SND Projects: 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.
SND Projects
Largest movements
- Tangible fixed assets +€47,776
up €47,776 (+20.5%), from €233,559 to €281,334
of which Plant, machinery and equipment: +€30,288
- Receivables within one year -€6,547
down €6,547 (-9.1%), from €72,048 to €65,502
of which Trade receivables: -€7,071
- Cash -€4,437
down €4,437 (-43.3%), from €10,237 to €5,799
mainly Investment in fixed assets (net) (-€150,529) and Debts after one year (-€7,806)
- Other debts +€24,489
up €24,489 (+15.5%), from €157,563 to €182,052
- Trade debts +€15,294
up €15,294 (+42.5%), from €35,994 to €51,289
- Current portion of long-term debt +€11,821
up €11,821 (+45.8%), from €25,811 to €37,632
- Debts after one year -€7,806
down €7,806 (-14.4%), from €54,394 to €46,587
- Tax, wage and social debts -€7,483
down €7,483 (-81.0%), from €9,236 to €1,753
- Depreciation +€33,906
up €33,906 (+48.5%), from €69,848 to €103,754
- Gross operating margin +€28,174
up €28,174 (+32.9%), from €85,611 to €113,785
- Write-downs +€4,331
new in 2025: €4,331
- Taxes -€3,350
down €3,350, from €1,937 to -€1,413
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 | €329,941 | €365,422 | +€35,481 | +10.8% |
| Fixed assets | 21/28 | €245,189 | €291,964 | +€46,776 | +19.1% |
| Intangible fixed assets | 21 | €8,030 | €7,030 | -€1,000 | -12.5% |
| Tangible fixed assets | 22/27 | €233,559 | €281,334 | +€47,776 | +20.5% |
| Plant, machinery and equipment | 23 | €210,753 | €241,042 | +€30,288 | +14.4% |
| Furniture and vehicles | 24 | €22,805 | €40,292 | +€17,487 | +76.7% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €84,753 | €73,458 | -€11,295 | -13.3% |
| Amounts receivable within one year | 40/41 | €72,048 | €65,502 | -€6,547 | -9.1% |
| Trade receivables | 40 | €65,793 | €58,722 | -€7,071 | -10.7% |
| Other amounts receivable | 41 | €6,256 | €6,780 | +€524 | +8.4% |
| Cash at bank and in hand | 54/58 | €10,237 | €5,799 | -€4,437 | -43.3% |
| Deferred charges and accrued income | 490/1 | €2,468 | €2,156 | -€311 | -12.6% |
| Total equity and liabilities | 10/49 | €329,941 | €365,422 | +€35,481 | +10.8% |
| Equity | 10/15 | €46,944 | €46,109 | -€834 | -1.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €45,000 | €45,000 | = | 0.0% |
| Distributable reserves | 133 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €944 | €109 | -€834 | -88.4% |
| Amounts payable | 17/49 | €282,998 | €319,313 | +€36,315 | +12.8% |
| Amounts payable after more than one year | 17 | €54,394 | €46,587 | -€7,806 | -14.4% |
| Financial debts | 170/4 | €54,394 | €46,587 | -€7,806 | -14.4% |
| Amounts payable within one year | 42/48 | €228,604 | €272,725 | +€44,121 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €25,811 | €37,632 | +€11,821 | +45.8% |
| Trade debts | 44 | €35,994 | €51,289 | +€15,294 | +42.5% |
| Suppliers | 440/4 | €35,994 | €51,289 | +€15,294 | +42.5% |
| Taxes, remuneration and social security | 45 | €9,236 | €1,753 | -€7,483 | -81.0% |
| Taxes | 450/3 | €9,236 | €1,753 | -€7,483 | -81.0% |
| Other amounts payable | 47/48 | €157,563 | €182,052 | +€24,489 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,848 | €103,754 | +€33,906 | +48.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,331 | +€4,331 | |
| Other operating charges | 640/8 | €2,378 | €2,532 | +€154 | +6.5% |
| Gross operating margin | 9900 | €85,611 | €113,785 | +€28,174 | +32.9% |
| Operating profit (loss) | 9901 | €13,385 | €3,168 | -€10,217 | -76.3% |
| Financial income | 75/76B | €509 | €5 | -€504 | -99.1% |
| Recurring financial income | 75 | €509 | €5 | -€504 | -99.1% |
| Financial charges | 65/66B | €5,556 | €5,420 | -€136 | -2.4% |
| Recurring financial charges | 65 | €5,556 | €5,420 | -€136 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €8,339 | -€2,248 | -€10,586 | |
| Income taxes | 67/77 | €1,937 | -€1,413 | -€3,350 | |
| Profit (loss) for the period | 9904 | €6,402 | -€834 | -€7,236 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,402 | -€834 | -€7,236 |
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 10 October 2026 via checked.be.