146,221 to €98,124
- Taxes -€10,644
down €10,644 (-40.5%), from €26,266 to €15,622
- Financial income +€4,568
up €4,568 (+337.1%), from €1,355 to €5,923
- Depreciation +€2,601
up €2,601 (+11.8%), from €22,132 to €24,733
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 | €378,019 | €424,339 | +€46,320 | +12.3% |
| Fixed assets | 21/28 | €190,943 | €168,659 | -€22,283 | -11.7% |
| Tangible fixed assets | 22/27 | €190,943 | €168,659 | -€22,283 | -11.7% |
| Land and buildings | 22 | €118,036 | €113,242 | -€4,794 | -4.1% |
| Furniture and vehicles | 24 | €72,906 | €55,417 | -€17,489 | -24.0% |
| Current assets | 29/58 | €187,077 | €255,680 | +€68,604 | +36.7% |
| Amounts receivable within one year | 40/41 | €54,031 | €125,105 | +€71,074 | +131.5% |
| Trade receivables | 40 | €54,031 | €35,481 | -€18,549 | -34.3% |
| Other amounts receivable | 41 | - | €89,624 | +€89,624 | |
| Current investments | 50/53 | €50,155 | €78,917 | +€28,763 | +57.3% |
| Cash at bank and in hand | 54/58 | €80,138 | €51,272 | -€28,866 | -36.0% |
| Deferred charges and accrued income | 490/1 | €2,754 | €387 | -€2,367 | -86.0% |
| Total equity and liabilities | 10/49 | €378,019 | €424,339 | +€46,320 | +12.3% |
| Equity | 10/15 | €275,082 | €336,282 | +€61,200 | +22.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €270,082 | €331,282 | +€61,200 | +22.7% |
| Distributable reserves | 133 | €270,082 | €331,282 | +€61,200 | +22.7% |
| Amounts payable | 17/49 | €102,937 | €88,058 | -€14,880 | -14.5% |
| Amounts payable after more than one year | 17 | €73,674 | €62,794 | -€10,880 | -14.8% |
| Financial debts | 170/4 | €73,614 | €62,734 | -€10,880 | -14.8% |
| Other amounts payable | 178/9 | €60 | €60 | = | 0.0% |
| Amounts payable within one year | 42/48 | €29,263 | €25,264 | -€3,999 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €10,775 | €10,880 | +€105 | +1.0% |
| Trade debts | 44 | €5,741 | €4,514 | -€1,227 | -21.4% |
| Suppliers | 440/4 | €5,741 | €4,514 | -€1,227 | -21.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €11,544 | €9,437 | -€2,106 | -18.2% |
| Taxes | 450/3 | €11,544 | €9,437 | -€2,106 | -18.2% |
| Other amounts payable | 47/48 | €1,204 | €432 | -€772 | -64.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,132 | €24,733 | +€2,601 | +11.8% |
| Other operating charges | 640/8 | €1,609 | €1,491 | -€118 | -7.3% |
| Gross operating margin | 9900 | €146,221 | €98,124 | -€48,097 | -32.9% |
| Operating profit (loss) | 9901 | €122,480 | €71,900 | -€50,580 | -41.3% |
| Financial income | 75/76B | €1,355 | €5,923 | +€4,568 | +337.1% |
| Recurring financial income | 75 | €1,355 | €5,923 | +€4,568 | +337.1% |
| Financial charges | 65/66B | €1,067 | €1,001 | -€65 | -6.1% |
| Recurring financial charges | 65 | €1,067 | €1,001 | -€65 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €122,768 | €76,822 | -€45,946 | -37.4% |
| Income taxes | 67/77 | €26,266 | €15,622 | -€10,644 | -40.5% |
| Profit (loss) for the period | 9904 | €96,502 | €61,200 | -€35,302 | -36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,502 | €61,200 | -€35,302 | -36.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.