S-WORKS: 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.
What changed
S-WORKS
NACE 46.810, Wholesale of solid, liquid and gaseous fuels and related products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€746,213
2024 · €1.8m-€1.0m
Equity
€9.0m
2024 · €8.3m+€696,213
Cash
€218,068
2024 · €101,421+€116,647
Balance sheet total
€14.4m
2024 · €12.7m+€1.7m
Largest movements
Assets
- Financial fixed assets +€1.2m
up €1.2m (+15.0%), from €8.0m to €9.2m
of which Companies linked by participating interests: +€1.2m
- Tangible fixed assets +€413,518
up €413,518 (+13.8%), from €3.0m to €3.4m
of which Land and buildings: +€426,901
Equity and liabilities
- Debts after one year +€825,574
up €825,574 (+360%), from €229,098 to €1.1m
of which Financial debts: +€1.0m
- Reserves +€676,929
up €676,929 (+9.2%), from €7.3m to €8.0m
of which Distributable reserves: +€610,000
- Other debts +€407,783
up €407,783 (+16.5%), from €2.5m to €2.9m
- Trade debts -€327,085
down €327,085 (-90.9%), from €359,796 to €32,710
- Current portion of long-term debt +€160,619
up €160,619 (+58.3%), from €275,645 to €436,265
Income statement
- Financial income -€1.1m
down €1.1m (-67.8%), from €1.6m to €530,705
- Goods and materials -€193,997
down €193,997 (-11.6%), from €1.7m to €1.5m
of which Purchases: -€146,586
- Turnover -€135,097
down €135,097 (-5.2%), from €2.6m to €2.5m
- Services and other goods -€64,391
down €64,391 (-25.8%), from €249,430 to €185,038
- Other operating charges -€33,687
down €33,687 (-31.4%), from €107,134 to €73,447
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.
Result 2024
€1.8m
Turnover
-€135,097
Other operating income
+€9,799
Goods and materials
+€193,997
Services and other goods
+€64,391
Staff costs
-€19,574
Depreciation
-€23,819
Provisions
+€6,215
Other operating charges
+€33,687
Financial income
-€1.1m
Financial charges
-€33,383
Taxes
-€18,349
Result 2025
€746,213
raises the resultlowers the result
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.
From operations
+€828,989
Investment
-€1.7m
Financing
+€938,196
Cash 2024
€101,421
From operations (derived)
+€828,989
Net result for the year
+€746,213
Depreciation
+€140,882
Stocks and contracts
-€9,959
Receivables within one year
-€72,479
Deferred charges and accrued income
-€910
Provisions
-€11,971
Trade debts
-€327,085
Tax, wage and social debts
-€66,383
Other debts
+€407,783
Accrued charges and deferred income
+€22,900
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.8m
Current investments
+€103,862
Financing
+€938,196
Debts after one year
+€825,574
Current portion of long-term debt
+€160,619
Short-term financial debts
+€2,002
Contributions, distributions and other
-€50,000
Cash 2025
€218,068
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,662,664 | €14,372,316 | +€1.7m | +13.5% |
| Fixed assets | 21/28 | €10,977,922 | €12,591,440 | +€1.6m | +14.7% |
| Tangible fixed assets | 22/27 | €2,997,694 | €3,411,212 | +€413,518 | +13.8% |
| Land and buildings | 22 | €2,955,498 | €3,382,399 | +€426,901 | +14.4% |
| Plant, machinery and equipment | 23 | €42,196 | €28,813 | -€13,383 | -31.7% |
| Financial fixed assets | 28 | €7,980,228 | €9,180,228 | +€1.2m | +15.0% |
| Affiliated companies | 280/1 | €3,916,611 | €3,916,611 | = | 0.0% |
| Participating interests | 280 | €2,916,611 | €2,916,611 | = | 0.0% |
| Amounts receivable | 281 | €1,000,000 | €1,000,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €4,063,617 | €5,263,617 | +€1.2m | +29.5% |
| Participating interests | 282 | €63,617 | €63,617 | = | 0.0% |
| Amounts receivable | 283 | €4,000,000 | €5,200,000 | +€1.2m | +30.0% |
| Current assets | 29/58 | €1,684,743 | €1,780,876 | +€96,133 | +5.7% |
| Stocks and contracts in progress | 3 | €0 | €9,959 | +€9,959 | |
| Stocks | 30/36 | €0 | €9,959 | +€9,959 | |
| Goods purchased for resale | 34 | €0 | €9,959 | +€9,959 | |
| Amounts receivable within one year | 40/41 | €1,358,468 | €1,430,947 | +€72,479 | +5.3% |
| Trade receivables | 40 | €764,646 | €267,598 | -€497,048 | -65.0% |
| Other amounts receivable | 41 | €593,821 | €1,163,349 | +€569,527 | +95.9% |
| Current investments | 50/53 | €209,318 | €105,456 | -€103,862 | -49.6% |
| Other investments | 51/53 | €209,318 | €105,456 | -€103,862 | -49.6% |
| Cash at bank and in hand | 54/58 | €101,421 | €218,068 | +€116,647 | +115% |
| Deferred charges and accrued income | 490/1 | €15,536 | €16,446 | +€910 | +5.9% |
| Total equity and liabilities | 10/49 | €12,662,664 | €14,372,316 | +€1.7m | +13.5% |
| Equity | 10/15 | €8,301,755 | €8,997,968 | +€696,213 | +8.4% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Capital | 10 | €160,000 | €160,000 | = | 0.0% |
| Issued capital | 100 | €160,000 | €160,000 | = | 0.0% |
| Revaluation surpluses | 12 | €810,313 | €810,313 | = | 0.0% |
| Reserves | 13 | €7,327,080 | €8,004,009 | +€676,929 | +9.2% |
| Non-distributable reserves | 130/1 | €16,000 | €16,000 | = | 0.0% |
| Legal reserve | 130 | €16,000 | €16,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €371,080 | €438,009 | +€66,929 | +18.0% |
| Distributable reserves | 133 | €6,940,000 | €7,550,000 | +€610,000 | +8.8% |
| Profit (loss) carried forward | 14 | €4,362 | €23,646 | +€19,284 | +442% |
| Provisions and deferred taxes | 16 | €190,642 | €178,670 | -€11,971 | -6.3% |
| Provisions for liabilities and charges | 160/5 | €149,615 | €143,401 | -€6,215 | -4.2% |
| Pensions and similar obligations | 160 | €113,569 | €113,569 | = | 0.0% |
| Major repairs and maintenance | 162 | €36,046 | €29,832 | -€6,215 | -17.2% |
| Deferred taxes | 168 | €41,027 | €35,270 | -€5,757 | -14.0% |
| Amounts payable | 17/49 | €4,170,267 | €5,195,677 | +€1.0m | +24.6% |
| Amounts payable after more than one year | 17 | €229,098 | €1,054,672 | +€825,574 | +360% |
| Financial debts | 170/4 | €16,965 | €1,046,576 | +€1.0m | +6,069% |
| Credit institutions | 173 | €16,965 | €1,046,576 | +€1.0m | +6,069% |
| Other amounts payable | 178/9 | €212,133 | €8,096 | -€204,037 | -96.2% |
| Amounts payable within one year | 42/48 | €3,935,232 | €4,112,168 | +€176,936 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €275,645 | €436,265 | +€160,619 | +58.3% |
| Financial debts | 43 | €719,082 | €721,085 | +€2,002 | +0.3% |
| Credit institutions | 430/8 | €719,082 | €721,085 | +€2,002 | +0.3% |
| Trade debts | 44 | €359,796 | €32,710 | -€327,085 | -90.9% |
| Suppliers | 440/4 | €359,796 | €32,710 | -€327,085 | -90.9% |
| Taxes, remuneration and social security | 45 | €111,481 | €45,097 | -€66,383 | -59.5% |
| Taxes | 450/3 | €92,763 | €26,262 | -€66,501 | -71.7% |
| Remuneration and social security | 454/9 | €18,718 | €18,835 | +€118 | +0.6% |
| Other amounts payable | 47/48 | €2,469,228 | €2,877,011 | +€407,783 | +16.5% |
| Accrued charges and deferred income | 492/3 | €5,938 | €28,838 | +€22,900 | +386% |
| Operating income | 70/76A | €2,698,694 | €2,573,396 | -€125,297 | -4.6% |
| Turnover | 70 | €2,607,643 | €2,472,547 | -€135,097 | -5.2% |
| Other operating income | 74 | €91,050 | €100,849 | +€9,799 | +10.8% |
| Operating charges | 60/66A | €2,368,452 | €2,113,555 | -€254,896 | -10.8% |
| Goods for resale, raw materials and consumables | 60 | €1,673,939 | €1,479,942 | -€193,997 | -11.6% |
| Purchases | 600/8 | €1,636,487 | €1,489,901 | -€146,586 | -9.0% |
| Change in stocks: decrease (increase) | 609 | €37,452 | -€9,959 | -€47,410 | |
| Services and other goods | 61 | €249,430 | €185,038 | -€64,391 | -25.8% |
| Remuneration, social security and pensions | 62 | €220,888 | €240,461 | +€19,574 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,062 | €140,882 | +€23,819 | +20.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | -€6,215 | -€6,215 | |
| Other operating charges | 640/8 | €107,134 | €73,447 | -€33,687 | -31.4% |
| Operating profit (loss) | 9901 | €330,242 | €459,841 | +€129,599 | +39.2% |
| Financial income | 75/76B | €1,649,231 | €530,705 | -€1.1m | -67.8% |
| Recurring financial income | 75 | €1,649,231 | €530,705 | -€1.1m | -67.8% |
| Income from financial fixed assets | 750 | €1,600,000 | €447,530 | -€1.2m | -72.0% |
| Income from current assets | 751 | €44,338 | €81,019 | +€36,681 | +82.7% |
| Other financial income | 752/9 | €4,894 | €2,155 | -€2,738 | -56.0% |
| Financial charges | 65/66B | €113,240 | €146,623 | +€33,383 | +29.5% |
| Recurring financial charges | 65 | €113,240 | €146,623 | +€33,383 | +29.5% |
| Debt charges | 650 | €116,259 | €156,508 | +€40,249 | +34.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€178,560 | -€63,604 | +€114,956 | +64.4% |
| Other financial charges | 652/9 | €175,541 | €53,718 | -€121,822 | -69.4% |
| Profit (loss) for the period before taxes | 9903 | €1,866,234 | €843,923 | -€1.0m | -54.8% |
| Transfer from deferred taxes | 780 | €5,757 | €5,757 | = | 0.0% |
| Income taxes | 67/77 | €85,118 | €103,467 | +€18,349 | +21.6% |
| Taxes | 670/3 | €85,118 | €103,467 | +€18,349 | +21.6% |
| Profit (loss) for the period | 9904 | €1,786,873 | €746,213 | -€1.0m | -58.2% |
| Transfer from tax-exempt reserves | 789 | €17,271 | €101,471 | +€84,200 | +488% |
| Transfer to tax-exempt reserves | 689 | - | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,804,143 | €679,284 | -€1.1m | -62.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.