S. & D.: 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. & D.
Largest movements
- Tangible fixed assets -€2,730
down €2,730 (-3.0%), from €89,792 to €87,062
of which Land and buildings: -€2,518
- Other debts -€2,986
down €2,986 (-18.6%), from €16,096 to €13,110
- Gross operating margin +€592
up €592 (+8.0%), from €7,364 to €7,956
- Financial charges -€410
down €410 (-13.7%), from €2,997 to €2,586
- Depreciation -€163
down €163 (-5.6%), from €2,893 to €2,730
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 | €132,613 | €128,573 | -€4,040 | -3.0% |
| Fixed assets | 21/28 | €89,792 | €87,062 | -€2,730 | -3.0% |
| Tangible fixed assets | 22/27 | €89,792 | €87,062 | -€2,730 | -3.0% |
| Land and buildings | 22 | €89,580 | €87,062 | -€2,518 | -2.8% |
| Plant, machinery and equipment | 23 | €212 | - | -€212 | |
| Current assets | 29/58 | €42,821 | €41,511 | -€1,310 | -3.1% |
| Stocks and contracts in progress | 3 | €1,568 | €1,329 | -€239 | -15.2% |
| Stocks | 30/36 | €1,568 | €1,329 | -€239 | -15.2% |
| Amounts receivable within one year | 40/41 | €63 | €40 | -€23 | -36.5% |
| Other amounts receivable | 41 | €63 | €40 | -€23 | -36.5% |
| Current investments | 50/53 | €22,277 | €22,370 | +€94 | +0.4% |
| Cash at bank and in hand | 54/58 | €18,295 | €17,184 | -€1,110 | -6.1% |
| Deferred charges and accrued income | 490/1 | €619 | €587 | -€32 | -5.1% |
| Total equity and liabilities | 10/49 | €132,613 | €128,573 | -€4,040 | -3.0% |
| Equity | 10/15 | €113,225 | €113,650 | +€425 | +0.4% |
| Contributions | 10/11 | €29,000 | €29,000 | = | 0.0% |
| Reserves | 13 | €84,225 | €84,650 | +€425 | +0.5% |
| Tax-exempt reserves | 132 | €263 | €263 | = | 0.0% |
| Distributable reserves | 133 | €83,963 | €84,388 | +€425 | +0.5% |
| Amounts payable | 17/49 | €19,388 | €14,922 | -€4,466 | -23.0% |
| Amounts payable within one year | 42/48 | €18,070 | €13,770 | -€4,300 | -23.8% |
| Trade debts | 44 | €998 | - | -€998 | |
| Suppliers | 440/4 | €998 | - | -€998 | |
| Taxes, remuneration and social security | 45 | €976 | €660 | -€316 | -32.4% |
| Taxes | 450/3 | €976 | €660 | -€316 | -32.4% |
| Other amounts payable | 47/48 | €16,096 | €13,110 | -€2,986 | -18.6% |
| Accrued charges and deferred income | 492/3 | €1,318 | €1,152 | -€166 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,893 | €2,730 | -€163 | -5.6% |
| Other operating charges | 640/8 | €2,237 | €2,306 | +€68 | +3.0% |
| Gross operating margin | 9900 | €7,364 | €7,956 | +€592 | +8.0% |
| Operating profit (loss) | 9901 | €2,234 | €2,921 | +€686 | +30.7% |
| Financial income | 75/76B | €133 | €134 | +€1 | +0.4% |
| Recurring financial income | 75 | €133 | €134 | +€1 | +0.4% |
| Financial charges | 65/66B | €2,997 | €2,586 | -€410 | -13.7% |
| Recurring financial charges | 65 | €2,997 | €2,586 | -€410 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | -€629 | €468 | +€1,097 | |
| Income taxes | 67/77 | - | €43 | +€43 | |
| Profit (loss) for the period | 9904 | -€629 | €425 | +€1,055 | |
| Profit (loss) for the period to be appropriated | 9905 | -€629 | €425 | +€1,055 |
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 3 October 2026 via checked.be.