S-INVEST: what changed
What changed
S-INVEST
filed annual accounts (NBB)
Net result for the year
€34,288
2024 · €64,963-€30,675
Equity
€12,136
2024 · -€22,152+€34,288
Cash
€1,437
2024 · €3,043-€1,607
Balance sheet total
€1.0m
2024 · €1.0m-€20,169
Largest movements
Assets
- Tangible fixed assets -€28,435
down €28,435 (-3.1%), from €925,372 to €896,937
Equity and liabilities
- Provisions -€52,263
down €52,263 (-11.0%), from €475,504 to €423,241
- Profit (loss) carried forward +€34,288
up €34,288 (+72.7%), from -€47,152 to -€12,864
- Tax, wage and social debts +€15,794
up €15,794 (+2,192%), from €720 to €16,515
- Current portion of long-term debt -€13,409
no longer reported in 2025 (was €13,409)
Income statement
- Taxes +€15,794
up €15,794 (+2,192%), from €720 to €16,515
- Financial charges +€14,029
up €14,029 (+20.6%), from €68,062 to €82,092
- Gross operating margin -€2,328
down €2,328 (-2.1%), from €113,315 to €110,987
- Provisions -€1,522
down €1,522 (-3.0%), from -€50,741 to -€52,263
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
€64,963
Gross operating margin
-€2,328
Depreciation
-€0
Provisions
+€1,522
Other operating charges
-€788
Financial income
+€742
Financial charges
-€14,029
Taxes
-€15,794
Result 2025
€34,288
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
+€11,803
Investment
€0
Financing
-€13,409
Cash 2024
€3,043
From operations (derived)
+€11,803
Net result for the year
+€34,288
Depreciation
+€28,435
Receivables within one year
-€8,265
Deferred charges and accrued income
-€1,608
Provisions
-€52,263
Trade debts
-€236
Tax, wage and social debts
+€15,794
Other debts
-€3,593
Accrued charges and deferred income
-€750
Financing
-€13,409
Current portion of long-term debt
-€13,409
Cash 2025
€1,437
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,038,541 | €1,018,372 | -€20,169 | -1.9% |
| Fixed assets | 21/28 | €925,372 | €896,937 | -€28,435 | -3.1% |
| Tangible fixed assets | 22/27 | €925,372 | €896,937 | -€28,435 | -3.1% |
| Land and buildings | 22 | €925,372 | €896,937 | -€28,435 | -3.1% |
| Current assets | 29/58 | €113,169 | €121,435 | +€8,266 | +7.3% |
| Amounts receivable within one year | 40/41 | €110,118 | €118,384 | +€8,265 | +7.5% |
| Trade receivables | 40 | €103,449 | €99,021 | -€4,428 | -4.3% |
| Other amounts receivable | 41 | €6,669 | €19,362 | +€12,693 | +190% |
| Cash at bank and in hand | 54/58 | €3,043 | €1,437 | -€1,607 | -52.8% |
| Deferred charges and accrued income | 490/1 | €7 | €1,615 | +€1,608 | +21,494% |
| Total equity and liabilities | 10/49 | €1,038,541 | €1,018,372 | -€20,169 | -1.9% |
| Equity | 10/15 | -€22,152 | €12,136 | +€34,288 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,152 | -€12,864 | +€34,288 | +72.7% |
| Provisions and deferred taxes | 16 | €475,504 | €423,241 | -€52,263 | -11.0% |
| Provisions for liabilities and charges | 160/5 | €475,504 | €423,241 | -€52,263 | -11.0% |
| Other liabilities and charges | 164/5 | €475,504 | €423,241 | -€52,263 | -11.0% |
| Amounts payable | 17/49 | €585,189 | €582,995 | -€2,194 | -0.4% |
| Amounts payable after more than one year | 17 | €23,055 | €23,055 | = | 0.0% |
| Other amounts payable | 178/9 | €23,055 | €23,055 | = | 0.0% |
| Amounts payable within one year | 42/48 | €561,322 | €559,878 | -€1,444 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €13,409 | - | -€13,409 | |
| Trade debts | 44 | €5,485 | €5,249 | -€236 | -4.3% |
| Suppliers | 440/4 | €5,485 | €5,249 | -€236 | -4.3% |
| Taxes, remuneration and social security | 45 | €720 | €16,515 | +€15,794 | +2,192% |
| Taxes | 450/3 | €720 | €16,515 | +€15,794 | +2,192% |
| Other amounts payable | 47/48 | €541,707 | €538,114 | -€3,593 | -0.7% |
| Accrued charges and deferred income | 492/3 | €812 | €62 | -€750 | -92.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,435 | €28,435 | +€0 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€50,741 | -€52,263 | -€1,522 | -3.0% |
| Other operating charges | 640/8 | €3,104 | €3,891 | +€788 | +25.4% |
| Gross operating margin | 9900 | €113,315 | €110,987 | -€2,328 | -2.1% |
| Operating profit (loss) | 9901 | €132,517 | €130,923 | -€1,594 | -1.2% |
| Financial income | 75/76B | €1,229 | €1,971 | +€742 | +60.4% |
| Recurring financial income | 75 | €1,229 | €1,971 | +€742 | +60.4% |
| Financial charges | 65/66B | €68,062 | €82,092 | +€14,029 | +20.6% |
| Recurring financial charges | 65 | €68,062 | €82,092 | +€14,029 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €65,684 | €50,803 | -€14,881 | -22.7% |
| Income taxes | 67/77 | €720 | €16,515 | +€15,794 | +2,192% |
| Profit (loss) for the period | 9904 | €64,963 | €34,288 | -€30,675 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,963 | €34,288 | -€30,675 | -47.2% |
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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 4 November 2026 via checked.be.