S PROJECT: 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 PROJECT
Largest movements
- Receivables within one year +€375,005
up €375,005 (+408.2%), from €91,863 to €466,868
of which Trade receivables: +€386,612
- Stocks and contracts -€232,244
down €232,244 (-60.9%), from €381,324 to €149,080
- Receivables after one year +€142,517
up €142,517 (+185.5%), from €76,827 to €219,344
- Cash -€48,299
down €48,299 (-99.4%), from €48,573 to €274
mainly Receivables within one year (-€375,005) and Debts after one year (-€169,751)
- Tangible fixed assets -€25,650
down €25,650 (-6.2%), from €416,262 to €390,612
of which Land and buildings: -€12,920
- Debts after one year -€169,751
down €169,751 (-81.4%), from €208,456 to €38,704
of which Other amounts payable: -€145,390
- Other debts +€168,311
up €168,311 (+1441.6%), from €11,675 to €179,986
- Short-term financial debts +€161,229
new in 2025: €161,229
- Reserves +€28,500
up €28,500 (+3.8%), from €754,480 to €782,980
- Trade debts +€20,242
up €20,242 (+89.0%), from €22,749 to €42,991
- Gross operating margin -€22,719
down €22,719 (-21.3%), from €106,757 to €84,038
- Depreciation -€6,695
down €6,695 (-25.7%), from €26,039 to €19,343
- Taxes -€5,664
down €5,664 (-32.7%), from €17,305 to €11,641
- Financial charges -€1,763
down €1,763 (-7.7%), from €22,979 to €21,216
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 | €1,067,578 | €1,270,851 | +€203,273 | +19.0% |
| Fixed assets | 21/28 | €441,262 | €415,612 | -€25,650 | -5.8% |
| Tangible fixed assets | 22/27 | €416,262 | €390,612 | -€25,650 | -6.2% |
| Land and buildings | 22 | €398,276 | €385,356 | -€12,920 | -3.2% |
| Plant, machinery and equipment | 23 | €3,537 | €943 | -€2,594 | -73.3% |
| Furniture and vehicles | 24 | €14,449 | €4,313 | -€10,136 | -70.1% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €626,317 | €855,239 | +€228,923 | +36.6% |
| Amounts receivable after more than one year | 29 | €76,827 | €219,344 | +€142,517 | +185.5% |
| Other amounts receivable | 291 | €76,827 | €219,344 | +€142,517 | +185.5% |
| Stocks and contracts in progress | 3 | €381,324 | €149,080 | -€232,244 | -60.9% |
| Stocks | 30/36 | €381,324 | €149,080 | -€232,244 | -60.9% |
| Amounts receivable within one year | 40/41 | €91,863 | €466,868 | +€375,005 | +408.2% |
| Trade receivables | 40 | €39,002 | €425,614 | +€386,612 | +991.3% |
| Other amounts receivable | 41 | €52,861 | €41,253 | -€11,608 | -22.0% |
| Cash at bank and in hand | 54/58 | €48,573 | €274 | -€48,299 | -99.4% |
| Deferred charges and accrued income | 490/1 | €27,729 | €19,674 | -€8,055 | -29.1% |
| Total equity and liabilities | 10/49 | €1,067,578 | €1,270,851 | +€203,273 | +19.0% |
| Equity | 10/15 | €760,916 | €789,398 | +€28,483 | +3.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €754,480 | €782,980 | +€28,500 | +3.8% |
| Distributable reserves | 133 | €754,480 | €782,980 | +€28,500 | +3.8% |
| Profit (loss) carried forward | 14 | €236 | €218 | -€17 | -7.4% |
| Amounts payable | 17/49 | €306,663 | €481,453 | +€174,790 | +57.0% |
| Amounts payable after more than one year | 17 | €208,456 | €38,704 | -€169,751 | -81.4% |
| Financial debts | 170/4 | €63,066 | €38,704 | -€24,361 | -38.6% |
| Other amounts payable | 178/9 | €145,390 | - | -€145,390 | |
| Amounts payable within one year | 42/48 | €84,017 | €426,217 | +€342,200 | +407.3% |
| Current portion of amounts payable after more than one year | 42 | €26,642 | €24,361 | -€2,281 | -8.6% |
| Financial debts | 43 | - | €161,229 | +€161,229 | |
| Credit institutions | 430/8 | - | €161,229 | +€161,229 | |
| Trade debts | 44 | €22,749 | €42,991 | +€20,242 | +89.0% |
| Suppliers | 440/4 | €22,749 | €42,991 | +€20,242 | +89.0% |
| Taxes, remuneration and social security | 45 | €22,950 | €17,650 | -€5,301 | -23.1% |
| Taxes | 450/3 | €22,950 | €13,150 | -€9,801 | -42.7% |
| Remuneration and social security | 454/9 | - | €4,500 | +€4,500 | |
| Other amounts payable | 47/48 | €11,675 | €179,986 | +€168,311 | +1441.6% |
| Accrued charges and deferred income | 492/3 | €14,191 | €16,532 | +€2,341 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,039 | €19,343 | -€6,695 | -25.7% |
| Other operating charges | 640/8 | €4,955 | €4,939 | -€16 | -0.3% |
| Non-recurring operating charges | 66A | - | €351 | +€351 | |
| Gross operating margin | 9900 | €106,757 | €84,038 | -€22,719 | -21.3% |
| Operating profit (loss) | 9901 | €75,764 | €59,405 | -€16,359 | -21.6% |
| Financial income | 75/76B | €3,276 | €2,809 | -€467 | -14.2% |
| Recurring financial income | 75 | €3,276 | €2,809 | -€467 | -14.2% |
| Financial charges | 65/66B | €22,979 | €21,216 | -€1,763 | -7.7% |
| Recurring financial charges | 65 | €22,979 | €21,216 | -€1,763 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €56,060 | €40,998 | -€15,062 | -26.9% |
| Income taxes | 67/77 | €17,305 | €11,641 | -€5,664 | -32.7% |
| Profit (loss) for the period | 9904 | €38,755 | €29,358 | -€9,398 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,755 | €29,358 | -€9,398 | -24.2% |
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 6 October 2026 via checked.be.