S&F Project: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
S&F Project
Largest movements
- Tangible fixed assets -€39,453
down €39,453 (-6.0%), from €659,634 to €620,181
of which Land and buildings: -€34,747
- Cash +€10,351
up €10,351 (+19.4%), from €53,486 to €63,837
mainly Other debts (+€110,447) and Depreciation (+€49,080)
- Reserves -€115,230
down €115,230 (-29.6%), from €389,215 to €273,985
- Other debts +€110,447
up €110,447 (+458%), from €24,109 to €134,556
- Debts after one year -€46,594
down €46,594 (-13.5%), from €345,372 to €298,778
- Contributions +€12,400
up €12,400 (+200%), from €6,200 to €18,600
- Gross operating margin +€20,913
up €20,913 (+22.3%), from €93,723 to €114,637
- Staff costs -€15,192
down €15,192 (-58.8%), from €25,837 to €10,645
- Taxes +€5,942
up €5,942 (+215%), from €2,759 to €8,701
- Financial charges +€3,380
up €3,380 (+43.8%), from €7,713 to €11,092
- Other operating charges +€1,474
up €1,474 (+202%), from €729 to €2,203
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €823,869 | €796,104 | -€27,766 | -3.4% |
| Fixed assets | 21/28 | €659,634 | €620,181 | -€39,453 | -6.0% |
| Tangible fixed assets | 22/27 | €659,634 | €620,181 | -€39,453 | -6.0% |
| Land and buildings | 22 | €633,301 | €598,554 | -€34,747 | -5.5% |
| Plant, machinery and equipment | 23 | €5,719 | €5,705 | -€15 | -0.3% |
| Furniture and vehicles | 24 | €20,613 | €15,922 | -€4,691 | -22.8% |
| Current assets | 29/58 | €164,235 | €175,922 | +€11,687 | +7.1% |
| Amounts receivable within one year | 40/41 | €8,644 | €9,995 | +€1,351 | +15.6% |
| Trade receivables | 40 | €7,087 | €9,630 | +€2,543 | +35.9% |
| Other amounts receivable | 41 | €1,557 | €365 | -€1,192 | -76.5% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €53,486 | €63,837 | +€10,351 | +19.4% |
| Deferred charges and accrued income | 490/1 | €2,105 | €2,090 | -€15 | -0.7% |
| Total equity and liabilities | 10/49 | €823,869 | €796,104 | -€27,766 | -3.4% |
| Equity | 10/15 | €395,415 | €292,585 | -€102,830 | -26.0% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €389,215 | €273,985 | -€115,230 | -29.6% |
| Distributable reserves | 133 | €389,215 | €273,985 | -€115,230 | -29.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €428,455 | €503,519 | +€75,064 | +17.5% |
| Amounts payable after more than one year | 17 | €345,372 | €298,778 | -€46,594 | -13.5% |
| Financial debts | 170/4 | €345,372 | €298,778 | -€46,594 | -13.5% |
| Amounts payable within one year | 42/48 | €83,071 | €204,685 | +€121,613 | +146% |
| Current portion of amounts payable after more than one year | 42 | €45,724 | €46,594 | +€870 | +1.9% |
| Trade debts | 44 | €647 | €7,130 | +€6,484 | +1,002% |
| Suppliers | 440/4 | €647 | €7,130 | +€6,484 | +1,002% |
| Taxes, remuneration and social security | 45 | €12,591 | €16,404 | +€3,813 | +30.3% |
| Taxes | 450/3 | €7,487 | €10,777 | +€3,290 | +43.9% |
| Remuneration and social security | 454/9 | €5,104 | €5,628 | +€524 | +10.3% |
| Other amounts payable | 47/48 | €24,109 | €134,556 | +€110,447 | +458% |
| Accrued charges and deferred income | 492/3 | €12 | €57 | +€45 | +390% |
| Non-recurring operating income | 76A | - | €10,082 | +€10,082 | |
| Remuneration, social security and pensions | 62 | €25,837 | €10,645 | -€15,192 | -58.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,743 | €49,080 | -€663 | -1.3% |
| Other operating charges | 640/8 | €729 | €2,203 | +€1,474 | +202% |
| Gross operating margin | 9900 | €93,723 | €114,637 | +€20,913 | +22.3% |
| Operating profit (loss) | 9901 | €17,415 | €52,709 | +€35,294 | +203% |
| Financial income | 75/76B | €3,170 | €1,855 | -€1,316 | -41.5% |
| Recurring financial income | 75 | €3,170 | €1,855 | -€1,316 | -41.5% |
| Financial charges | 65/66B | €7,713 | €11,092 | +€3,380 | +43.8% |
| Recurring financial charges | 65 | €7,713 | €11,092 | +€3,380 | +43.8% |
| Profit (loss) for the period before taxes | 9903 | €12,872 | €43,471 | +€30,599 | +238% |
| Income taxes | 67/77 | €2,759 | €8,701 | +€5,942 | +215% |
| Profit (loss) for the period | 9904 | €10,113 | €34,770 | +€24,657 | +244% |
| Profit (loss) for the period to be appropriated | 9905 | €10,113 | €34,770 | +€24,657 | +244% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.