S3 MANAGEMENT: 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.
S3 MANAGEMENT
Largest movements
- Receivables within one year +€444,017
up €444,017 (+517%), from €85,816 to €529,833
of which Trade receivables: +€438,966
- Cash -€49,478
down €49,478 (-27.4%), from €180,410 to €130,932
- Tangible fixed assets +€26,737
new in 2025: €26,737
- Deferred charges and accrued income -€7,760
down €7,760 (-100%), from €7,760 to €0
- Reserves +€345,614
up €345,614 (+379%), from €91,114 to €436,728
- Tax, wage and social debts +€60,345
up €60,345 (+39.4%), from €153,258 to €213,603
of which Taxes: +€58,334
- Other debts +€10,217
up €10,217 (+81.1%), from €12,591 to €22,807
- Gross operating margin +€344,697
up €344,697 (+292%), from €117,905 to €462,602
- Taxes +€89,255
up €89,255 (+376%), from €23,763 to €113,018
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €273,986 | €687,502 | +€413,516 | +151% |
| Fixed assets | 21/28 | - | €26,737 | +€26,737 | |
| Tangible fixed assets | 22/27 | - | €26,737 | +€26,737 | |
| Furniture and vehicles | 24 | - | €26,737 | +€26,737 | |
| Current assets | 29/58 | €273,986 | €660,765 | +€386,779 | +141% |
| Amounts receivable within one year | 40/41 | €85,816 | €529,833 | +€444,017 | +517% |
| Trade receivables | 40 | €85,816 | €524,782 | +€438,966 | +512% |
| Other amounts receivable | 41 | - | €5,052 | +€5,052 | |
| Cash at bank and in hand | 54/58 | €180,410 | €130,932 | -€49,478 | -27.4% |
| Deferred charges and accrued income | 490/1 | €7,760 | €0 | -€7,760 | -100% |
| Total equity and liabilities | 10/49 | €273,986 | €687,502 | +€413,516 | +151% |
| Equity | 10/15 | €95,114 | €440,728 | +€345,614 | +363% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €91,114 | €436,728 | +€345,614 | +379% |
| Distributable reserves | 133 | €91,114 | €436,728 | +€345,614 | +379% |
| Amounts payable | 17/49 | €178,872 | €246,775 | +€67,903 | +38.0% |
| Amounts payable within one year | 42/48 | €177,372 | €246,775 | +€69,403 | +39.1% |
| Trade debts | 44 | €11,523 | €10,364 | -€1,159 | -10.1% |
| Suppliers | 440/4 | €11,523 | €10,364 | -€1,159 | -10.1% |
| Taxes, remuneration and social security | 45 | €153,258 | €213,603 | +€60,345 | +39.4% |
| Taxes | 450/3 | €153,258 | €211,592 | +€58,334 | +38.1% |
| Remuneration and social security | 454/9 | - | €2,011 | +€2,011 | |
| Other amounts payable | 47/48 | €12,591 | €22,807 | +€10,217 | +81.1% |
| Accrued charges and deferred income | 492/3 | €1,500 | €0 | -€1,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,000 | €3,398 | +€398 | +13.3% |
| Other operating charges | 640/8 | - | €332 | +€332 | |
| Gross operating margin | 9900 | €117,905 | €462,602 | +€344,697 | +292% |
| Operating profit (loss) | 9901 | €114,905 | €458,872 | +€343,967 | +299% |
| Financial income | 75/76B | - | €124 | +€124 | |
| Recurring financial income | 75 | - | €124 | +€124 | |
| Financial charges | 65/66B | €28 | €364 | +€337 | +1,213% |
| Recurring financial charges | 65 | €28 | €364 | +€337 | +1,213% |
| Profit (loss) for the period before taxes | 9903 | €114,877 | €458,631 | +€343,754 | +299% |
| Income taxes | 67/77 | €23,763 | €113,018 | +€89,255 | +376% |
| Profit (loss) for the period | 9904 | €91,114 | €345,614 | +€254,499 | +279% |
| Profit (loss) for the period to be appropriated | 9905 | €91,114 | €345,614 | +€254,499 | +279% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.