Green SURF: 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.
Green SURF
Largest movements
- Receivables within one year +€131,906
up €131,906 (+103%), from €128,599 to €260,505
of which Trade receivables: +€126,069
- Intangible fixed assets -€29,799
down €29,799 (-27.1%), from €109,798 to €79,999
- Tangible fixed assets -€11,403
down €11,403 (-34.0%), from €33,549 to €22,146
of which Plant, machinery and equipment: -€11,937
- Stocks and contracts +€8,071
up €8,071 (+7.8%), from €103,900 to €111,971
- Debts after one year +€100,803
up €100,803 (+83.3%), from €121,075 to €221,878
of which Financial debts: +€96,803
- Tax, wage and social debts +€20,485
up €20,485 (+19.5%), from €105,062 to €125,548
of which Taxes: +€43,923
- Current portion of long-term debt -€19,831
down €19,831 (-29.3%), from €67,567 to €47,736
- Trade debts -€12,074
down €12,074 (-12.5%), from €96,683 to €84,609
- Gross operating margin +€30,316
up €30,316 (+7.0%), from €434,439 to €464,756
- Staff costs +€11,993
up €11,993 (+3.1%), from €390,276 to €402,270
- Write-downs -€9,100
no longer reported in 2025 (was €9,100)
- Depreciation -€8,359
down €8,359 (-15.1%), from €55,413 to €47,054
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.
Derived cash bridge
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 | €426,854 | €521,310 | +€94,456 | +22.1% |
| Formation expenses | 20 | €2,231 | €1,672 | -€560 | -25.1% |
| Fixed assets | 21/28 | €145,947 | €104,745 | -€41,202 | -28.2% |
| Intangible fixed assets | 21 | €109,798 | €79,999 | -€29,799 | -27.1% |
| Tangible fixed assets | 22/27 | €33,549 | €22,146 | -€11,403 | -34.0% |
| Plant, machinery and equipment | 23 | €19,251 | €7,314 | -€11,937 | -62.0% |
| Furniture and vehicles | 24 | €6,732 | €9,013 | +€2,281 | +33.9% |
| Leasing and similar rights | 25 | €7,566 | €5,820 | -€1,746 | -23.1% |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €278,676 | €414,894 | +€136,218 | +48.9% |
| Stocks and contracts in progress | 3 | €103,900 | €111,971 | +€8,071 | +7.8% |
| Contracts in progress | 37 | €103,900 | €111,971 | +€8,071 | +7.8% |
| Amounts receivable within one year | 40/41 | €128,599 | €260,505 | +€131,906 | +103% |
| Trade receivables | 40 | €128,599 | €254,668 | +€126,069 | +98.0% |
| Other amounts receivable | 41 | - | €5,837 | +€5,837 | |
| Cash at bank and in hand | 54/58 | €33,981 | €34,878 | +€897 | +2.6% |
| Deferred charges and accrued income | 490/1 | €12,196 | €7,541 | -€4,655 | -38.2% |
| Total equity and liabilities | 10/49 | €426,854 | €521,310 | +€94,456 | +22.1% |
| Equity | 10/15 | €34,312 | €37,504 | +€3,192 | +9.3% |
| Contributions | 10/11 | €255,540 | €255,540 | = | 0.0% |
| Capital | 10 | €241,540 | €241,540 | = | 0.0% |
| Issued capital | 100 | €241,540 | €241,540 | = | 0.0% |
| Contributions outside capital | 11 | €14,000 | €14,000 | = | 0.0% |
| Share premium | 1100/10 | €14,000 | €14,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€221,228 | -€218,036 | +€3,192 | +1.4% |
| Amounts payable | 17/49 | €392,542 | €483,807 | +€91,265 | +23.2% |
| Amounts payable after more than one year | 17 | €121,075 | €221,878 | +€100,803 | +83.3% |
| Financial debts | 170/4 | €100,380 | €197,183 | +€96,803 | +96.4% |
| Other amounts payable | 178/9 | €20,695 | €24,695 | +€4,000 | +19.3% |
| Amounts payable within one year | 42/48 | €271,467 | €258,236 | -€13,231 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €67,567 | €47,736 | -€19,831 | -29.3% |
| Financial debts | 43 | €2,154 | €252 | -€1,902 | -88.3% |
| Credit institutions | 430/8 | €2,154 | €252 | -€1,902 | -88.3% |
| Trade debts | 44 | €96,683 | €84,609 | -€12,074 | -12.5% |
| Suppliers | 440/4 | €96,683 | €84,609 | -€12,074 | -12.5% |
| Taxes, remuneration and social security | 45 | €105,062 | €125,548 | +€20,485 | +19.5% |
| Taxes | 450/3 | €12,457 | €56,380 | +€43,923 | +353% |
| Remuneration and social security | 454/9 | €92,605 | €69,168 | -€23,437 | -25.3% |
| Other amounts payable | 47/48 | - | €90 | +€90 | |
| Accrued charges and deferred income | 492/3 | - | €3,693 | +€3,693 | |
| Remuneration, social security and pensions | 62 | €390,276 | €402,270 | +€11,993 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,413 | €47,054 | -€8,359 | -15.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,100 | - | -€9,100 | |
| Other operating charges | 640/8 | €680 | €637 | -€44 | -6.4% |
| Gross operating margin | 9900 | €434,439 | €464,756 | +€30,316 | +7.0% |
| Operating profit (loss) | 9901 | -€21,030 | €14,795 | +€35,826 | |
| Financial income | 75/76B | €220 | - | -€220 | |
| Recurring financial income | 75 | €220 | - | -€220 | |
| Financial charges | 65/66B | €8,065 | €11,284 | +€3,219 | +39.9% |
| Recurring financial charges | 65 | €8,065 | €11,284 | +€3,219 | +39.9% |
| Profit (loss) for the period before taxes | 9903 | -€28,875 | €3,511 | +€32,386 | |
| Income taxes | 67/77 | €268 | €319 | +€51 | +19.2% |
| Profit (loss) for the period | 9904 | -€29,143 | €3,192 | +€32,334 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,143 | €3,192 | +€32,334 |
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 25 October 2026 via checked.be.