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
- Cash +€56,867
up €56,867 (+67.9%), from €83,712 to €140,579
mainly Net result for the year (+€49,566) and Depreciation (+€40,849)
- Tangible fixed assets -€40,849
down €40,849 (-2.5%), from €1.6m to €1.6m
of which Land and buildings: -€40,379
- Debts after one year -€61,445
down €61,445 (-6.3%), from €975,201 to €913,756
- Reserves +€49,566
up €49,566 (+36.7%), from €135,112 to €184,678
- Financial charges -€9,572
down €9,572 (-39.2%), from €24,388 to €14,816
- Gross operating margin -€7,422
down €7,422 (-5.3%), from €140,275 to €132,853
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 | €1,768,163 | €1,776,730 | +€8,567 | +0.5% |
| Fixed assets | 21/28 | €1,619,763 | €1,578,914 | -€40,849 | -2.5% |
| Tangible fixed assets | 22/27 | €1,619,763 | €1,578,914 | -€40,849 | -2.5% |
| Land and buildings | 22 | €1,618,001 | €1,577,623 | -€40,379 | -2.5% |
| Plant, machinery and equipment | 23 | €1,762 | €1,292 | -€470 | -26.7% |
| Current assets | 29/58 | €148,400 | €197,816 | +€49,415 | +33.3% |
| Amounts receivable within one year | 40/41 | €64,689 | €57,237 | -€7,452 | -11.5% |
| Trade receivables | 40 | €55,862 | €57,237 | +€1,375 | +2.5% |
| Other amounts receivable | 41 | €8,827 | €0 | -€8,827 | -100% |
| Cash at bank and in hand | 54/58 | €83,712 | €140,579 | +€56,867 | +67.9% |
| Total equity and liabilities | 10/49 | €1,768,163 | €1,776,730 | +€8,567 | +0.5% |
| Equity | 10/15 | €681,112 | €730,678 | +€49,566 | +7.3% |
| Contributions | 10/11 | €546,000 | €546,000 | = | 0.0% |
| Reserves | 13 | €135,112 | €184,678 | +€49,566 | +36.7% |
| Distributable reserves | 133 | €135,112 | €184,678 | +€49,566 | +36.7% |
| Amounts payable | 17/49 | €1,087,052 | €1,046,052 | -€41,000 | -3.8% |
| Amounts payable after more than one year | 17 | €975,201 | €913,756 | -€61,445 | -6.3% |
| Financial debts | 170/4 | €975,201 | €913,756 | -€61,445 | -6.3% |
| Amounts payable within one year | 42/48 | €111,851 | €122,641 | +€10,790 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €60,609 | €61,445 | +€836 | +1.4% |
| Trade debts | 44 | €72 | €9,817 | +€9,745 | +13,626% |
| Suppliers | 440/4 | €72 | €9,817 | +€9,745 | +13,626% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €7,660 | €20,914 | +€13,255 | +173% |
| Taxes | 450/3 | €7,660 | €20,914 | +€13,255 | +173% |
| Other amounts payable | 47/48 | €43,511 | €30,465 | -€13,046 | -30.0% |
| Accrued charges and deferred income | 492/3 | - | €9,655 | +€9,655 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,849 | €40,849 | = | 0.0% |
| Other operating charges | 640/8 | €9,819 | €8,841 | -€977 | -10.0% |
| Gross operating margin | 9900 | €140,275 | €132,853 | -€7,422 | -5.3% |
| Operating profit (loss) | 9901 | €89,608 | €83,163 | -€6,445 | -7.2% |
| Financial income | 75/76B | €27 | €0 | -€27 | -100% |
| Recurring financial income | 75 | €27 | €0 | -€27 | -100% |
| Financial charges | 65/66B | €24,388 | €14,816 | -€9,572 | -39.2% |
| Recurring financial charges | 65 | €24,388 | €14,816 | -€9,572 | -39.2% |
| Profit (loss) for the period before taxes | 9903 | €65,247 | €68,347 | +€3,100 | +4.8% |
| Income taxes | 67/77 | €17,660 | €18,781 | +€1,121 | +6.3% |
| Profit (loss) for the period | 9904 | €47,587 | €49,566 | +€1,979 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,587 | €49,566 | +€1,979 | +4.2% |
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 17 October 2026 via checked.be.