S&R MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€74,570
up €74,570 (+19.5%), from €381,509 to €456,078
of which Other tangible fixed assets: +€82,487
- Financial fixed assets +€35,000
new in 2025: €35,000
- Stocks and contracts +€32,577
up €32,577 (+178%), from €18,301 to €50,878
of which Contracts in progress: +€29,024
- Cash +€31,199
up €31,199 (+134%), from €23,205 to €54,404
mainly Debts after one year (+€106,037) and Other debts (+€36,581)
- Receivables within one year -€11,801
down €11,801 (-43.9%), from €26,906 to €15,105
of which Other amounts receivable: -€7,839
- Debts after one year +€106,037
up €106,037 (+33.5%), from €316,783 to €422,819
of which Other amounts payable: +€130,000
- Other debts +€36,581
up €36,581 (+113%), from €32,503 to €69,083
- Accrued charges and deferred income -€6,492
down €6,492 (-67.6%), from €9,609 to €3,117
- Gross operating margin +€92,206
up €92,206, from -€15,478 to €76,728
- Staff costs +€11,146
up €11,146 (+65.7%), from €16,975 to €28,122
- Financial charges -€7,513
down €7,513 (-46.0%), from €16,324 to €8,811
- Depreciation -€6,396
down €6,396 (-15.0%), from €42,522 to €36,126
- Other operating charges +€1,613
up €1,613 (+186%), from €870 to €2,483
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.
Derived cash bridge
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 | €481,343 | €625,249 | +€143,905 | +29.9% |
| Fixed assets | 21/28 | €399,043 | €499,365 | +€100,321 | +25.1% |
| Intangible fixed assets | 21 | €17,535 | €8,286 | -€9,248 | -52.7% |
| Tangible fixed assets | 22/27 | €381,509 | €456,078 | +€74,570 | +19.5% |
| Land and buildings | 22 | €323,303 | €308,890 | -€14,414 | -4.5% |
| Plant, machinery and equipment | 23 | €10,548 | €10,397 | -€151 | -1.4% |
| Furniture and vehicles | 24 | €7,195 | €13,842 | +€6,647 | +92.4% |
| Other tangible fixed assets | 26 | €40,462 | €122,949 | +€82,487 | +204% |
| Financial fixed assets | 28 | - | €35,000 | +€35,000 | |
| Current assets | 29/58 | €82,300 | €125,884 | +€43,584 | +53.0% |
| Stocks and contracts in progress | 3 | €18,301 | €50,878 | +€32,577 | +178% |
| Stocks | 30/36 | €18,301 | €21,854 | +€3,552 | +19.4% |
| Contracts in progress | 37 | - | €29,024 | +€29,024 | |
| Amounts receivable within one year | 40/41 | €26,906 | €15,105 | -€11,801 | -43.9% |
| Trade receivables | 40 | €18,047 | €14,085 | -€3,962 | -22.0% |
| Other amounts receivable | 41 | €8,859 | €1,020 | -€7,839 | -88.5% |
| Cash at bank and in hand | 54/58 | €23,205 | €54,404 | +€31,199 | +134% |
| Deferred charges and accrued income | 490/1 | €13,888 | €5,498 | -€8,390 | -60.4% |
| Total equity and liabilities | 10/49 | €481,343 | €625,249 | +€143,905 | +29.9% |
| Equity | 10/15 | €62,136 | €63,354 | +€1,218 | +2.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €60,636 | €61,854 | +€1,218 | +2.0% |
| Distributable reserves | 133 | €60,636 | €61,854 | +€1,218 | +2.0% |
| Amounts payable | 17/49 | €419,208 | €561,895 | +€142,687 | +34.0% |
| Amounts payable after more than one year | 17 | €316,783 | €422,819 | +€106,037 | +33.5% |
| Financial debts | 170/4 | €181,783 | €157,819 | -€23,963 | -13.2% |
| Other amounts payable | 178/9 | €135,000 | €265,000 | +€130,000 | +96.3% |
| Amounts payable within one year | 42/48 | €92,816 | €135,958 | +€43,142 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €23,340 | €23,963 | +€623 | +2.7% |
| Trade debts | 44 | €22,770 | €23,169 | +€399 | +1.8% |
| Suppliers | 440/4 | €22,770 | €23,169 | +€399 | +1.8% |
| Taxes, remuneration and social security | 45 | €14,203 | €19,743 | +€5,540 | +39.0% |
| Taxes | 450/3 | €12,649 | €17,088 | +€4,439 | +35.1% |
| Remuneration and social security | 454/9 | €1,554 | €2,655 | +€1,101 | +70.8% |
| Other amounts payable | 47/48 | €32,503 | €69,083 | +€36,581 | +113% |
| Accrued charges and deferred income | 492/3 | €9,609 | €3,117 | -€6,492 | -67.6% |
| Remuneration, social security and pensions | 62 | €16,975 | €28,122 | +€11,146 | +65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,522 | €36,126 | -€6,396 | -15.0% |
| Other operating charges | 640/8 | €870 | €2,483 | +€1,613 | +186% |
| Gross operating margin | 9900 | -€15,478 | €76,728 | +€92,206 | |
| Operating profit (loss) | 9901 | -€75,845 | €9,997 | +€85,842 | |
| Financial income | 75/76B | €229 | €273 | +€44 | +19.2% |
| Recurring financial income | 75 | €229 | €273 | +€44 | +19.2% |
| Financial charges | 65/66B | €16,324 | €8,811 | -€7,513 | -46.0% |
| Recurring financial charges | 65 | €16,324 | €8,811 | -€7,513 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | -€91,940 | €1,460 | +€93,399 | |
| Income taxes | 67/77 | €227 | €242 | +€15 | +6.5% |
| Profit (loss) for the period | 9904 | -€92,166 | €1,218 | +€93,385 | |
| Profit (loss) for the period to be appropriated | 9905 | -€92,166 | €1,218 | +€93,385 |
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 31 October 2026 via checked.be.