S-LINK: what changed
S-LINK
Largest movements
- Cash -€35,883
down €35,883 (-97.6%), from €36,770 to €887
mainly Net result for the year (-€109,501) and Stocks and contracts (-€30,545)
- Stocks and contracts +€30,545
new in 2025: €30,545
- Receivables within one year +€15,551
up €15,551 (+29.4%), from €52,912 to €68,463
- Intangible fixed assets -€1,333
down €1,333 (-33.5%), from €3,980 to €2,647
- Profit (loss) carried forward -€109,501
down €109,501 (-90.9%), from -€120,470 to -€229,970
- Debts after one year +€44,175
up €44,175 (+35.3%), from €125,000 to €169,175
- Short-term financial debts +€22,073
new in 2025: €22,073
- Trade debts +€20,433
up €20,433 (+79.2%), from €25,798 to €46,231
- Tax, wage and social debts +€17,943
up €17,943 (+48.4%), from €37,087 to €55,030
of which Remuneration and social security: +€11,376
- Gross operating margin +€64,397
up €64,397 (+166%), from €38,848 to €103,244
- Staff costs +€42,951
up €42,951 (+27.0%), from €159,170 to €202,121
- Financial charges +€4,542
up €4,542 (+212%), from €2,138 to €6,680
- Depreciation +€2,332
up €2,332 (+454%), from €514 to €2,846
- Other operating charges -€1,243
down €1,243 (-81.3%), from €1,528 to €286
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 | €98,514 | €106,744 | +€8,229 | +8.4% |
| Fixed assets | 21/28 | €8,832 | €6,848 | -€1,984 | -22.5% |
| Intangible fixed assets | 21 | €3,980 | €2,647 | -€1,333 | -33.5% |
| Tangible fixed assets | 22/27 | €4,852 | €4,202 | -€650 | -13.4% |
| Plant, machinery and equipment | 23 | €2,790 | €2,839 | +€49 | +1.7% |
| Furniture and vehicles | 24 | €2,062 | €1,363 | -€699 | -33.9% |
| Current assets | 29/58 | €89,682 | €99,895 | +€10,213 | +11.4% |
| Stocks and contracts in progress | 3 | - | €30,545 | +€30,545 | |
| Contracts in progress | 37 | - | €30,545 | +€30,545 | |
| Amounts receivable within one year | 40/41 | €52,912 | €68,463 | +€15,551 | +29.4% |
| Trade receivables | 40 | €52,912 | €68,463 | +€15,551 | +29.4% |
| Cash at bank and in hand | 54/58 | €36,770 | €887 | -€35,883 | -97.6% |
| Total equity and liabilities | 10/49 | €98,514 | €106,744 | +€8,229 | +8.4% |
| Equity | 10/15 | -€91,470 | -€200,970 | -€109,501 | -120% |
| Contributions | 10/11 | €29,000 | €29,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€120,470 | -€229,970 | -€109,501 | -90.9% |
| Amounts payable | 17/49 | €189,984 | €307,714 | +€117,730 | +62.0% |
| Amounts payable after more than one year | 17 | €125,000 | €169,175 | +€44,175 | +35.3% |
| Financial debts | 170/4 | €125,000 | €169,175 | +€44,175 | +35.3% |
| Amounts payable within one year | 42/48 | €62,885 | €132,846 | +€69,961 | +111% |
| Current portion of amounts payable after more than one year | 42 | - | €9,512 | +€9,512 | |
| Financial debts | 43 | - | €22,073 | +€22,073 | |
| Credit institutions | 430/8 | - | €22,073 | +€22,073 | |
| Trade debts | 44 | €25,798 | €46,231 | +€20,433 | +79.2% |
| Suppliers | 440/4 | €25,798 | €46,231 | +€20,433 | +79.2% |
| Taxes, remuneration and social security | 45 | €37,087 | €55,030 | +€17,943 | +48.4% |
| Taxes | 450/3 | €8,168 | €14,734 | +€6,567 | +80.4% |
| Remuneration and social security | 454/9 | €28,919 | €40,295 | +€11,376 | +39.3% |
| Accrued charges and deferred income | 492/3 | €2,099 | €5,693 | +€3,594 | +171% |
| Remuneration, social security and pensions | 62 | €159,170 | €202,121 | +€42,951 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €514 | €2,846 | +€2,332 | +454% |
| Other operating charges | 640/8 | €1,528 | €286 | -€1,243 | -81.3% |
| Gross operating margin | 9900 | €38,848 | €103,244 | +€64,397 | +166% |
| Operating profit (loss) | 9901 | -€122,365 | -€102,008 | +€20,356 | +16.6% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €2,138 | €6,680 | +€4,542 | +212% |
| Recurring financial charges | 65 | €2,138 | €6,680 | +€4,542 | +212% |
| Profit (loss) for the period before taxes | 9903 | -€124,501 | -€108,689 | +€15,812 | +12.7% |
| Income taxes | 67/77 | €740 | €812 | +€72 | +9.7% |
| Profit (loss) for the period | 9904 | -€125,241 | -€109,501 | +€15,740 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€125,241 | -€109,501 | +€15,740 | +12.6% |
Next steps
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 2 November 2026 via checked.be.