S-BAX: 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-BAX
Largest movements
- Tangible fixed assets -€24,965
down €24,965 (-46.6%), from €53,556 to €28,591
of which Furniture and vehicles: -€23,248
- Receivables within one year -€18,811
down €18,811 (-42.6%), from €44,203 to €25,392
of which Other amounts receivable: -€22,461
- Intangible fixed assets +€17,349
up €17,349 (+253%), from €6,846 to €24,196
- Cash +€4,811
up €4,811 (+8.1%), from €59,130 to €63,941
mainly Depreciation (+€30,589) and Net result for the year (+€19,872)
- Debts after one year -€19,008
down €19,008 (-78.6%), from €24,185 to €5,177
- Other debts -€3,850
down €3,850 (-19.3%), from €20,000 to €16,150
- Trade debts +€2,516
up €2,516 (+90.0%), from €2,795 to €5,310
- Tax, wage and social debts -€2,131
down €2,131 (-5.7%), from €37,653 to €35,521
- Gross operating margin -€42,813
down €42,813 (-40.9%), from €104,616 to €61,803
- Taxes -€16,060
down €16,060 (-63.9%), from €25,122 to €9,062
- Depreciation +€5,750
up €5,750 (+23.1%), from €24,839 to €30,589
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 | €164,475 | €143,359 | -€21,116 | -12.8% |
| Fixed assets | 21/28 | €60,402 | €53,237 | -€7,165 | -11.9% |
| Intangible fixed assets | 21 | €6,846 | €24,196 | +€17,349 | +253% |
| Tangible fixed assets | 22/27 | €53,556 | €28,591 | -€24,965 | -46.6% |
| Furniture and vehicles | 24 | €42,458 | €19,209 | -€23,248 | -54.8% |
| Other tangible fixed assets | 26 | €11,098 | €9,382 | -€1,716 | -15.5% |
| Financial fixed assets | 28 | - | €450 | +€450 | |
| Current assets | 29/58 | €104,072 | €90,122 | -€13,950 | -13.4% |
| Amounts receivable within one year | 40/41 | €44,203 | €25,392 | -€18,811 | -42.6% |
| Trade receivables | 40 | €6,292 | €9,942 | +€3,650 | +58.0% |
| Other amounts receivable | 41 | €37,911 | €15,450 | -€22,461 | -59.2% |
| Cash at bank and in hand | 54/58 | €59,130 | €63,941 | +€4,811 | +8.1% |
| Deferred charges and accrued income | 490/1 | €739 | €789 | +€50 | +6.7% |
| Total equity and liabilities | 10/49 | €164,475 | €143,359 | -€21,116 | -12.8% |
| Equity | 10/15 | €61,320 | €62,192 | +€872 | +1.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €58,320 | €59,192 | +€872 | +1.5% |
| Distributable reserves | 133 | €58,320 | €59,192 | +€872 | +1.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,155 | €81,167 | -€21,988 | -21.3% |
| Amounts payable after more than one year | 17 | €24,185 | €5,177 | -€19,008 | -78.6% |
| Financial debts | 170/4 | €24,185 | €5,177 | -€19,008 | -78.6% |
| Amounts payable within one year | 42/48 | €78,970 | €75,990 | -€2,980 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €18,522 | €19,008 | +€486 | +2.6% |
| Trade debts | 44 | €2,795 | €5,310 | +€2,516 | +90.0% |
| Suppliers | 440/4 | €2,795 | €5,310 | +€2,516 | +90.0% |
| Taxes, remuneration and social security | 45 | €37,653 | €35,521 | -€2,131 | -5.7% |
| Taxes | 450/3 | €37,653 | €35,521 | -€2,131 | -5.7% |
| Other amounts payable | 47/48 | €20,000 | €16,150 | -€3,850 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,839 | €30,589 | +€5,750 | +23.1% |
| Other operating charges | 640/8 | €1,903 | €1,565 | -€338 | -17.8% |
| Gross operating margin | 9900 | €104,616 | €61,803 | -€42,813 | -40.9% |
| Operating profit (loss) | 9901 | €77,874 | €29,649 | -€48,225 | -61.9% |
| Financial income | 75/76B | €1,080 | €1,167 | +€88 | +8.1% |
| Recurring financial income | 75 | €1,080 | €1,167 | +€88 | +8.1% |
| Financial charges | 65/66B | €2,607 | €1,882 | -€725 | -27.8% |
| Recurring financial charges | 65 | €2,607 | €1,882 | -€725 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | €76,346 | €28,934 | -€47,412 | -62.1% |
| Income taxes | 67/77 | €25,122 | €9,062 | -€16,060 | -63.9% |
| Profit (loss) for the period | 9904 | €51,224 | €19,872 | -€31,352 | -61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,224 | €19,872 | -€31,352 | -61.2% |
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 21 October 2026 via checked.be.