SdWO: 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.
SdWO
Largest movements
- Cash -€78,705
down €78,705 (-88.2%), from €89,268 to €10,563
mainly Investment in fixed assets (net) (-€108,804) and Debts after one year (-€39,933)
- Tangible fixed assets +€73,640
up €73,640 (+10.9%), from €673,249 to €746,889
of which Assets under construction and advance payments: +€102,519
- Receivables within one year +€9,114
up €9,114 (+20.9%), from €43,648 to €52,762
- Other debts +€40,401
up €40,401 (+80.2%), from €50,355 to €90,756
- Debts after one year -€39,933
down €39,933 (-7.9%), from €508,000 to €468,067
- Gross operating margin -€15,421
down €15,421 (-22.7%), from €67,798 to €52,377
- Taxes -€4,631
down €4,631 (-92.6%), from €5,000 to €369
- Other operating charges +€3,255
up €3,255 (+81.9%), from €3,976 to €7,232
- Financial charges -€1,592
down €1,592 (-14.1%), from €11,283 to €9,691
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €806,742 | €810,817 | +€4,075 | +0.5% |
| Fixed assets | 21/28 | €673,309 | €746,949 | +€73,640 | +10.9% |
| Tangible fixed assets | 22/27 | €673,249 | €746,889 | +€73,640 | +10.9% |
| Land and buildings | 22 | €629,546 | €608,549 | -€20,997 | -3.3% |
| Furniture and vehicles | 24 | €43,703 | €35,821 | -€7,882 | -18.0% |
| Assets under construction and advance payments | 27 | - | €102,519 | +€102,519 | |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €133,432 | €63,867 | -€69,565 | -52.1% |
| Amounts receivable within one year | 40/41 | €43,648 | €52,762 | +€9,114 | +20.9% |
| Other amounts receivable | 41 | €43,648 | €52,762 | +€9,114 | +20.9% |
| Cash at bank and in hand | 54/58 | €89,268 | €10,563 | -€78,705 | -88.2% |
| Deferred charges and accrued income | 490/1 | €517 | €543 | +€26 | +5.0% |
| Total equity and liabilities | 10/49 | €806,742 | €810,817 | +€4,075 | +0.5% |
| Equity | 10/15 | €198,185 | €198,106 | -€79 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €179,585 | €179,506 | -€79 | 0.0% |
| Distributable reserves | 133 | €179,585 | €179,506 | -€79 | 0.0% |
| Amounts payable | 17/49 | €608,556 | €612,710 | +€4,154 | +0.7% |
| Amounts payable after more than one year | 17 | €508,000 | €468,067 | -€39,933 | -7.9% |
| Financial debts | 170/4 | €508,000 | €468,067 | -€39,933 | -7.9% |
| Amounts payable within one year | 42/48 | €97,848 | €144,092 | +€46,244 | +47.3% |
| Current portion of amounts payable after more than one year | 42 | €38,619 | €42,089 | +€3,470 | +9.0% |
| Financial debts | 43 | €8,039 | €7,993 | -€46 | -0.6% |
| Credit institutions | 430/8 | €8,039 | €7,993 | -€46 | -0.6% |
| Trade debts | 44 | €835 | €3,254 | +€2,419 | +289.6% |
| Suppliers | 440/4 | €835 | €3,254 | +€2,419 | +289.6% |
| Other amounts payable | 47/48 | €50,355 | €90,756 | +€40,401 | +80.2% |
| Accrued charges and deferred income | 492/3 | €2,708 | €551 | -€2,157 | -79.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,263 | €35,164 | -€99 | -0.3% |
| Other operating charges | 640/8 | €3,976 | €7,232 | +€3,255 | +81.9% |
| Gross operating margin | 9900 | €67,798 | €52,377 | -€15,421 | -22.7% |
| Operating profit (loss) | 9901 | €28,558 | €9,981 | -€18,577 | -65.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €11,283 | €9,691 | -€1,592 | -14.1% |
| Recurring financial charges | 65 | €11,283 | €9,691 | -€1,592 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €17,276 | €290 | -€16,986 | -98.3% |
| Income taxes | 67/77 | €5,000 | €369 | -€4,631 | -92.6% |
| Profit (loss) for the period | 9904 | €12,276 | -€79 | -€12,356 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,276 | -€79 | -€12,356 |
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 4 October 2026 via checked.be.