S.MAN: 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.MAN
Largest movements
- Receivables within one year +€145,066
up €145,066 (+20.0%), from €725,567 to €870,633
of which Trade receivables: +€154,857
- Tangible fixed assets -€102,815
down €102,815 (-32.5%), from €316,357 to €213,542
of which Plant, machinery and equipment: -€88,499
- Receivables after one year -€43,818
no longer reported in 2025 (was €43,818)
- Trade debts +€87,430
up €87,430 (+30.3%), from €288,080 to €375,510
- Debts after one year -€77,447
down €77,447 (-44.4%), from €174,562 to €97,115
- Profit (loss) carried forward +€62,996
up €62,996 (+41.9%), from -€150,450 to -€87,454
- Other debts -€42,985
down €42,985 (-64.5%), from €66,627 to €23,642
- Short-term financial debts -€20,631
down €20,631 (-12.1%), from €170,631 to €150,000
of which Credit institutions: -€20,631
- Gross operating margin +€113,756
up €113,756 (+55.5%), from €204,925 to €318,681
- Write-downs -€98,954
no longer reported in 2025 (was €98,954)
- Staff costs +€14,455
up €14,455 (+14.6%), from €98,924 to €113,379
- Depreciation -€10,055
down €10,055 (-7.4%), from €136,407 to €126,352
- Financial charges -€5,914
down €5,914 (-22.6%), from €26,212 to €20,298
of which Non-recurring financial charges: -€4,507
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 | €1,105,172 | €1,099,444 | -€5,728 | -0.5% |
| Fixed assets | 21/28 | €316,357 | €213,542 | -€102,815 | -32.5% |
| Tangible fixed assets | 22/27 | €316,357 | €213,542 | -€102,815 | -32.5% |
| Plant, machinery and equipment | 23 | €238,838 | €150,340 | -€88,499 | -37.1% |
| Furniture and vehicles | 24 | €77,485 | €63,202 | -€14,283 | -18.4% |
| Other tangible fixed assets | 26 | €34 | - | -€34 | |
| Current assets | 29/58 | €788,815 | €885,902 | +€97,087 | +12.3% |
| Amounts receivable after more than one year | 29 | €43,818 | - | -€43,818 | |
| Trade receivables | 290 | €43,818 | - | -€43,818 | |
| Stocks and contracts in progress | 3 | €6,673 | €6,635 | -€38 | -0.6% |
| Stocks | 30/36 | €6,673 | €6,635 | -€38 | -0.6% |
| Amounts receivable within one year | 40/41 | €725,567 | €870,633 | +€145,066 | +20.0% |
| Trade receivables | 40 | €687,545 | €842,402 | +€154,857 | +22.5% |
| Other amounts receivable | 41 | €38,022 | €28,231 | -€9,792 | -25.8% |
| Cash at bank and in hand | 54/58 | €111 | €759 | +€647 | +581% |
| Deferred charges and accrued income | 490/1 | €12,646 | €7,875 | -€4,771 | -37.7% |
| Total equity and liabilities | 10/49 | €1,105,172 | €1,099,444 | -€5,728 | -0.5% |
| Equity | 10/15 | €275,627 | €338,623 | +€62,996 | +22.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €407,477 | €407,477 | = | 0.0% |
| Distributable reserves | 133 | €407,477 | €407,477 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€150,450 | -€87,454 | +€62,996 | +41.9% |
| Amounts payable | 17/49 | €829,545 | €760,821 | -€68,724 | -8.3% |
| Amounts payable after more than one year | 17 | €174,562 | €97,115 | -€77,447 | -44.4% |
| Financial debts | 170/4 | €174,562 | €97,115 | -€77,447 | -44.4% |
| Amounts payable within one year | 42/48 | €648,384 | €653,709 | +€5,325 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €113,282 | €95,544 | -€17,738 | -15.7% |
| Financial debts | 43 | €170,631 | €150,000 | -€20,631 | -12.1% |
| Credit institutions | 430/8 | €20,631 | - | -€20,631 | |
| Other loans | 439 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €288,080 | €375,510 | +€87,430 | +30.3% |
| Suppliers | 440/4 | €288,080 | €375,510 | +€87,430 | +30.3% |
| Taxes, remuneration and social security | 45 | €9,764 | €9,013 | -€751 | -7.7% |
| Taxes | 450/3 | €1,123 | €774 | -€349 | -31.1% |
| Remuneration and social security | 454/9 | €8,641 | €8,240 | -€402 | -4.6% |
| Other amounts payable | 47/48 | €66,627 | €23,642 | -€42,985 | -64.5% |
| Accrued charges and deferred income | 492/3 | €6,598 | €9,996 | +€3,398 | +51.5% |
| Non-recurring operating income | 76A | €16,275 | - | -€16,275 | |
| Remuneration, social security and pensions | 62 | €98,924 | €113,379 | +€14,455 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,407 | €126,352 | -€10,055 | -7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €98,954 | - | -€98,954 | |
| Other operating charges | 640/8 | €4,764 | €4,402 | -€362 | -7.6% |
| Gross operating margin | 9900 | €204,925 | €318,681 | +€113,756 | +55.5% |
| Operating profit (loss) | 9901 | -€134,123 | €74,548 | +€208,671 | |
| Financial income | 75/76B | €10,035 | €9,160 | -€875 | -8.7% |
| Recurring financial income | 75 | €903 | €1,106 | +€203 | +22.5% |
| Non-recurring financial income | 76B | €9,132 | €8,055 | -€1,078 | -11.8% |
| Financial charges | 65/66B | €26,212 | €20,298 | -€5,914 | -22.6% |
| Recurring financial charges | 65 | €21,705 | €20,298 | -€1,407 | -6.5% |
| Non-recurring financial charges | 66B | €4,507 | - | -€4,507 | |
| Profit (loss) for the period before taxes | 9903 | -€150,301 | €63,410 | +€213,710 | |
| Income taxes | 67/77 | €1,946 | €414 | -€1,532 | -78.7% |
| Profit (loss) for the period | 9904 | -€152,246 | €62,996 | +€215,242 | |
| Profit (loss) for the period to be appropriated | 9905 | -€152,246 | €62,996 | +€215,242 |
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 27 October 2026 via checked.be.