S-INVEST: what changed
S-INVEST
Largest movements
- Tangible fixed assets +€65,352
up €65,352 (+24.7%), from €264,056 to €329,408
of which Plant, machinery and equipment: +€75,334
- Cash -€12,463
down €12,463 (-55.6%), from €22,397 to €9,934
mainly Investment in fixed assets (net) (-€92,845) and Tax, wage and social debts (-€7,476)
- Receivables within one year +€5,929
up €5,929 (+18.2%), from €32,650 to €38,579
of which Other amounts receivable: +€6,765
- Debts after one year +€54,805
up €54,805 (+23.0%), from €238,489 to €293,294
of which Financial debts: +€42,611
- Reserves +€7,884
up €7,884 (+45.3%), from €17,394 to €25,278
- Tax, wage and social debts -€7,476
down €7,476 (-69.5%), from €10,753 to €3,277
- Other operating charges -€6,005
down €6,005 (-78.3%), from €7,671 to €1,665
- Gross operating margin -€3,375
down €3,375 (-7.1%), from €47,365 to €43,990
- Taxes -€1,536
down €1,536 (-62.3%), from €2,465 to €929
- Depreciation +€1,052
up €1,052 (+4.0%), from €26,441 to €27,493
- Financial charges +€960
up €960 (+19.3%), from €4,975 to €5,935
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €320,836 | €377,921 | +€57,085 | +17.8% |
| Fixed assets | 21/28 | €264,056 | €329,408 | +€65,352 | +24.7% |
| Tangible fixed assets | 22/27 | €264,056 | €329,408 | +€65,352 | +24.7% |
| Land and buildings | 22 | €167,951 | €160,212 | -€7,738 | -4.6% |
| Plant, machinery and equipment | 23 | €5,809 | €81,143 | +€75,334 | +1,297% |
| Furniture and vehicles | 24 | €26,526 | €20,267 | -€6,260 | -23.6% |
| Other tangible fixed assets | 26 | €63,770 | €67,786 | +€4,016 | +6.3% |
| Current assets | 29/58 | €56,781 | €48,513 | -€8,268 | -14.6% |
| Amounts receivable within one year | 40/41 | €32,650 | €38,579 | +€5,929 | +18.2% |
| Trade receivables | 40 | €31,825 | €30,989 | -€836 | -2.6% |
| Other amounts receivable | 41 | €825 | €7,590 | +€6,765 | +820% |
| Cash at bank and in hand | 54/58 | €22,397 | €9,934 | -€12,463 | -55.6% |
| Deferred charges and accrued income | 490/1 | €1,734 | - | -€1,734 | |
| Total equity and liabilities | 10/49 | €320,836 | €377,921 | +€57,085 | +17.8% |
| Equity | 10/15 | €42,394 | €50,278 | +€7,884 | +18.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €17,394 | €25,278 | +€7,884 | +45.3% |
| Distributable reserves | 133 | €17,394 | €25,278 | +€7,884 | +45.3% |
| Amounts payable | 17/49 | €278,442 | €327,643 | +€49,200 | +17.7% |
| Amounts payable after more than one year | 17 | €238,489 | €293,294 | +€54,805 | +23.0% |
| Financial debts | 170/4 | €160,512 | €203,123 | +€42,611 | +26.5% |
| Other amounts payable | 178/9 | €77,977 | €90,172 | +€12,194 | +15.6% |
| Amounts payable within one year | 42/48 | €38,833 | €34,348 | -€4,485 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €20,878 | €23,071 | +€2,192 | +10.5% |
| Trade debts | 44 | €5,746 | €6,544 | +€798 | +13.9% |
| Suppliers | 440/4 | €5,746 | €6,544 | +€798 | +13.9% |
| Taxes, remuneration and social security | 45 | €10,753 | €3,277 | -€7,476 | -69.5% |
| Taxes | 450/3 | €10,753 | €3,277 | -€7,476 | -69.5% |
| Other amounts payable | 47/48 | €1,456 | €1,456 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,120 | - | -€1,120 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,441 | €27,493 | +€1,052 | +4.0% |
| Other operating charges | 640/8 | €7,671 | €1,665 | -€6,005 | -78.3% |
| Non-recurring operating charges | 66A | - | €82 | +€82 | |
| Gross operating margin | 9900 | €47,365 | €43,990 | -€3,375 | -7.1% |
| Operating profit (loss) | 9901 | €13,253 | €14,749 | +€1,496 | +11.3% |
| Financial income | 75/76B | €60 | €0 | -€60 | -100.0% |
| Recurring financial income | 75 | €60 | €0 | -€60 | -100.0% |
| Financial charges | 65/66B | €4,975 | €5,935 | +€960 | +19.3% |
| Recurring financial charges | 65 | €4,975 | €5,935 | +€960 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €8,338 | €8,814 | +€476 | +5.7% |
| Income taxes | 67/77 | €2,465 | €929 | -€1,536 | -62.3% |
| Profit (loss) for the period | 9904 | €5,873 | €7,884 | +€2,011 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,873 | €7,884 | +€2,011 | +34.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.