S&I: 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&I
Largest movements
- Current investments +€227,864
up €227,864 (+2531.8%), from €9,000 to €236,864
- Tangible fixed assets -€82,515
down €82,515 (-5.6%), from €1.5m to €1.4m
of which Land and buildings: -€64,415
- Cash +€78,112
up €78,112 (+14.7%), from €532,759 to €610,871
mainly Net result for the year (+€269,021) and Depreciation (+€84,082)
- Profit (loss) carried forward +€269,021
up €269,021 (+166.8%), from €161,321 to €430,342
- Debts after one year -€37,099
down €37,099 (-10.2%), from €365,340 to €328,241
- Gross operating margin -€64,213
down €64,213 (-12.1%), from €528,532 to €464,319
- Taxes -€43,230
down €43,230 (-32.9%), from €131,388 to €88,158
- Depreciation -€30,656
down €30,656 (-26.7%), from €114,738 to €84,082
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 | €2,557,257 | €2,799,334 | +€242,077 | +9.5% |
| Fixed assets | 21/28 | €1,460,962 | €1,378,447 | -€82,515 | -5.6% |
| Tangible fixed assets | 22/27 | €1,460,674 | €1,378,159 | -€82,515 | -5.6% |
| Land and buildings | 22 | €1,409,824 | €1,345,409 | -€64,415 | -4.6% |
| Plant, machinery and equipment | 23 | €4,109 | €3,139 | -€970 | -23.6% |
| Furniture and vehicles | 24 | €46,741 | €29,611 | -€17,130 | -36.6% |
| Financial fixed assets | 28 | €288 | €288 | = | 0.0% |
| Current assets | 29/58 | €1,096,295 | €1,420,887 | +€324,592 | +29.6% |
| Amounts receivable within one year | 40/41 | €481,950 | €507,422 | +€25,472 | +5.3% |
| Trade receivables | 40 | €481,666 | €507,144 | +€25,478 | +5.3% |
| Other amounts receivable | 41 | €284 | €278 | -€6 | -2.1% |
| Current investments | 50/53 | €9,000 | €236,864 | +€227,864 | +2531.8% |
| Cash at bank and in hand | 54/58 | €532,759 | €610,871 | +€78,112 | +14.7% |
| Deferred charges and accrued income | 490/1 | €72,586 | €65,730 | -€6,856 | -9.4% |
| Total equity and liabilities | 10/49 | €2,557,257 | €2,799,334 | +€242,077 | +9.5% |
| Equity | 10/15 | €1,688,605 | €1,957,626 | +€269,021 | +15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,508,684 | €1,508,684 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €1,445,534 | €1,445,534 | = | 0.0% |
| Profit (loss) carried forward | 14 | €161,321 | €430,342 | +€269,021 | +166.8% |
| Amounts payable | 17/49 | €868,652 | €841,708 | -€26,944 | -3.1% |
| Amounts payable after more than one year | 17 | €365,340 | €328,241 | -€37,099 | -10.2% |
| Financial debts | 170/4 | €365,340 | €328,241 | -€37,099 | -10.2% |
| Amounts payable within one year | 42/48 | €503,312 | €513,467 | +€10,155 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €37,101 | €47,258 | +€10,157 | +27.4% |
| Trade debts | 44 | €204,950 | €232,192 | +€27,242 | +13.3% |
| Suppliers | 440/4 | €204,950 | €232,192 | +€27,242 | +13.3% |
| Taxes, remuneration and social security | 45 | €257,961 | €230,717 | -€27,244 | -10.6% |
| Taxes | 450/3 | €257,961 | €230,717 | -€27,244 | -10.6% |
| Other amounts payable | 47/48 | €3,300 | €3,300 | = | 0.0% |
| Non-recurring operating income | 76A | €635 | - | -€635 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,738 | €84,082 | -€30,656 | -26.7% |
| Other operating charges | 640/8 | €6,422 | €6,063 | -€359 | -5.6% |
| Non-recurring operating charges | 66A | - | €5,980 | +€5,980 | |
| Gross operating margin | 9900 | €528,532 | €464,319 | -€64,213 | -12.1% |
| Operating profit (loss) | 9901 | €407,372 | €368,194 | -€39,178 | -9.6% |
| Financial income | 75/76B | €7,503 | €3,921 | -€3,582 | -47.7% |
| Recurring financial income | 75 | €7,503 | €3,921 | -€3,582 | -47.7% |
| Financial charges | 65/66B | €16,067 | €14,936 | -€1,131 | -7.0% |
| Recurring financial charges | 65 | €16,067 | €14,936 | -€1,131 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €398,808 | €357,179 | -€41,629 | -10.4% |
| Income taxes | 67/77 | €131,388 | €88,158 | -€43,230 | -32.9% |
| Profit (loss) for the period | 9904 | €267,420 | €269,021 | +€1,601 | +0.6% |
| Transfer from tax-exempt reserves | 789 | €147,350 | - | -€147,350 | |
| Transfer to tax-exempt reserves | 689 | €63,150 | - | -€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €351,620 | €269,021 | -€82,599 | -23.5% |
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 11 October 2026 via checked.be.