S&C: 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&C
Largest movements
- Stocks and contracts -€10,898
down €10,898 (-6.8%), from €160,366 to €149,468
- Tangible fixed assets +€7,597
up €7,597 (+28.7%), from €26,447 to €34,044
of which Plant, machinery and equipment: +€12,254
- Deferred charges and accrued income +€6,955
up €6,955 (+319%), from €2,182 to €9,137
- Receivables within one year -€3,200
down €3,200 (-44.8%), from €7,145 to €3,945
of which Trade receivables: -€1,627
- Debts after one year -€15,000
down €15,000 (-20.0%), from €75,000 to €60,000
- Reserves +€7,500
up €7,500 (+8.3%), from €90,000 to €97,500
- Other debts +€5,512
up €5,512 (+10.9%), from €50,461 to €55,972
- Current portion of long-term debt +€3,940
up €3,940 (+111%), from €3,560 to €7,500
- Gross operating margin +€7,078
up €7,078 (+41.6%), from €16,997 to €24,075
- Taxes +€1,530
up €1,530 (+80.7%), from €1,896 to €3,426
- Depreciation +€746
up €746 (+11.0%), from €6,750 to €7,496
- Other operating charges -€526
down €526 (-33.2%), from €1,582 to €1,056
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 | €262,080 | €263,361 | +€1,281 | +0.5% |
| Fixed assets | 21/28 | €26,447 | €34,044 | +€7,597 | +28.7% |
| Tangible fixed assets | 22/27 | €26,447 | €34,044 | +€7,597 | +28.7% |
| Plant, machinery and equipment | 23 | €7,307 | €19,561 | +€12,254 | +168% |
| Furniture and vehicles | 24 | €19,140 | €14,483 | -€4,657 | -24.3% |
| Current assets | 29/58 | €235,633 | €229,317 | -€6,316 | -2.7% |
| Stocks and contracts in progress | 3 | €160,366 | €149,468 | -€10,898 | -6.8% |
| Stocks | 30/36 | €160,366 | €149,468 | -€10,898 | -6.8% |
| Amounts receivable within one year | 40/41 | €7,145 | €3,945 | -€3,200 | -44.8% |
| Trade receivables | 40 | €3,627 | €2,000 | -€1,627 | -44.9% |
| Other amounts receivable | 41 | €3,518 | €1,945 | -€1,573 | -44.7% |
| Cash at bank and in hand | 54/58 | €65,941 | €66,768 | +€827 | +1.3% |
| Deferred charges and accrued income | 490/1 | €2,182 | €9,137 | +€6,955 | +319% |
| Total equity and liabilities | 10/49 | €262,080 | €263,361 | +€1,281 | +0.5% |
| Equity | 10/15 | €120,288 | €127,877 | +€7,589 | +6.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €90,000 | €97,500 | +€7,500 | +8.3% |
| Distributable reserves | 133 | €90,000 | €97,500 | +€7,500 | +8.3% |
| Profit (loss) carried forward | 14 | €288 | €377 | +€89 | +31.0% |
| Amounts payable | 17/49 | €141,792 | €135,484 | -€6,309 | -4.4% |
| Amounts payable after more than one year | 17 | €75,000 | €60,000 | -€15,000 | -20.0% |
| Financial debts | 170/4 | €75,000 | €60,000 | -€15,000 | -20.0% |
| Amounts payable within one year | 42/48 | €64,878 | €73,761 | +€8,883 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €3,560 | €7,500 | +€3,940 | +111% |
| Financial debts | 43 | - | €38 | +€38 | |
| Credit institutions | 430/8 | - | €38 | +€38 | |
| Trade debts | 44 | €1,884 | €2,187 | +€304 | +16.1% |
| Suppliers | 440/4 | €1,884 | €2,187 | +€304 | +16.1% |
| Taxes, remuneration and social security | 45 | €8,973 | €8,063 | -€910 | -10.1% |
| Taxes | 450/3 | €8,973 | €8,063 | -€910 | -10.1% |
| Other amounts payable | 47/48 | €50,461 | €55,972 | +€5,512 | +10.9% |
| Accrued charges and deferred income | 492/3 | €1,915 | €1,723 | -€191 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,750 | €7,496 | +€746 | +11.0% |
| Other operating charges | 640/8 | €1,582 | €1,056 | -€526 | -33.2% |
| Gross operating margin | 9900 | €16,997 | €24,075 | +€7,078 | +41.6% |
| Operating profit (loss) | 9901 | €8,665 | €15,523 | +€6,858 | +79.1% |
| Financial income | 75/76B | €293 | €121 | -€172 | -58.7% |
| Recurring financial income | 75 | €293 | €121 | -€172 | -58.7% |
| Financial charges | 65/66B | €2,797 | €2,963 | +€166 | +5.9% |
| Recurring financial charges | 65 | €2,797 | €2,963 | +€166 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €6,162 | €12,682 | +€6,520 | +106% |
| Income taxes | 67/77 | €1,896 | €3,426 | +€1,530 | +80.7% |
| Profit (loss) for the period | 9904 | €4,266 | €9,255 | +€4,990 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €4,266 | €9,255 | +€4,990 | +117% |
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 26 October 2026 via checked.be.