S3: what changed
Two fiscal 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.
S3
Largest movements
- Current investments +€456,038
new in 2025: €456,038
- Financial fixed assets -€346,667
no longer reported in 2025 (was €346,667)
- Reserves +€152,902
up €152,902 (+120.8%), from €126,626 to €279,527
of which Distributable reserves: +€152,902
- Current portion of long-term debt -€36,455
down €36,455 (-91.6%), from €39,790 to €3,335
- Other debts -€6,840
down €6,840 (-37.0%), from €18,462 to €11,623
- Trade debts +€5,943
up €5,943 (+47.3%), from €12,565 to €18,507
- Financial income +€109,361
up €109,361 (+364537.8%), from €30 to €109,391
of which Non-recurring financial income: +€108,333
- Taxes +€7,925
up €7,925 (+34.8%), from €22,765 to €30,689
- Gross operating margin +€3,289
up €3,289 (+4.6%), from €72,224 to €75,513
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 | €401,719 | €510,675 | +€108,955 | +27.1% |
| Fixed assets | 21/28 | €346,667 | - | -€346,667 | |
| Financial fixed assets | 28 | €346,667 | - | -€346,667 | |
| Current assets | 29/58 | €55,053 | €510,675 | +€455,622 | +827.6% |
| Amounts receivable within one year | 40/41 | €15,730 | €16,312 | +€582 | +3.7% |
| Trade receivables | 40 | €15,730 | €16,312 | +€582 | +3.7% |
| Current investments | 50/53 | - | €456,038 | +€456,038 | |
| Cash at bank and in hand | 54/58 | €38,039 | €38,324 | +€285 | +0.7% |
| Deferred charges and accrued income | 490/1 | €1,284 | - | -€1,284 | |
| Total equity and liabilities | 10/49 | €401,719 | €510,675 | +€108,955 | +27.1% |
| Equity | 10/15 | €304,018 | €456,919 | +€152,902 | +50.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €126,626 | €279,527 | +€152,902 | +120.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €124,766 | €277,667 | +€152,902 | +122.6% |
| Profit (loss) carried forward | 14 | €158,792 | €158,792 | = | 0.0% |
| Amounts payable | 17/49 | €97,702 | €53,755 | -€43,947 | -45.0% |
| Amounts payable after more than one year | 17 | €3,335 | - | -€3,335 | |
| Financial debts | 170/4 | €3,335 | - | -€3,335 | |
| Amounts payable within one year | 42/48 | €94,367 | €53,755 | -€40,611 | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €39,790 | €3,335 | -€36,455 | -91.6% |
| Trade debts | 44 | €12,565 | €18,507 | +€5,943 | +47.3% |
| Suppliers | 440/4 | €12,565 | €18,507 | +€5,943 | +47.3% |
| Taxes, remuneration and social security | 45 | €23,550 | €20,290 | -€3,260 | -13.8% |
| Taxes | 450/3 | €21,350 | €20,090 | -€1,260 | -5.9% |
| Remuneration and social security | 454/9 | €2,200 | €200 | -€2,000 | -90.9% |
| Other amounts payable | 47/48 | €18,462 | €11,623 | -€6,840 | -37.0% |
| Other operating charges | 640/8 | €908 | €909 | +€2 | +0.2% |
| Gross operating margin | 9900 | €72,224 | €75,513 | +€3,289 | +4.6% |
| Operating profit (loss) | 9901 | €71,316 | €74,604 | +€3,287 | +4.6% |
| Financial income | 75/76B | €30 | €109,391 | +€109,361 | +364537.8% |
| Recurring financial income | 75 | €30 | €1,058 | +€1,028 | +3426.7% |
| Non-recurring financial income | 76B | - | €108,333 | +€108,333 | |
| Financial charges | 65/66B | €960 | €404 | -€556 | -57.9% |
| Recurring financial charges | 65 | €960 | €404 | -€556 | -57.9% |
| Profit (loss) for the period before taxes | 9903 | €70,386 | €183,591 | +€113,205 | +160.8% |
| Income taxes | 67/77 | €22,765 | €30,689 | +€7,925 | +34.8% |
| Profit (loss) for the period | 9904 | €47,622 | €152,902 | +€105,280 | +221.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,622 | €152,902 | +€105,280 | +221.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.