SD-systems: what changed
What changed
SD-systems
NACE 46.900, Non-specialised wholesale trade
filed annual accounts (NBB)
Net result for the year
-€461,019
2024 · -€178,651-€282,367
Equity
-€8.0m
2024 · -€7.5m-€461,019
Cash
€77,450
2024 · €39,420+€38,030
Balance sheet total
€861,023
2024 · €875,078-€14,055
Largest movements
Assets
- Cash +€38,030
up €38,030 (+96.5%), from €39,420 to €77,450
mainly Other debts (+€309,066) and Trade debts (+€207,153)
- Receivables within one year -€33,132
down €33,132 (-8.8%), from €377,491 to €344,359
of which Trade receivables: -€31,559
- Stocks and contracts -€22,016
down €22,016 (-11.6%), from €189,530 to €167,514
Equity and liabilities
- Profit (loss) carried forward -€461,019
down €461,019 (-6.1%), from -€7.6m to -€8.1m
- Other debts +€309,066
up €309,066 (+4.2%), from €7.4m to €7.7m
- Trade debts +€207,153
up €207,153 (+26.8%), from €774,007 to €981,160
- Accrued charges and deferred income -€73,769
down €73,769 (-57.1%), from €129,092 to €55,323
Income statement
- Gross operating margin -€275,328
down €275,328, from €229,446 to -€45,882
- Staff costs +€14,210
up €14,210 (+5.0%), from €282,929 to €297,139
- Other operating charges -€5,620
down €5,620 (-26.3%), from €21,356 to €15,736
- Write-downs -€4,665
down €4,665, from €2,340 to -€2,325
- Financial charges +€3,907
up €3,907 (+43.3%), from €9,017 to €12,924
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€178,651
Gross operating margin
-€275,328
Staff costs
-€14,210
Depreciation
+€655
Write-downs
+€4,665
Other operating charges
+€5,620
Financial income
+€132
Financial charges
-€3,907
Taxes
+€5
Result 2025
-€461,019
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€135,180
Investment
-€97,150
Financing
€0
Cash 2024
€39,420
From operations (derived)
+€135,180
Net result for the year
-€461,019
Depreciation
+€93,681
Stocks and contracts
+€22,016
Receivables within one year
+€33,132
Deferred charges and accrued income
+€406
Trade debts
+€207,153
Tax, wage and social debts
+€4,513
Other debts
+€309,066
Accrued charges and deferred income
-€73,769
Investment (derived)
-€97,150
Investment in fixed assets (net)
-€97,150
Cash 2025
€77,450
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €875,078 | €861,023 | -€14,055 | -1.6% |
| Fixed assets | 21/28 | €267,951 | €271,420 | +€3,469 | +1.3% |
| Tangible fixed assets | 22/27 | €245,861 | €249,330 | +€3,469 | +1.4% |
| Plant, machinery and equipment | 23 | €212,024 | €223,005 | +€10,980 | +5.2% |
| Furniture and vehicles | 24 | €33,836 | €26,325 | -€7,512 | -22.2% |
| Financial fixed assets | 28 | €22,090 | €22,090 | = | 0.0% |
| Current assets | 29/58 | €607,127 | €589,603 | -€17,524 | -2.9% |
| Stocks and contracts in progress | 3 | €189,530 | €167,514 | -€22,016 | -11.6% |
| Stocks | 30/36 | €189,530 | €167,514 | -€22,016 | -11.6% |
| Amounts receivable within one year | 40/41 | €377,491 | €344,359 | -€33,132 | -8.8% |
| Trade receivables | 40 | €276,254 | €244,696 | -€31,559 | -11.4% |
| Other amounts receivable | 41 | €101,237 | €99,663 | -€1,574 | -1.6% |
| Cash at bank and in hand | 54/58 | €39,420 | €77,450 | +€38,030 | +96.5% |
| Deferred charges and accrued income | 490/1 | €686 | €280 | -€406 | -59.2% |
| Total equity and liabilities | 10/49 | €875,078 | €861,023 | -€14,055 | -1.6% |
| Equity | 10/15 | -€7,526,220 | -€7,987,238 | -€461,019 | -6.1% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €2,101 | €2,101 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,482 | €1,482 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,596,921 | -€8,057,940 | -€461,019 | -6.1% |
| Amounts payable | 17/49 | €8,401,298 | €8,848,261 | +€446,963 | +5.3% |
| Amounts payable within one year | 42/48 | €8,272,206 | €8,792,938 | +€520,732 | +6.3% |
| Trade debts | 44 | €774,007 | €981,160 | +€207,153 | +26.8% |
| Suppliers | 440/4 | €774,007 | €981,160 | +€207,153 | +26.8% |
| Taxes, remuneration and social security | 45 | €76,630 | €81,143 | +€4,513 | +5.9% |
| Taxes | 450/3 | €21,470 | €31,487 | +€10,017 | +46.7% |
| Remuneration and social security | 454/9 | €55,160 | €49,656 | -€5,505 | -10.0% |
| Other amounts payable | 47/48 | €7,421,569 | €7,730,635 | +€309,066 | +4.2% |
| Accrued charges and deferred income | 492/3 | €129,092 | €55,323 | -€73,769 | -57.1% |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100% |
| Remuneration, social security and pensions | 62 | €282,929 | €297,139 | +€14,210 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,337 | €93,681 | -€655 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,340 | -€2,325 | -€4,665 | |
| Other operating charges | 640/8 | €21,356 | €15,736 | -€5,620 | -26.3% |
| Gross operating margin | 9900 | €229,446 | -€45,882 | -€275,328 | |
| Operating profit (loss) | 9901 | -€171,515 | -€450,112 | -€278,597 | -162% |
| Financial income | 75/76B | €2,106 | €2,238 | +€132 | +6.3% |
| Recurring financial income | 75 | €2,106 | €2,238 | +€132 | +6.3% |
| Financial charges | 65/66B | €9,017 | €12,924 | +€3,907 | +43.3% |
| Recurring financial charges | 65 | €9,017 | €12,924 | +€3,907 | +43.3% |
| Profit (loss) for the period before taxes | 9903 | -€178,426 | -€460,798 | -€282,372 | -158% |
| Income taxes | 67/77 | €225 | €220 | -€5 | -2.1% |
| Profit (loss) for the period | 9904 | -€178,651 | -€461,019 | -€282,367 | -158% |
| Profit (loss) for the period to be appropriated | 9905 | -€178,651 | -€461,019 | -€282,367 | -158% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.