S2B: 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.
S2B
Largest movements
- Receivables within one year +€24,426
up €24,426 (+138.8%), from €17,603 to €42,030
- Tangible fixed assets -€15,355
down €15,355 (-18.4%), from €83,516 to €68,162
of which Plant, machinery and equipment: -€14,338
- Cash -€2,883
down €2,883 (-7.9%), from €36,651 to €33,769
mainly Net result for the year (-€32,450) and Receivables within one year (-€24,426)
- Reserves -€32,450
down €32,450 (-31.8%), from €102,091 to €69,640
- Tax, wage and social debts +€20,997
up €20,997 (+64.0%), from €32,831 to €53,828
of which Taxes: +€15,569
- Trade debts +€14,464
up €14,464 (+331.6%), from €4,361 to €18,826
- Current portion of long-term debt +€6,845
up €6,845 (+109.7%), from €6,242 to €13,087
- Debts after one year -€6,381
down €6,381 (-15.1%), from €42,282 to €35,901
- Gross operating margin -€13,246
down €13,246 (-19.4%), from €68,303 to €55,057
- Financial charges +€8,922
up €8,922 (+604.8%), from €1,475 to €10,397
- Staff costs +€7,765
up €7,765 (+16.5%), from €46,923 to €54,687
- Taxes +€6,316
up €6,316 (+828.7%), from €762 to €7,078
- Financial income +€826
up €826 (+196.7%), from €420 to €1,247
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.
Cash bridge derived
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 | €200,208 | €205,468 | +€5,261 | +2.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €83,516 | €68,162 | -€15,355 | -18.4% |
| Tangible fixed assets | 22/27 | €83,516 | €68,162 | -€15,355 | -18.4% |
| Land and buildings | 22 | €2,392 | €2,109 | -€283 | -11.8% |
| Plant, machinery and equipment | 23 | €79,013 | €64,674 | -€14,338 | -18.1% |
| Furniture and vehicles | 24 | €2,112 | €1,379 | -€733 | -34.7% |
| Current assets | 29/58 | €116,691 | €137,307 | +€20,615 | +17.7% |
| Stocks and contracts in progress | 3 | €60,993 | €61,414 | +€422 | +0.7% |
| Stocks | 30/36 | €60,993 | €61,414 | +€422 | +0.7% |
| Amounts receivable within one year | 40/41 | €17,603 | €42,030 | +€24,426 | +138.8% |
| Other amounts receivable | 41 | €17,603 | €42,030 | +€24,426 | +138.8% |
| Cash at bank and in hand | 54/58 | €36,651 | €33,769 | -€2,883 | -7.9% |
| Deferred charges and accrued income | 490/1 | €1,444 | €94 | -€1,350 | -93.5% |
| Total equity and liabilities | 10/49 | €200,208 | €205,468 | +€5,261 | +2.6% |
| Equity | 10/15 | €114,491 | €82,040 | -€32,450 | -28.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €102,091 | €69,640 | -€32,450 | -31.8% |
| Distributable reserves | 133 | €102,091 | €69,640 | -€32,450 | -31.8% |
| Amounts payable | 17/49 | €85,717 | €123,428 | +€37,711 | +44.0% |
| Amounts payable after more than one year | 17 | €42,282 | €35,901 | -€6,381 | -15.1% |
| Financial debts | 170/4 | €42,282 | €35,901 | -€6,381 | -15.1% |
| Amounts payable within one year | 42/48 | €43,435 | €85,741 | +€42,306 | +97.4% |
| Current portion of amounts payable after more than one year | 42 | €6,242 | €13,087 | +€6,845 | +109.7% |
| Trade debts | 44 | €4,361 | €18,826 | +€14,464 | +331.6% |
| Suppliers | 440/4 | €4,361 | €18,826 | +€14,464 | +331.6% |
| Taxes, remuneration and social security | 45 | €32,831 | €53,828 | +€20,997 | +64.0% |
| Taxes | 450/3 | €20,634 | €36,203 | +€15,569 | +75.5% |
| Remuneration and social security | 454/9 | €12,197 | €17,625 | +€5,428 | +44.5% |
| Accrued charges and deferred income | 492/3 | - | €1,786 | +€1,786 | |
| Remuneration, social security and pensions | 62 | €46,923 | €54,687 | +€7,765 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,116 | €15,355 | +€239 | +1.6% |
| Other operating charges | 640/8 | €415 | €1,237 | +€822 | +198.1% |
| Non-recurring operating charges | 66A | €6,597 | - | -€6,597 | |
| Gross operating margin | 9900 | €68,303 | €55,057 | -€13,246 | -19.4% |
| Operating profit (loss) | 9901 | -€748 | -€16,222 | -€15,474 | -2067.6% |
| Financial income | 75/76B | €420 | €1,247 | +€826 | +196.7% |
| Recurring financial income | 75 | €420 | €1,247 | +€826 | +196.7% |
| Financial charges | 65/66B | €1,475 | €10,397 | +€8,922 | +604.8% |
| Recurring financial charges | 65 | €1,475 | €10,397 | +€8,922 | +604.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,803 | -€25,372 | -€23,569 | -1306.9% |
| Income taxes | 67/77 | €762 | €7,078 | +€6,316 | +828.7% |
| Profit (loss) for the period | 9904 | -€2,566 | -€32,450 | -€29,885 | -1164.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,566 | -€32,450 | -€29,885 | -1164.9% |
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 11 October 2026 via checked.be.