S&D-Core: 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-Core
Largest movements
- Current investments +€150,000
up €150,000 (+100.0%), from €150,000 to €300,000
- Receivables within one year -€40,036
down €40,036 (-26.6%), from €150,383 to €110,347
of which Trade receivables: -€39,706
- Cash -€29,567
down €29,567 (-39.2%), from €75,358 to €45,791
mainly Contributions, distributions and other (-€376,217) and Current investments (-€150,000)
- Deferred charges and accrued income +€6,248
up €6,248 (+1119.5%), from €558 to €6,806
- Other debts +€75,172
up €75,172 (+24.2%), from €310,189 to €385,361
- Tax, wage and social debts +€5,450
up €5,450 (+53.9%), from €10,113 to €15,563
- Gross operating margin +€99,800
up €99,800 (+24.3%), from €410,781 to €510,581
- Taxes +€24,767
up €24,767 (+23.4%), from €105,796 to €130,563
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 | €377,075 | €463,361 | +€86,286 | +22.9% |
| Fixed assets | 21/28 | €776 | €417 | -€359 | -46.3% |
| Tangible fixed assets | 22/27 | €686 | €417 | -€269 | -39.2% |
| Plant, machinery and equipment | 23 | €686 | €417 | -€269 | -39.2% |
| Financial fixed assets | 28 | €90 | - | -€90 | |
| Current assets | 29/58 | €376,299 | €462,944 | +€86,645 | +23.0% |
| Amounts receivable within one year | 40/41 | €150,383 | €110,347 | -€40,036 | -26.6% |
| Trade receivables | 40 | €149,563 | €109,857 | -€39,706 | -26.5% |
| Other amounts receivable | 41 | €820 | €490 | -€330 | -40.2% |
| Current investments | 50/53 | €150,000 | €300,000 | +€150,000 | +100.0% |
| Cash at bank and in hand | 54/58 | €75,358 | €45,791 | -€29,567 | -39.2% |
| Deferred charges and accrued income | 490/1 | €558 | €6,806 | +€6,248 | +1119.5% |
| Total equity and liabilities | 10/49 | €377,075 | €463,361 | +€86,286 | +22.9% |
| Equity | 10/15 | €20,827 | €20,827 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,227 | €2,227 | = | 0.0% |
| Distributable reserves | 133 | €2,227 | €2,227 | = | 0.0% |
| Amounts payable | 17/49 | €356,248 | €442,534 | +€86,286 | +24.2% |
| Amounts payable within one year | 42/48 | €354,462 | €436,422 | +€81,959 | +23.1% |
| Financial debts | 43 | €32,158 | €33,722 | +€1,565 | +4.9% |
| Credit institutions | 430/8 | €32,158 | €33,722 | +€1,565 | +4.9% |
| Trade debts | 44 | €2,003 | €1,776 | -€227 | -11.3% |
| Suppliers | 440/4 | €2,003 | €1,776 | -€227 | -11.3% |
| Taxes, remuneration and social security | 45 | €10,113 | €15,563 | +€5,450 | +53.9% |
| Remuneration and social security | 454/9 | €10,113 | €15,563 | +€5,450 | +53.9% |
| Other amounts payable | 47/48 | €310,189 | €385,361 | +€75,172 | +24.2% |
| Accrued charges and deferred income | 492/3 | €1,786 | €6,112 | +€4,326 | +242.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €269 | €269 | = | 0.0% |
| Other operating charges | 640/8 | €384 | €548 | +€163 | +42.5% |
| Gross operating margin | 9900 | €410,781 | €510,581 | +€99,800 | +24.3% |
| Operating profit (loss) | 9901 | €410,127 | €509,764 | +€99,637 | +24.3% |
| Financial income | 75/76B | €2,276 | - | -€2,276 | |
| Recurring financial income | 75 | €2,276 | - | -€2,276 | |
| Financial charges | 65/66B | €3,682 | €2,984 | -€698 | -19.0% |
| Recurring financial charges | 65 | €3,682 | €2,984 | -€698 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €408,720 | €506,780 | +€98,059 | +24.0% |
| Income taxes | 67/77 | €105,796 | €130,563 | +€24,767 | +23.4% |
| Profit (loss) for the period | 9904 | €302,925 | €376,217 | +€73,292 | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €302,925 | €376,217 | +€73,292 | +24.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.