S2O: 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.
S2O
Largest movements
- Tangible fixed assets -€13,943
down €13,943 (-11.3%), from €123,293 to €109,350
of which Land and buildings: -€7,656
- Cash +€8,248
up €8,248 (+22.4%), from €36,794 to €45,043
mainly Depreciation (+€19,237) and Net result for the year (+€10,400)
- Stocks and contracts +€2,364
up €2,364 (+14.6%), from €16,151 to €18,515
- Debts after one year -€9,873
down €9,873 (-10.4%), from €95,061 to €85,189
- Tax, wage and social debts +€6,866
up €6,866 (+35.6%), from €19,267 to €26,133
of which Taxes: +€5,266
- Trade debts +€6,603
up €6,603 (+72.5%), from €9,103 to €15,706
- Current portion of long-term debt -€5,052
down €5,052 (-31.8%), from €15,881 to €10,829
- Other debts -€2,991
down €2,991 (-40.5%), from €7,388 to €4,397
- Gross operating margin -€4,959
down €4,959 (-9.8%), from €50,825 to €45,866
- Taxes +€1,036
up €1,036 (+14.8%), from €6,994 to €8,030
- Financial charges -€727
down €727 (-10.1%), from €7,226 to €6,499
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 | €189,256 | €187,371 | -€1,886 | -1.0% |
| Fixed assets | 21/28 | €123,293 | €109,350 | -€13,943 | -11.3% |
| Tangible fixed assets | 22/27 | €123,293 | €109,350 | -€13,943 | -11.3% |
| Land and buildings | 22 | €81,459 | €73,803 | -€7,656 | -9.4% |
| Plant, machinery and equipment | 23 | €20,872 | €17,157 | -€3,715 | -17.8% |
| Furniture and vehicles | 24 | €7,194 | €4,475 | -€2,719 | -37.8% |
| Other tangible fixed assets | 26 | €13,768 | €13,914 | +€147 | +1.1% |
| Current assets | 29/58 | €65,964 | €78,021 | +€12,057 | +18.3% |
| Stocks and contracts in progress | 3 | €16,151 | €18,515 | +€2,364 | +14.6% |
| Stocks | 30/36 | €16,151 | €18,515 | +€2,364 | +14.6% |
| Amounts receivable within one year | 40/41 | €11,080 | €12,087 | +€1,008 | +9.1% |
| Trade receivables | 40 | €9,285 | €12,087 | +€2,802 | +30.2% |
| Other amounts receivable | 41 | €1,795 | - | -€1,795 | |
| Cash at bank and in hand | 54/58 | €36,794 | €45,043 | +€8,248 | +22.4% |
| Deferred charges and accrued income | 490/1 | €1,939 | €2,375 | +€436 | +22.5% |
| Total equity and liabilities | 10/49 | €189,256 | €187,371 | -€1,886 | -1.0% |
| Equity | 10/15 | €40,511 | €42,411 | +€1,900 | +4.7% |
| Reserves | 13 | €40,511 | €42,411 | +€1,900 | +4.7% |
| Distributable reserves | 133 | €40,511 | €42,411 | +€1,900 | +4.7% |
| Amounts payable | 17/49 | €148,745 | €144,960 | -€3,785 | -2.5% |
| Amounts payable after more than one year | 17 | €95,061 | €85,189 | -€9,873 | -10.4% |
| Financial debts | 170/4 | €95,061 | €85,189 | -€9,873 | -10.4% |
| Amounts payable within one year | 42/48 | €53,512 | €58,938 | +€5,426 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €15,881 | €10,829 | -€5,052 | -31.8% |
| Trade debts | 44 | €9,103 | €15,706 | +€6,603 | +72.5% |
| Suppliers | 440/4 | €9,103 | €15,706 | +€6,603 | +72.5% |
| Advances received on contracts in progress | 46 | €1,872 | €1,872 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €19,267 | €26,133 | +€6,866 | +35.6% |
| Taxes | 450/3 | €17,167 | €22,433 | +€5,266 | +30.7% |
| Remuneration and social security | 454/9 | €2,100 | €3,700 | +€1,600 | +76.2% |
| Other amounts payable | 47/48 | €7,388 | €4,397 | -€2,991 | -40.5% |
| Accrued charges and deferred income | 492/3 | €172 | €834 | +€661 | +384% |
| Non-recurring operating income | 76A | €8,531 | - | -€8,531 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,534 | €19,237 | -€297 | -1.5% |
| Other operating charges | 640/8 | €1,760 | €1,808 | +€48 | +2.7% |
| Gross operating margin | 9900 | €50,825 | €45,866 | -€4,959 | -9.8% |
| Operating profit (loss) | 9901 | €29,531 | €24,821 | -€4,710 | -16.0% |
| Financial income | 75/76B | €215 | €109 | -€106 | -49.5% |
| Recurring financial income | 75 | €215 | €109 | -€106 | -49.5% |
| Financial charges | 65/66B | €7,226 | €6,499 | -€727 | -10.1% |
| Recurring financial charges | 65 | €7,226 | €6,499 | -€727 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €22,520 | €18,430 | -€4,090 | -18.2% |
| Income taxes | 67/77 | €6,994 | €8,030 | +€1,036 | +14.8% |
| Profit (loss) for the period | 9904 | €15,526 | €10,400 | -€5,126 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,526 | €10,400 | -€5,126 | -33.0% |
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 14 October 2026 via checked.be.