SUDEL: 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.
SUDEL
Largest movements
- Current investments +€2.5m
up €2.5m (+259%), from €951,227 to €3.4m
- Receivables within one year +€223,502
up €223,502 (+113%), from €198,494 to €421,996
of which Other amounts receivable: +€273,502
- Financial fixed assets -€144,624
no longer reported in 2025 (was €144,624)
- Cash -€142,186
down €142,186 (-47.8%), from €297,722 to €155,536
mainly Current investments (-€2.5m) and Receivables within one year (-€223,502)
- Tangible fixed assets +€48,851
up €48,851 (+2,272%), from €2,150 to €51,001
- Reserves +€2.3m
up €2.3m (+167%), from €1.4m to €3.7m
- Tax, wage and social debts +€193,274
up €193,274 (+223%), from €86,699 to €279,974
- Financial income +€2.6m
up €2.6m (+12,989%), from €19,768 to €2.6m
of which Non-recurring financial income: +€2.5m
- Gross operating margin -€315,429
down €315,429 (-57.6%), from €547,417 to €231,988
- Taxes +€146,937
up €146,937 (+84.3%), from €174,360 to €321,297
- Other operating charges +€8,705
up €8,705 (+655%), from €1,329 to €10,034
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 | €1,594,217 | €4,046,022 | +€2.5m | +154% |
| Fixed assets | 21/28 | €146,774 | €51,001 | -€95,773 | -65.3% |
| Tangible fixed assets | 22/27 | €2,150 | €51,001 | +€48,851 | +2,272% |
| Furniture and vehicles | 24 | €2,150 | €51,001 | +€48,851 | +2,272% |
| Financial fixed assets | 28 | €144,624 | - | -€144,624 | |
| Current assets | 29/58 | €1,447,443 | €3,995,022 | +€2.5m | +176% |
| Amounts receivable within one year | 40/41 | €198,494 | €421,996 | +€223,502 | +113% |
| Trade receivables | 40 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Other amounts receivable | 41 | €98,494 | €371,996 | +€273,502 | +278% |
| Current investments | 50/53 | €951,227 | €3,417,490 | +€2.5m | +259% |
| Cash at bank and in hand | 54/58 | €297,722 | €155,536 | -€142,186 | -47.8% |
| Total equity and liabilities | 10/49 | €1,594,217 | €4,046,022 | +€2.5m | +154% |
| Equity | 10/15 | €1,469,071 | €3,765,715 | +€2.3m | +156% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,373,436 | €3,670,436 | +€2.3m | +167% |
| Distributable reserves | 133 | €1,373,436 | €3,670,436 | +€2.3m | +167% |
| Profit (loss) carried forward | 14 | €75,635 | €75,279 | -€355 | -0.5% |
| Amounts payable | 17/49 | €125,146 | €280,307 | +€155,160 | +124% |
| Amounts payable within one year | 42/48 | €125,146 | €280,307 | +€155,160 | +124% |
| Trade debts | 44 | €323 | €333 | +€10 | +3.0% |
| Suppliers | 440/4 | €323 | €333 | +€10 | +3.0% |
| Taxes, remuneration and social security | 45 | €86,699 | €279,974 | +€193,274 | +223% |
| Taxes | 450/3 | €86,699 | €279,974 | +€193,274 | +223% |
| Other amounts payable | 47/48 | €38,123 | - | -€38,123 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,896 | €5,515 | +€619 | +12.7% |
| Other operating charges | 640/8 | €1,329 | €10,034 | +€8,705 | +655% |
| Gross operating margin | 9900 | €547,417 | €231,988 | -€315,429 | -57.6% |
| Operating profit (loss) | 9901 | €541,192 | €216,438 | -€324,754 | -60.0% |
| Financial income | 75/76B | €19,768 | €2,587,415 | +€2.6m | +12,989% |
| Recurring financial income | 75 | €19,768 | €62,939 | +€43,171 | +218% |
| Non-recurring financial income | 76B | - | €2,524,476 | +€2.5m | |
| Financial charges | 65/66B | €355 | €53 | -€302 | -85.2% |
| Recurring financial charges | 65 | €355 | €53 | -€302 | -85.2% |
| Profit (loss) for the period before taxes | 9903 | €560,606 | €2,803,801 | +€2.2m | +400% |
| Income taxes | 67/77 | €174,360 | €321,297 | +€146,937 | +84.3% |
| Profit (loss) for the period | 9904 | €386,246 | €2,482,504 | +€2.1m | +543% |
| Profit (loss) for the period to be appropriated | 9905 | €386,246 | €2,482,504 | +€2.1m | +543% |
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 17 October 2026 via checked.be.