S & S: 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 & S
Largest movements
- Receivables within one year +€607,591
up €607,591 (+30.7%), from €2.0m to €2.6m
of which Other amounts receivable: +€607,688
- Cash -€81,931
down €81,931 (-31.0%), from €264,104 to €182,173
mainly Receivables within one year (-€607,591) and Investment in fixed assets (net) (-€191,165)
- Tangible fixed assets +€72,148
up €72,148 (+16.4%), from €439,172 to €511,320
of which Land and buildings: +€56,685
- Reserves +€411,080
up €411,080 (+21.4%), from €1.9m to €2.3m
of which Distributable reserves: +€411,080
- Other debts +€114,290
up €114,290 (+160%), from €71,537 to €185,828
- Trade debts +€48,777
up €48,777 (+68.9%), from €70,791 to €119,568
- Other operating charges +€45,722
up €45,722 (+21.7%), from €210,953 to €256,674
- Staff costs +€41,866
up €41,866 (+17.2%), from €242,769 to €284,635
- Taxes +€32,865
up €32,865 (+17.5%), from €187,773 to €220,638
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 | €2,849,672 | €3,445,140 | +€595,469 | +20.9% |
| Fixed assets | 21/28 | €596,792 | €668,939 | +€72,148 | +12.1% |
| Tangible fixed assets | 22/27 | €439,172 | €511,320 | +€72,148 | +16.4% |
| Land and buildings | 22 | €311,701 | €368,385 | +€56,685 | +18.2% |
| Plant, machinery and equipment | 23 | €109,772 | €131,796 | +€22,024 | +20.1% |
| Furniture and vehicles | 24 | €17,699 | €11,138 | -€6,561 | -37.1% |
| Financial fixed assets | 28 | €157,620 | €157,620 | = | 0.0% |
| Current assets | 29/58 | €2,252,880 | €2,776,201 | +€523,321 | +23.2% |
| Stocks and contracts in progress | 3 | €865 | €1,675 | +€810 | +93.6% |
| Stocks | 30/36 | €865 | €1,675 | +€810 | +93.6% |
| Amounts receivable within one year | 40/41 | €1,977,334 | €2,584,926 | +€607,591 | +30.7% |
| Trade receivables | 40 | €97 | €0 | -€97 | -100% |
| Other amounts receivable | 41 | €1,977,238 | €2,584,926 | +€607,688 | +30.7% |
| Cash at bank and in hand | 54/58 | €264,104 | €182,173 | -€81,931 | -31.0% |
| Deferred charges and accrued income | 490/1 | €10,577 | €7,427 | -€3,150 | -29.8% |
| Total equity and liabilities | 10/49 | €2,849,672 | €3,445,140 | +€595,469 | +20.9% |
| Equity | 10/15 | €2,663,448 | €3,074,528 | +€411,080 | +15.4% |
| Contributions | 10/11 | €744,592 | €744,592 | = | 0.0% |
| Reserves | 13 | €1,918,856 | €2,329,936 | +€411,080 | +21.4% |
| Non-distributable reserves | 130/1 | €74,459 | €74,459 | = | 0.0% |
| Reserves not available under the articles | 1311 | €74,459 | €74,459 | = | 0.0% |
| Distributable reserves | 133 | €1,844,397 | €2,255,477 | +€411,080 | +22.3% |
| Amounts payable | 17/49 | €186,224 | €370,612 | +€184,389 | +99.0% |
| Amounts payable within one year | 42/48 | €181,868 | €366,256 | +€184,389 | +101% |
| Trade debts | 44 | €70,791 | €119,568 | +€48,777 | +68.9% |
| Suppliers | 440/4 | €70,791 | €119,568 | +€48,777 | +68.9% |
| Taxes, remuneration and social security | 45 | €39,540 | €60,861 | +€21,321 | +53.9% |
| Taxes | 450/3 | €28,575 | €38,665 | +€10,091 | +35.3% |
| Remuneration and social security | 454/9 | €10,965 | €22,195 | +€11,231 | +102% |
| Other amounts payable | 47/48 | €71,537 | €185,828 | +€114,290 | +160% |
| Accrued charges and deferred income | 492/3 | €4,356 | €4,356 | = | 0.0% |
| Non-recurring operating income | 76A | €3,630 | €0 | -€3,630 | -100% |
| Remuneration, social security and pensions | 62 | €242,769 | €284,635 | +€41,866 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,598 | €119,018 | -€2,581 | -2.1% |
| Other operating charges | 640/8 | €210,953 | €256,674 | +€45,722 | +21.7% |
| Non-recurring operating charges | 66A | €531 | €359 | -€173 | -32.5% |
| Gross operating margin | 9900 | €1,306,527 | €1,293,683 | -€12,844 | -1.0% |
| Operating profit (loss) | 9901 | €730,675 | €632,997 | -€97,678 | -13.4% |
| Financial income | 75/76B | €197 | €0 | -€196 | -99.8% |
| Recurring financial income | 75 | €197 | €0 | -€196 | -99.8% |
| Financial charges | 65/66B | €1,243 | €1,280 | +€37 | +3.0% |
| Recurring financial charges | 65 | €1,243 | €1,280 | +€37 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €729,629 | €631,718 | -€97,911 | -13.4% |
| Income taxes | 67/77 | €187,773 | €220,638 | +€32,865 | +17.5% |
| Profit (loss) for the period | 9904 | €541,856 | €411,080 | -€130,776 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €541,856 | €411,080 | -€130,776 | -24.1% |
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 19 October 2026 via checked.be.