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 +€9,263
up €9,263 (+442%), from €2,094 to €11,357
mainly Depreciation (+€15,306) and Net result for the year (+€13,963)
- Receivables within one year -€5,810
down €5,810 (-63.8%), from €9,108 to €3,298
of which Trade receivables: -€5,398
- Tangible fixed assets +€2,556
up €2,556 (+5.3%), from €48,014 to €50,570
of which Other tangible fixed assets: +€4,552
- Deferred charges and accrued income -€767
down €767 (-59.6%), from €1,287 to €521
- Profit (loss) carried forward +€12,817
no longer reported in 2025 (was -€12,817)
- Debts after one year -€7,501
down €7,501 (-27.8%), from €27,019 to €19,518
- Other debts -€1,962
down €1,962 (-8.5%), from €22,984 to €21,023
- Reserves +€1,147
new in 2025: €1,147
- Gross operating margin +€22,539
up €22,539 (+161%), from €14,016 to €36,555
- Depreciation +€6,804
up €6,804 (+80.0%), from €8,502 to €15,306
- Taxes +€3,479
up €3,479 (+320%), from €1,088 to €4,567
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 | €60,754 | €65,996 | +€5,243 | +8.6% |
| Fixed assets | 21/28 | €48,264 | €50,820 | +€2,556 | +5.3% |
| Tangible fixed assets | 22/27 | €48,014 | €50,570 | +€2,556 | +5.3% |
| Plant, machinery and equipment | 23 | €4,308 | €2,569 | -€1,739 | -40.4% |
| Furniture and vehicles | 24 | €35,950 | €35,693 | -€258 | -0.7% |
| Other tangible fixed assets | 26 | €7,756 | €12,308 | +€4,552 | +58.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €12,489 | €15,176 | +€2,687 | +21.5% |
| Amounts receivable within one year | 40/41 | €9,108 | €3,298 | -€5,810 | -63.8% |
| Trade receivables | 40 | €8,696 | €3,298 | -€5,398 | -62.1% |
| Other amounts receivable | 41 | €412 | - | -€412 | |
| Cash at bank and in hand | 54/58 | €2,094 | €11,357 | +€9,263 | +442% |
| Deferred charges and accrued income | 490/1 | €1,287 | €521 | -€767 | -59.6% |
| Total equity and liabilities | 10/49 | €60,754 | €65,996 | +€5,243 | +8.6% |
| Equity | 10/15 | -€317 | €13,647 | +€13,963 | |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | - | €1,147 | +€1,147 | |
| Distributable reserves | 133 | - | €1,147 | +€1,147 | |
| Profit (loss) carried forward | 14 | -€12,817 | - | +€12,817 | |
| Amounts payable | 17/49 | €61,070 | €52,350 | -€8,721 | -14.3% |
| Amounts payable after more than one year | 17 | €27,019 | €19,518 | -€7,501 | -27.8% |
| Financial debts | 170/4 | €27,019 | €19,518 | -€7,501 | -27.8% |
| Amounts payable within one year | 42/48 | €34,051 | €32,832 | -€1,220 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €7,186 | €7,501 | +€316 | +4.4% |
| Trade debts | 44 | €204 | €175 | -€29 | -14.2% |
| Suppliers | 440/4 | €204 | €175 | -€29 | -14.2% |
| Taxes, remuneration and social security | 45 | €3,678 | €4,133 | +€455 | +12.4% |
| Taxes | 450/3 | €3,678 | €4,133 | +€455 | +12.4% |
| Other amounts payable | 47/48 | €22,984 | €21,023 | -€1,962 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,502 | €15,306 | +€6,804 | +80.0% |
| Other operating charges | 640/8 | €900 | €1,257 | +€357 | +39.7% |
| Non-recurring operating charges | 66A | €257 | - | -€257 | |
| Gross operating margin | 9900 | €14,016 | €36,555 | +€22,539 | +161% |
| Operating profit (loss) | 9901 | €4,357 | €19,992 | +€15,635 | +359% |
| Financial income | 75/76B | €2 | €22 | +€20 | +1,097% |
| Recurring financial income | 75 | €2 | €22 | +€20 | +1,097% |
| Financial charges | 65/66B | €1,226 | €1,483 | +€257 | +20.9% |
| Recurring financial charges | 65 | €1,226 | €1,483 | +€257 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €3,132 | €18,531 | +€15,398 | +492% |
| Income taxes | 67/77 | €1,088 | €4,567 | +€3,479 | +320% |
| Profit (loss) for the period | 9904 | €2,044 | €13,963 | +€11,919 | +583% |
| Profit (loss) for the period to be appropriated | 9905 | €2,044 | €13,963 | +€11,919 | +583% |
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 17 October 2026 via checked.be.