S2F FINANCES: 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.
S2F FINANCES
Largest movements
- Intangible fixed assets -€284,941
down €284,941 (-11.8%), from €2.4m to €2.1m
- Deferred charges and accrued income +€161,047
up €161,047 (+31.1%), from €518,624 to €679,671
- Cash -€41,503
down €41,503 (-17.4%), from €238,163 to €196,660
mainly Contributions, distributions and other (-€720,121) and Debts after one year (-€299,001)
- Debts after one year -€299,001
down €299,001 (-15.3%), from €1.9m to €1.7m
- Tax, wage and social debts +€97,943
up €97,943 (+51.0%), from €192,187 to €290,130
of which Taxes: +€73,465
- Other debts -€81,673
down €81,673 (-11.8%), from €693,776 to €612,103
- Accrued charges and deferred income +€47,727
up €47,727 (+146%), from €32,581 to €80,308
- Current portion of long-term debt +€47,522
up €47,522 (+16.2%), from €293,215 to €340,737
- Gross operating margin +€340,443
up €340,443 (+20.0%), from €1.7m to €2.0m
- Staff costs +€140,366
up €140,366 (+25.4%), from €552,864 to €693,229
- Taxes +€54,809
up €54,809 (+28.0%), from €195,416 to €250,225
- Depreciation -€24,482
down €24,482 (-7.7%), from €319,549 to €295,067
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 | €3,225,390 | €3,049,791 | -€175,599 | -5.4% |
| Fixed assets | 21/28 | €2,462,954 | €2,165,670 | -€297,284 | -12.1% |
| Intangible fixed assets | 21 | €2,420,044 | €2,135,104 | -€284,941 | -11.8% |
| Tangible fixed assets | 22/27 | €42,708 | €30,332 | -€12,376 | -29.0% |
| Land and buildings | 22 | €414 | €278 | -€136 | -32.9% |
| Plant, machinery and equipment | 23 | €1,343 | €6,286 | +€4,943 | +368% |
| Furniture and vehicles | 24 | €40,951 | €23,768 | -€17,183 | -42.0% |
| Financial fixed assets | 28 | €201 | €234 | +€33 | +16.3% |
| Current assets | 29/58 | €762,436 | €884,121 | +€121,685 | +16.0% |
| Amounts receivable within one year | 40/41 | €5,650 | €7,790 | +€2,141 | +37.9% |
| Trade receivables | 40 | €5,650 | €7,790 | +€2,141 | +37.9% |
| Cash at bank and in hand | 54/58 | €238,163 | €196,660 | -€41,503 | -17.4% |
| Deferred charges and accrued income | 490/1 | €518,624 | €679,671 | +€161,047 | +31.1% |
| Total equity and liabilities | 10/49 | €3,225,390 | €3,049,791 | -€175,599 | -5.4% |
| Equity | 10/15 | €35,805 | €35,805 | = | 0.0% |
| Contributions | 10/11 | €32,550 | €32,550 | = | 0.0% |
| Reserves | 13 | €3,255 | €3,255 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,255 | €3,255 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,255 | €3,255 | = | 0.0% |
| Amounts payable | 17/49 | €3,189,585 | €3,013,986 | -€175,599 | -5.5% |
| Amounts payable after more than one year | 17 | €1,949,499 | €1,650,498 | -€299,001 | -15.3% |
| Financial debts | 170/4 | €1,949,499 | €1,650,498 | -€299,001 | -15.3% |
| Amounts payable within one year | 42/48 | €1,207,505 | €1,283,180 | +€75,675 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €293,215 | €340,737 | +€47,522 | +16.2% |
| Trade debts | 44 | €28,327 | €40,211 | +€11,883 | +42.0% |
| Suppliers | 440/4 | €28,327 | €40,211 | +€11,883 | +42.0% |
| Taxes, remuneration and social security | 45 | €192,187 | €290,130 | +€97,943 | +51.0% |
| Taxes | 450/3 | €127,250 | €200,715 | +€73,465 | +57.7% |
| Remuneration and social security | 454/9 | €64,937 | €89,415 | +€24,478 | +37.7% |
| Other amounts payable | 47/48 | €693,776 | €612,103 | -€81,673 | -11.8% |
| Accrued charges and deferred income | 492/3 | €32,581 | €80,308 | +€47,727 | +146% |
| Remuneration, social security and pensions | 62 | €552,864 | €693,229 | +€140,366 | +25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319,549 | €295,067 | -€24,482 | -7.7% |
| Other operating charges | 640/8 | €7,191 | €12,140 | +€4,950 | +68.8% |
| Gross operating margin | 9900 | €1,701,351 | €2,041,793 | +€340,443 | +20.0% |
| Operating profit (loss) | 9901 | €821,747 | €1,041,357 | +€219,609 | +26.7% |
| Financial income | 75/76B | €8,962 | €2,550 | -€6,412 | -71.5% |
| Recurring financial income | 75 | €8,962 | €2,550 | -€6,412 | -71.5% |
| Financial charges | 65/66B | €82,012 | €73,561 | -€8,451 | -10.3% |
| Recurring financial charges | 65 | €82,012 | €73,561 | -€8,451 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €748,697 | €970,346 | +€221,649 | +29.6% |
| Income taxes | 67/77 | €195,416 | €250,225 | +€54,809 | +28.0% |
| Profit (loss) for the period | 9904 | €553,281 | €720,121 | +€166,840 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €553,281 | €720,121 | +€166,840 | +30.2% |
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 21 October 2026 via checked.be.