S MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€103,785
down €103,785 (-5.5%), from €1.9m to €1.8m
of which Land and buildings: -€91,350
- Cash -€63,141
down €63,141 (-70.1%), from €90,109 to €26,969
mainly Debts after one year (-€125,621) and Current portion of long-term debt (-€39,924)
- Debts after one year -€125,621
down €125,621 (-13.0%), from €968,001 to €842,381
of which Financial debts: -€73,429
- Current portion of long-term debt -€39,924
down €39,924 (-35.2%), from €113,353 to €73,429
- Other debts +€36,739
new in 2025: €36,739
- Tax, wage and social debts -€23,892
down €23,892 (-60.5%), from €39,480 to €15,588
- Financial charges +€35,466
up €35,466 (+270.6%), from €13,108 to €48,574
- Gross operating margin +€31,726
up €31,726 (+16.9%), from €188,117 to €219,843
- Taxes -€7,578
down €7,578 (-21.2%), from €35,778 to €28,199
- Other operating charges +€7,114
up €7,114 (+58.8%), from €12,089 to €19,204
- Financial income -€2,490
down €2,490 (-99.6%), from €2,500 to €10
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 | €2,282,157 | €2,135,956 | -€146,201 | -6.4% |
| Fixed assets | 21/28 | €1,872,107 | €1,768,323 | -€103,785 | -5.5% |
| Tangible fixed assets | 22/27 | €1,872,107 | €1,768,323 | -€103,785 | -5.5% |
| Land and buildings | 22 | €1,790,804 | €1,699,455 | -€91,350 | -5.1% |
| Plant, machinery and equipment | 23 | €6,244 | €7,871 | +€1,626 | +26.0% |
| Furniture and vehicles | 24 | €75,058 | €60,997 | -€14,061 | -18.7% |
| Current assets | 29/58 | €410,049 | €367,633 | -€42,416 | -10.3% |
| Amounts receivable within one year | 40/41 | €10,993 | €32,078 | +€21,086 | +191.8% |
| Trade receivables | 40 | €4,670 | €20,042 | +€15,372 | +329.2% |
| Other amounts receivable | 41 | €6,322 | €12,036 | +€5,713 | +90.4% |
| Current investments | 50/53 | €306,030 | €305,653 | -€378 | -0.1% |
| Cash at bank and in hand | 54/58 | €90,109 | €26,969 | -€63,141 | -70.1% |
| Deferred charges and accrued income | 490/1 | €2,917 | €2,934 | +€17 | +0.6% |
| Total equity and liabilities | 10/49 | €2,282,157 | €2,135,956 | -€146,201 | -6.4% |
| Equity | 10/15 | €1,123,598 | €1,134,136 | +€10,538 | +0.9% |
| Contributions | 10/11 | €596,425 | €596,425 | = | 0.0% |
| Reserves | 13 | €123,248 | €132,926 | +€9,678 | +7.9% |
| Non-distributable reserves | 130/1 | €59,643 | €59,643 | = | 0.0% |
| Reserves not available under the articles | 1311 | €59,643 | €59,643 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,606 | €31,284 | -€4,322 | -12.1% |
| Distributable reserves | 133 | €28,000 | €42,000 | +€14,000 | +50.0% |
| Profit (loss) carried forward | 14 | €403,925 | €404,784 | +€860 | +0.2% |
| Provisions and deferred taxes | 16 | €33,469 | €29,929 | -€3,539 | -10.6% |
| Provisions for liabilities and charges | 160/5 | - | €472 | +€472 | |
| Other liabilities and charges | 164/5 | - | €472 | +€472 | |
| Deferred taxes | 168 | €33,469 | €29,458 | -€4,011 | -12.0% |
| Amounts payable | 17/49 | €1,125,090 | €971,891 | -€153,199 | -13.6% |
| Amounts payable after more than one year | 17 | €968,001 | €842,381 | -€125,621 | -13.0% |
| Financial debts | 170/4 | €448,429 | €375,000 | -€73,429 | -16.4% |
| Other amounts payable | 178/9 | €519,572 | €467,381 | -€52,192 | -10.0% |
| Amounts payable within one year | 42/48 | €156,552 | €128,973 | -€27,578 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €113,353 | €73,429 | -€39,924 | -35.2% |
| Trade debts | 44 | €3,719 | €3,218 | -€501 | -13.5% |
| Suppliers | 440/4 | €3,719 | €3,218 | -€501 | -13.5% |
| Taxes, remuneration and social security | 45 | €39,480 | €15,588 | -€23,892 | -60.5% |
| Taxes | 450/3 | €39,480 | €15,588 | -€23,892 | -60.5% |
| Other amounts payable | 47/48 | - | €36,739 | +€36,739 | |
| Accrued charges and deferred income | 492/3 | €537 | €537 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,068 | €117,350 | +€281 | +0.2% |
| Other operating charges | 640/8 | €12,089 | €19,204 | +€7,114 | +58.8% |
| Gross operating margin | 9900 | €188,117 | €219,843 | +€31,726 | +16.9% |
| Operating profit (loss) | 9901 | €58,959 | €83,289 | +€24,330 | +41.3% |
| Financial income | 75/76B | €2,500 | €10 | -€2,490 | -99.6% |
| Recurring financial income | 75 | €2,500 | €10 | -€2,490 | -99.6% |
| Financial charges | 65/66B | €13,108 | €48,574 | +€35,466 | +270.6% |
| Recurring financial charges | 65 | €13,108 | €48,574 | +€35,466 | +270.6% |
| Profit (loss) for the period before taxes | 9903 | €48,351 | €34,726 | -€13,625 | -28.2% |
| Transfer from deferred taxes | 780 | €2,003 | €4,011 | +€2,008 | +100.2% |
| Income taxes | 67/77 | €35,778 | €28,199 | -€7,578 | -21.2% |
| Profit (loss) for the period | 9904 | €14,577 | €10,538 | -€4,039 | -27.7% |
| Transfer from tax-exempt reserves | 789 | €2,186 | €4,322 | +€2,136 | +97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,762 | €14,860 | -€1,903 | -11.4% |
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 2 October 2026 via checked.be.