S&N: 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&N
Largest movements
- Stocks and contracts +€293,910
up €293,910 (+18.5%), from €1.6m to €1.9m
- Tangible fixed assets -€243,233
down €243,233 (-93.7%), from €259,574 to €16,342
of which Land and buildings: -€238,082
- Receivables within one year +€28,210
up €28,210 (+74.0%), from €38,121 to €66,331
of which Other amounts receivable: +€58,696
- Other debts +€1.3m
up €1.3m (+195.0%), from €646,330 to €1.9m
- Short-term financial debts -€800,000
no longer reported in 2025 (was €800,000)
- Debts after one year -€225,000
no longer reported in 2025 (was €225,000)
- Profit (loss) carried forward -€139,313
down €139,313, from €33,470 to -€105,844
- Gross operating margin -€297,445
down €297,445, from €267,149 to -€30,296
- Staff costs -€97,100
down €97,100 (-61.1%), from €158,876 to €61,776
- Financial charges -€40,067
down €40,067 (-76.1%), from €52,665 to €12,598
- Other operating charges -€32,813
down €32,813 (-95.4%), from €34,377 to €1,565
- Taxes -€6,579
no longer reported in 2025 (was €6,579)
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 | €1,894,703 | €1,987,299 | +€92,596 | +4.9% |
| Fixed assets | 21/28 | €259,924 | €16,342 | -€243,583 | -93.7% |
| Tangible fixed assets | 22/27 | €259,574 | €16,342 | -€243,233 | -93.7% |
| Land and buildings | 22 | €242,443 | €4,360 | -€238,082 | -98.2% |
| Plant, machinery and equipment | 23 | €17,132 | €11,982 | -€5,150 | -30.1% |
| Financial fixed assets | 28 | €350 | - | -€350 | |
| Current assets | 29/58 | €1,634,778 | €1,970,957 | +€336,179 | +20.6% |
| Stocks and contracts in progress | 3 | €1,587,396 | €1,881,307 | +€293,910 | +18.5% |
| Stocks | 30/36 | €1,587,396 | €1,881,307 | +€293,910 | +18.5% |
| Amounts receivable within one year | 40/41 | €38,121 | €66,331 | +€28,210 | +74.0% |
| Trade receivables | 40 | €33,849 | €3,363 | -€30,486 | -90.1% |
| Other amounts receivable | 41 | €4,272 | €62,968 | +€58,696 | +1374.0% |
| Cash at bank and in hand | 54/58 | €7,654 | €22,847 | +€15,193 | +198.5% |
| Deferred charges and accrued income | 490/1 | €1,608 | €473 | -€1,134 | -70.6% |
| Total equity and liabilities | 10/49 | €1,894,703 | €1,987,299 | +€92,596 | +4.9% |
| Equity | 10/15 | €52,070 | -€87,244 | -€139,313 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,470 | -€105,844 | -€139,313 | |
| Amounts payable | 17/49 | €1,842,633 | €2,074,543 | +€231,910 | +12.6% |
| Amounts payable after more than one year | 17 | €225,000 | - | -€225,000 | |
| Financial debts | 170/4 | €225,000 | - | -€225,000 | |
| Amounts payable within one year | 42/48 | €1,617,633 | €2,074,543 | +€456,910 | +28.2% |
| Financial debts | 43 | €800,000 | - | -€800,000 | |
| Credit institutions | 430/8 | €800,000 | - | -€800,000 | |
| Trade debts | 44 | €132,647 | €148,254 | +€15,607 | +11.8% |
| Suppliers | 440/4 | €132,647 | €148,254 | +€15,607 | +11.8% |
| Taxes, remuneration and social security | 45 | €38,656 | €19,652 | -€19,004 | -49.2% |
| Taxes | 450/3 | €23,234 | €294 | -€22,940 | -98.7% |
| Remuneration and social security | 454/9 | €15,422 | €19,358 | +€3,937 | +25.5% |
| Other amounts payable | 47/48 | €646,330 | €1,906,636 | +€1.3m | +195.0% |
| Remuneration, social security and pensions | 62 | €158,876 | €61,776 | -€97,100 | -61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,806 | €5,298 | -€4,508 | -46.0% |
| Other operating charges | 640/8 | €34,377 | €1,565 | -€32,813 | -95.4% |
| Non-recurring operating charges | 66A | - | €27,934 | +€27,934 | |
| Gross operating margin | 9900 | €267,149 | -€30,296 | -€297,445 | |
| Operating profit (loss) | 9901 | €64,089 | -€126,869 | -€190,958 | |
| Financial income | 75/76B | €2,401 | €153 | -€2,248 | -93.6% |
| Recurring financial income | 75 | €2,401 | €153 | -€2,248 | -93.6% |
| Financial charges | 65/66B | €52,665 | €12,598 | -€40,067 | -76.1% |
| Recurring financial charges | 65 | €52,665 | €12,598 | -€40,067 | -76.1% |
| Profit (loss) for the period before taxes | 9903 | €13,825 | -€139,313 | -€153,139 | |
| Income taxes | 67/77 | €6,579 | - | -€6,579 | |
| Profit (loss) for the period | 9904 | €7,246 | -€139,313 | -€146,559 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,246 | -€139,313 | -€146,559 |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.