S&A Multi Construct: 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.
S&A Multi Construct
Largest movements
- Tangible fixed assets +€129,878
new in 2025: €129,878
of which Furniture and vehicles: +€123,028
- Receivables within one year +€67,562
up €67,562 (+133%), from €50,750 to €118,312
of which Trade receivables: +€42,723
- Cash +€12,783
up €12,783 (+304,360%), from €4 to €12,787
mainly Trade debts (+€96,369) and Debts after one year (+€87,959)
- Financial fixed assets +€5,196
new in 2025: €5,196
- Deferred charges and accrued income +€3,858
up €3,858 (+1,503%), from €257 to €4,115
- Trade debts +€96,369
up €96,369 (+2,019%), from €4,773 to €101,143
- Debts after one year +€87,959
new in 2025: €87,959
- Current portion of long-term debt +€20,012
new in 2025: €20,012
- Tax, wage and social debts +€15,033
up €15,033 (+138%), from €10,857 to €25,890
of which Taxes: +€11,871
- Other operating charges +€22,586
up €22,586 (+4,167%), from €542 to €23,128
- Depreciation +€16,619
up €16,619 (+1,266%), from €1,313 to €17,932
- Gross operating margin +€13,095
up €13,095 (+24.5%), from €53,379 to €66,474
- Staff costs +€9,614
up €9,614 (+87.3%), from €11,010 to €20,624
- Taxes -€3,870
down €3,870 (-44.5%), from €8,706 to €4,836
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 | €51,011 | €270,288 | +€219,277 | +430% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | - | €135,074 | +€135,074 | |
| Tangible fixed assets | 22/27 | - | €129,878 | +€129,878 | |
| Plant, machinery and equipment | 23 | - | €5,991 | +€5,991 | |
| Furniture and vehicles | 24 | - | €123,028 | +€123,028 | |
| Other tangible fixed assets | 26 | - | €858 | +€858 | |
| Financial fixed assets | 28 | - | €5,196 | +€5,196 | |
| Current assets | 29/58 | €51,011 | €135,214 | +€84,203 | +165% |
| Amounts receivable within one year | 40/41 | €50,750 | €118,312 | +€67,562 | +133% |
| Trade receivables | 40 | €19,487 | €62,210 | +€42,723 | +219% |
| Other amounts receivable | 41 | €31,263 | €56,101 | +€24,839 | +79.5% |
| Cash at bank and in hand | 54/58 | €4 | €12,787 | +€12,783 | +304,360% |
| Deferred charges and accrued income | 490/1 | €257 | €4,115 | +€3,858 | +1,503% |
| Total equity and liabilities | 10/49 | €51,011 | €270,288 | +€219,277 | +430% |
| Equity | 10/15 | €35,237 | €34,302 | -€935 | -2.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €32,737 | €32,737 | = | 0.0% |
| Distributable reserves | 133 | €32,737 | €32,737 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€935 | -€935 | |
| Amounts payable | 17/49 | €15,774 | €235,986 | +€220,212 | +1,396% |
| Amounts payable after more than one year | 17 | - | €87,959 | +€87,959 | |
| Financial debts | 170/4 | - | €87,959 | +€87,959 | |
| Amounts payable within one year | 42/48 | €15,774 | €148,027 | +€132,253 | +838% |
| Current portion of amounts payable after more than one year | 42 | - | €20,012 | +€20,012 | |
| Trade debts | 44 | €4,773 | €101,143 | +€96,369 | +2,019% |
| Suppliers | 440/4 | €4,773 | €101,143 | +€96,369 | +2,019% |
| Taxes, remuneration and social security | 45 | €10,857 | €25,890 | +€15,033 | +138% |
| Taxes | 450/3 | €8,706 | €20,577 | +€11,871 | +136% |
| Remuneration and social security | 454/9 | €2,151 | €5,313 | +€3,162 | +147% |
| Other amounts payable | 47/48 | €143 | €982 | +€839 | +586% |
| Remuneration, social security and pensions | 62 | €11,010 | €20,624 | +€9,614 | +87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,313 | €17,932 | +€16,619 | +1,266% |
| Other operating charges | 640/8 | €542 | €23,128 | +€22,586 | +4,167% |
| Gross operating margin | 9900 | €53,379 | €66,474 | +€13,095 | +24.5% |
| Operating profit (loss) | 9901 | €40,514 | €4,790 | -€35,724 | -88.2% |
| Financial income | 75/76B | €1,087 | €2,013 | +€926 | +85.1% |
| Recurring financial income | 75 | €1,087 | €2,013 | +€926 | +85.1% |
| Financial charges | 65/66B | €158 | €2,902 | +€2,743 | +1,734% |
| Recurring financial charges | 65 | €158 | €2,902 | +€2,743 | +1,734% |
| Profit (loss) for the period before taxes | 9903 | €41,443 | €3,901 | -€37,542 | -90.6% |
| Income taxes | 67/77 | €8,706 | €4,836 | -€3,870 | -44.5% |
| Profit (loss) for the period | 9904 | €32,737 | -€935 | -€33,672 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,737 | -€935 | -€33,672 |
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 27 October 2026 via checked.be.