S.N.L.: 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.N.L.
Largest movements
- Current investments -€30,000
no longer reported in 2025 (was €30,000)
- Cash +€27,738
up €27,738 (+31.8%), from €87,268 to €115,005
mainly Net result for the year (+€41,144) and Current investments (+€30,000)
- Tangible fixed assets -€9,166
down €9,166 (-2.6%), from €346,007 to €336,841
of which Land and buildings: -€7,076
- Stocks and contracts -€8,610
down €8,610 (-32.8%), from €26,286 to €17,676
- Reserves +€38,489
up €38,489 (+17.9%), from €215,607 to €254,096
of which Distributable reserves: +€38,489
- Debts after one year -€34,224
down €34,224 (-25.7%), from €132,980 to €98,756
- Short-term financial debts -€16,712
no longer reported in 2025 (was €16,712)
- Current portion of long-term debt -€6,419
down €6,419 (-15.8%), from €40,643 to €34,224
- Gross operating margin -€6,386
down €6,386 (-6.8%), from €94,344 to €87,959
- Taxes -€5,612
down €5,612 (-28.0%), from €20,020 to €14,408
- Financial charges -€1,147
down €1,147 (-11.6%), from €9,898 to €8,751
- Financial income -€1,112
down €1,112 (-83.2%), from €1,337 to €225
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 | €498,465 | €475,709 | -€22,756 | -4.6% |
| Fixed assets | 21/28 | €347,918 | €338,751 | -€9,166 | -2.6% |
| Tangible fixed assets | 22/27 | €346,007 | €336,841 | -€9,166 | -2.6% |
| Land and buildings | 22 | €341,882 | €334,805 | -€7,076 | -2.1% |
| Furniture and vehicles | 24 | €4,125 | €2,035 | -€2,090 | -50.7% |
| Financial fixed assets | 28 | €1,911 | €1,911 | = | 0.0% |
| Current assets | 29/58 | €150,548 | €136,958 | -€13,590 | -9.0% |
| Stocks and contracts in progress | 3 | €26,286 | €17,676 | -€8,610 | -32.8% |
| Stocks | 30/36 | €26,286 | €17,676 | -€8,610 | -32.8% |
| Amounts receivable within one year | 40/41 | €5,409 | €1,937 | -€3,472 | -64.2% |
| Trade receivables | 40 | €4,316 | €1,277 | -€3,039 | -70.4% |
| Other amounts receivable | 41 | €1,093 | €660 | -€433 | -39.6% |
| Current investments | 50/53 | €30,000 | - | -€30,000 | |
| Cash at bank and in hand | 54/58 | €87,268 | €115,005 | +€27,738 | +31.8% |
| Deferred charges and accrued income | 490/1 | €1,585 | €2,340 | +€755 | +47.6% |
| Total equity and liabilities | 10/49 | €498,465 | €475,709 | -€22,756 | -4.6% |
| Equity | 10/15 | €228,007 | €266,496 | +€38,489 | +16.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €215,607 | €254,096 | +€38,489 | +17.9% |
| Tax-exempt reserves | 132 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €185,607 | €224,096 | +€38,489 | +20.7% |
| Amounts payable | 17/49 | €270,459 | €209,213 | -€61,245 | -22.6% |
| Amounts payable after more than one year | 17 | €132,980 | €98,756 | -€34,224 | -25.7% |
| Financial debts | 170/4 | €132,980 | €98,756 | -€34,224 | -25.7% |
| Amounts payable within one year | 42/48 | €135,473 | €109,870 | -€25,603 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €40,643 | €34,224 | -€6,419 | -15.8% |
| Financial debts | 43 | €16,712 | - | -€16,712 | |
| Credit institutions | 430/8 | €16,712 | - | -€16,712 | |
| Trade debts | 44 | €40,470 | €37,221 | -€3,249 | -8.0% |
| Suppliers | 440/4 | €40,470 | €37,221 | -€3,249 | -8.0% |
| Taxes, remuneration and social security | 45 | €3,611 | €3,391 | -€220 | -6.1% |
| Taxes | 450/3 | €2,061 | €1,731 | -€330 | -16.0% |
| Remuneration and social security | 454/9 | €1,550 | €1,660 | +€110 | +7.1% |
| Other amounts payable | 47/48 | €34,037 | €35,034 | +€997 | +2.9% |
| Accrued charges and deferred income | 492/3 | €2,006 | €588 | -€1,419 | -70.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,724 | €16,959 | +€235 | +1.4% |
| Other operating charges | 640/8 | €7,152 | €6,923 | -€229 | -3.2% |
| Gross operating margin | 9900 | €94,344 | €87,959 | -€6,386 | -6.8% |
| Operating profit (loss) | 9901 | €70,468 | €64,077 | -€6,391 | -9.1% |
| Financial income | 75/76B | €1,337 | €225 | -€1,112 | -83.2% |
| Recurring financial income | 75 | €1,337 | €225 | -€1,112 | -83.2% |
| Financial charges | 65/66B | €9,898 | €8,751 | -€1,147 | -11.6% |
| Recurring financial charges | 65 | €9,898 | €8,751 | -€1,147 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €61,908 | €55,552 | -€6,356 | -10.3% |
| Income taxes | 67/77 | €20,020 | €14,408 | -€5,612 | -28.0% |
| Profit (loss) for the period | 9904 | €41,888 | €41,144 | -€745 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,888 | €41,144 | -€745 | -1.8% |
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 21 October 2026 via checked.be.