SUD PROPERTIES: 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.
SUD PROPERTIES
Largest movements
- Financial fixed assets +€1.8m
up €1.8m (+54.3%), from €3.2m to €5.0m
- Current investments -€1.2m
down €1.2m (-100%), from €1.2m to €0
- Tangible fixed assets -€250,411
down €250,411 (-4.5%), from €5.6m to €5.3m
of which Leasing and similar rights: -€143,560
- Receivables within one year -€222,256
down €222,256 (-85.2%), from €260,870 to €38,614
of which Trade receivables: -€224,204
- Profit (loss) carried forward +€385,305
up €385,305 (+112%), from €345,057 to €730,362
- Debts after one year -€181,455
down €181,455 (-3.3%), from €5.5m to €5.3m
- Trade debts -€143,265
down €143,265 (-16.7%), from €855,342 to €712,077
- Accrued charges and deferred income -€114,653
down €114,653 (-4.4%), from €2.6m to €2.5m
- Turnover -€1.6m
no longer reported in 2025 (was €1.6m)
- Purchases and services -€1.3m
no longer reported in 2025 (was €1.3m)
- Gross operating margin -€1.0m
down €1.0m (-55.2%), from €1.8m to €821,473
- Financial charges -€83,763
down €83,763 (-29.4%), from €285,378 to €201,615
- Other operating charges +€70,344
up €70,344 (+87.5%), from €80,387 to €150,731
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 | €11,164,592 | €11,118,124 | -€46,468 | -0.4% |
| Formation expenses | 20 | €2,086 | €0 | -€2,086 | -100% |
| Fixed assets | 21/28 | €8,818,890 | €10,326,223 | +€1.5m | +17.1% |
| Tangible fixed assets | 22/27 | €5,582,577 | €5,332,165 | -€250,411 | -4.5% |
| Land and buildings | 22 | €789,289 | €824,129 | +€34,840 | +4.4% |
| Leasing and similar rights | 25 | €3,712,280 | €3,568,720 | -€143,560 | -3.9% |
| Other tangible fixed assets | 26 | €1,081,008 | €939,316 | -€141,692 | -13.1% |
| Financial fixed assets | 28 | €3,236,314 | €4,994,057 | +€1.8m | +54.3% |
| Current assets | 29/58 | €2,343,616 | €791,901 | -€1.6m | -66.2% |
| Amounts receivable within one year | 40/41 | €260,870 | €38,614 | -€222,256 | -85.2% |
| Trade receivables | 40 | €259,501 | €35,297 | -€224,204 | -86.4% |
| Other amounts receivable | 41 | €1,369 | €3,317 | +€1,948 | +142% |
| Current investments | 50/53 | €1,200,000 | €0 | -€1.2m | -100% |
| Cash at bank and in hand | 54/58 | €705,003 | €616,806 | -€88,197 | -12.5% |
| Deferred charges and accrued income | 490/1 | €177,744 | €136,481 | -€41,262 | -23.2% |
| Total equity and liabilities | 10/49 | €11,164,592 | €11,118,124 | -€46,468 | -0.4% |
| Equity | 10/15 | €1,677,258 | €2,064,274 | +€387,016 | +23.1% |
| Contributions | 10/11 | €193,993 | €193,993 | = | 0.0% |
| Capital | 10 | €193,993 | €193,993 | = | 0.0% |
| Issued capital | 100 | €193,993 | €193,993 | = | 0.0% |
| Revaluation surpluses | 12 | €77,667 | €77,667 | = | 0.0% |
| Reserves | 13 | €1,060,541 | €1,062,252 | +€1,711 | +0.2% |
| Non-distributable reserves | 130/1 | €17,688 | €19,399 | +€1,711 | +9.7% |
| Legal reserve | 130 | €17,688 | €19,399 | +€1,711 | +9.7% |
| Tax-exempt reserves | 132 | €1,042,853 | €1,042,853 | = | 0.0% |
| Profit (loss) carried forward | 14 | €345,057 | €730,362 | +€385,305 | +112% |
| Provisions and deferred taxes | 16 | €347,618 | €347,618 | = | 0.0% |
| Deferred taxes | 168 | €347,618 | €347,618 | = | 0.0% |
| Amounts payable | 17/49 | €9,139,717 | €8,706,232 | -€433,484 | -4.7% |
| Amounts payable after more than one year | 17 | €5,506,793 | €5,325,338 | -€181,455 | -3.3% |
| Financial debts | 170/4 | €5,506,793 | €5,325,338 | -€181,455 | -3.3% |
| Amounts payable within one year | 42/48 | €1,030,909 | €893,533 | -€137,376 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €175,567 | €181,455 | +€5,889 | +3.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €855,342 | €712,077 | -€143,265 | -16.7% |
| Suppliers | 440/4 | €855,342 | €712,077 | -€143,265 | -16.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,602,015 | €2,487,362 | -€114,653 | -4.4% |
| Turnover | 70 | €1,558,747 | - | -€1.6m | |
| Non-recurring operating income | 76A | €98,804 | €98,804 | = | 0.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,279,160 | - | -€1.3m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €253,356 | €252,497 | -€859 | -0.3% |
| Other operating charges | 640/8 | €80,387 | €150,731 | +€70,344 | +87.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,835,672 | €821,473 | -€1.0m | -55.2% |
| Operating profit (loss) | 9901 | €1,501,929 | €418,245 | -€1.1m | -72.2% |
| Financial income | 75/76B | €224,321 | €157,786 | -€66,535 | -29.7% |
| Recurring financial income | 75 | €224,321 | €157,786 | -€66,535 | -29.7% |
| Financial charges | 65/66B | €285,378 | €201,615 | -€83,763 | -29.4% |
| Recurring financial charges | 65 | €285,378 | €201,615 | -€83,763 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €1,440,872 | €374,416 | -€1.1m | -74.0% |
| Transfer to deferred taxes | 680 | €347,618 | €0 | -€347,618 | -100% |
| Income taxes | 67/77 | €12,600 | -€12,600 | -€25,200 | |
| Profit (loss) for the period | 9904 | €1,080,654 | €387,016 | -€693,638 | -64.2% |
| Transfer to tax-exempt reserves | 689 | €1,042,853 | €0 | -€1.0m | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €37,801 | €387,016 | +€349,216 | +924% |
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 1 November 2026 via checked.be.