S&J Excellence: 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&J Excellence
Largest movements
- Intangible fixed assets -€35,000
down €35,000 (-20.4%), from €171,468 to €136,468
- Cash -€22,354
down €22,354 (-84.5%), from €26,449 to €4,095
mainly Net result for the year (-€57,713) and Investment in fixed assets (net) (-€21,069)
- Tangible fixed assets +€16,411
new in 2025: €16,411
of which Other tangible fixed assets: +€10,643
- Receivables within one year -€6,133
down €6,133 (-16.6%), from €36,937 to €30,804
of which Other amounts receivable: -€10,260
- Profit (loss) carried forward -€49,866
down €49,866 (-635%), from -€7,847 to -€57,713
- Tax, wage and social debts +€14,776
new in 2025: €14,776
of which Remuneration and social security: +€13,511
- Debts after one year -€9,800
down €9,800 (-7.0%), from €139,135 to €129,335
of which Financial debts: -€9,800
- Other debts -€5,689
down €5,689 (-18.4%), from €31,000 to €25,311
- Trade debts +€3,311
up €3,311 (+199%), from €1,662 to €4,973
- Staff costs +€55,109
new in 2025: €55,109
- Gross operating margin +€53,256
up €53,256, from -€3,420 to €49,836
- Depreciation +€36,047
up €36,047 (+1,021%), from €3,532 to €39,578
- Financial charges +€12,046
up €12,046 (+1,425%), from €846 to €12,891
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 | €234,854 | €187,858 | -€46,996 | -20.0% |
| Fixed assets | 21/28 | €171,468 | €152,959 | -€18,509 | -10.8% |
| Intangible fixed assets | 21 | €171,468 | €136,468 | -€35,000 | -20.4% |
| Tangible fixed assets | 22/27 | - | €16,411 | +€16,411 | |
| Plant, machinery and equipment | 23 | - | €5,768 | +€5,768 | |
| Other tangible fixed assets | 26 | - | €10,643 | +€10,643 | |
| Financial fixed assets | 28 | - | €80 | +€80 | |
| Current assets | 29/58 | €63,386 | €34,899 | -€28,487 | -44.9% |
| Amounts receivable within one year | 40/41 | €36,937 | €30,804 | -€6,133 | -16.6% |
| Trade receivables | 40 | - | €4,126 | +€4,126 | |
| Other amounts receivable | 41 | €36,937 | €26,677 | -€10,260 | -27.8% |
| Cash at bank and in hand | 54/58 | €26,449 | €4,095 | -€22,354 | -84.5% |
| Total equity and liabilities | 10/49 | €234,854 | €187,858 | -€46,996 | -20.0% |
| Equity | 10/15 | €52,153 | €2,287 | -€49,866 | -95.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,847 | -€57,713 | -€49,866 | -635% |
| Amounts payable | 17/49 | €182,702 | €185,571 | +€2,870 | +1.6% |
| Amounts payable after more than one year | 17 | €139,135 | €129,335 | -€9,800 | -7.0% |
| Financial debts | 170/4 | €39,135 | €29,335 | -€9,800 | -25.0% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €43,567 | €56,237 | +€12,670 | +29.1% |
| Current portion of amounts payable after more than one year | 42 | €10,905 | €11,176 | +€272 | +2.5% |
| Trade debts | 44 | €1,662 | €4,973 | +€3,311 | +199% |
| Suppliers | 440/4 | €1,662 | €4,973 | +€3,311 | +199% |
| Taxes, remuneration and social security | 45 | - | €14,776 | +€14,776 | |
| Taxes | 450/3 | - | €1,265 | +€1,265 | |
| Remuneration and social security | 454/9 | - | €13,511 | +€13,511 | |
| Other amounts payable | 47/48 | €31,000 | €25,311 | -€5,689 | -18.4% |
| Remuneration, social security and pensions | 62 | - | €55,109 | +€55,109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,532 | €39,578 | +€36,047 | +1,021% |
| Other operating charges | 640/8 | €50 | €50 | = | 0.0% |
| Gross operating margin | 9900 | -€3,420 | €49,836 | +€53,256 | |
| Operating profit (loss) | 9901 | -€7,002 | -€44,901 | -€37,900 | -541% |
| Financial income | 75/76B | - | €79 | +€79 | |
| Recurring financial income | 75 | - | €79 | +€79 | |
| Financial charges | 65/66B | €846 | €12,891 | +€12,046 | +1,425% |
| Recurring financial charges | 65 | €846 | €12,891 | +€12,046 | +1,425% |
| Profit (loss) for the period before taxes | 9903 | -€7,847 | -€57,713 | -€49,866 | -635% |
| Profit (loss) for the period | 9904 | -€7,847 | -€57,713 | -€49,866 | -635% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,847 | -€57,713 | -€49,866 | -635% |
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 14 October 2026 via checked.be.