S&E Projects: 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&E Projects
Largest movements
- Receivables within one year +€29,256
up €29,256 (+124.9%), from €23,432 to €52,689
of which Trade receivables: +€25,535
- Cash -€9,376
down €9,376 (-62.4%), from €15,030 to €5,654
mainly Receivables within one year (-€29,256) and Deferred charges and accrued income (-€9,188)
- Deferred charges and accrued income +€9,188
new in 2025: €9,188
- Trade debts +€14,695
up €14,695 (+8806.4%), from €167 to €14,862
- Reserves +€13,120
up €13,120 (+49.3%), from €26,615 to €39,735
- Tax, wage and social debts +€1,299
up €1,299 (+9.4%), from €13,863 to €15,161
- Gross operating margin -€6,946
down €6,946 (-21.9%), from €31,669 to €24,723
- Staff costs +€2,568
up €2,568 (+475.8%), from €540 to €3,108
- Taxes -€2,485
down €2,485 (-32.2%), from €7,725 to €5,239
- Financial charges +€832
up €832 (+651.0%), from €128 to €959
- Other operating charges +€738
up €738 (+243.0%), from €304 to €1,041
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 | €43,645 | €72,759 | +€29,114 | +66.7% |
| Fixed assets | 21/28 | €5,182 | €5,228 | +€46 | +0.9% |
| Tangible fixed assets | 22/27 | €5,182 | €5,228 | +€46 | +0.9% |
| Plant, machinery and equipment | 23 | €1,892 | €2,658 | +€766 | +40.5% |
| Furniture and vehicles | 24 | €3,290 | €2,570 | -€720 | -21.9% |
| Current assets | 29/58 | €38,463 | €67,531 | +€29,069 | +75.6% |
| Amounts receivable within one year | 40/41 | €23,432 | €52,689 | +€29,256 | +124.9% |
| Trade receivables | 40 | €23,316 | €48,851 | +€25,535 | +109.5% |
| Other amounts receivable | 41 | €116 | €3,838 | +€3,721 | +3199.8% |
| Cash at bank and in hand | 54/58 | €15,030 | €5,654 | -€9,376 | -62.4% |
| Deferred charges and accrued income | 490/1 | - | €9,188 | +€9,188 | |
| Total equity and liabilities | 10/49 | €43,645 | €72,759 | +€29,114 | +66.7% |
| Equity | 10/15 | €29,615 | €42,735 | +€13,120 | +44.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €26,615 | €39,735 | +€13,120 | +49.3% |
| Distributable reserves | 133 | €26,615 | €39,735 | +€13,120 | +49.3% |
| Amounts payable | 17/49 | €14,029 | €30,024 | +€15,994 | +114.0% |
| Amounts payable within one year | 42/48 | €14,029 | €30,024 | +€15,994 | +114.0% |
| Trade debts | 44 | €167 | €14,862 | +€14,695 | +8806.4% |
| Suppliers | 440/4 | €167 | €14,862 | +€14,695 | +8806.4% |
| Taxes, remuneration and social security | 45 | €13,863 | €15,161 | +€1,299 | +9.4% |
| Taxes | 450/3 | €13,863 | €15,161 | +€1,299 | +9.4% |
| Remuneration, social security and pensions | 62 | €540 | €3,108 | +€2,568 | +475.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €810 | €1,360 | +€550 | +67.9% |
| Other operating charges | 640/8 | €304 | €1,041 | +€738 | +243.0% |
| Gross operating margin | 9900 | €31,669 | €24,723 | -€6,946 | -21.9% |
| Operating profit (loss) | 9901 | €30,016 | €19,213 | -€10,802 | -36.0% |
| Financial income | 75/76B | €63 | €106 | +€43 | +69.3% |
| Recurring financial income | 75 | €63 | €106 | +€43 | +69.3% |
| Financial charges | 65/66B | €128 | €959 | +€832 | +651.0% |
| Recurring financial charges | 65 | €128 | €959 | +€832 | +651.0% |
| Profit (loss) for the period before taxes | 9903 | €29,950 | €18,360 | -€11,591 | -38.7% |
| Income taxes | 67/77 | €7,725 | €5,239 | -€2,485 | -32.2% |
| Profit (loss) for the period | 9904 | €22,226 | €13,120 | -€9,105 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,226 | €13,120 | -€9,105 | -41.0% |
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 10 October 2026 via checked.be.