SYSTEM DEVELOPMENT AND ENGINEERING: 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.
SYSTEM DEVELOPMENT AND ENGINEERING
Largest movements
- Cash +€105,881
up €105,881 (+42.1%), from €251,363 to €357,244
mainly Net result for the year (+€61,456) and Depreciation (+€41,491)
- Tangible fixed assets -€41,491
down €41,491 (-8.7%), from €479,097 to €437,606
of which Land and buildings: -€40,241
- Reserves +€61,456
up €61,456 (+11.0%), from €557,113 to €618,569
of which Distributable reserves: +€61,456
- Depreciation +€9,952
up €9,952 (+31.6%), from €31,539 to €41,491
- Gross operating margin -€5,532
down €5,532 (-3.5%), from €156,789 to €151,258
- Taxes -€3,380
down €3,380 (-13.8%), from €24,516 to €21,136
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 | €757,974 | €820,050 | +€62,076 | +8.2% |
| Fixed assets | 21/28 | €479,097 | €437,606 | -€41,491 | -8.7% |
| Tangible fixed assets | 22/27 | €479,097 | €437,606 | -€41,491 | -8.7% |
| Land and buildings | 22 | €471,247 | €431,006 | -€40,241 | -8.5% |
| Plant, machinery and equipment | 23 | €7,851 | €6,600 | -€1,250 | -15.9% |
| Current assets | 29/58 | €278,876 | €382,444 | +€103,567 | +37.1% |
| Amounts receivable within one year | 40/41 | €19,918 | €19,967 | +€49 | +0.2% |
| Trade receivables | 40 | €19,918 | €19,967 | +€49 | +0.2% |
| Cash at bank and in hand | 54/58 | €251,363 | €357,244 | +€105,881 | +42.1% |
| Deferred charges and accrued income | 490/1 | €7,595 | €5,233 | -€2,362 | -31.1% |
| Total equity and liabilities | 10/49 | €757,974 | €820,050 | +€62,076 | +8.2% |
| Equity | 10/15 | €640,377 | €701,833 | +€61,456 | +9.6% |
| Contributions | 10/11 | €83,264 | €83,264 | = | 0.0% |
| Capital | 10 | €83,264 | €83,264 | = | 0.0% |
| Issued capital | 100 | €83,264 | €83,264 | = | 0.0% |
| Reserves | 13 | €557,113 | €618,569 | +€61,456 | +11.0% |
| Non-distributable reserves | 130/1 | €8,326 | €8,326 | = | 0.0% |
| Legal reserve | 130 | €8,326 | €8,326 | = | 0.0% |
| Tax-exempt reserves | 132 | €616 | €616 | = | 0.0% |
| Distributable reserves | 133 | €548,170 | €609,626 | +€61,456 | +11.2% |
| Amounts payable | 17/49 | €117,597 | €118,217 | +€620 | +0.5% |
| Amounts payable within one year | 42/48 | €117,597 | €118,217 | +€620 | +0.5% |
| Trade debts | 44 | €2,112 | €2,600 | +€488 | +23.1% |
| Suppliers | 440/4 | €2,112 | €2,600 | +€488 | +23.1% |
| Taxes, remuneration and social security | 45 | €25,485 | €25,617 | +€132 | +0.5% |
| Taxes | 450/3 | €25,485 | €25,617 | +€132 | +0.5% |
| Other amounts payable | 47/48 | €90,000 | €90,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,539 | €41,491 | +€9,952 | +31.6% |
| Other operating charges | 640/8 | €25,943 | €26,515 | +€572 | +2.2% |
| Non-recurring operating charges | 66A | - | €949 | +€949 | |
| Gross operating margin | 9900 | €156,789 | €151,258 | -€5,532 | -3.5% |
| Operating profit (loss) | 9901 | €99,307 | €82,302 | -€17,004 | -17.1% |
| Financial income | 75/76B | €301 | €351 | +€50 | +16.6% |
| Recurring financial income | 75 | €301 | €351 | +€50 | +16.6% |
| Financial charges | 65/66B | €36 | €62 | +€26 | +70.4% |
| Recurring financial charges | 65 | €36 | €62 | +€26 | +70.4% |
| Profit (loss) for the period before taxes | 9903 | €99,572 | €82,592 | -€16,980 | -17.1% |
| Income taxes | 67/77 | €24,516 | €21,136 | -€3,380 | -13.8% |
| Profit (loss) for the period | 9904 | €75,056 | €61,456 | -€13,600 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €75,056 | €61,456 | -€13,600 | -18.1% |
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 11 October 2026 via checked.be.