S4CT: 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.
S4CT
Largest movements
- Cash +€105,861
up €105,861 (+70.4%), from €150,354 to €256,215
mainly Net result for the year (+€80,144) and Current investments (+€50,000)
- Current investments -€50,000
down €50,000 (-66.7%), from €75,000 to €25,000
- Receivables within one year -€10,026
down €10,026 (-16.3%), from €61,632 to €51,607
of which Other amounts receivable: -€9,136
- Tangible fixed assets -€7,841
no longer reported in 2025 (was €7,841)
- Other debts +€25,002
up €25,002 (+77.1%), from €32,440 to €57,442
- Reserves +€19,124
up €19,124 (+9.0%), from €213,320 to €232,444
of which Distributable reserves: +€19,124
- Tax, wage and social debts -€6,809
down €6,809 (-35.2%), from €19,346 to €12,537
- Gross operating margin +€14,390
up €14,390 (+11.3%), from €127,515 to €141,905
- Depreciation -€8,593
down €8,593 (-52.3%), from €16,434 to €7,841
- Taxes +€7,633
up €7,633 (+24.2%), from €31,584 to €39,216
- Financial charges -€1,862
down €1,862 (-10.0%), from €18,703 to €16,841
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 | €294,868 | €332,863 | +€37,996 | +12.9% |
| Fixed assets | 21/28 | €7,841 | - | -€7,841 | |
| Tangible fixed assets | 22/27 | €7,841 | - | -€7,841 | |
| Furniture and vehicles | 24 | €7,841 | - | -€7,841 | |
| Current assets | 29/58 | €287,027 | €332,863 | +€45,837 | +16.0% |
| Amounts receivable within one year | 40/41 | €61,632 | €51,607 | -€10,026 | -16.3% |
| Trade receivables | 40 | €15,730 | €14,840 | -€890 | -5.7% |
| Other amounts receivable | 41 | €45,902 | €36,766 | -€9,136 | -19.9% |
| Current investments | 50/53 | €75,000 | €25,000 | -€50,000 | -66.7% |
| Cash at bank and in hand | 54/58 | €150,354 | €256,215 | +€105,861 | +70.4% |
| Deferred charges and accrued income | 490/1 | €40 | €42 | +€1 | +3.4% |
| Total equity and liabilities | 10/49 | €294,868 | €332,863 | +€37,996 | +12.9% |
| Equity | 10/15 | €228,621 | €247,745 | +€19,124 | +8.4% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €213,320 | €232,444 | +€19,124 | +9.0% |
| Tax-exempt reserves | 132 | €376 | €376 | = | 0.0% |
| Distributable reserves | 133 | €212,944 | €232,068 | +€19,124 | +9.0% |
| Profit (loss) carried forward | 14 | €1,041 | €1,041 | = | 0.0% |
| Provisions and deferred taxes | 16 | €14,423 | €14,867 | +€444 | +3.1% |
| Provisions for liabilities and charges | 160/5 | €14,423 | €14,867 | +€444 | +3.1% |
| Other liabilities and charges | 164/5 | €14,423 | €14,867 | +€444 | +3.1% |
| Amounts payable | 17/49 | €51,823 | €70,251 | +€18,428 | +35.6% |
| Amounts payable within one year | 42/48 | €51,823 | €70,251 | +€18,428 | +35.6% |
| Trade debts | 44 | €38 | €272 | +€235 | +625.9% |
| Suppliers | 440/4 | €38 | €272 | +€235 | +625.9% |
| Taxes, remuneration and social security | 45 | €19,346 | €12,537 | -€6,809 | -35.2% |
| Taxes | 450/3 | €19,346 | €12,537 | -€6,809 | -35.2% |
| Other amounts payable | 47/48 | €32,440 | €57,442 | +€25,002 | +77.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,434 | €7,841 | -€8,593 | -52.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€285 | €444 | +€728 | |
| Other operating charges | 640/8 | €387 | €708 | +€321 | +82.8% |
| Gross operating margin | 9900 | €127,515 | €141,905 | +€14,390 | +11.3% |
| Operating profit (loss) | 9901 | €110,978 | €132,913 | +€21,934 | +19.8% |
| Financial income | 75/76B | €2,777 | €3,289 | +€513 | +18.5% |
| Recurring financial income | 75 | €2,777 | €3,289 | +€513 | +18.5% |
| Financial charges | 65/66B | €18,703 | €16,841 | -€1,862 | -10.0% |
| Recurring financial charges | 65 | €18,703 | €16,841 | -€1,862 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €95,052 | €119,361 | +€24,309 | +25.6% |
| Income taxes | 67/77 | €31,584 | €39,216 | +€7,633 | +24.2% |
| Profit (loss) for the period | 9904 | €63,468 | €80,144 | +€16,676 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,468 | €80,144 | +€16,676 | +26.3% |
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 5 October 2026 via checked.be.