S 2 M: 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.
S 2 M
Largest movements
- Cash +€24,328
up €24,328 (+18.2%), from €134,003 to €158,331
mainly Depreciation (+€23,685) and Other debts (+€14,803)
- Other debts +€14,803
new in 2025: €14,803
- Tax, wage and social debts +€14,441
up €14,441 (+40.0%), from €36,088 to €50,529
of which Remuneration and social security: +€19,200
- Gross operating margin -€44,095
down €44,095 (-49.9%), from €88,422 to €44,327
- Taxes -€17,350
down €17,350 (-71.3%), from €24,351 to €7,001
- Financial income -€4,206
down €4,206 (-100.0%), from €4,206 to €0
- Financial charges +€1,795
up €1,795 (+170.1%), from €1,055 to €2,850
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 | €978,491 | €1,004,851 | +€26,360 | +2.7% |
| Fixed assets | 21/28 | €689,940 | €681,139 | -€8,801 | -1.3% |
| Tangible fixed assets | 22/27 | €672,966 | €664,165 | -€8,801 | -1.3% |
| Land and buildings | 22 | €632,933 | €624,100 | -€8,833 | -1.4% |
| Plant, machinery and equipment | 23 | €20,298 | €26,809 | +€6,512 | +32.1% |
| Furniture and vehicles | 24 | €19,735 | €13,255 | -€6,480 | -32.8% |
| Financial fixed assets | 28 | €16,974 | €16,974 | = | 0.0% |
| Current assets | 29/58 | €288,551 | €323,712 | +€35,161 | +12.2% |
| Amounts receivable within one year | 40/41 | €136,740 | €142,515 | +€5,775 | +4.2% |
| Trade receivables | 40 | €51,370 | €51,137 | -€233 | -0.5% |
| Other amounts receivable | 41 | €85,370 | €91,378 | +€6,009 | +7.0% |
| Cash at bank and in hand | 54/58 | €134,003 | €158,331 | +€24,328 | +18.2% |
| Deferred charges and accrued income | 490/1 | €17,808 | €22,866 | +€5,058 | +28.4% |
| Total equity and liabilities | 10/49 | €978,491 | €1,004,851 | +€26,360 | +2.7% |
| Equity | 10/15 | €925,614 | €930,726 | +€5,112 | +0.6% |
| Contributions | 10/11 | €6,600 | €6,600 | = | 0.0% |
| Outside capital | 11 | €6,600 | - | -€6,600 | |
| Other | 1109/19 | €6,600 | - | -€6,600 | |
| Reserves | 13 | €919,014 | €924,126 | +€5,112 | +0.6% |
| Tax-exempt reserves | 132 | €55,900 | €55,900 | = | 0.0% |
| Distributable reserves | 133 | €863,114 | €868,226 | +€5,112 | +0.6% |
| Amounts payable | 17/49 | €52,877 | €74,125 | +€21,248 | +40.2% |
| Amounts payable within one year | 42/48 | €52,877 | €73,639 | +€20,761 | +39.3% |
| Trade debts | 44 | €16,790 | €8,307 | -€8,483 | -50.5% |
| Suppliers | 440/4 | €16,790 | €8,307 | -€8,483 | -50.5% |
| Taxes, remuneration and social security | 45 | €36,088 | €50,529 | +€14,441 | +40.0% |
| Taxes | 450/3 | €22,088 | €17,329 | -€4,759 | -21.5% |
| Remuneration and social security | 454/9 | €14,000 | €33,200 | +€19,200 | +137.1% |
| Other amounts payable | 47/48 | - | €14,803 | +€14,803 | |
| Accrued charges and deferred income | 492/3 | - | €487 | +€487 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,175 | €23,685 | +€510 | +2.2% |
| Other operating charges | 640/8 | €5,158 | €5,679 | +€521 | +10.1% |
| Gross operating margin | 9900 | €88,422 | €44,327 | -€44,095 | -49.9% |
| Operating profit (loss) | 9901 | €60,089 | €14,963 | -€45,126 | -75.1% |
| Financial income | 75/76B | €4,206 | €0 | -€4,206 | -100.0% |
| Recurring financial income | 75 | €4,206 | €0 | -€4,206 | -100.0% |
| Financial charges | 65/66B | €1,055 | €2,850 | +€1,795 | +170.1% |
| Recurring financial charges | 65 | €1,055 | €2,850 | +€1,795 | +170.1% |
| Profit (loss) for the period before taxes | 9903 | €63,240 | €12,113 | -€51,127 | -80.8% |
| Income taxes | 67/77 | €24,351 | €7,001 | -€17,350 | -71.3% |
| Profit (loss) for the period | 9904 | €38,889 | €5,112 | -€33,777 | -86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,889 | €5,112 | -€33,777 | -86.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.