SLD: 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.
SLD
Largest movements
- Receivables within one year +€255,068
up €255,068 (+30.4%), from €838,250 to €1.1m
of which Trade receivables: +€253,780
- Cash -€108,383
down €108,383 (-21.7%), from €500,295 to €391,911
mainly Receivables within one year (-€255,068) and Contributions, distributions and other (-€150,633)
- Tangible fixed assets -€24,479
down €24,479 (-5.4%), from €456,216 to €431,737
of which Land and buildings: -€24,892
- Reserves +€214,100
up €214,100 (+265.6%), from €80,600 to €294,700
- Tax, wage and social debts -€84,183
down €84,183 (-35.7%), from €235,804 to €151,621
of which Taxes: -€79,762
- Trade debts -€70,714
down €70,714 (-19.5%), from €362,102 to €291,387
- Profit (loss) carried forward +€58,484
up €58,484 (+5.1%), from €1.1m to €1.2m
- Gross operating margin +€143,400
up €143,400 (+16.1%), from €889,246 to €1.0m
- Staff costs -€26,511
down €26,511 (-5.6%), from €474,704 to €448,194
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 | €2,002,510 | €2,122,779 | +€120,269 | +6.0% |
| Fixed assets | 21/28 | €646,396 | €626,089 | -€20,307 | -3.1% |
| Tangible fixed assets | 22/27 | €456,216 | €431,737 | -€24,479 | -5.4% |
| Land and buildings | 22 | €434,937 | €410,045 | -€24,892 | -5.7% |
| Plant, machinery and equipment | 23 | €4,979 | €4,960 | -€19 | -0.4% |
| Furniture and vehicles | 24 | €5,750 | €6,182 | +€432 | +7.5% |
| Other tangible fixed assets | 26 | €10,550 | €10,550 | = | 0.0% |
| Financial fixed assets | 28 | €190,180 | €194,352 | +€4,172 | +2.2% |
| Current assets | 29/58 | €1,356,114 | €1,496,691 | +€140,576 | +10.4% |
| Amounts receivable within one year | 40/41 | €838,250 | €1,093,318 | +€255,068 | +30.4% |
| Trade receivables | 40 | €771,666 | €1,025,445 | +€253,780 | +32.9% |
| Other amounts receivable | 41 | €66,584 | €67,872 | +€1,289 | +1.9% |
| Cash at bank and in hand | 54/58 | €500,295 | €391,911 | -€108,383 | -21.7% |
| Deferred charges and accrued income | 490/1 | €17,570 | €11,461 | -€6,109 | -34.8% |
| Total equity and liabilities | 10/49 | €2,002,510 | €2,122,779 | +€120,269 | +6.0% |
| Equity | 10/15 | €1,245,019 | €1,516,969 | +€271,951 | +21.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €80,600 | €294,700 | +€214,100 | +265.6% |
| Tax-exempt reserves | 132 | €80,600 | €294,700 | +€214,100 | +265.6% |
| Profit (loss) carried forward | 14 | €1,148,042 | €1,206,526 | +€58,484 | +5.1% |
| Investment grants | 15 | €8,316 | €7,683 | -€633 | -7.6% |
| Provisions and deferred taxes | 16 | €2,079 | €1,921 | -€158 | -7.6% |
| Deferred taxes | 168 | €2,079 | €1,921 | -€158 | -7.6% |
| Amounts payable | 17/49 | €755,413 | €603,889 | -€151,523 | -20.1% |
| Amounts payable after more than one year | 17 | €93,055 | €76,389 | -€16,667 | -17.9% |
| Financial debts | 170/4 | €93,055 | €76,389 | -€16,667 | -17.9% |
| Amounts payable within one year | 42/48 | €662,357 | €526,502 | -€135,855 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €18,056 | €18,056 | = | 0.0% |
| Financial debts | 43 | €20,396 | €20,298 | -€99 | -0.5% |
| Credit institutions | 430/8 | €20,396 | €20,298 | -€99 | -0.5% |
| Trade debts | 44 | €362,102 | €291,387 | -€70,714 | -19.5% |
| Suppliers | 440/4 | €362,102 | €291,387 | -€70,714 | -19.5% |
| Taxes, remuneration and social security | 45 | €235,804 | €151,621 | -€84,183 | -35.7% |
| Taxes | 450/3 | €160,205 | €80,443 | -€79,762 | -49.8% |
| Remuneration and social security | 454/9 | €75,599 | €71,178 | -€4,421 | -5.8% |
| Other amounts payable | 47/48 | €26,000 | €45,140 | +€19,140 | +73.6% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Remuneration, social security and pensions | 62 | €474,704 | €448,194 | -€26,511 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,237 | €31,955 | -€1,282 | -3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,971 | €0 | +€2,971 | |
| Other operating charges | 640/8 | €19,093 | €16,748 | -€2,346 | -12.3% |
| Gross operating margin | 9900 | €889,246 | €1,032,646 | +€143,400 | +16.1% |
| Operating profit (loss) | 9901 | €365,183 | €535,750 | +€170,567 | +46.7% |
| Financial income | 75/76B | €2,074 | €855 | -€1,219 | -58.8% |
| Recurring financial income | 75 | €2,074 | €855 | -€1,219 | -58.8% |
| Financial charges | 65/66B | €8,659 | €9,034 | +€374 | +4.3% |
| Recurring financial charges | 65 | €8,659 | €9,034 | +€374 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €358,598 | €527,571 | +€168,973 | +47.1% |
| Transfer from deferred taxes | 780 | €511 | €158 | -€352 | -69.0% |
| Income taxes | 67/77 | €108,098 | €105,145 | -€2,953 | -2.7% |
| Profit (loss) for the period | 9904 | €251,010 | €422,584 | +€171,574 | +68.4% |
| Transfer to tax-exempt reserves | 689 | €80,600 | €214,100 | +€133,500 | +165.6% |
| Profit (loss) for the period to be appropriated | 9905 | €170,410 | €208,484 | +€38,074 | +22.3% |
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 28 September 2026 via checked.be.