be SFO: 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.
be SFO
Largest movements
- Stocks and contracts +€304,199
new in 2025: €304,199
- Receivables within one year -€52,140
down €52,140 (-38.2%), from €136,659 to €84,519
of which Trade receivables: -€53,552
- Tangible fixed assets -€6,789
down €6,789 (-19.8%), from €34,340 to €27,551
of which Plant, machinery and equipment: -€5,794
- Cash -€4,862
down €4,862 (-72.8%), from €6,677 to €1,815
mainly Stocks and contracts (-€304,199) and Net result for the year (-€27,195)
- Short-term financial debts +€150,000
new in 2025: €150,000
- Debts after one year +€92,000
new in 2025: €92,000
- Trade debts +€29,999
up €29,999 (+136.3%), from €22,015 to €52,014
- Profit (loss) carried forward -€26,643
down €26,643 (-38.2%), from €69,748 to €43,105
- Other debts -€7,133
down €7,133 (-68.5%), from €10,406 to €3,274
- Gross operating margin -€23,031
down €23,031 (-74.1%), from €31,092 to €8,060
- Other operating charges +€14,731
up €14,731 (+1927.9%), from €764 to €15,495
- Financial charges +€9,412
up €9,412 (+491.6%), from €1,914 to €11,326
- Taxes -€5,668
down €5,668 (-97.6%), from €5,810 to €142
- Financial income -€1,500
down €1,500 (-100.0%), from €1,500 to €0
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 | €183,169 | €421,546 | +€238,377 | +130.1% |
| Fixed assets | 21/28 | €34,539 | €27,750 | -€6,789 | -19.7% |
| Tangible fixed assets | 22/27 | €34,340 | €27,551 | -€6,789 | -19.8% |
| Plant, machinery and equipment | 23 | €29,984 | €24,190 | -€5,794 | -19.3% |
| Furniture and vehicles | 24 | €4,356 | €3,361 | -€995 | -22.8% |
| Financial fixed assets | 28 | €199 | €199 | = | 0.0% |
| Current assets | 29/58 | €148,630 | €393,796 | +€245,166 | +165.0% |
| Stocks and contracts in progress | 3 | - | €304,199 | +€304,199 | |
| Stocks | 30/36 | - | €304,199 | +€304,199 | |
| Amounts receivable within one year | 40/41 | €136,659 | €84,519 | -€52,140 | -38.2% |
| Trade receivables | 40 | €131,951 | €78,399 | -€53,552 | -40.6% |
| Other amounts receivable | 41 | €4,707 | €6,120 | +€1,412 | +30.0% |
| Cash at bank and in hand | 54/58 | €6,677 | €1,815 | -€4,862 | -72.8% |
| Deferred charges and accrued income | 490/1 | €5,295 | €3,264 | -€2,031 | -38.4% |
| Total equity and liabilities | 10/49 | €183,169 | €421,546 | +€238,377 | +130.1% |
| Equity | 10/15 | €142,968 | €115,773 | -€27,195 | -19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €54,620 | €54,068 | -€552 | -1.0% |
| Tax-exempt reserves | 132 | €2,760 | €2,208 | -€552 | -20.0% |
| Distributable reserves | 133 | €51,860 | €51,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,748 | €43,105 | -€26,643 | -38.2% |
| Provisions and deferred taxes | 16 | €690 | €552 | -€138 | -20.0% |
| Deferred taxes | 168 | €690 | €552 | -€138 | -20.0% |
| Amounts payable | 17/49 | €39,511 | €305,221 | +€265,710 | +672.5% |
| Amounts payable after more than one year | 17 | - | €92,000 | +€92,000 | |
| Financial debts | 170/4 | - | €92,000 | +€92,000 | |
| Amounts payable within one year | 42/48 | €39,355 | €209,381 | +€170,026 | +432.0% |
| Current portion of amounts payable after more than one year | 42 | €4,597 | - | -€4,597 | |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €22,015 | €52,014 | +€29,999 | +136.3% |
| Suppliers | 440/4 | €22,015 | €52,014 | +€29,999 | +136.3% |
| Taxes, remuneration and social security | 45 | €2,337 | €4,094 | +€1,757 | +75.2% |
| Taxes | 450/3 | €2,337 | €4,094 | +€1,757 | +75.2% |
| Other amounts payable | 47/48 | €10,406 | €3,274 | -€7,133 | -68.5% |
| Accrued charges and deferred income | 492/3 | €156 | €3,840 | +€3,684 | +2362.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,857 | €8,431 | -€427 | -4.8% |
| Other operating charges | 640/8 | €764 | €15,495 | +€14,731 | +1927.9% |
| Gross operating margin | 9900 | €31,092 | €8,060 | -€23,031 | -74.1% |
| Operating profit (loss) | 9901 | €21,470 | -€15,865 | -€37,335 | |
| Financial income | 75/76B | €1,500 | €0 | -€1,500 | -100.0% |
| Recurring financial income | 75 | €1,500 | €0 | -€1,500 | -100.0% |
| Financial charges | 65/66B | €1,914 | €11,326 | +€9,412 | +491.6% |
| Recurring financial charges | 65 | €1,914 | €11,326 | +€9,412 | +491.6% |
| Profit (loss) for the period before taxes | 9903 | €21,056 | -€27,191 | -€48,247 | |
| Transfer from deferred taxes | 780 | €138 | €138 | = | 0.0% |
| Income taxes | 67/77 | €5,810 | €142 | -€5,668 | -97.6% |
| Profit (loss) for the period | 9904 | €15,384 | -€27,195 | -€42,579 | |
| Transfer from tax-exempt reserves | 789 | €552 | €552 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,936 | -€26,643 | -€42,579 |
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 6 October 2026 via checked.be.