SUDOR: 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.
SUDOR
Largest movements
- Cash -€327,522
down €327,522 (-98.5%), from €332,614 to €5,092
mainly Current investments (-€304,273) and Contributions, distributions and other (-€19,771)
- Current investments +€304,273
new in 2025: €304,273
- Tangible fixed assets -€12,200
down €12,200 (-27.0%), from €45,127 to €32,927
of which Furniture and vehicles: -€12,354
- Receivables within one year -€8,823
down €8,823 (-20.4%), from €43,179 to €34,356
of which Trade receivables: -€17,303
- Reserves -€18,105
down €18,105 (-7.7%), from €235,142 to €217,036
- Debts after one year -€9,228
down €9,228 (-100.0%), from €9,228 to €0
- Trade debts -€7,950
down €7,950 (-100.0%), from €7,950 to €0
- Profit (loss) carried forward -€6,046
down €6,046 (-7.1%), from €84,570 to €78,524
- Current portion of long-term debt -€6,043
down €6,043 (-39.6%), from €15,271 to €9,228
- Gross operating margin -€496,057
down €496,057 (-98.4%), from €503,954 to €7,896
- Taxes -€71,578
down €71,578 (-99.7%), from €71,759 to €181
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 | €422,094 | €377,892 | -€44,202 | -10.5% |
| Fixed assets | 21/28 | €45,127 | €32,927 | -€12,200 | -27.0% |
| Tangible fixed assets | 22/27 | €45,127 | €32,927 | -€12,200 | -27.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €2,029 | €2,184 | +€154 | +7.6% |
| Furniture and vehicles | 24 | €43,098 | €30,743 | -€12,354 | -28.7% |
| Current assets | 29/58 | €376,967 | €344,965 | -€32,002 | -8.5% |
| Amounts receivable within one year | 40/41 | €43,179 | €34,356 | -€8,823 | -20.4% |
| Trade receivables | 40 | €17,946 | €643 | -€17,303 | -96.4% |
| Other amounts receivable | 41 | €25,233 | €33,713 | +€8,479 | +33.6% |
| Current investments | 50/53 | - | €304,273 | +€304,273 | |
| Cash at bank and in hand | 54/58 | €332,614 | €5,092 | -€327,522 | -98.5% |
| Deferred charges and accrued income | 490/1 | €1,174 | €1,245 | +€71 | +6.1% |
| Total equity and liabilities | 10/49 | €422,094 | €377,892 | -€44,202 | -10.5% |
| Equity | 10/15 | €339,712 | €315,560 | -€24,152 | -7.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €235,142 | €217,036 | -€18,105 | -7.7% |
| Distributable reserves | 133 | €235,142 | €217,036 | -€18,105 | -7.7% |
| Profit (loss) carried forward | 14 | €84,570 | €78,524 | -€6,046 | -7.1% |
| Amounts payable | 17/49 | €82,382 | €62,333 | -€20,050 | -24.3% |
| Amounts payable after more than one year | 17 | €9,228 | €0 | -€9,228 | -100.0% |
| Financial debts | 170/4 | €9,228 | €0 | -€9,228 | -100.0% |
| Amounts payable within one year | 42/48 | €73,154 | €62,333 | -€10,822 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €15,271 | €9,228 | -€6,043 | -39.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €7,950 | €0 | -€7,950 | -100.0% |
| Suppliers | 440/4 | €7,950 | €0 | -€7,950 | -100.0% |
| Taxes, remuneration and social security | 45 | €32,580 | €34,615 | +€2,035 | +6.2% |
| Taxes | 450/3 | €32,580 | €34,615 | +€2,035 | +6.2% |
| Other amounts payable | 47/48 | €17,353 | €18,489 | +€1,137 | +6.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,636 | €13,378 | -€258 | -1.9% |
| Other operating charges | 640/8 | €1,515 | €1,601 | +€86 | +5.7% |
| Non-recurring operating charges | 66A | €268,599 | €0 | -€268,599 | -100.0% |
| Gross operating margin | 9900 | €503,954 | €7,896 | -€496,057 | -98.4% |
| Operating profit (loss) | 9901 | €220,204 | -€7,083 | -€227,287 | |
| Financial income | 75/76B | €1,384 | €4,533 | +€3,150 | +227.6% |
| Recurring financial income | 75 | €1,384 | €4,533 | +€3,150 | +227.6% |
| Financial charges | 65/66B | €3,937 | €1,650 | -€2,287 | -58.1% |
| Recurring financial charges | 65 | €3,937 | €1,650 | -€2,287 | -58.1% |
| Profit (loss) for the period before taxes | 9903 | €217,651 | -€4,199 | -€221,850 | |
| Income taxes | 67/77 | €71,759 | €181 | -€71,578 | -99.7% |
| Profit (loss) for the period | 9904 | €145,892 | -€4,380 | -€150,272 | |
| Profit (loss) for the period to be appropriated | 9905 | €145,892 | -€4,380 | -€150,272 |
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 2 October 2026 via checked.be.