S Holding: what changed
Two fiscal 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 Holding
Largest movements
- Receivables within one year +€13,727
up €13,727 (+1701.7%), from €807 to €14,534
of which Trade receivables: +€14,534
- Tangible fixed assets -€13,238
down €13,238 (-24.5%), from €54,011 to €40,773
of which Furniture and vehicles: -€12,788
- Cash +€3,033
up €3,033 (+494.6%), from €613 to €3,646
mainly Depreciation (+€11,213) and Net result for the year (+€9,560)
- Deferred charges and accrued income +€618
up €618 (+166.6%), from €371 to €989
- Other debts -€14,738
down €14,738 (-77.7%), from €18,972 to €4,233
- Profit (loss) carried forward +€9,560
up €9,560 (+37.7%), from €25,338 to €34,898
- Tax, wage and social debts +€9,482
up €9,482 (+186.3%), from €5,089 to €14,571
- Gross operating margin +€3,449
up €3,449 (+9.8%), from €35,341 to €38,790
- Taxes -€1,142
down €1,142 (-22.4%), from €5,089 to €3,947
- Depreciation +€663
up €663 (+6.3%), from €10,550 to €11,213
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.
Cash bridge derived
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 | €55,801 | €59,941 | +€4,140 | +7.4% |
| Fixed assets | 21/28 | €54,011 | €40,773 | -€13,238 | -24.5% |
| Tangible fixed assets | 22/27 | €54,011 | €40,773 | -€13,238 | -24.5% |
| Plant, machinery and equipment | 23 | €881 | €431 | -€450 | -51.1% |
| Furniture and vehicles | 24 | €53,130 | €40,342 | -€12,788 | -24.1% |
| Current assets | 29/58 | €1,791 | €19,168 | +€17,377 | +970.5% |
| Amounts receivable within one year | 40/41 | €807 | €14,534 | +€13,727 | +1701.7% |
| Trade receivables | 40 | - | €14,534 | +€14,534 | |
| Other amounts receivable | 41 | €807 | - | -€807 | |
| Cash at bank and in hand | 54/58 | €613 | €3,646 | +€3,033 | +494.6% |
| Deferred charges and accrued income | 490/1 | €371 | €989 | +€618 | +166.6% |
| Total equity and liabilities | 10/49 | €55,801 | €59,941 | +€4,140 | +7.4% |
| Equity | 10/15 | €31,338 | €40,898 | +€9,560 | +30.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,338 | €34,898 | +€9,560 | +37.7% |
| Amounts payable | 17/49 | €24,463 | €19,043 | -€5,421 | -22.2% |
| Amounts payable within one year | 42/48 | €24,463 | €19,043 | -€5,421 | -22.2% |
| Trade debts | 44 | €403 | €238 | -€165 | -40.9% |
| Suppliers | 440/4 | €403 | €238 | -€165 | -40.9% |
| Taxes, remuneration and social security | 45 | €5,089 | €14,571 | +€9,482 | +186.3% |
| Taxes | 450/3 | €5,089 | €14,571 | +€9,482 | +186.3% |
| Other amounts payable | 47/48 | €18,972 | €4,233 | -€14,738 | -77.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,550 | €11,213 | +€663 | +6.3% |
| Other operating charges | 640/8 | €1,724 | €1,782 | +€58 | +3.4% |
| Non-recurring operating charges | 66A | - | €12,012 | +€12,012 | |
| Gross operating margin | 9900 | €35,341 | €38,790 | +€3,449 | +9.8% |
| Operating profit (loss) | 9901 | €23,067 | €13,783 | -€9,284 | -40.2% |
| Financial income | 75/76B | €57 | €0 | -€57 | -99.9% |
| Recurring financial income | 75 | €57 | €0 | -€57 | -99.9% |
| Financial charges | 65/66B | €93 | €275 | +€182 | +197.1% |
| Recurring financial charges | 65 | €93 | €275 | +€182 | +197.1% |
| Profit (loss) for the period before taxes | 9903 | €23,031 | €13,508 | -€9,523 | -41.4% |
| Income taxes | 67/77 | €5,089 | €3,947 | -€1,142 | -22.4% |
| Profit (loss) for the period | 9904 | €17,942 | €9,560 | -€8,382 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,942 | €9,560 | -€8,382 | -46.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.