S&M: what changed
Two fiscal 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&M
Largest movements
- Stocks and contracts -€7,430
no longer reported in 2025 (was €7,430)
- Receivables within one year -€6,253
down €6,253 (-74.8%), from €8,358 to €2,105
of which Trade receivables: -€6,398
- Tangible fixed assets -€990
down €990 (-62.9%), from €1,574 to €584
- Cash -€350
down €350 (-43.1%), from €812 to €462
mainly Net result for the year (-€7,063) and Trade debts (-€4,915)
- Profit (loss) carried forward -€7,063
down €7,063 (-93.8%), from -€7,530 to -€14,593
- Trade debts -€4,915
down €4,915 (-64.1%), from €7,670 to €2,755
- Other debts -€2,423
down €2,423 (-17.1%), from €14,151 to €11,728
- Tax, wage and social debts -€621
down €621 (-25.0%), from €2,482 to €1,861
- Gross operating margin -€9,591
down €9,591, from €4,536 to -€5,055
- Depreciation -€882
down €882 (-47.1%), from €1,872 to €990
- Other operating charges -€782
down €782 (-48.1%), from €1,626 to €844
- Financial charges +€137
up €137 (+136.3%), from €101 to €238
- Financial income +€58
up €58 (+550.9%), from €11 to €69
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 | €18,173 | €3,151 | -€15,022 | -82.7% |
| Fixed assets | 21/28 | €1,574 | €584 | -€990 | -62.9% |
| Tangible fixed assets | 22/27 | €1,574 | €584 | -€990 | -62.9% |
| Plant, machinery and equipment | 23 | €1,574 | €584 | -€990 | -62.9% |
| Current assets | 29/58 | €16,599 | €2,567 | -€14,032 | -84.5% |
| Stocks and contracts in progress | 3 | €7,430 | - | -€7,430 | |
| Stocks | 30/36 | €7,430 | - | -€7,430 | |
| Amounts receivable within one year | 40/41 | €8,358 | €2,105 | -€6,253 | -74.8% |
| Trade receivables | 40 | €8,358 | €1,960 | -€6,398 | -76.5% |
| Other amounts receivable | 41 | - | €145 | +€145 | |
| Cash at bank and in hand | 54/58 | €812 | €462 | -€350 | -43.1% |
| Total equity and liabilities | 10/49 | €18,173 | €3,151 | -€15,022 | -82.7% |
| Equity | 10/15 | -€6,130 | -€13,193 | -€7,063 | -115.2% |
| Contributions | 10/11 | €1,400 | €1,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,530 | -€14,593 | -€7,063 | -93.8% |
| Amounts payable | 17/49 | €24,303 | €16,344 | -€7,959 | -32.7% |
| Amounts payable within one year | 42/48 | €24,303 | €16,344 | -€7,959 | -32.7% |
| Trade debts | 44 | €7,670 | €2,755 | -€4,915 | -64.1% |
| Suppliers | 440/4 | €7,670 | €2,755 | -€4,915 | -64.1% |
| Taxes, remuneration and social security | 45 | €2,482 | €1,861 | -€621 | -25.0% |
| Taxes | 450/3 | €2,482 | €1,861 | -€621 | -25.0% |
| Other amounts payable | 47/48 | €14,151 | €11,728 | -€2,423 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,872 | €990 | -€882 | -47.1% |
| Other operating charges | 640/8 | €1,626 | €844 | -€782 | -48.1% |
| Gross operating margin | 9900 | €4,536 | -€5,055 | -€9,591 | |
| Operating profit (loss) | 9901 | €1,038 | -€6,889 | -€7,927 | |
| Financial income | 75/76B | €11 | €69 | +€58 | +550.9% |
| Recurring financial income | 75 | €11 | €69 | +€58 | +550.9% |
| Financial charges | 65/66B | €101 | €238 | +€137 | +136.3% |
| Recurring financial charges | 65 | €101 | €238 | +€137 | +136.3% |
| Profit (loss) for the period before taxes | 9903 | €948 | -€7,058 | -€8,006 | |
| Income taxes | 67/77 | €59 | €5 | -€54 | -91.5% |
| Profit (loss) for the period | 9904 | €889 | -€7,063 | -€7,952 | |
| Profit (loss) for the period to be appropriated | 9905 | €889 | -€7,063 | -€7,952 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.