S-TRADING: 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-TRADING
Largest movements
- Tangible fixed assets -€193,113
down €193,113 (-18.9%), from €1.0m to €826,092
of which Land and buildings: -€198,748
- Cash -€86,147
down €86,147 (-45.3%), from €190,162 to €104,015
mainly Debts after one year (-€154,098) and Short-term financial debts (-€100,000)
- Debts after one year -€154,098
down €154,098 (-25.6%), from €601,811 to €447,713
of which Other amounts payable: -€99,084
- Short-term financial debts -€100,000
down €100,000 (-100%), from €100,000 to €0
- Profit (loss) carried forward -€31,366
down €31,366 (-9.3%), from €335,832 to €304,466
- Other debts -€21,148
down €21,148 (-65.7%), from €32,172 to €11,024
- Gross operating margin -€323,164
down €323,164 (-90.3%), from €357,973 to €34,809
- Taxes -€91,775
down €91,775 (-99.7%), from €92,013 to €239
- Other operating charges -€50,311
down €50,311 (-95.2%), from €52,860 to €2,549
- Financial charges +€13,066
up €13,066 (+150%), from €8,735 to €21,801
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 | €1,313,227 | €1,023,289 | -€289,937 | -22.1% |
| Fixed assets | 21/28 | €1,078,505 | €885,392 | -€193,113 | -17.9% |
| Tangible fixed assets | 22/27 | €1,019,205 | €826,092 | -€193,113 | -18.9% |
| Land and buildings | 22 | €1,018,599 | €819,851 | -€198,748 | -19.5% |
| Furniture and vehicles | 24 | €606 | €6,241 | +€5,635 | +930% |
| Financial fixed assets | 28 | €59,300 | €59,300 | = | 0.0% |
| Current assets | 29/58 | €234,721 | €137,898 | -€96,824 | -41.3% |
| Amounts receivable within one year | 40/41 | €28,070 | €25,197 | -€2,873 | -10.2% |
| Trade receivables | 40 | €20,083 | €0 | -€20,083 | -100% |
| Other amounts receivable | 41 | €7,987 | €25,197 | +€17,210 | +215% |
| Cash at bank and in hand | 54/58 | €190,162 | €104,015 | -€86,147 | -45.3% |
| Deferred charges and accrued income | 490/1 | €16,490 | €8,686 | -€7,804 | -47.3% |
| Total equity and liabilities | 10/49 | €1,313,227 | €1,023,289 | -€289,937 | -22.1% |
| Equity | 10/15 | €528,279 | €496,913 | -€31,366 | -5.9% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €184,247 | €184,247 | = | 0.0% |
| Distributable reserves | 133 | €184,247 | €184,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | €335,832 | €304,466 | -€31,366 | -9.3% |
| Amounts payable | 17/49 | €784,948 | €526,377 | -€258,571 | -32.9% |
| Amounts payable after more than one year | 17 | €601,811 | €447,713 | -€154,098 | -25.6% |
| Financial debts | 170/4 | €502,727 | €447,713 | -€55,014 | -10.9% |
| Other amounts payable | 178/9 | €99,084 | €0 | -€99,084 | -100% |
| Amounts payable within one year | 42/48 | €181,536 | €78,664 | -€102,872 | -56.7% |
| Current portion of amounts payable after more than one year | 42 | €33,981 | €42,436 | +€8,456 | +24.9% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100% |
| Trade debts | 44 | €15,383 | €14,755 | -€628 | -4.1% |
| Suppliers | 440/4 | €15,383 | €14,755 | -€628 | -4.1% |
| Taxes, remuneration and social security | 45 | - | €10,448 | +€10,448 | |
| Taxes | 450/3 | - | €10,448 | +€10,448 | |
| Other amounts payable | 47/48 | €32,172 | €11,024 | -€21,148 | -65.7% |
| Accrued charges and deferred income | 492/3 | €1,601 | €0 | -€1,601 | -100% |
| Non-recurring operating income | 76A | - | €33,036 | +€33,036 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,904 | €38,406 | +€502 | +1.3% |
| Other operating charges | 640/8 | €52,860 | €2,549 | -€50,311 | -95.2% |
| Non-recurring operating charges | 66A | €674 | €3,181 | +€2,507 | +372% |
| Gross operating margin | 9900 | €357,973 | €34,809 | -€323,164 | -90.3% |
| Operating profit (loss) | 9901 | €266,535 | -€9,326 | -€275,861 | |
| Financial income | 75/76B | €144 | €0 | -€144 | -99.9% |
| Recurring financial income | 75 | €144 | €0 | -€144 | -99.9% |
| Financial charges | 65/66B | €8,735 | €21,801 | +€13,066 | +150% |
| Recurring financial charges | 65 | €8,735 | €21,801 | +€13,066 | +150% |
| Profit (loss) for the period before taxes | 9903 | €257,944 | -€31,127 | -€289,072 | |
| Transfer from deferred taxes | 780 | €16,456 | - | -€16,456 | |
| Income taxes | 67/77 | €92,013 | €239 | -€91,775 | -99.7% |
| Profit (loss) for the period | 9904 | €182,387 | -€31,366 | -€213,753 | |
| Transfer from tax-exempt reserves | 789 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €182,387 | -€31,366 | -€213,753 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.