S2: 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.
S2
Largest movements
- Receivables after one year +€8,250
up €8,250 (+50.0%), from €16,509 to €24,759
- Receivables within one year -€7,795
down €7,795 (-70.8%), from €11,009 to €3,214
- Cash -€6,296
down €6,296 (-20.1%), from €31,266 to €24,970
mainly Debts after one year (-€12,894) and Investment in fixed assets (net) (-€12,654)
- Stocks and contracts +€5,137
up €5,137 (+84.2%), from €6,098 to €11,235
- Tangible fixed assets +€3,253
up €3,253 (+14.3%), from €22,681 to €25,934
of which Furniture and vehicles: +€1,756
- Profit (loss) carried forward +€31,942
up €31,942 (+47.1%), from -€67,808 to -€35,866
- Debts after one year -€12,894
down €12,894 (-23.0%), from €56,167 to €43,273
- Trade debts -€9,031
down €9,031 (-30.5%), from €29,648 to €20,617
of which Suppliers: -€6,627
- Current portion of long-term debt -€8,172
down €8,172 (-25.9%), from €31,603 to €23,431
- Accrued charges and deferred income +€1,849
new in 2025: €1,849
- Gross operating margin +€24,994
up €24,994 (+14.5%), from €171,918 to €196,912
- Staff costs +€19,802
up €19,802 (+15.4%), from €128,584 to €148,387
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 | €90,522 | €92,384 | +€1,862 | +2.1% |
| Fixed assets | 21/28 | €25,037 | €27,004 | +€1,967 | +7.9% |
| Intangible fixed assets | 21 | €2,356 | €1,070 | -€1,286 | -54.6% |
| Tangible fixed assets | 22/27 | €22,681 | €25,934 | +€3,253 | +14.3% |
| Furniture and vehicles | 24 | €723 | €2,479 | +€1,756 | +243% |
| Other tangible fixed assets | 26 | €21,959 | €23,455 | +€1,496 | +6.8% |
| Current assets | 29/58 | €65,486 | €65,380 | -€105 | -0.2% |
| Amounts receivable after more than one year | 29 | €16,509 | €24,759 | +€8,250 | +50.0% |
| Other amounts receivable | 291 | €16,509 | €24,759 | +€8,250 | +50.0% |
| Stocks and contracts in progress | 3 | €6,098 | €11,235 | +€5,137 | +84.2% |
| Stocks | 30/36 | €6,098 | €11,235 | +€5,137 | +84.2% |
| Amounts receivable within one year | 40/41 | €11,009 | €3,214 | -€7,795 | -70.8% |
| Trade receivables | 40 | €11,009 | €3,214 | -€7,795 | -70.8% |
| Cash at bank and in hand | 54/58 | €31,266 | €24,970 | -€6,296 | -20.1% |
| Deferred charges and accrued income | 490/1 | €604 | €1,202 | +€598 | +99.1% |
| Total equity and liabilities | 10/49 | €90,522 | €92,384 | +€1,862 | +2.1% |
| Equity | 10/15 | -€47,808 | -€15,866 | +€31,942 | +66.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,808 | -€35,866 | +€31,942 | +47.1% |
| Amounts payable | 17/49 | €138,330 | €108,250 | -€30,080 | -21.7% |
| Amounts payable after more than one year | 17 | €56,167 | €43,273 | -€12,894 | -23.0% |
| Financial debts | 170/4 | €56,167 | €43,273 | -€12,894 | -23.0% |
| Amounts payable within one year | 42/48 | €82,163 | €63,128 | -€19,035 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €31,603 | €23,431 | -€8,172 | -25.9% |
| Trade debts | 44 | €29,648 | €20,617 | -€9,031 | -30.5% |
| Suppliers | 440/4 | €27,244 | €20,617 | -€6,627 | -24.3% |
| Bills of exchange payable | 441 | €2,404 | - | -€2,404 | |
| Taxes, remuneration and social security | 45 | €20,912 | €19,079 | -€1,833 | -8.8% |
| Taxes | 450/3 | €1,032 | €6,207 | +€5,175 | +502% |
| Remuneration and social security | 454/9 | €19,880 | €12,872 | -€7,008 | -35.3% |
| Accrued charges and deferred income | 492/3 | - | €1,849 | +€1,849 | |
| Remuneration, social security and pensions | 62 | €128,584 | €148,387 | +€19,802 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,734 | €10,687 | +€953 | +9.8% |
| Other operating charges | 640/8 | €1,192 | €921 | -€271 | -22.7% |
| Gross operating margin | 9900 | €171,918 | €196,912 | +€24,994 | +14.5% |
| Operating profit (loss) | 9901 | €32,407 | €36,917 | +€4,510 | +13.9% |
| Financial income | 75/76B | €510 | €40 | -€470 | -92.1% |
| Recurring financial income | 75 | €510 | €40 | -€470 | -92.1% |
| Financial charges | 65/66B | €4,952 | €5,015 | +€63 | +1.3% |
| Recurring financial charges | 65 | €4,952 | €5,015 | +€63 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €27,965 | €31,942 | +€3,977 | +14.2% |
| Profit (loss) for the period | 9904 | €27,965 | €31,942 | +€3,977 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,965 | €31,942 | +€3,977 | +14.2% |
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 22 October 2026 via checked.be.