S46: 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.
S46
Largest movements
- Receivables within one year +€51,630
up €51,630 (+68.2%), from €75,692 to €127,322
of which Trade receivables: +€51,135
- Cash +€11,448
up €11,448 (+17.5%), from €65,449 to €76,897
mainly Net result for the year (+€54,820) and Tax, wage and social debts (+€17,093)
- Tangible fixed assets -€5,922
down €5,922 (-5.4%), from €109,957 to €104,035
- Reserves +€54,820
up €54,820 (+1180.5%), from €4,644 to €59,464
- Other debts -€31,438
down €31,438 (-31.0%), from €101,495 to €70,057
- Tax, wage and social debts +€17,093
up €17,093 (+97.4%), from €17,543 to €34,635
- Debts after one year +€16,097
up €16,097 (+16.8%), from €95,863 to €111,960
of which Other amounts payable: +€23,000
- Gross operating margin +€6,218
up €6,218 (+7.8%), from €80,192 to €86,410
- Taxes +€3,598
up €3,598 (+22.0%), from €16,358 to €19,956
- Other operating charges -€3,399
down €3,399 (-80.3%), from €4,231 to €832
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 | €251,098 | €308,254 | +€57,156 | +22.8% |
| Fixed assets | 21/28 | €109,957 | €104,035 | -€5,922 | -5.4% |
| Tangible fixed assets | 22/27 | €109,957 | €104,035 | -€5,922 | -5.4% |
| Land and buildings | 22 | €109,957 | €104,035 | -€5,922 | -5.4% |
| Current assets | 29/58 | €141,141 | €204,219 | +€63,078 | +44.7% |
| Amounts receivable within one year | 40/41 | €75,692 | €127,322 | +€51,630 | +68.2% |
| Trade receivables | 40 | €75,480 | €126,614 | +€51,135 | +67.7% |
| Other amounts receivable | 41 | €212 | €708 | +€495 | +233.5% |
| Cash at bank and in hand | 54/58 | €65,449 | €76,897 | +€11,448 | +17.5% |
| Total equity and liabilities | 10/49 | €251,098 | €308,254 | +€57,156 | +22.8% |
| Equity | 10/15 | €23,244 | €78,064 | +€54,820 | +235.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,644 | €59,464 | +€54,820 | +1180.5% |
| Distributable reserves | 133 | €4,644 | €59,464 | +€54,820 | +1180.5% |
| Amounts payable | 17/49 | €227,854 | €230,190 | +€2,336 | +1.0% |
| Amounts payable after more than one year | 17 | €95,863 | €111,960 | +€16,097 | +16.8% |
| Financial debts | 170/4 | €95,863 | €88,960 | -€6,903 | -7.2% |
| Other amounts payable | 178/9 | - | €23,000 | +€23,000 | |
| Amounts payable within one year | 42/48 | €126,142 | €114,450 | -€11,692 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €6,717 | €6,903 | +€186 | +2.8% |
| Trade debts | 44 | €387 | €2,855 | +€2,468 | +637.1% |
| Suppliers | 440/4 | €387 | €2,855 | +€2,468 | +637.1% |
| Taxes, remuneration and social security | 45 | €17,543 | €34,635 | +€17,093 | +97.4% |
| Taxes | 450/3 | €17,543 | €34,635 | +€17,093 | +97.4% |
| Other amounts payable | 47/48 | €101,495 | €70,057 | -€31,438 | -31.0% |
| Accrued charges and deferred income | 492/3 | €5,849 | €3,780 | -€2,069 | -35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,922 | €5,922 | = | 0.0% |
| Other operating charges | 640/8 | €4,231 | €832 | -€3,399 | -80.3% |
| Gross operating margin | 9900 | €80,192 | €86,410 | +€6,218 | +7.8% |
| Operating profit (loss) | 9901 | €70,038 | €79,655 | +€9,617 | +13.7% |
| Financial charges | 65/66B | €4,930 | €4,879 | -€51 | -1.0% |
| Recurring financial charges | 65 | €4,930 | €4,879 | -€51 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €65,108 | €74,776 | +€9,668 | +14.8% |
| Income taxes | 67/77 | €16,358 | €19,956 | +€3,598 | +22.0% |
| Profit (loss) for the period | 9904 | €48,750 | €54,820 | +€6,069 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €48,750 | €54,820 | +€6,069 | +12.4% |
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 3 October 2026 via checked.be.