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
- Receivables within one year -€18,502
down €18,502 (-90.0%), from €20,566 to €2,064
of which Trade receivables: -€19,968
- Financial fixed assets +€5,400
new in 2025: €5,400
- Tangible fixed assets +€4,711
up €4,711 (+4.4%), from €106,032 to €110,743
of which Plant, machinery and equipment: +€25,550
- Stocks and contracts +€3,961
up €3,961 (+132.0%), from €3,000 to €6,961
- Cash -€3,209
down €3,209 (-18.5%), from €17,320 to €14,111
mainly Investment in fixed assets (net) (-€43,853) and Debts after one year (-€15,887)
- Debts after one year -€15,887
down €15,887 (-33.9%), from €46,849 to €30,962
- Trade debts +€4,944
up €4,944 (+153.5%), from €3,221 to €8,165
- Other debts +€4,208
up €4,208 (+101.9%), from €4,129 to €8,338
- Tax, wage and social debts -€2,636
down €2,636 (-25.7%), from €10,277 to €7,640
of which Taxes: -€7,860
- Gross operating margin -€1,833
down €1,833 (-4.3%), from €42,608 to €40,775
- Depreciation +€1,408
up €1,408 (+4.4%), from €32,333 to €33,742
- Other operating charges -€919
down €919 (-62.6%), from €1,469 to €550
- Taxes -€868
down €868 (-36.1%), from €2,402 to €1,534
- Financial charges -€739
down €739 (-16.4%), from €4,498 to €3,759
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 | €147,218 | €139,952 | -€7,265 | -4.9% |
| Fixed assets | 21/28 | €106,032 | €116,143 | +€10,111 | +9.5% |
| Tangible fixed assets | 22/27 | €106,032 | €110,743 | +€4,711 | +4.4% |
| Land and buildings | 22 | €19,190 | €12,524 | -€6,666 | -34.7% |
| Plant, machinery and equipment | 23 | €22,134 | €47,683 | +€25,550 | +115.4% |
| Furniture and vehicles | 24 | €4,845 | €3,323 | -€1,522 | -31.4% |
| Leasing and similar rights | 25 | €59,863 | €43,995 | -€15,868 | -26.5% |
| Other tangible fixed assets | 26 | - | €3,218 | +€3,218 | |
| Financial fixed assets | 28 | - | €5,400 | +€5,400 | |
| Current assets | 29/58 | €41,186 | €23,809 | -€17,376 | -42.2% |
| Stocks and contracts in progress | 3 | €3,000 | €6,961 | +€3,961 | +132.0% |
| Stocks | 30/36 | €3,000 | €6,961 | +€3,961 | +132.0% |
| Amounts receivable within one year | 40/41 | €20,566 | €2,064 | -€18,502 | -90.0% |
| Trade receivables | 40 | €19,968 | €0 | -€19,968 | -100.0% |
| Other amounts receivable | 41 | €598 | €2,064 | +€1,466 | +245.1% |
| Cash at bank and in hand | 54/58 | €17,320 | €14,111 | -€3,209 | -18.5% |
| Deferred charges and accrued income | 490/1 | €300 | €673 | +€373 | +124.3% |
| Total equity and liabilities | 10/49 | €147,218 | €139,952 | -€7,265 | -4.9% |
| Equity | 10/15 | €67,767 | €68,960 | +€1,193 | +1.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €62,767 | €63,960 | +€1,193 | +1.9% |
| Distributable reserves | 133 | €62,767 | €63,960 | +€1,193 | +1.9% |
| Amounts payable | 17/49 | €79,451 | €70,992 | -€8,459 | -10.6% |
| Amounts payable after more than one year | 17 | €46,849 | €30,962 | -€15,887 | -33.9% |
| Financial debts | 170/4 | €46,849 | €30,962 | -€15,887 | -33.9% |
| Amounts payable within one year | 42/48 | €32,601 | €40,030 | +€7,429 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €14,975 | €15,887 | +€913 | +6.1% |
| Trade debts | 44 | €3,221 | €8,165 | +€4,944 | +153.5% |
| Suppliers | 440/4 | €3,221 | €8,165 | +€4,944 | +153.5% |
| Taxes, remuneration and social security | 45 | €10,277 | €7,640 | -€2,636 | -25.7% |
| Taxes | 450/3 | €10,277 | €2,417 | -€7,860 | -76.5% |
| Remuneration and social security | 454/9 | €0 | €5,224 | +€5,224 | |
| Other amounts payable | 47/48 | €4,129 | €8,338 | +€4,208 | +101.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,333 | €33,742 | +€1,408 | +4.4% |
| Other operating charges | 640/8 | €1,469 | €550 | -€919 | -62.6% |
| Gross operating margin | 9900 | €42,608 | €40,775 | -€1,833 | -4.3% |
| Operating profit (loss) | 9901 | €8,806 | €6,484 | -€2,322 | -26.4% |
| Financial income | 75/76B | €0 | €3 | +€3 | +992.3% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +992.3% |
| Financial charges | 65/66B | €4,498 | €3,759 | -€739 | -16.4% |
| Recurring financial charges | 65 | €4,498 | €3,759 | -€739 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €4,308 | €2,727 | -€1,580 | -36.7% |
| Income taxes | 67/77 | €2,402 | €1,534 | -€868 | -36.1% |
| Profit (loss) for the period | 9904 | €1,906 | €1,193 | -€713 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,906 | €1,193 | -€713 | -37.4% |
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.