S2D: 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.
S2D
Largest movements
- Current investments +€54,987
up €54,987 (+31.4%), from €175,013 to €230,000
- Tangible fixed assets -€33,520
down €33,520 (-3.9%), from €851,653 to €818,133
of which Land and buildings: -€16,886
- Receivables within one year -€28,609
down €28,609 (-35.6%), from €80,406 to €51,798
of which Other amounts receivable: -€38,335
- Cash -€20,156
down €20,156 (-89.8%), from €22,437 to €2,280
mainly Other debts (-€71,584) and Contributions, distributions and other (-€56,895)
- Reserves +€86,553
up €86,553 (+15.5%), from €559,653 to €646,206
- Other debts -€71,584
down €71,584 (-97.0%), from €73,808 to €2,224
- Debts after one year -€31,524
down €31,524 (-7.7%), from €409,732 to €378,209
- Current portion of long-term debt -€15,836
down €15,836 (-33.4%), from €47,360 to €31,524
- Tax, wage and social debts +€11,765
up €11,765 (+146%), from €8,072 to €19,838
- Depreciation -€62,812
down €62,812 (-65.2%), from €96,332 to €33,520
- Gross operating margin +€34,451
up €34,451 (+15.5%), from €222,390 to €256,841
- Taxes +€28,676
up €28,676 (+84.8%), from €33,834 to €62,510
- Financial charges +€5,536
up €5,536 (+51.9%), from €10,665 to €16,201
of which Financial charges: +€4,239
- Financial income -€2,571
down €2,571 (-54.0%), from €4,762 to €2,191
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 | €1,129,510 | €1,102,211 | -€27,298 | -2.4% |
| Fixed assets | 21/28 | €851,653 | €818,133 | -€33,520 | -3.9% |
| Tangible fixed assets | 22/27 | €851,653 | €818,133 | -€33,520 | -3.9% |
| Land and buildings | 22 | €810,068 | €793,182 | -€16,886 | -2.1% |
| Furniture and vehicles | 24 | €41,585 | €24,952 | -€16,633 | -40.0% |
| Current assets | 29/58 | €277,857 | €284,078 | +€6,221 | +2.2% |
| Amounts receivable within one year | 40/41 | €80,406 | €51,798 | -€28,609 | -35.6% |
| Trade receivables | 40 | €25,892 | €35,618 | +€9,727 | +37.6% |
| Other amounts receivable | 41 | €54,515 | €16,179 | -€38,335 | -70.3% |
| Current investments | 50/53 | €175,013 | €230,000 | +€54,987 | +31.4% |
| Cash at bank and in hand | 54/58 | €22,437 | €2,280 | -€20,156 | -89.8% |
| Deferred charges and accrued income | 490/1 | €1 | - | -€1 | |
| Total equity and liabilities | 10/49 | €1,129,510 | €1,102,211 | -€27,298 | -2.4% |
| Equity | 10/15 | €578,253 | €664,806 | +€86,553 | +15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €559,653 | €646,206 | +€86,553 | +15.5% |
| Distributable reserves | 133 | €559,653 | €646,206 | +€86,553 | +15.5% |
| Amounts payable | 17/49 | €551,257 | €437,405 | -€113,851 | -20.7% |
| Amounts payable after more than one year | 17 | €409,732 | €378,209 | -€31,524 | -7.7% |
| Financial debts | 170/4 | €409,732 | €378,209 | -€31,524 | -7.7% |
| Amounts payable within one year | 42/48 | €136,376 | €54,048 | -€82,328 | -60.4% |
| Current portion of amounts payable after more than one year | 42 | €47,360 | €31,524 | -€15,836 | -33.4% |
| Financial debts | 43 | €2,467 | - | -€2,467 | |
| Credit institutions | 430/8 | €2,467 | - | -€2,467 | |
| Trade debts | 44 | €4,669 | €463 | -€4,206 | -90.1% |
| Suppliers | 440/4 | €4,669 | €463 | -€4,206 | -90.1% |
| Taxes, remuneration and social security | 45 | €8,072 | €19,838 | +€11,765 | +146% |
| Taxes | 450/3 | €8,072 | €19,838 | +€11,765 | +146% |
| Other amounts payable | 47/48 | €73,808 | €2,224 | -€71,584 | -97.0% |
| Accrued charges and deferred income | 492/3 | €5,148 | €5,148 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,332 | €33,520 | -€62,812 | -65.2% |
| Other operating charges | 640/8 | €3,532 | €3,353 | -€179 | -5.1% |
| Gross operating margin | 9900 | €222,390 | €256,841 | +€34,451 | +15.5% |
| Operating profit (loss) | 9901 | €122,526 | €219,969 | +€97,442 | +79.5% |
| Financial income | 75/76B | €4,762 | €2,191 | -€2,571 | -54.0% |
| Recurring financial income | 75 | €4,762 | €2,191 | -€2,571 | -54.0% |
| Financial charges | 65/66B | €10,665 | €16,201 | +€5,536 | +51.9% |
| Recurring financial charges | 65 | €10,665 | €14,904 | +€4,239 | +39.7% |
| Non-recurring financial charges | 66B | - | €1,297 | +€1,297 | |
| Profit (loss) for the period before taxes | 9903 | €116,623 | €205,959 | +€89,336 | +76.6% |
| Income taxes | 67/77 | €33,834 | €62,510 | +€28,676 | +84.8% |
| Profit (loss) for the period | 9904 | €82,789 | €143,448 | +€60,659 | +73.3% |
| Profit (loss) for the period to be appropriated | 9905 | €82,789 | €143,448 | +€60,659 | +73.3% |
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 25 October 2026 via checked.be.