S-Systems: what changed
S-Systems
Largest movements
- Receivables within one year +€14,507
up €14,507 (+365%), from €3,972 to €18,479
of which Trade receivables: +€13,389
- Tangible fixed assets +€12,189
up €12,189 (+183%), from €6,668 to €18,857
of which Land and buildings: +€14,493
- Stocks and contracts +€2,684
up €2,684 (+160%), from €1,678 to €4,362
- Cash -€2,487
down €2,487 (-25.3%), from €9,832 to €7,344
mainly Investment in fixed assets (net) (-€17,160) and Receivables within one year (-€14,507)
- Current investments -€1,539
down €1,539 (-39.7%), from €3,873 to €2,334
- Debts after one year +€11,110
new in 2025: €11,110
- Trade debts +€8,520
up €8,520 (+814%), from €1,046 to €9,566
- Reserves +€2,879
up €2,879 (+45.6%), from €6,311 to €9,189
- Current portion of long-term debt +€2,779
new in 2025: €2,779
- Tax, wage and social debts -€1,737
down €1,737 (-34.9%), from €4,977 to €3,240
of which Taxes: -€3,737
- Depreciation +€2,698
up €2,698 (+97.1%), from €2,779 to €5,478
- Gross operating margin +€1,516
up €1,516 (+14.7%), from €10,333 to €11,849
- Financial charges +€1,146
up €1,146 (+484%), from €237 to €1,383
- Other operating charges +€927
up €927 (+1,495%), from €62 to €989
- Taxes -€594
down €594 (-29.8%), from €1,992 to €1,398
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,192 | €52,039 | +€24,846 | +91.4% |
| Formation expenses | 20 | €1,170 | €663 | -€507 | -43.3% |
| Fixed assets | 21/28 | €6,668 | €18,857 | +€12,189 | +183% |
| Tangible fixed assets | 22/27 | €6,668 | €18,857 | +€12,189 | +183% |
| Land and buildings | 22 | - | €14,493 | +€14,493 | |
| Plant, machinery and equipment | 23 | €4,899 | €3,056 | -€1,843 | -37.6% |
| Furniture and vehicles | 24 | €1,769 | €1,307 | -€461 | -26.1% |
| Current assets | 29/58 | €19,354 | €32,519 | +€13,165 | +68.0% |
| Stocks and contracts in progress | 3 | €1,678 | €4,362 | +€2,684 | +160% |
| Stocks | 30/36 | €1,678 | €4,362 | +€2,684 | +160% |
| Amounts receivable within one year | 40/41 | €3,972 | €18,479 | +€14,507 | +365% |
| Trade receivables | 40 | €3,730 | €17,119 | +€13,389 | +359% |
| Other amounts receivable | 41 | €242 | €1,360 | +€1,117 | +461% |
| Current investments | 50/53 | €3,873 | €2,334 | -€1,539 | -39.7% |
| Cash at bank and in hand | 54/58 | €9,832 | €7,344 | -€2,487 | -25.3% |
| Total equity and liabilities | 10/49 | €27,192 | €52,039 | +€24,846 | +91.4% |
| Equity | 10/15 | €9,311 | €12,189 | +€2,879 | +30.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €3,000 | +€3,000 | |
| Other | 1109/19 | - | €3,000 | +€3,000 | |
| Reserves | 13 | €6,311 | €9,189 | +€2,879 | +45.6% |
| Distributable reserves | 133 | €6,311 | €9,189 | +€2,879 | +45.6% |
| Amounts payable | 17/49 | €17,882 | €39,849 | +€21,968 | +123% |
| Amounts payable after more than one year | 17 | - | €11,110 | +€11,110 | |
| Financial debts | 170/4 | - | €11,110 | +€11,110 | |
| Amounts payable within one year | 42/48 | €17,882 | €28,739 | +€10,858 | +60.7% |
| Current portion of amounts payable after more than one year | 42 | - | €2,779 | +€2,779 | |
| Financial debts | 43 | €598 | €1,258 | +€660 | +110% |
| Credit institutions | 430/8 | €598 | €1,258 | +€660 | +110% |
| Trade debts | 44 | €1,046 | €9,566 | +€8,520 | +814% |
| Suppliers | 440/4 | €1,046 | €9,566 | +€8,520 | +814% |
| Taxes, remuneration and social security | 45 | €4,977 | €3,240 | -€1,737 | -34.9% |
| Taxes | 450/3 | €4,977 | €1,240 | -€3,737 | -75.1% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €11,260 | €11,896 | +€636 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,779 | €5,478 | +€2,698 | +97.1% |
| Other operating charges | 640/8 | €62 | €989 | +€927 | +1,495% |
| Gross operating margin | 9900 | €10,333 | €11,849 | +€1,516 | +14.7% |
| Operating profit (loss) | 9901 | €7,492 | €5,382 | -€2,109 | -28.2% |
| Financial income | 75/76B | €77 | €277 | +€201 | +262% |
| Recurring financial income | 75 | €77 | €277 | +€201 | +262% |
| Financial charges | 65/66B | €237 | €1,383 | +€1,146 | +484% |
| Recurring financial charges | 65 | €237 | €1,383 | +€1,146 | +484% |
| Profit (loss) for the period before taxes | 9903 | €7,331 | €4,277 | -€3,055 | -41.7% |
| Income taxes | 67/77 | €1,992 | €1,398 | -€594 | -29.8% |
| Profit (loss) for the period | 9904 | €5,339 | €2,879 | -€2,461 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,339 | €2,879 | -€2,461 | -46.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.