SD Development: what changed
SD Development
Largest movements
- Current investments +€41,959
up €41,959 (+354%), from €11,842 to €53,801
- Cash -€15,459
down €15,459 (-19.4%), from €79,635 to €64,176
mainly Current investments (-€41,959) and Receivables within one year (-€11,022)
- Receivables within one year +€11,022
up €11,022 (+774%), from €1,425 to €12,447
of which Trade receivables: +€12,417
- Tangible fixed assets +€5,153
up €5,153 (+473%), from €1,089 to €6,242
of which Plant, machinery and equipment: +€2,869
- Deferred charges and accrued income +€5,097
up €5,097 (+754%), from €676 to €5,774
- Reserves +€42,967
up €42,967 (+55.9%), from €76,802 to €119,769
- Tax, wage and social debts +€2,803
up €2,803 (+19.7%), from €14,232 to €17,034
of which Taxes: +€5,245
- Trade debts +€1,662
up €1,662 (+205%), from €809 to €2,471
- Gross operating margin +€10,591
up €10,591 (+21.9%), from €48,372 to €58,964
- Financial charges +€1,381
up €1,381 (+175%), from €787 to €2,168
of which Financial charges: +€1,313
- Depreciation +€805
up €805 (+174%), from €462 to €1,268
- Financial income +€794
up €794 (+1,875%), from €42 to €836
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €94,668 | €142,440 | +€47,772 | +50.5% |
| Fixed assets | 21/28 | €1,089 | €6,242 | +€5,153 | +473% |
| Tangible fixed assets | 22/27 | €1,089 | €6,242 | +€5,153 | +473% |
| Plant, machinery and equipment | 23 | €1,089 | €3,958 | +€2,869 | +263% |
| Other tangible fixed assets | 26 | - | €2,284 | +€2,284 | |
| Current assets | 29/58 | €93,578 | €136,198 | +€42,619 | +45.5% |
| Amounts receivable within one year | 40/41 | €1,425 | €12,447 | +€11,022 | +774% |
| Trade receivables | 40 | €0 | €12,417 | +€12,417 | |
| Other amounts receivable | 41 | €1,425 | €30 | -€1,395 | -97.9% |
| Current investments | 50/53 | €11,842 | €53,801 | +€41,959 | +354% |
| Cash at bank and in hand | 54/58 | €79,635 | €64,176 | -€15,459 | -19.4% |
| Deferred charges and accrued income | 490/1 | €676 | €5,774 | +€5,097 | +754% |
| Total equity and liabilities | 10/49 | €94,668 | €142,440 | +€47,772 | +50.5% |
| Equity | 10/15 | €77,802 | €120,769 | +€42,967 | +55.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €76,802 | €119,769 | +€42,967 | +55.9% |
| Distributable reserves | 133 | €76,802 | €119,769 | +€42,967 | +55.9% |
| Amounts payable | 17/49 | €16,866 | €21,671 | +€4,805 | +28.5% |
| Amounts payable within one year | 42/48 | €16,866 | €21,671 | +€4,805 | +28.5% |
| Trade debts | 44 | €809 | €2,471 | +€1,662 | +205% |
| Suppliers | 440/4 | €809 | €2,471 | +€1,662 | +205% |
| Taxes, remuneration and social security | 45 | €14,232 | €17,034 | +€2,803 | +19.7% |
| Taxes | 450/3 | €11,789 | €17,034 | +€5,245 | +44.5% |
| Remuneration and social security | 454/9 | €2,443 | €0 | -€2,443 | -100% |
| Other amounts payable | 47/48 | €1,825 | €2,166 | +€341 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462 | €1,268 | +€805 | +174% |
| Other operating charges | 640/8 | €876 | €517 | -€359 | -41.0% |
| Gross operating margin | 9900 | €48,372 | €58,964 | +€10,591 | +21.9% |
| Operating profit (loss) | 9901 | €47,034 | €57,179 | +€10,145 | +21.6% |
| Financial income | 75/76B | €42 | €836 | +€794 | +1,875% |
| Recurring financial income | 75 | €42 | €836 | +€794 | +1,875% |
| Financial charges | 65/66B | €787 | €2,168 | +€1,381 | +175% |
| Recurring financial charges | 65 | €787 | €2,100 | +€1,313 | +167% |
| Non-recurring financial charges | 66B | - | €67 | +€67 | |
| Profit (loss) for the period before taxes | 9903 | €46,289 | €55,847 | +€9,558 | +20.6% |
| Income taxes | 67/77 | €12,958 | €12,880 | -€77 | -0.6% |
| Profit (loss) for the period | 9904 | €33,331 | €42,967 | +€9,636 | +28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,331 | €42,967 | +€9,636 | +28.9% |
Next steps
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 8 November 2026 via checked.be.