S.F.M.: what changed
What changed
S.F.M.
NACE 64.910, Financial service activities, except insurance and pension funding
filed annual accounts (NBB)
Net result for the year
€237,949
2024 · €266,261-€28,312
Equity
€2.3m
2024 · €2.1m+€237,949
Cash
-
2024 · €0
Balance sheet total
€2.6m
2024 · €2.1m+€531,700
Largest movements
Assets
- Tangible fixed assets +€887,855
up €887,855 (+51.7%), from €1.7m to €2.6m
- Receivables within one year -€357,507
down €357,507 (-98.7%), from €362,079 to €4,572
of which Other amounts receivable: -€357,507
Equity and liabilities
- Reserves +€237,949
up €237,949 (+23.0%), from €1.0m to €1.3m
of which Distributable reserves: +€237,949
- Other debts +€175,580
up €175,580, from €0 to €175,580
- Trade debts +€118,059
up €118,059, from €0 to €118,059
Income statement
- Gross operating margin -€29,960
down €29,960 (-6.6%), from €454,944 to €424,985
- Taxes -€9,437
down €9,437 (-10.6%), from €88,754 to €79,316
- Depreciation +€8,341
up €8,341 (+13.4%), from €62,286 to €70,627
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
€266,261
Gross operating margin
-€29,960
Depreciation
-€8,341
Other operating charges
-€1,314
Financial income
+€1,894
Financial charges
-€28
Taxes
+€9,437
Result 2025
€237,949
raises the resultlowers the result
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
+€958,482
Investment
-€958,482
Financing
€0
Cash 2024
€0
From operations (derived)
+€958,482
Net result for the year
+€237,949
Depreciation
+€70,627
Receivables within one year
+€357,507
Smaller working-capital items
-€1,239
Trade debts
+€118,059
Other debts
+€175,580
Investment (derived)
-€958,482
Investment in fixed assets (net)
-€958,482
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,081,824 | €2,613,524 | +€531,700 | +25.5% |
| Fixed assets | 21/28 | €1,717,848 | €2,605,704 | +€887,855 | +51.7% |
| Tangible fixed assets | 22/27 | €1,717,848 | €2,605,704 | +€887,855 | +51.7% |
| Land and buildings | 22 | €1,717,848 | €2,605,704 | +€887,855 | +51.7% |
| Current assets | 29/58 | €363,976 | €7,821 | -€356,155 | -97.9% |
| Amounts receivable within one year | 40/41 | €362,079 | €4,572 | -€357,507 | -98.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €362,079 | €4,572 | -€357,507 | -98.7% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €1,897 | €3,248 | +€1,352 | +71.3% |
| Total equity and liabilities | 10/49 | €2,081,824 | €2,613,524 | +€531,700 | +25.5% |
| Equity | 10/15 | €2,063,071 | €2,301,019 | +€237,949 | +11.5% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Revaluation surpluses | 12 | €960,588 | €960,588 | = | 0.0% |
| Reserves | 13 | €1,032,483 | €1,270,431 | +€237,949 | +23.0% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €1,025,483 | €1,263,431 | +€237,949 | +23.2% |
| Amounts payable | 17/49 | €18,754 | €312,505 | +€293,752 | +1,566% |
| Amounts payable within one year | 42/48 | €18,754 | €312,392 | +€293,639 | +1,566% |
| Trade debts | 44 | €0 | €118,059 | +€118,059 | |
| Suppliers | 440/4 | €0 | €118,059 | +€118,059 | |
| Taxes, remuneration and social security | 45 | €18,754 | €18,754 | = | 0.0% |
| Taxes | 450/3 | €18,754 | €18,754 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €175,580 | +€175,580 | |
| Accrued charges and deferred income | 492/3 | €0 | €113 | +€113 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,286 | €70,627 | +€8,341 | +13.4% |
| Other operating charges | 640/8 | €42,022 | €43,336 | +€1,314 | +3.1% |
| Gross operating margin | 9900 | €454,944 | €424,985 | -€29,960 | -6.6% |
| Operating profit (loss) | 9901 | €350,636 | €311,021 | -€39,615 | -11.3% |
| Financial income | 75/76B | €4,937 | €6,830 | +€1,894 | +38.4% |
| Recurring financial income | 75 | €4,937 | €6,830 | +€1,894 | +38.4% |
| Financial charges | 65/66B | €559 | €587 | +€28 | +5.0% |
| Recurring financial charges | 65 | €559 | €587 | +€28 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €355,014 | €317,265 | -€37,750 | -10.6% |
| Income taxes | 67/77 | €88,754 | €79,316 | -€9,437 | -10.6% |
| Profit (loss) for the period | 9904 | €266,261 | €237,949 | -€28,312 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €266,261 | €237,949 | -€28,312 | -10.6% |
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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 2 November 2026 via checked.be.