S.F. ACTIVITES: what changed
What changed
S.F. ACTIVITES
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
-€21,575
2024 · €1,651-€23,225
Equity
€2.9m
2024 · €3.0m-€21,575
Cash
€13,544
2024 · €48,812-€35,268
Balance sheet total
€5.6m
2024 · €5.7m-€104,843
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Trade debts +€526,608
up €526,608 (+402%), from €131,036 to €657,643
- Other debts -€476,558
down €476,558 (-20.4%), from €2.3m to €1.9m
- Current portion of long-term debt -€149,150
no longer reported in 2025 (was €149,150)
Income statement
- Gross operating margin -€38,837
down €38,837 (-8.5%), from €457,212 to €418,375
- Staff costs +€13,109
up €13,109 (+3.4%), from €389,232 to €402,341
- Write-downs -€13,007
no longer reported in 2025 (was €13,007)
- Financial charges -€12,892
down €12,892 (-71.5%), from €18,032 to €5,140
- Depreciation -€9,615
down €9,615 (-39.0%), from €24,653 to €15,038
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1,651
Gross operating margin
-€38,837
Staff costs
-€13,109
Depreciation
+€9,615
Write-downs
+€13,007
Other operating charges
+€522
Other operating items
-€5,500
Financial income
+€361
Financial charges
+€12,892
Taxes
-€2,175
Result 2025
-€21,575
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€127,025
Investment
-€13,142
Financing
-€149,150
Cash 2024
€48,812
From operations (derived)
+€127,025
Net result for the year
-€21,575
Depreciation
+€15,038
Receivables within one year
+€52,787
Deferred charges and accrued income
+€14,892
Trade debts
+€526,608
Tax, wage and social debts
+€18,233
Other debts
-€476,558
Accrued charges and deferred income
-€2,400
Investment (derived)
-€13,142
Investment in fixed assets (net)
-€13,142
Financing
-€149,150
Current portion of long-term debt
-€149,150
Cash 2025
€13,544
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,656,992 | €5,552,150 | -€104,843 | -1.9% |
| Fixed assets | 21/28 | €5,523,084 | €5,521,188 | -€1,896 | 0.0% |
| Tangible fixed assets | 22/27 | €22,853 | €20,957 | -€1,896 | -8.3% |
| Furniture and vehicles | 24 | €10,238 | €16,104 | +€5,866 | +57.3% |
| Other tangible fixed assets | 26 | €12,615 | €4,853 | -€7,762 | -61.5% |
| Financial fixed assets | 28 | €5,500,231 | €5,500,231 | = | 0.0% |
| Current assets | 29/58 | €133,909 | €30,962 | -€102,947 | -76.9% |
| Amounts receivable within one year | 40/41 | €57,259 | €4,472 | -€52,787 | -92.2% |
| Trade receivables | 40 | €47,812 | €4,472 | -€43,340 | -90.6% |
| Other amounts receivable | 41 | €9,447 | - | -€9,447 | |
| Cash at bank and in hand | 54/58 | €48,812 | €13,544 | -€35,268 | -72.3% |
| Deferred charges and accrued income | 490/1 | €27,837 | €12,945 | -€14,892 | -53.5% |
| Total equity and liabilities | 10/49 | €5,656,992 | €5,552,150 | -€104,843 | -1.9% |
| Equity | 10/15 | €2,966,873 | €2,945,298 | -€21,575 | -0.7% |
| Contributions | 10/11 | €2,907,000 | €2,907,000 | = | 0.0% |
| Reserves | 13 | €50,119 | €8,019 | -€42,100 | -84.0% |
| Non-distributable reserves | 130/1 | €8,019 | €8,019 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,019 | €8,019 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | - | -€42,100 | |
| Profit (loss) carried forward | 14 | €9,754 | €30,280 | +€20,525 | +210% |
| Amounts payable | 17/49 | €2,690,119 | €2,606,851 | -€83,268 | -3.1% |
| Amounts payable within one year | 42/48 | €2,687,719 | €2,606,851 | -€80,868 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €149,150 | - | -€149,150 | |
| Trade debts | 44 | €131,036 | €657,643 | +€526,608 | +402% |
| Suppliers | 440/4 | €131,036 | €657,643 | +€526,608 | +402% |
| Taxes, remuneration and social security | 45 | €66,971 | €85,204 | +€18,233 | +27.2% |
| Taxes | 450/3 | €31,420 | €39,365 | +€7,944 | +25.3% |
| Remuneration and social security | 454/9 | €35,551 | €45,839 | +€10,288 | +28.9% |
| Other amounts payable | 47/48 | €2,340,562 | €1,864,004 | -€476,558 | -20.4% |
| Accrued charges and deferred income | 492/3 | €2,400 | - | -€2,400 | |
| Remuneration, social security and pensions | 62 | €389,232 | €402,341 | +€13,109 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,653 | €15,038 | -€9,615 | -39.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,007 | - | -€13,007 | |
| Other operating charges | 640/8 | €3,100 | €2,578 | -€522 | -16.8% |
| Non-recurring operating charges | 66A | €4,500 | €10,000 | +€5,500 | +122% |
| Gross operating margin | 9900 | €457,212 | €418,375 | -€38,837 | -8.5% |
| Operating profit (loss) | 9901 | €22,721 | -€11,583 | -€34,303 | |
| Financial income | 75/76B | €29 | €390 | +€361 | +1,227% |
| Recurring financial income | 75 | €29 | €390 | +€361 | +1,227% |
| Financial charges | 65/66B | €18,032 | €5,140 | -€12,892 | -71.5% |
| Recurring financial charges | 65 | €18,032 | €5,140 | -€12,892 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €4,718 | -€16,332 | -€21,050 | |
| Income taxes | 67/77 | €3,068 | €5,243 | +€2,175 | +70.9% |
| Profit (loss) for the period | 9904 | €1,651 | -€21,575 | -€23,225 | |
| Transfer from tax-exempt reserves | 789 | €42,100 | €42,100 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,751 | €20,525 | -€23,225 | -53.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.