S & G: 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 & G
Largest movements
- Receivables within one year -€81,851
down €81,851 (-9.9%), from €823,103 to €741,252
of which Other amounts receivable: -€156,088
- Cash -€38,954
down €38,954 (-41.7%), from €93,439 to €54,484
mainly Contributions, distributions and other (-€232,877) and Investment in fixed assets (net) (-€9,804)
- Reserves -€72,007
down €72,007 (-15.5%), from €464,496 to €392,489
- Profit (loss) carried forward -€50,000
down €50,000 (-15.3%), from €327,867 to €277,867
- Gross operating margin +€45,512
up €45,512 (+45.0%), from €101,124 to €146,635
- Taxes +€18,423
up €18,423 (+40.1%), from €45,917 to €64,339
- Financial income -€6,985
down €6,985 (-14.9%), from €46,816 to €39,831
- Financial charges -€3,192
down €3,192 (-88.8%), from €3,593 to €401
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 | €940,442 | €819,251 | -€121,191 | -12.9% |
| Fixed assets | 21/28 | €23,263 | €23,205 | -€58 | -0.2% |
| Tangible fixed assets | 22/27 | €23,263 | €23,205 | -€58 | -0.2% |
| Land and buildings | 22 | - | €4,797 | +€4,797 | |
| Plant, machinery and equipment | 23 | €15,484 | €14,532 | -€952 | -6.1% |
| Furniture and vehicles | 24 | €7,778 | €3,876 | -€3,903 | -50.2% |
| Current assets | 29/58 | €917,179 | €796,046 | -€121,133 | -13.2% |
| Amounts receivable within one year | 40/41 | €823,103 | €741,252 | -€81,851 | -9.9% |
| Trade receivables | 40 | €6,402 | €80,639 | +€74,237 | +1,160% |
| Other amounts receivable | 41 | €816,700 | €660,613 | -€156,088 | -19.1% |
| Cash at bank and in hand | 54/58 | €93,439 | €54,484 | -€38,954 | -41.7% |
| Deferred charges and accrued income | 490/1 | €638 | €310 | -€328 | -51.4% |
| Total equity and liabilities | 10/49 | €940,442 | €819,251 | -€121,191 | -12.9% |
| Equity | 10/15 | €798,563 | €676,556 | -€122,007 | -15.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €464,496 | €392,489 | -€72,007 | -15.5% |
| Distributable reserves | 133 | €464,496 | €392,489 | -€72,007 | -15.5% |
| Profit (loss) carried forward | 14 | €327,867 | €277,867 | -€50,000 | -15.3% |
| Amounts payable | 17/49 | €141,879 | €142,695 | +€816 | +0.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €141,879 | €142,695 | +€816 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €260 | €0 | -€260 | -100% |
| Trade debts | 44 | €33,500 | €35,261 | +€1,761 | +5.3% |
| Suppliers | 440/4 | €33,500 | €35,261 | +€1,761 | +5.3% |
| Taxes, remuneration and social security | 45 | €108,118 | €107,434 | -€684 | -0.6% |
| Taxes | 450/3 | €108,118 | €102,773 | -€5,345 | -4.9% |
| Remuneration and social security | 454/9 | €0 | €4,661 | +€4,661 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,094 | €9,862 | +€768 | +8.4% |
| Other operating charges | 640/8 | €1,001 | €995 | -€7 | -0.7% |
| Gross operating margin | 9900 | €101,124 | €146,635 | +€45,512 | +45.0% |
| Operating profit (loss) | 9901 | €91,029 | €135,779 | +€44,750 | +49.2% |
| Financial income | 75/76B | €46,816 | €39,831 | -€6,985 | -14.9% |
| Recurring financial income | 75 | €46,816 | €39,831 | -€6,985 | -14.9% |
| Financial charges | 65/66B | €3,593 | €401 | -€3,192 | -88.8% |
| Recurring financial charges | 65 | €3,593 | €401 | -€3,192 | -88.8% |
| Profit (loss) for the period before taxes | 9903 | €134,252 | €175,209 | +€40,957 | +30.5% |
| Income taxes | 67/77 | €45,917 | €64,339 | +€18,423 | +40.1% |
| Profit (loss) for the period | 9904 | €88,335 | €110,870 | +€22,534 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €88,335 | €110,870 | +€22,534 | +25.5% |
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 15 October 2026 via checked.be.