S² Management: 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.
S² Management
Largest movements
- Receivables within one year -€40,310
down €40,310 (-27.6%), from €146,188 to €105,878
of which Other amounts receivable: -€40,310
- Cash -€16,360
down €16,360 (-25.0%), from €65,330 to €48,970
mainly Debts after one year (-€74,563) and Tax, wage and social debts (-€11,285)
- Debts after one year -€74,563
down €74,563 (-13.4%), from €554,974 to €480,411
- Reserves +€22,837
up €22,837 (+6.4%), from €354,975 to €377,813
- Tax, wage and social debts -€11,285
down €11,285 (-35.0%), from €32,208 to €20,923
- Gross operating margin -€24,960
down €24,960 (-30.1%), from €82,829 to €57,869
- Taxes -€6,830
down €6,830 (-43.2%), from €15,811 to €8,980
- Financial charges -€1,964
down €1,964 (-7.3%), from €26,793 to €24,829
- Financial income -€1,330
down €1,330 (-21.5%), from €6,188 to €4,858
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 | €1,084,401 | €1,023,997 | -€60,404 | -5.6% |
| Fixed assets | 21/28 | €872,883 | €869,149 | -€3,734 | -0.4% |
| Tangible fixed assets | 22/27 | €7,883 | €4,149 | -€3,734 | -47.4% |
| Furniture and vehicles | 24 | €7,883 | €4,149 | -€3,734 | -47.4% |
| Financial fixed assets | 28 | €865,000 | €865,000 | = | 0.0% |
| Current assets | 29/58 | €211,518 | €154,847 | -€56,670 | -26.8% |
| Amounts receivable within one year | 40/41 | €146,188 | €105,878 | -€40,310 | -27.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €146,188 | €105,878 | -€40,310 | -27.6% |
| Cash at bank and in hand | 54/58 | €65,330 | €48,970 | -€16,360 | -25.0% |
| Total equity and liabilities | 10/49 | €1,084,401 | €1,023,997 | -€60,404 | -5.6% |
| Equity | 10/15 | €409,512 | €432,349 | +€22,837 | +5.6% |
| Contributions | 10/11 | €54,537 | €54,537 | = | 0.0% |
| Reserves | 13 | €354,975 | €377,813 | +€22,837 | +6.4% |
| Distributable reserves | 133 | €354,975 | €377,813 | +€22,837 | +6.4% |
| Amounts payable | 17/49 | €674,889 | €591,648 | -€83,241 | -12.3% |
| Amounts payable after more than one year | 17 | €554,974 | €480,411 | -€74,563 | -13.4% |
| Financial debts | 170/4 | €554,974 | €480,411 | -€74,563 | -13.4% |
| Amounts payable within one year | 42/48 | €118,855 | €110,258 | -€8,597 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €71,702 | €74,563 | +€2,860 | +4.0% |
| Trade debts | 44 | €1,731 | €586 | -€1,145 | -66.2% |
| Suppliers | 440/4 | €1,731 | €586 | -€1,145 | -66.2% |
| Taxes, remuneration and social security | 45 | €32,208 | €20,923 | -€11,285 | -35.0% |
| Taxes | 450/3 | €32,208 | €20,923 | -€11,285 | -35.0% |
| Other amounts payable | 47/48 | €13,214 | €14,186 | +€972 | +7.4% |
| Accrued charges and deferred income | 492/3 | €1,060 | €978 | -€81 | -7.7% |
| Non-recurring operating income | 76A | - | €8,823 | +€8,823 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,734 | €3,734 | = | 0.0% |
| Other operating charges | 640/8 | €1,629 | €2,347 | +€718 | +44.1% |
| Gross operating margin | 9900 | €82,829 | €57,869 | -€24,960 | -30.1% |
| Operating profit (loss) | 9901 | €77,467 | €51,789 | -€25,678 | -33.1% |
| Financial income | 75/76B | €6,188 | €4,858 | -€1,330 | -21.5% |
| Recurring financial income | 75 | €6,188 | €4,858 | -€1,330 | -21.5% |
| Financial charges | 65/66B | €26,793 | €24,829 | -€1,964 | -7.3% |
| Recurring financial charges | 65 | €26,793 | €24,829 | -€1,964 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €56,862 | €31,818 | -€25,044 | -44.0% |
| Income taxes | 67/77 | €15,811 | €8,980 | -€6,830 | -43.2% |
| Profit (loss) for the period | 9904 | €41,051 | €22,837 | -€18,214 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,051 | €22,837 | -€18,214 | -44.4% |
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 29 October 2026 via checked.be.