SDW MANAGEMENT: 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.
SDW MANAGEMENT
Largest movements
- Cash +€68,769
up €68,769 (+83.8%), from €82,063 to €150,832
mainly Net result for the year (+€63,321) and Tax, wage and social debts (+€10,232)
- Receivables within one year +€8,165
up €8,165 (+65.7%), from €12,433 to €20,598
of which Trade receivables: +€8,192
- Profit (loss) carried forward +€63,321
up €63,321 (+254%), from €24,961 to €88,282
- Tax, wage and social debts +€10,232
up €10,232 (+222%), from €4,604 to €14,836
of which Taxes: +€10,232
- Gross operating margin +€55,551
up €55,551 (+137%), from €40,669 to €96,220
- Taxes +€12,966
up €12,966 (+109%), from €11,925 to €24,891
- Financial charges +€2,561
up €2,561 (+109%), from €2,345 to €4,906
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 | €317,270 | €396,673 | +€79,404 | +25.0% |
| Fixed assets | 21/28 | €222,059 | €224,727 | +€2,668 | +1.2% |
| Tangible fixed assets | 22/27 | €5,393 | €8,060 | +€2,668 | +49.5% |
| Furniture and vehicles | 24 | €2,946 | €4,141 | +€1,195 | +40.6% |
| Other tangible fixed assets | 26 | €2,447 | €3,919 | +€1,473 | +60.2% |
| Financial fixed assets | 28 | €216,667 | €216,667 | = | 0.0% |
| Current assets | 29/58 | €95,211 | €171,947 | +€76,736 | +80.6% |
| Amounts receivable within one year | 40/41 | €12,433 | €20,598 | +€8,165 | +65.7% |
| Trade receivables | 40 | €12,108 | €20,300 | +€8,192 | +67.7% |
| Other amounts receivable | 41 | €325 | €298 | -€27 | -8.4% |
| Cash at bank and in hand | 54/58 | €82,063 | €150,832 | +€68,769 | +83.8% |
| Deferred charges and accrued income | 490/1 | €714 | €517 | -€198 | -27.7% |
| Total equity and liabilities | 10/49 | €317,270 | €396,673 | +€79,404 | +25.0% |
| Equity | 10/15 | €29,961 | €93,282 | +€63,321 | +211% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,961 | €88,282 | +€63,321 | +254% |
| Amounts payable | 17/49 | €287,309 | €303,391 | +€16,082 | +5.6% |
| Amounts payable after more than one year | 17 | €125,000 | €125,000 | = | 0.0% |
| Financial debts | 170/4 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €162,309 | €178,391 | +€16,082 | +9.9% |
| Trade debts | 44 | €528 | €3,030 | +€2,501 | +474% |
| Suppliers | 440/4 | €528 | €3,030 | +€2,501 | +474% |
| Advances received on contracts in progress | 46 | - | €1,829 | +€1,829 | |
| Taxes, remuneration and social security | 45 | €4,604 | €14,836 | +€10,232 | +222% |
| Taxes | 450/3 | €2,104 | €12,336 | +€10,232 | +486% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €157,177 | €158,697 | +€1,520 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €945 | €1,646 | +€701 | +74.2% |
| Other operating charges | 640/8 | €1,614 | €1,458 | -€156 | -9.7% |
| Gross operating margin | 9900 | €40,669 | €96,220 | +€55,551 | +137% |
| Operating profit (loss) | 9901 | €38,110 | €93,116 | +€55,006 | +144% |
| Financial income | 75/76B | €0 | €2 | +€2 | +8,550% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +8,550% |
| Financial charges | 65/66B | €2,345 | €4,906 | +€2,561 | +109% |
| Recurring financial charges | 65 | €2,345 | €4,906 | +€2,561 | +109% |
| Profit (loss) for the period before taxes | 9903 | €35,765 | €88,212 | +€52,447 | +147% |
| Income taxes | 67/77 | €11,925 | €24,891 | +€12,966 | +109% |
| Profit (loss) for the period | 9904 | €23,840 | €63,321 | +€39,481 | +166% |
| Profit (loss) for the period to be appropriated | 9905 | €23,840 | €63,321 | +€39,481 | +166% |
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 13 October 2026 via checked.be.