S&O: 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&O
Largest movements
- Stocks and contracts +€37,860
new in 2025: €37,860
- Receivables within one year -€25,156
down €25,156 (-35.8%), from €70,210 to €45,054
of which Other amounts receivable: -€37,760
- Tangible fixed assets +€18,394
up €18,394 (+7402.3%), from €248 to €18,642
of which Other tangible fixed assets: +€18,560
- Cash -€15,772
no longer reported in 2025 (was €15,772)
mainly Stocks and contracts (-€37,860) and Tax, wage and social debts (-€16,297)
- Financial fixed assets -€15,000
down €15,000 (-62.1%), from €24,150 to €9,150
- Other debts +€17,156
up €17,156 (+1126.2%), from €1,523 to €18,679
- Short-term financial debts +€16,297
new in 2025: €16,297
- Tax, wage and social debts -€16,297
down €16,297 (-74.2%), from €21,958 to €5,661
- Trade debts -€11,611
down €11,611 (-48.6%), from €23,892 to €12,281
- Debts after one year -€5,850
down €5,850 (-20.8%), from €28,150 to €22,300
of which Financial debts: -€5,850
- Financial charges +€2,688
up €2,688 (+76.0%), from €3,538 to €6,226
- Gross operating margin +€2,639
up €2,639 (+26.5%), from €9,976 to €12,615
- Taxes +€1,478
up €1,478 (+70.7%), from €2,091 to €3,570
- Other operating charges +€1,279
up €1,279 (+84.2%), from €1,519 to €2,799
- Financial income +€333
up €333 (+740.6%), from €45 to €378
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 | €111,681 | €112,007 | +€326 | +0.3% |
| Formation expenses | 20 | €1,301 | €1,301 | = | 0.0% |
| Fixed assets | 21/28 | €24,398 | €27,792 | +€3,394 | +13.9% |
| Tangible fixed assets | 22/27 | €248 | €18,642 | +€18,394 | +7402.3% |
| Plant, machinery and equipment | 23 | €248 | €82 | -€166 | -66.8% |
| Other tangible fixed assets | 26 | - | €18,560 | +€18,560 | |
| Financial fixed assets | 28 | €24,150 | €9,150 | -€15,000 | -62.1% |
| Current assets | 29/58 | €85,982 | €82,914 | -€3,068 | -3.6% |
| Stocks and contracts in progress | 3 | - | €37,860 | +€37,860 | |
| Stocks | 30/36 | - | €37,860 | +€37,860 | |
| Amounts receivable within one year | 40/41 | €70,210 | €45,054 | -€25,156 | -35.8% |
| Trade receivables | 40 | €27,510 | €40,114 | +€12,604 | +45.8% |
| Other amounts receivable | 41 | €42,700 | €4,940 | -€37,760 | -88.4% |
| Cash at bank and in hand | 54/58 | €15,772 | - | -€15,772 | |
| Total equity and liabilities | 10/49 | €111,681 | €112,007 | +€326 | +0.3% |
| Equity | 10/15 | €30,750 | €30,983 | +€233 | +0.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,750 | €20,983 | +€233 | +1.1% |
| Amounts payable | 17/49 | €80,931 | €81,024 | +€93 | +0.1% |
| Amounts payable after more than one year | 17 | €28,150 | €22,300 | -€5,850 | -20.8% |
| Financial debts | 170/4 | €24,150 | €18,300 | -€5,850 | -24.2% |
| Other amounts payable | 178/9 | €4,000 | €4,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €52,781 | €58,724 | +€5,943 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €5,408 | €5,805 | +€398 | +7.4% |
| Financial debts | 43 | - | €16,297 | +€16,297 | |
| Credit institutions | 430/8 | - | €16,297 | +€16,297 | |
| Trade debts | 44 | €23,892 | €12,281 | -€11,611 | -48.6% |
| Suppliers | 440/4 | €23,892 | €12,281 | -€11,611 | -48.6% |
| Taxes, remuneration and social security | 45 | €21,958 | €5,661 | -€16,297 | -74.2% |
| Taxes | 450/3 | €21,958 | €5,661 | -€16,297 | -74.2% |
| Other amounts payable | 47/48 | €1,523 | €18,679 | +€17,156 | +1126.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166 | €166 | = | 0.0% |
| Other operating charges | 640/8 | €1,519 | €2,799 | +€1,279 | +84.2% |
| Gross operating margin | 9900 | €9,976 | €12,615 | +€2,639 | +26.5% |
| Operating profit (loss) | 9901 | €8,291 | €9,650 | +€1,360 | +16.4% |
| Financial income | 75/76B | €45 | €378 | +€333 | +740.6% |
| Recurring financial income | 75 | €45 | €378 | +€333 | +740.6% |
| Financial charges | 65/66B | €3,538 | €6,226 | +€2,688 | +76.0% |
| Recurring financial charges | 65 | €3,538 | €6,226 | +€2,688 | +76.0% |
| Profit (loss) for the period before taxes | 9903 | €4,798 | €3,803 | -€995 | -20.7% |
| Income taxes | 67/77 | €2,091 | €3,570 | +€1,478 | +70.7% |
| Profit (loss) for the period | 9904 | €2,707 | €233 | -€2,474 | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,707 | €233 | -€2,474 | -91.4% |
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 11 October 2026 via checked.be.