GROUP S: 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.
What changed
GROUP S
NACE 82.100, Office administrative and support services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€991,617
2024 · -€1.8m+€841,160
Equity
€104.3m
2024 · €28.7m+€75.6m
Cash
€3.5m
2024 · €930,994+€2.5m
Balance sheet total
€141.6m
2024 · €45.4m+€96.2m
Largest movements
Assets
- Tangible fixed assets +€55.0m
new in 2025: €55.0m
of which Land and buildings: +€51.6m
- Intangible fixed assets +€16.4m
up €16.4m (+1605.8%), from €1.0m to €17.4m
- Financial fixed assets +€8.7m
up €8.7m (+20.8%), from €41.5m to €50.2m
of which Companies linked by participating interests: +€25.8m
- Current investments +€8.3m
new in 2025: €8.3m
- Receivables within one year +€3.7m
up €3.7m (+194.8%), from €1.9m to €5.6m
of which Trade receivables: +€3.8m
Equity and liabilities
- Contributions +€76.9m
up €76.9m (+236.0%), from €32.6m to €109.5m
- Tax, wage and social debts +€9.2m
up €9.2m (+1932.4%), from €473,549 to €9.6m
of which Remuneration and social security: +€8.2m
- Trade debts +€7.3m
up €7.3m (+374.3%), from €1.9m to €9.2m
- Profit (loss) carried forward -€2.3m
down €2.3m (-60.0%), from -€3.9m to -€6.2m
- Debts after one year +€1.8m
up €1.8m (+12.4%), from €14.2m to €16.0m
Income statement
- Turnover +€81.7m
up €81.7m (+1879.3%), from €4.3m to €86.1m
- Staff costs +€59.1m
up €59.1m (+1503.3%), from €3.9m to €63.0m
- Services and other goods +€18.6m
up €18.6m (+426.4%), from €4.4m to €23.0m
- Other operating income +€5.5m
up €5.5m (+245.3%), from €2.2m to €7.7m
- Depreciation +€5.1m
up €5.1m (+20775.3%), from €24,722 to €5.2m
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.
Result 2024
-€1.8m
Turnover
+€81.7m
Other operating income
+€5.5m
Services and other goods
-€18.6m
Staff costs
-€59.1m
Depreciation
-€5.1m
Write-downs
+€69,593
Other operating charges
-€1.4m
Other operating items
-€1.8m
Financial income
+€628,639
Financial charges
-€884,849
Taxes
-€108,262
Result 2025
-€991,617
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.
From operations
+€16.4m
Investment
-€93.5m
Financing
+€79.7m
Cash 2024
€930,994
From operations (derived)
+€16.4m
Net result for the year
-€991,617
Depreciation
+€5.2m
Receivables within one year
-€3.7m
Deferred charges and accrued income
-€1.5m
Provisions
+€896,422
Trade debts
+€7.3m
Tax, wage and social debts
+€9.2m
Accrued charges and deferred income
+€122,300
Investment (derived)
-€93.5m
Investment in fixed assets (net)
-€85.2m
Current investments
-€8.3m
Financing
+€79.7m
Debts after one year
+€1.8m
Current portion of long-term debt
+€1.3m
Contributions, distributions and other
+€76.6m
Cash 2025
€3.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,419,648 | €141,581,232 | +€96.2m | +211.7% |
| Fixed assets | 21/28 | €42,557,036 | €122,614,632 | +€80.1m | +188.1% |
| Intangible fixed assets | 21 | €1,018,985 | €17,382,183 | +€16.4m | +1605.8% |
| Tangible fixed assets | 22/27 | - | €55,038,731 | +€55.0m | |
| Land and buildings | 22 | - | €51,552,528 | +€51.6m | |
| Plant, machinery and equipment | 23 | - | €673,758 | +€673,758 | |
| Furniture and vehicles | 24 | - | €2,615,360 | +€2.6m | |
| Other tangible fixed assets | 26 | - | €197,085 | +€197,085 | |
| Financial fixed assets | 28 | €41,538,051 | €50,193,718 | +€8.7m | +20.8% |
| Affiliated companies | 280/1 | €41,538,051 | €24,095,111 | -€17.4m | -42.0% |
| Participating interests | 280 | €20,968,551 | €12,095,611 | -€8.9m | -42.3% |
| Amounts receivable | 281 | €20,569,500 | €11,999,500 | -€8.6m | -41.7% |
| Companies linked by participating interests | 282/3 | - | €25,834,000 | +€25.8m | |
| Participating interests | 282 | - | €25,834,000 | +€25.8m | |
| Other financial fixed assets | 284/8 | - | €264,607 | +€264,607 | |
| Shares | 284 | - | €130,273 | +€130,273 | |
| Amounts receivable and cash guarantees | 285/8 | - | €134,334 | +€134,334 | |
| Current assets | 29/58 | €2,862,612 | €18,966,600 | +€16.1m | +562.6% |
| Amounts receivable within one year | 40/41 | €1,903,683 | €5,612,456 | +€3.7m | +194.8% |
| Trade receivables | 40 | €1,620,089 | €5,374,322 | +€3.8m | +231.7% |
| Other amounts receivable | 41 | €283,594 | €238,133 | -€45,461 | -16.0% |
| Current investments | 50/53 | - | €8,305,212 | +€8.3m | |
| Other investments | 51/53 | - | €8,305,212 | +€8.3m | |
| Cash at bank and in hand | 54/58 | €930,994 | €3,472,686 | +€2.5m | +273.0% |
| Deferred charges and accrued income | 490/1 | €27,935 | €1,576,247 | +€1.5m | +5542.6% |
| Total equity and liabilities | 10/49 | €45,419,648 | €141,581,232 | +€96.2m | +211.7% |
| Equity | 10/15 | €28,713,837 | €104,313,142 | +€75.6m | +263.3% |
| Contributions | 10/11 | €32,582,000 | €109,485,427 | +€76.9m | +236.0% |
| Capital | 10 | €32,582,000 | €109,485,427 | +€76.9m | +236.0% |
| Issued capital | 100 | €32,582,000 | €109,485,427 | +€76.9m | +236.0% |
| Reserves | 13 | €26,317 | €1,057,429 | +€1.0m | +3918.1% |
| Non-distributable reserves | 130/1 | €18,000 | €18,000 | = | 0.0% |
| Legal reserve | 130 | €18,000 | €18,000 | = | 0.0% |
| Distributable reserves | 133 | €8,317 | €1,039,429 | +€1.0m | +12397.9% |
| Profit (loss) carried forward | 14 | -€3,894,480 | -€6,229,714 | -€2.3m | -60.0% |
| Provisions and deferred taxes | 16 | €50,000 | €946,422 | +€896,422 | +1792.8% |
| Provisions for liabilities and charges | 160/5 | €50,000 | €946,422 | +€896,422 | +1792.8% |
| Other liabilities and charges | 164/5 | €50,000 | €946,422 | +€896,422 | +1792.8% |
| Amounts payable | 17/49 | €16,655,811 | €36,321,669 | +€19.7m | +118.1% |
| Amounts payable after more than one year | 17 | €14,232,500 | €16,000,000 | +€1.8m | +12.4% |
| Financial debts | 170/4 | €14,232,500 | €16,000,000 | +€1.8m | +12.4% |
| Credit institutions | 173 | - | €16,000,000 | +€16.0m | |
| Other loans | 174 | €14,232,500 | - | -€14.2m | |
| Amounts payable within one year | 42/48 | €2,421,766 | €20,197,825 | +€17.8m | +734.0% |
| Current portion of amounts payable after more than one year | 42 | - | €1,333,333 | +€1.3m | |
| Trade debts | 44 | €1,948,217 | €9,239,962 | +€7.3m | +374.3% |
| Suppliers | 440/4 | €1,948,217 | €9,239,962 | +€7.3m | +374.3% |
| Taxes, remuneration and social security | 45 | €473,549 | €9,624,529 | +€9.2m | +1932.4% |
| Taxes | 450/3 | €3,272 | €964,684 | +€961,412 | +29379.8% |
| Remuneration and social security | 454/9 | €470,277 | €8,659,845 | +€8.2m | +1741.4% |
| Accrued charges and deferred income | 492/3 | €1,545 | €123,844 | +€122,300 | +7918.3% |
| Operating income | 70/76A | €6,590,506 | €96,454,714 | +€89.9m | +1363.5% |
| Turnover | 70 | €4,348,055 | €86,062,111 | +€81.7m | +1879.3% |
| Own construction capitalised | 72 | - | €1,623,102 | +€1.6m | |
| Other operating income | 74 | €2,242,452 | €7,744,022 | +€5.5m | +245.3% |
| Non-recurring operating income | 76A | - | €1,025,479 | +€1.0m | |
| Operating charges | 60/66A | €8,353,453 | €97,012,029 | +€88.7m | +1061.3% |
| Services and other goods | 61 | €4,365,015 | €22,976,274 | +€18.6m | +426.4% |
| Remuneration, social security and pensions | 62 | €3,928,566 | €62,986,751 | +€59.1m | +1503.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,722 | €5,160,846 | +€5.1m | +20775.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,870 | -€41,723 | -€69,593 | |
| Other operating charges | 640/8 | €7,137 | €1,449,897 | +€1.4m | +20216.4% |
| Non-recurring operating charges | 66A | €143 | €4,479,984 | +€4.5m | +3138023.0% |
| Operating profit (loss) | 9901 | -€1,762,947 | -€557,315 | +€1.2m | +68.4% |
| Financial income | 75/76B | €211,098 | €839,737 | +€628,639 | +297.8% |
| Recurring financial income | 75 | €211,098 | €839,737 | +€628,639 | +297.8% |
| Income from financial fixed assets | 750 | €211,098 | - | -€211,098 | |
| Income from current assets | 751 | - | €839,689 | +€839,689 | |
| Other financial income | 752/9 | - | €48 | +€48 | |
| Financial charges | 65/66B | €280,929 | €1,165,778 | +€884,849 | +315.0% |
| Recurring financial charges | 65 | €280,929 | €1,165,778 | +€884,849 | +315.0% |
| Debt charges | 650 | €249,605 | - | -€249,605 | |
| Other financial charges | 652/9 | €31,324 | €1,165,778 | +€1.1m | +3621.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,832,778 | -€883,356 | +€949,422 | +51.8% |
| Income taxes | 67/77 | - | €108,262 | +€108,262 | |
| Taxes | 670/3 | - | €108,262 | +€108,262 | |
| Profit (loss) for the period | 9904 | -€1,832,778 | -€991,617 | +€841,160 | +45.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,832,778 | -€991,617 | +€841,160 | +45.9% |
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.