S.R.: 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.R.
Largest movements
- Tangible fixed assets +€260,889
up €260,889 (+111.9%), from €233,044 to €493,933
of which Leasing and similar rights: +€215,838
- Cash +€44,216
up €44,216 (+291.1%), from €15,191 to €59,407
mainly Debts after one year (+€197,019) and Depreciation (+€169,197)
- Receivables within one year -€31,001
down €31,001 (-11.4%), from €271,019 to €240,018
of which Trade receivables: -€29,407
- Debts after one year +€197,019
up €197,019 (+199.5%), from €98,755 to €295,774
- Profit (loss) carried forward +€68,807
up €68,807, from €0 to €68,807
- Reserves +€18,105
up €18,105 (+5.3%), from €343,096 to €361,201
of which Tax-exempt reserves: +€38,350
- Tax, wage and social debts -€15,658
down €15,658 (-60.1%), from €26,072 to €10,414
- Gross operating margin +€85,834
up €85,834 (+36.8%), from €233,554 to €319,388
- Depreciation +€39,874
up €39,874 (+30.8%), from €129,323 to €169,197
- Taxes -€11,044
down €11,044 (-52.4%), from €21,059 to €10,015
- Financial charges +€7,827
up €7,827 (+31.5%), from €24,842 to €32,670
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 | €915,224 | €1,189,458 | +€274,234 | +30.0% |
| Fixed assets | 21/28 | €233,044 | €493,933 | +€260,889 | +111.9% |
| Tangible fixed assets | 22/27 | €233,044 | €493,933 | +€260,889 | +111.9% |
| Plant, machinery and equipment | 23 | €27,271 | €46,864 | +€19,592 | +71.8% |
| Furniture and vehicles | 24 | €14,899 | €40,358 | +€25,459 | +170.9% |
| Leasing and similar rights | 25 | €190,874 | €406,712 | +€215,838 | +113.1% |
| Current assets | 29/58 | €682,179 | €695,525 | +€13,345 | +2.0% |
| Stocks and contracts in progress | 3 | €395,804 | €395,829 | +€25 | 0.0% |
| Stocks | 30/36 | €395,804 | €395,829 | +€25 | 0.0% |
| Amounts receivable within one year | 40/41 | €271,019 | €240,018 | -€31,001 | -11.4% |
| Trade receivables | 40 | €257,097 | €227,690 | -€29,407 | -11.4% |
| Other amounts receivable | 41 | €13,922 | €12,328 | -€1,594 | -11.5% |
| Cash at bank and in hand | 54/58 | €15,191 | €59,407 | +€44,216 | +291.1% |
| Deferred charges and accrued income | 490/1 | €165 | €270 | +€105 | +63.7% |
| Total equity and liabilities | 10/49 | €915,224 | €1,189,458 | +€274,234 | +30.0% |
| Equity | 10/15 | €373,096 | €460,008 | +€86,911 | +23.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €343,096 | €361,201 | +€18,105 | +5.3% |
| Tax-exempt reserves | 132 | €7,741 | €46,091 | +€38,350 | +495.4% |
| Distributable reserves | 133 | €335,356 | €315,110 | -€20,245 | -6.0% |
| Profit (loss) carried forward | 14 | €0 | €68,807 | +€68,807 | |
| Provisions and deferred taxes | 16 | €2,580 | €2,030 | -€550 | -21.3% |
| Deferred taxes | 168 | €2,580 | €2,030 | -€550 | -21.3% |
| Amounts payable | 17/49 | €539,547 | €727,420 | +€187,873 | +34.8% |
| Amounts payable after more than one year | 17 | €98,755 | €295,774 | +€197,019 | +199.5% |
| Financial debts | 170/4 | €98,755 | €295,774 | +€197,019 | +199.5% |
| Amounts payable within one year | 42/48 | €439,032 | €430,298 | -€8,735 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €115,299 | €114,400 | -€898 | -0.8% |
| Financial debts | 43 | €292,000 | €300,917 | +€8,917 | +3.1% |
| Credit institutions | 430/8 | €292,000 | €300,917 | +€8,917 | +3.1% |
| Trade debts | 44 | €662 | €4,567 | +€3,905 | +590.0% |
| Suppliers | 440/4 | €662 | €4,567 | +€3,905 | +590.0% |
| Taxes, remuneration and social security | 45 | €26,072 | €10,414 | -€15,658 | -60.1% |
| Taxes | 450/3 | €26,072 | €10,414 | -€15,658 | -60.1% |
| Other amounts payable | 47/48 | €5,000 | €0 | -€5,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,760 | €1,349 | -€411 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,323 | €169,197 | +€39,874 | +30.8% |
| Other operating charges | 640/8 | €1,268 | €1,183 | -€85 | -6.7% |
| Gross operating margin | 9900 | €233,554 | €319,388 | +€85,834 | +36.8% |
| Operating profit (loss) | 9901 | €102,964 | €149,008 | +€46,044 | +44.7% |
| Financial income | 75/76B | €292 | €283 | -€8 | -2.8% |
| Recurring financial income | 75 | €292 | €283 | -€8 | -2.8% |
| Financial charges | 65/66B | €24,842 | €32,670 | +€7,827 | +31.5% |
| Recurring financial charges | 65 | €24,842 | €32,670 | +€7,827 | +31.5% |
| Profit (loss) for the period before taxes | 9903 | €78,413 | €116,622 | +€38,209 | +48.7% |
| Transfer from deferred taxes | 780 | €170 | €550 | +€380 | +224.0% |
| Transfer to deferred taxes | 680 | €2,750 | €0 | -€2,750 | -100.0% |
| Income taxes | 67/77 | €21,059 | €10,015 | -€11,044 | -52.4% |
| Profit (loss) for the period | 9904 | €54,774 | €107,157 | +€52,383 | +95.6% |
| Transfer from tax-exempt reserves | 789 | €509 | €1,650 | +€1,141 | +224.0% |
| Transfer to tax-exempt reserves | 689 | €8,250 | €40,000 | +€31,750 | +384.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,033 | €68,807 | +€21,773 | +46.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.