S en K: 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 en K
Largest movements
- Tangible fixed assets +€398,582
up €398,582 (+591%), from €67,428 to €466,010
of which Land and buildings: +€416,395
- Receivables after one year -€19,800
down €19,800 (-23.4%), from €84,650 to €64,850
- Cash +€19,344
up €19,344 (+30.4%), from €63,593 to €82,937
mainly Debts after one year (+€496,564) and Depreciation (+€106,880)
- Intangible fixed assets -€12,000
down €12,000 (-45.3%), from €26,500 to €14,500
- Debts after one year +€496,564
up €496,564 (+1,570%), from €31,636 to €528,200
- Profit (loss) carried forward -€61,992
down €61,992, from €14,624 to -€47,368
- Trade debts -€34,646
down €34,646 (-31.1%), from €111,580 to €76,934
- Tax, wage and social debts -€14,747
down €14,747 (-77.5%), from €19,020 to €4,273
- Gross operating margin -€89,864
down €89,864 (-53.4%), from €168,407 to €78,543
- Depreciation +€74,647
up €74,647 (+232%), from €32,233 to €106,880
- Staff costs -€28,970
down €28,970, from €28,897 to -€73
- Financial charges +€17,901
up €17,901 (+163%), from €10,974 to €28,876
- Taxes -€17,222
down €17,222 (-98.8%), from €17,424 to €202
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 | €318,827 | €703,683 | +€384,856 | +121% |
| Fixed assets | 21/28 | €93,928 | €480,510 | +€386,582 | +412% |
| Intangible fixed assets | 21 | €26,500 | €14,500 | -€12,000 | -45.3% |
| Tangible fixed assets | 22/27 | €67,428 | €466,010 | +€398,582 | +591% |
| Land and buildings | 22 | €5,598 | €421,993 | +€416,395 | +7,438% |
| Plant, machinery and equipment | 23 | €34,033 | €23,066 | -€10,967 | -32.2% |
| Furniture and vehicles | 24 | €17,134 | €11,590 | -€5,544 | -32.4% |
| Leasing and similar rights | 25 | €10,663 | €9,361 | -€1,302 | -12.2% |
| Current assets | 29/58 | €224,899 | €223,172 | -€1,726 | -0.8% |
| Amounts receivable after more than one year | 29 | €84,650 | €64,850 | -€19,800 | -23.4% |
| Trade receivables | 290 | €84,650 | €64,850 | -€19,800 | -23.4% |
| Stocks and contracts in progress | 3 | €3,025 | €3,015 | -€10 | -0.3% |
| Stocks | 30/36 | €3,025 | €3,015 | -€10 | -0.3% |
| Amounts receivable within one year | 40/41 | €72,098 | €70,538 | -€1,560 | -2.2% |
| Trade receivables | 40 | €31,178 | €8,559 | -€22,619 | -72.5% |
| Other amounts receivable | 41 | €40,920 | €61,978 | +€21,059 | +51.5% |
| Cash at bank and in hand | 54/58 | €63,593 | €82,937 | +€19,344 | +30.4% |
| Deferred charges and accrued income | 490/1 | €1,533 | €1,833 | +€300 | +19.6% |
| Total equity and liabilities | 10/49 | €318,827 | €703,683 | +€384,856 | +121% |
| Equity | 10/15 | €70,009 | €8,017 | -€61,992 | -88.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €49,185 | €49,185 | = | 0.0% |
| Distributable reserves | 133 | €49,185 | €49,185 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,624 | -€47,368 | -€61,992 | |
| Amounts payable | 17/49 | €248,818 | €695,665 | +€446,848 | +180% |
| Amounts payable after more than one year | 17 | €31,636 | €528,200 | +€496,564 | +1,570% |
| Financial debts | 170/4 | €31,636 | €528,200 | +€496,564 | +1,570% |
| Amounts payable within one year | 42/48 | €217,181 | €167,466 | -€49,716 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €45,690 | €48,265 | +€2,574 | +5.6% |
| Financial debts | 43 | €35,920 | €37,994 | +€2,074 | +5.8% |
| Credit institutions | 430/8 | €35,920 | €37,994 | +€2,074 | +5.8% |
| Trade debts | 44 | €111,580 | €76,934 | -€34,646 | -31.1% |
| Suppliers | 440/4 | €111,580 | €76,934 | -€34,646 | -31.1% |
| Taxes, remuneration and social security | 45 | €19,020 | €4,273 | -€14,747 | -77.5% |
| Taxes | 450/3 | €19,020 | €4,273 | -€14,747 | -77.5% |
| Other amounts payable | 47/48 | €4,971 | - | -€4,971 | |
| Non-recurring operating income | 76A | €72,583 | - | -€72,583 | |
| Remuneration, social security and pensions | 62 | €28,897 | -€73 | -€28,970 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,233 | €106,880 | +€74,647 | +232% |
| Other operating charges | 640/8 | €2,121 | €5,270 | +€3,149 | +148% |
| Gross operating margin | 9900 | €168,407 | €78,543 | -€89,864 | -53.4% |
| Operating profit (loss) | 9901 | €105,157 | -€33,534 | -€138,691 | |
| Financial income | 75/76B | €302 | €619 | +€318 | +105% |
| Recurring financial income | 75 | €302 | €619 | +€318 | +105% |
| Financial charges | 65/66B | €10,974 | €28,876 | +€17,901 | +163% |
| Recurring financial charges | 65 | €10,974 | €28,876 | +€17,901 | +163% |
| Profit (loss) for the period before taxes | 9903 | €94,485 | -€61,790 | -€156,275 | |
| Income taxes | 67/77 | €17,424 | €202 | -€17,222 | -98.8% |
| Profit (loss) for the period | 9904 | €77,060 | -€61,992 | -€139,053 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,060 | -€61,992 | -€139,053 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.