S²-PROJECTS: 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.
S²-PROJECTS
Largest movements
- Receivables within one year +€45,418
up €45,418 (+1409.3%), from €3,223 to €48,641
of which Trade receivables: +€43,149
- Tangible fixed assets -€12,288
down €12,288 (-19.6%), from €62,551 to €50,264
of which Furniture and vehicles: -€10,839
- Stocks and contracts +€3,263
up €3,263 (+215.1%), from €1,517 to €4,780
- Cash -€1,550
down €1,550 (-65.9%), from €2,352 to €801
mainly Receivables within one year (-€45,418) and Net result for the year (-€13,698)
- Other debts +€49,848
up €49,848 (+139.2%), from €35,801 to €85,650
- Reserves -€13,698
down €13,698 (-47.5%), from €28,854 to €15,156
- Gross operating margin -€23,756
down €23,756 (-78.4%), from €30,307 to €6,551
- Taxes -€2,373
no longer reported in 2025 (was €2,373)
- Depreciation +€1,385
up €1,385 (+7.8%), from €17,782 to €19,167
- Financial charges -€680
down €680 (-66.6%), from €1,022 to €341
- Other operating charges +€398
up €398 (+108.8%), from €366 to €765
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 | €71,156 | €106,348 | +€35,192 | +49.5% |
| Fixed assets | 21/28 | €62,551 | €50,264 | -€12,288 | -19.6% |
| Tangible fixed assets | 22/27 | €62,551 | €50,264 | -€12,288 | -19.6% |
| Plant, machinery and equipment | 23 | €15,999 | €14,550 | -€1,449 | -9.1% |
| Furniture and vehicles | 24 | €46,553 | €35,714 | -€10,839 | -23.3% |
| Current assets | 29/58 | €8,604 | €56,084 | +€47,480 | +551.8% |
| Stocks and contracts in progress | 3 | €1,517 | €4,780 | +€3,263 | +215.1% |
| Stocks | 30/36 | €1,517 | €4,780 | +€3,263 | +215.1% |
| Amounts receivable within one year | 40/41 | €3,223 | €48,641 | +€45,418 | +1409.3% |
| Trade receivables | 40 | €453 | €43,602 | +€43,149 | +9525.1% |
| Other amounts receivable | 41 | €2,770 | €5,039 | +€2,269 | +81.9% |
| Cash at bank and in hand | 54/58 | €2,352 | €801 | -€1,550 | -65.9% |
| Deferred charges and accrued income | 490/1 | €1,512 | €1,861 | +€349 | +23.1% |
| Total equity and liabilities | 10/49 | €71,156 | €106,348 | +€35,192 | +49.5% |
| Equity | 10/15 | €30,854 | €17,156 | -€13,698 | -44.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €28,854 | €15,156 | -€13,698 | -47.5% |
| Distributable reserves | 133 | €28,854 | €15,156 | -€13,698 | -47.5% |
| Amounts payable | 17/49 | €40,302 | €89,192 | +€48,890 | +121.3% |
| Amounts payable within one year | 42/48 | €40,302 | €89,192 | +€48,890 | +121.3% |
| Trade debts | 44 | €2,128 | €1,169 | -€958 | -45.0% |
| Suppliers | 440/4 | €2,128 | €1,169 | -€958 | -45.0% |
| Taxes, remuneration and social security | 45 | €2,373 | €2,373 | = | 0.0% |
| Taxes | 450/3 | €2,373 | €2,373 | = | 0.0% |
| Other amounts payable | 47/48 | €35,801 | €85,650 | +€49,848 | +139.2% |
| Non-recurring operating income | 76A | - | €1,469 | +€1,469 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,782 | €19,167 | +€1,385 | +7.8% |
| Other operating charges | 640/8 | €366 | €765 | +€398 | +108.8% |
| Gross operating margin | 9900 | €30,307 | €6,551 | -€23,756 | -78.4% |
| Operating profit (loss) | 9901 | €12,159 | -€13,381 | -€25,539 | |
| Financial income | 75/76B | €0 | €24 | +€24 | +18323.1% |
| Recurring financial income | 75 | €0 | €24 | +€24 | +18323.1% |
| Financial charges | 65/66B | €1,022 | €341 | -€680 | -66.6% |
| Recurring financial charges | 65 | €1,022 | €341 | -€680 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | €11,137 | -€13,698 | -€24,835 | |
| Income taxes | 67/77 | €2,373 | - | -€2,373 | |
| Profit (loss) for the period | 9904 | €8,764 | -€13,698 | -€22,462 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,764 | -€13,698 | -€22,462 |
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 8 October 2026 via checked.be.