SDW PROJECT 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 PROJECT MANAGEMENT
Largest movements
- Receivables within one year +€8,702
up €8,702 (+34.5%), from €25,228 to €33,930
of which Trade receivables: +€10,482
- Cash -€3,751
down €3,751 (-90.5%), from €4,143 to €392
mainly Receivables within one year (-€8,702) and Investment in fixed assets (net) (-€5,937)
- Tangible fixed assets +€945
up €945 (+2.9%), from €32,870 to €33,815
of which Furniture and vehicles: +€4,635
- Reserves +€19,685
up €19,685 (+54.8%), from €35,915 to €55,600
of which Distributable reserves: +€19,685
- Current portion of long-term debt -€5,409
down €5,409 (-52.0%), from €10,407 to €4,998
- Debts after one year -€4,998
down €4,998 (-29.2%), from €17,094 to €12,096
- Tax, wage and social debts -€2,532
down €2,532 (-31.6%), from €8,016 to €5,484
- Other debts -€832
down €832 (-99.8%), from €833 to €2
- Gross operating margin +€7,574
up €7,574 (+24.0%), from €31,554 to €39,128
- Taxes +€1,910
up €1,910 (+23.6%), from €8,098 to €10,008
- Financial charges -€916
down €916 (-21.3%), from €4,310 to €3,394
- Depreciation +€535
up €535 (+12.0%), from €4,457 to €4,992
- Financial income -€444
down €444 (-66.2%), from €670 to €226
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 | €72,322 | €78,286 | +€5,964 | +8.2% |
| Fixed assets | 21/28 | €32,870 | €33,815 | +€945 | +2.9% |
| Tangible fixed assets | 22/27 | €32,870 | €33,815 | +€945 | +2.9% |
| Land and buildings | 22 | €30,289 | €26,803 | -€3,486 | -11.5% |
| Plant, machinery and equipment | 23 | €487 | €283 | -€204 | -41.8% |
| Furniture and vehicles | 24 | €2,094 | €6,729 | +€4,635 | +221% |
| Current assets | 29/58 | €39,452 | €44,471 | +€5,019 | +12.7% |
| Amounts receivable within one year | 40/41 | €25,228 | €33,930 | +€8,702 | +34.5% |
| Trade receivables | 40 | €21,802 | €32,284 | +€10,482 | +48.1% |
| Other amounts receivable | 41 | €3,426 | €1,647 | -€1,780 | -51.9% |
| Cash at bank and in hand | 54/58 | €4,143 | €392 | -€3,751 | -90.5% |
| Deferred charges and accrued income | 490/1 | €10,081 | €10,149 | +€68 | +0.7% |
| Total equity and liabilities | 10/49 | €72,322 | €78,286 | +€5,964 | +8.2% |
| Equity | 10/15 | €35,915 | €55,600 | +€19,685 | +54.8% |
| Reserves | 13 | €35,915 | €55,600 | +€19,685 | +54.8% |
| Non-distributable reserves | 130/1 | €580 | €580 | = | 0.0% |
| Reserves not available under the articles | 1311 | €580 | €580 | = | 0.0% |
| Distributable reserves | 133 | €35,335 | €55,020 | +€19,685 | +55.7% |
| Amounts payable | 17/49 | €36,408 | €22,687 | -€13,721 | -37.7% |
| Amounts payable after more than one year | 17 | €17,094 | €12,096 | -€4,998 | -29.2% |
| Financial debts | 170/4 | €17,094 | €12,096 | -€4,998 | -29.2% |
| Amounts payable within one year | 42/48 | €19,313 | €10,591 | -€8,723 | -45.2% |
| Current portion of amounts payable after more than one year | 42 | €10,407 | €4,998 | -€5,409 | -52.0% |
| Trade debts | 44 | €58 | €107 | +€49 | +85.8% |
| Suppliers | 440/4 | €58 | €107 | +€49 | +85.8% |
| Taxes, remuneration and social security | 45 | €8,016 | €5,484 | -€2,532 | -31.6% |
| Taxes | 450/3 | €8,016 | €5,484 | -€2,532 | -31.6% |
| Other amounts payable | 47/48 | €833 | €2 | -€832 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,457 | €4,992 | +€535 | +12.0% |
| Other operating charges | 640/8 | €1,304 | €1,275 | -€29 | -2.2% |
| Gross operating margin | 9900 | €31,554 | €39,128 | +€7,574 | +24.0% |
| Operating profit (loss) | 9901 | €25,793 | €32,861 | +€7,068 | +27.4% |
| Financial income | 75/76B | €670 | €226 | -€444 | -66.2% |
| Recurring financial income | 75 | €670 | €226 | -€444 | -66.2% |
| Financial charges | 65/66B | €4,310 | €3,394 | -€916 | -21.3% |
| Recurring financial charges | 65 | €4,310 | €3,394 | -€916 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €22,153 | €29,693 | +€7,540 | +34.0% |
| Income taxes | 67/77 | €8,098 | €10,008 | +€1,910 | +23.6% |
| Profit (loss) for the period | 9904 | €14,055 | €19,685 | +€5,630 | +40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,055 | €19,685 | +€5,630 | +40.1% |
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 18 October 2026 via checked.be.