S 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.
S Projects
Largest movements
- Receivables within one year -€409,522
down €409,522 (-64.1%), from €638,600 to €229,077
of which Other amounts receivable: -€409,522
- Current investments -€267,796
down €267,796 (-66.9%), from €400,000 to €132,204
- Cash +€142,582
up €142,582 (+74.5%), from €191,471 to €334,053
mainly Receivables within one year (+€409,522) and Current investments (+€267,796)
- Other debts -€720,862
down €720,862 (-95.4%), from €755,384 to €34,522
- Reserves +€211,262
up €211,262 (+23.3%), from €905,254 to €1.1m
of which Distributable reserves: +€211,262
- Tax, wage and social debts -€42,181
down €42,181 (-56.9%), from €74,193 to €32,012
- Financial income -€36,166
down €36,166 (-14.5%), from €250,042 to €213,875
- Gross operating margin -€24,201
down €24,201 (-23.5%), from €103,194 to €78,994
- Taxes -€5,590
down €5,590 (-12.3%), from €45,392 to €39,803
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 | €1,747,155 | €1,195,638 | -€551,517 | -31.6% |
| Fixed assets | 21/28 | €513,402 | €497,522 | -€15,880 | -3.1% |
| Tangible fixed assets | 22/27 | €62,433 | €46,553 | -€15,880 | -25.4% |
| Furniture and vehicles | 24 | €62,433 | €46,553 | -€15,880 | -25.4% |
| Financial fixed assets | 28 | €450,969 | €450,969 | = | 0.0% |
| Current assets | 29/58 | €1,233,753 | €698,116 | -€535,637 | -43.4% |
| Amounts receivable within one year | 40/41 | €638,600 | €229,077 | -€409,522 | -64.1% |
| Trade receivables | 40 | €15,125 | €15,125 | = | 0.0% |
| Other amounts receivable | 41 | €623,475 | €213,952 | -€409,522 | -65.7% |
| Current investments | 50/53 | €400,000 | €132,204 | -€267,796 | -66.9% |
| Cash at bank and in hand | 54/58 | €191,471 | €334,053 | +€142,582 | +74.5% |
| Deferred charges and accrued income | 490/1 | €3,682 | €2,781 | -€901 | -24.5% |
| Total equity and liabilities | 10/49 | €1,747,155 | €1,195,638 | -€551,517 | -31.6% |
| Equity | 10/15 | €914,711 | €1,125,972 | +€211,262 | +23.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €905,254 | €1,116,516 | +€211,262 | +23.3% |
| Non-distributable reserves | 130/1 | €26,130 | €26,130 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,130 | €26,130 | = | 0.0% |
| Distributable reserves | 133 | €879,124 | €1,090,386 | +€211,262 | +24.0% |
| Profit (loss) carried forward | 14 | -€2,943 | -€2,943 | = | 0.0% |
| Amounts payable | 17/49 | €832,444 | €69,665 | -€762,779 | -91.6% |
| Amounts payable within one year | 42/48 | €832,444 | €69,665 | -€762,779 | -91.6% |
| Trade debts | 44 | €2,867 | €3,132 | +€264 | +9.2% |
| Suppliers | 440/4 | €2,867 | €3,132 | +€264 | +9.2% |
| Taxes, remuneration and social security | 45 | €74,193 | €32,012 | -€42,181 | -56.9% |
| Taxes | 450/3 | €74,193 | €32,012 | -€42,181 | -56.9% |
| Other amounts payable | 47/48 | €755,384 | €34,522 | -€720,862 | -95.4% |
| Non-recurring operating income | 76A | €23,140 | €0 | -€23,140 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,880 | €15,880 | = | 0.0% |
| Other operating charges | 640/8 | €1,408 | €1,613 | +€204 | +14.5% |
| Gross operating margin | 9900 | €103,194 | €78,994 | -€24,201 | -23.5% |
| Operating profit (loss) | 9901 | €85,906 | €61,501 | -€24,405 | -28.4% |
| Financial income | 75/76B | €250,042 | €213,875 | -€36,166 | -14.5% |
| Recurring financial income | 75 | €250,042 | €213,875 | -€36,166 | -14.5% |
| Financial charges | 65/66B | €447 | €312 | -€136 | -30.3% |
| Recurring financial charges | 65 | €447 | €312 | -€136 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €335,500 | €275,064 | -€60,436 | -18.0% |
| Income taxes | 67/77 | €45,392 | €39,803 | -€5,590 | -12.3% |
| Profit (loss) for the period | 9904 | €290,108 | €235,262 | -€54,846 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €290,108 | €235,262 | -€54,846 | -18.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.