SDWF: 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.
SDWF
Largest movements
- Tangible fixed assets +€307,350
up €307,350 (+178%), from €172,722 to €480,072
of which Land and buildings: +€310,815
- Other debts +€246,867
up €246,867 (+28,739%), from €859 to €247,726
- Debts after one year +€208,792
up €208,792 (+195%), from €107,187 to €315,980
- Reserves -€150,000
down €150,000 (-29.6%), from €506,931 to €356,931
- Current portion of long-term debt +€12,782
up €12,782 (+175%), from €7,291 to €20,073
- Gross operating margin +€58,156
up €58,156 (+17.8%), from €326,135 to €384,291
- Depreciation +€46,250
up €46,250 (+398%), from €11,609 to €57,859
- Financial charges +€5,971
up €5,971 (+104%), from €5,743 to €11,714
- Other operating charges -€5,095
down €5,095 (-67.6%), from €7,531 to €2,436
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 | €676,055 | €998,597 | +€322,542 | +47.7% |
| Fixed assets | 21/28 | €172,722 | €480,072 | +€307,350 | +178% |
| Tangible fixed assets | 22/27 | €172,722 | €480,072 | +€307,350 | +178% |
| Land and buildings | 22 | €159,055 | €469,869 | +€310,815 | +195% |
| Plant, machinery and equipment | 23 | €309 | €240 | -€69 | -22.4% |
| Furniture and vehicles | 24 | €13,359 | €9,963 | -€3,395 | -25.4% |
| Current assets | 29/58 | €503,332 | €518,525 | +€15,192 | +3.0% |
| Amounts receivable within one year | 40/41 | €185,723 | €191,449 | +€5,726 | +3.1% |
| Trade receivables | 40 | €57,982 | €13,822 | -€44,160 | -76.2% |
| Other amounts receivable | 41 | €127,741 | €177,627 | +€49,886 | +39.1% |
| Cash at bank and in hand | 54/58 | €316,219 | €323,413 | +€7,194 | +2.3% |
| Deferred charges and accrued income | 490/1 | €1,390 | €3,663 | +€2,273 | +163% |
| Total equity and liabilities | 10/49 | €676,055 | €998,597 | +€322,542 | +47.7% |
| Equity | 10/15 | €509,431 | €359,431 | -€150,000 | -29.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €506,931 | €356,931 | -€150,000 | -29.6% |
| Distributable reserves | 133 | €506,931 | €356,931 | -€150,000 | -29.6% |
| Amounts payable | 17/49 | €166,623 | €639,166 | +€472,542 | +284% |
| Amounts payable after more than one year | 17 | €107,187 | €315,980 | +€208,792 | +195% |
| Financial debts | 170/4 | €107,187 | €315,980 | +€208,792 | +195% |
| Amounts payable within one year | 42/48 | €59,436 | €321,840 | +€262,404 | +441% |
| Current portion of amounts payable after more than one year | 42 | €7,291 | €20,073 | +€12,782 | +175% |
| Financial debts | 43 | €2,331 | €2,291 | -€41 | -1.7% |
| Credit institutions | 430/8 | €2,331 | €2,291 | -€41 | -1.7% |
| Trade debts | 44 | €5,322 | €12,749 | +€7,428 | +140% |
| Suppliers | 440/4 | €5,322 | €12,749 | +€7,428 | +140% |
| Taxes, remuneration and social security | 45 | €43,633 | €39,002 | -€4,631 | -10.6% |
| Taxes | 450/3 | €43,633 | €39,002 | -€4,631 | -10.6% |
| Other amounts payable | 47/48 | €859 | €247,726 | +€246,867 | +28,739% |
| Accrued charges and deferred income | 492/3 | - | €1,346 | +€1,346 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,609 | €57,859 | +€46,250 | +398% |
| Other operating charges | 640/8 | €7,531 | €2,436 | -€5,095 | -67.6% |
| Gross operating margin | 9900 | €326,135 | €384,291 | +€58,156 | +17.8% |
| Operating profit (loss) | 9901 | €306,995 | €323,996 | +€17,000 | +5.5% |
| Financial income | 75/76B | €2,319 | €4,453 | +€2,135 | +92.1% |
| Recurring financial income | 75 | €2,319 | €4,453 | +€2,135 | +92.1% |
| Financial charges | 65/66B | €5,743 | €11,714 | +€5,971 | +104% |
| Recurring financial charges | 65 | €5,743 | €11,714 | +€5,971 | +104% |
| Profit (loss) for the period before taxes | 9903 | €303,571 | €316,735 | +€13,164 | +4.3% |
| Income taxes | 67/77 | €72,433 | €76,141 | +€3,708 | +5.1% |
| Profit (loss) for the period | 9904 | €231,138 | €240,595 | +€9,457 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €231,138 | €240,595 | +€9,457 | +4.1% |
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 14 October 2026 via checked.be.