S3R: 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.
S3R
Largest movements
- Current investments -€5,200
down €5,200 (-58.6%), from €8,880 to €3,680
- Tangible fixed assets -€4,721
down €4,721 (-2.0%), from €238,246 to €233,525
of which Land and buildings: -€7,928
- Receivables within one year +€3,692
up €3,692 (+11.8%), from €31,255 to €34,947
of which Trade receivables: +€4,709
- Debts after one year -€25,426
down €25,426 (-20.2%), from €125,575 to €100,149
- Reserves +€14,336
up €14,336 (+15.3%), from €93,981 to €108,317
- Other debts +€3,115
up €3,115 (+17.9%), from €17,398 to €20,513
- Gross operating margin +€3,822
up €3,822 (+8.2%), from €46,504 to €50,326
- Depreciation +€1,341
up €1,341 (+6.2%), from €21,597 to €22,938
- Taxes -€812
down €812 (-15.8%), from €5,125 to €4,313
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 | €281,311 | €276,980 | -€4,331 | -1.5% |
| Fixed assets | 21/28 | €238,261 | €233,540 | -€4,721 | -2.0% |
| Tangible fixed assets | 22/27 | €238,246 | €233,525 | -€4,721 | -2.0% |
| Land and buildings | 22 | €215,846 | €207,918 | -€7,928 | -3.7% |
| Furniture and vehicles | 24 | €22,400 | €25,607 | +€3,207 | +14.3% |
| Financial fixed assets | 28 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €43,050 | €43,440 | +€390 | +0.9% |
| Amounts receivable within one year | 40/41 | €31,255 | €34,947 | +€3,692 | +11.8% |
| Trade receivables | 40 | €30,238 | €34,947 | +€4,709 | +15.6% |
| Other amounts receivable | 41 | €1,017 | - | -€1,017 | |
| Current investments | 50/53 | €8,880 | €3,680 | -€5,200 | -58.6% |
| Cash at bank and in hand | 54/58 | €2,017 | €3,803 | +€1,786 | +88.5% |
| Deferred charges and accrued income | 490/1 | €898 | €1,010 | +€112 | +12.5% |
| Total equity and liabilities | 10/49 | €281,311 | €276,980 | -€4,331 | -1.5% |
| Equity | 10/15 | €98,981 | €113,317 | +€14,336 | +14.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €93,981 | €108,317 | +€14,336 | +15.3% |
| Distributable reserves | 133 | €93,981 | €108,317 | +€14,336 | +15.3% |
| Amounts payable | 17/49 | €182,330 | €163,663 | -€18,667 | -10.2% |
| Amounts payable after more than one year | 17 | €125,575 | €100,149 | -€25,426 | -20.2% |
| Financial debts | 170/4 | €125,575 | €100,149 | -€25,426 | -20.2% |
| Amounts payable within one year | 42/48 | €56,478 | €63,237 | +€6,759 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €26,997 | €29,759 | +€2,762 | +10.2% |
| Trade debts | 44 | €2,915 | €2,486 | -€429 | -14.7% |
| Suppliers | 440/4 | €2,915 | €2,486 | -€429 | -14.7% |
| Taxes, remuneration and social security | 45 | €9,168 | €10,479 | +€1,311 | +14.3% |
| Taxes | 450/3 | €9,168 | €8,079 | -€1,089 | -11.9% |
| Remuneration and social security | 454/9 | - | €2,400 | +€2,400 | |
| Other amounts payable | 47/48 | €17,398 | €20,513 | +€3,115 | +17.9% |
| Accrued charges and deferred income | 492/3 | €277 | €277 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,597 | €22,938 | +€1,341 | +6.2% |
| Other operating charges | 640/8 | €924 | €952 | +€28 | +3.0% |
| Gross operating margin | 9900 | €46,504 | €50,326 | +€3,822 | +8.2% |
| Operating profit (loss) | 9901 | €23,983 | €26,436 | +€2,453 | +10.2% |
| Financial income | 75/76B | €85 | €18 | -€67 | -78.8% |
| Recurring financial income | 75 | €85 | €18 | -€67 | -78.8% |
| Financial charges | 65/66B | €6,911 | €6,972 | +€61 | +0.9% |
| Recurring financial charges | 65 | €6,911 | €6,972 | +€61 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €17,157 | €19,482 | +€2,325 | +13.6% |
| Income taxes | 67/77 | €5,125 | €4,313 | -€812 | -15.8% |
| Profit (loss) for the period | 9904 | €12,032 | €15,169 | +€3,137 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,032 | €15,169 | +€3,137 | +26.1% |
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 30 October 2026 via checked.be.