SDW Projects: 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.
What changed
SDW Projects
NACE 86.230, Dental practice
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€185,854
2024 · €220,876-€35,021
Equity
€638,234
2024 · €452,380+€185,854
Cash
€29,088
2024 · €21,865+€7,223
Balance sheet total
€2.1m
2024 · €2.0m+€71,095
Largest movements
Assets
- Tangible fixed assets +€148,233
up €148,233 (+8.6%), from €1.7m to €1.9m
of which Land and buildings: +€188,064
- Current investments -€75,920
down €75,920 (-32.6%), from €233,018 to €157,098
Equity and liabilities
- Reserves +€185,854
up €185,854 (+41.4%), from €448,880 to €634,734
- Debts after one year -€105,462
down €105,462 (-7.9%), from €1.3m to €1.2m
Income statement
- Gross operating margin -€93,944
down €93,944 (-16.4%), from €574,006 to €480,062
- Taxes -€34,942
down €34,942 (-30.6%), from €114,175 to €79,232
- Depreciation -€16,683
down €16,683 (-11.0%), from €152,199 to €135,516
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.
Result 2024
€220,876
Gross operating margin
-€93,944
Staff costs
+€596
Depreciation
+€16,683
Other operating charges
+€3,863
Financial income
-€592
Financial charges
+€3,431
Taxes
+€34,942
Result 2025
€185,854
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.
From operations
+€329,846
Investment
-€207,829
Financing
-€114,795
Cash 2024
€21,865
From operations (derived)
+€329,846
Net result for the year
+€185,854
Depreciation
+€135,516
Receivables within one year
+€7,216
Deferred charges and accrued income
+€1,224
Smaller working-capital items
+€632
Tax, wage and social debts
-€11,651
Advances received
+€9,490
Other debts
+€1,565
Investment (derived)
-€207,829
Investment in fixed assets (net)
-€283,749
Current investments
+€75,920
Financing
-€114,795
Debts after one year
-€105,462
Current portion of long-term debt
-€9,333
Cash 2025
€29,088
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,001,911 | €2,073,006 | +€71,095 | +3.6% |
| Fixed assets | 21/28 | €1,730,140 | €1,878,373 | +€148,233 | +8.6% |
| Tangible fixed assets | 22/27 | €1,730,140 | €1,878,373 | +€148,233 | +8.6% |
| Land and buildings | 22 | €1,680,774 | €1,868,837 | +€188,064 | +11.2% |
| Plant, machinery and equipment | 23 | €11,459 | €9,535 | -€1,924 | -16.8% |
| Furniture and vehicles | 24 | €37,907 | - | -€37,907 | |
| Current assets | 29/58 | €271,771 | €194,634 | -€77,138 | -28.4% |
| Amounts receivable within one year | 40/41 | €15,131 | €7,915 | -€7,216 | -47.7% |
| Trade receivables | 40 | €14,931 | €6,774 | -€8,158 | -54.6% |
| Other amounts receivable | 41 | €200 | €1,142 | +€942 | +470.8% |
| Current investments | 50/53 | €233,018 | €157,098 | -€75,920 | -32.6% |
| Cash at bank and in hand | 54/58 | €21,865 | €29,088 | +€7,223 | +33.0% |
| Deferred charges and accrued income | 490/1 | €1,756 | €532 | -€1,224 | -69.7% |
| Total equity and liabilities | 10/49 | €2,001,911 | €2,073,006 | +€71,095 | +3.6% |
| Equity | 10/15 | €452,380 | €638,234 | +€185,854 | +41.1% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €448,880 | €634,734 | +€185,854 | +41.4% |
| Distributable reserves | 133 | €448,880 | €634,734 | +€185,854 | +41.4% |
| Amounts payable | 17/49 | €1,549,532 | €1,434,772 | -€114,759 | -7.4% |
| Amounts payable after more than one year | 17 | €1,333,771 | €1,228,308 | -€105,462 | -7.9% |
| Financial debts | 170/4 | €1,333,771 | €1,228,308 | -€105,462 | -7.9% |
| Amounts payable within one year | 42/48 | €215,761 | €206,397 | -€9,364 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €120,385 | €111,052 | -€9,333 | -7.8% |
| Trade debts | 44 | €8,948 | €9,513 | +€565 | +6.3% |
| Suppliers | 440/4 | €8,948 | €9,513 | +€565 | +6.3% |
| Advances received on contracts in progress | 46 | - | €9,490 | +€9,490 | |
| Taxes, remuneration and social security | 45 | €78,822 | €67,171 | -€11,651 | -14.8% |
| Taxes | 450/3 | €70,956 | €59,001 | -€11,956 | -16.8% |
| Remuneration and social security | 454/9 | €7,865 | €8,170 | +€305 | +3.9% |
| Other amounts payable | 47/48 | €7,607 | €9,172 | +€1,565 | +20.6% |
| Accrued charges and deferred income | 492/3 | - | €67 | +€67 | |
| Remuneration, social security and pensions | 62 | €37,294 | €36,698 | -€596 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,199 | €135,516 | -€16,683 | -11.0% |
| Other operating charges | 640/8 | €11,066 | €7,203 | -€3,863 | -34.9% |
| Gross operating margin | 9900 | €574,006 | €480,062 | -€93,944 | -16.4% |
| Operating profit (loss) | 9901 | €373,447 | €300,646 | -€72,802 | -19.5% |
| Financial income | 75/76B | €1,995 | €1,403 | -€592 | -29.7% |
| Recurring financial income | 75 | €1,995 | €1,403 | -€592 | -29.7% |
| Financial charges | 65/66B | €40,392 | €36,961 | -€3,431 | -8.5% |
| Recurring financial charges | 65 | €40,392 | €36,961 | -€3,431 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €335,050 | €265,087 | -€69,963 | -20.9% |
| Income taxes | 67/77 | €114,175 | €79,232 | -€34,942 | -30.6% |
| Profit (loss) for the period | 9904 | €220,876 | €185,854 | -€35,021 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €220,876 | €185,854 | -€35,021 | -15.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.