S2J: 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.
S2J
Largest movements
- Receivables within one year -€105,359
down €105,359 (-81.4%), from €129,439 to €24,079
of which Trade receivables: -€81,530
- Tangible fixed assets -€10,658
down €10,658 (-4.3%), from €250,440 to €239,781
- Cash +€4,878
up €4,878 (+16.0%), from €30,508 to €35,386
mainly Receivables within one year (+€105,359) and Depreciation (+€17,483)
- Trade debts -€94,975
down €94,975 (-82.5%), from €115,182 to €20,208
- Profit (loss) carried forward -€20,019
down €20,019, from €18,471 to -€1,547
- Other debts +€8,672
up €8,672 (+24.4%), from €35,529 to €44,201
- Gross operating margin +€24,281
up €24,281, from -€20,428 to €3,852
- Write-downs +€18,032
up €18,032, from -€11,282 to €6,750
- Other operating charges -€14,990
down €14,990 (-87.7%), from €17,096 to €2,107
- Financial charges -€7,213
down €7,213 (-85.8%), from €8,406 to €1,193
- Financial income -€1,722
down €1,722 (-38.5%), from €4,473 to €2,751
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 | €423,224 | €311,613 | -€111,611 | -26.4% |
| Fixed assets | 21/28 | €250,440 | €239,781 | -€10,658 | -4.3% |
| Tangible fixed assets | 22/27 | €250,440 | €239,781 | -€10,658 | -4.3% |
| Land and buildings | 22 | €232,950 | €227,630 | -€5,320 | -2.3% |
| Plant, machinery and equipment | 23 | €811 | €461 | -€350 | -43.2% |
| Furniture and vehicles | 24 | €16,679 | €11,690 | -€4,988 | -29.9% |
| Current assets | 29/58 | €172,784 | €71,832 | -€100,952 | -58.4% |
| Stocks and contracts in progress | 3 | €11,106 | €10,353 | -€752 | -6.8% |
| Stocks | 30/36 | €11,106 | €10,353 | -€752 | -6.8% |
| Amounts receivable within one year | 40/41 | €129,439 | €24,079 | -€105,359 | -81.4% |
| Trade receivables | 40 | €100,414 | €18,884 | -€81,530 | -81.2% |
| Other amounts receivable | 41 | €29,024 | €5,195 | -€23,829 | -82.1% |
| Cash at bank and in hand | 54/58 | €30,508 | €35,386 | +€4,878 | +16.0% |
| Deferred charges and accrued income | 490/1 | €1,732 | €2,013 | +€281 | +16.2% |
| Total equity and liabilities | 10/49 | €423,224 | €311,613 | -€111,611 | -26.4% |
| Equity | 10/15 | €255,994 | €233,941 | -€22,053 | -8.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €199,415 | €199,415 | = | 0.0% |
| Tax-exempt reserves | 132 | €70 | €70 | = | 0.0% |
| Distributable reserves | 133 | €199,345 | €199,345 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,471 | -€1,547 | -€20,019 | |
| Investment grants | 15 | €19,558 | €17,524 | -€2,034 | -10.4% |
| Provisions and deferred taxes | 16 | €10,071 | €9,023 | -€1,047 | -10.4% |
| Deferred taxes | 168 | €10,071 | €9,023 | -€1,047 | -10.4% |
| Amounts payable | 17/49 | €157,159 | €68,648 | -€88,511 | -56.3% |
| Amounts payable within one year | 42/48 | €157,159 | €68,648 | -€88,511 | -56.3% |
| Trade debts | 44 | €115,182 | €20,208 | -€94,975 | -82.5% |
| Suppliers | 440/4 | €115,182 | €20,208 | -€94,975 | -82.5% |
| Taxes, remuneration and social security | 45 | €6,447 | €4,240 | -€2,208 | -34.2% |
| Taxes | 450/3 | €6,447 | €4,240 | -€2,208 | -34.2% |
| Other amounts payable | 47/48 | €35,529 | €44,201 | +€8,672 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,911 | €17,483 | -€427 | -2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,282 | €6,750 | +€18,032 | |
| Other operating charges | 640/8 | €17,096 | €2,107 | -€14,990 | -87.7% |
| Gross operating margin | 9900 | -€20,428 | €3,852 | +€24,281 | |
| Operating profit (loss) | 9901 | -€44,153 | -€22,487 | +€21,666 | +49.1% |
| Financial income | 75/76B | €4,473 | €2,751 | -€1,722 | -38.5% |
| Recurring financial income | 75 | €4,473 | €2,751 | -€1,722 | -38.5% |
| Financial charges | 65/66B | €8,406 | €1,193 | -€7,213 | -85.8% |
| Recurring financial charges | 65 | €8,406 | €1,193 | -€7,213 | -85.8% |
| Profit (loss) for the period before taxes | 9903 | -€48,086 | -€20,929 | +€27,157 | +56.5% |
| Transfer from deferred taxes | 780 | €1,047 | €1,047 | = | 0.0% |
| Income taxes | 67/77 | -€65 | €137 | +€202 | |
| Profit (loss) for the period | 9904 | -€46,974 | -€20,019 | +€26,955 | +57.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,974 | -€20,019 | +€26,955 | +57.4% |
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 15 October 2026 via checked.be.