SAFWAN KHALID: 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.
SAFWAN KHALID
Largest movements
- Tangible fixed assets -€9,487
down €9,487 (-22.3%), from €42,616 to €33,129
of which Leasing and similar rights: -€8,104
- Stocks and contracts -€5,004
down €5,004 (-13.3%), from €37,654 to €32,650
- Deferred charges and accrued income +€2,485
new in 2025: €2,485
- Cash -€1,699
down €1,699 (-38.8%), from €4,384 to €2,684
mainly Net result for the year (-€40,503) and Debts after one year (-€8,428)
- Receivables within one year +€1,680
up €1,680 (+19.2%), from €8,762 to €10,441
of which Other amounts receivable: +€5,008
- Profit (loss) carried forward -€40,503
down €40,503 (-3,015%), from -€1,344 to -€41,847
- Tax, wage and social debts +€24,775
up €24,775 (+157%), from €15,786 to €40,561
of which Remuneration and social security: +€18,770
- Trade debts +€9,874
up €9,874 (+22.0%), from €44,789 to €54,664
- Debts after one year -€8,428
down €8,428 (-40.0%), from €21,072 to €12,643
- Current portion of long-term debt +€1,276
up €1,276 (+23.4%), from €5,461 to €6,737
- Staff costs +€27,705
up €27,705 (+64.7%), from €42,836 to €70,541
- Gross operating margin -€6,850
down €6,850 (-12.9%), from €53,267 to €46,417
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 | €93,415 | €81,389 | -€12,025 | -12.9% |
| Fixed assets | 21/28 | €42,616 | €33,129 | -€9,487 | -22.3% |
| Tangible fixed assets | 22/27 | €42,616 | €33,129 | -€9,487 | -22.3% |
| Leasing and similar rights | 25 | €32,193 | €24,088 | -€8,104 | -25.2% |
| Other tangible fixed assets | 26 | €10,423 | €9,040 | -€1,383 | -13.3% |
| Current assets | 29/58 | €50,799 | €48,260 | -€2,539 | -5.0% |
| Stocks and contracts in progress | 3 | €37,654 | €32,650 | -€5,004 | -13.3% |
| Stocks | 30/36 | €37,654 | €32,650 | -€5,004 | -13.3% |
| Amounts receivable within one year | 40/41 | €8,762 | €10,441 | +€1,680 | +19.2% |
| Trade receivables | 40 | €5,587 | €2,258 | -€3,328 | -59.6% |
| Other amounts receivable | 41 | €3,175 | €8,183 | +€5,008 | +158% |
| Cash at bank and in hand | 54/58 | €4,384 | €2,684 | -€1,699 | -38.8% |
| Deferred charges and accrued income | 490/1 | - | €2,485 | +€2,485 | |
| Total equity and liabilities | 10/49 | €93,415 | €81,389 | -€12,025 | -12.9% |
| Equity | 10/15 | €4,856 | -€35,647 | -€40,503 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,344 | -€41,847 | -€40,503 | -3,015% |
| Amounts payable | 17/49 | €88,558 | €117,036 | +€28,478 | +32.2% |
| Amounts payable after more than one year | 17 | €21,072 | €12,643 | -€8,428 | -40.0% |
| Financial debts | 170/4 | €21,072 | €12,643 | -€8,428 | -40.0% |
| Amounts payable within one year | 42/48 | €66,136 | €102,773 | +€36,638 | +55.4% |
| Current portion of amounts payable after more than one year | 42 | €5,461 | €6,737 | +€1,276 | +23.4% |
| Trade debts | 44 | €44,789 | €54,664 | +€9,874 | +22.0% |
| Suppliers | 440/4 | €44,789 | €54,664 | +€9,874 | +22.0% |
| Taxes, remuneration and social security | 45 | €15,786 | €40,561 | +€24,775 | +157% |
| Taxes | 450/3 | €3,962 | €9,968 | +€6,005 | +152% |
| Remuneration and social security | 454/9 | €11,824 | €30,594 | +€18,770 | +159% |
| Other amounts payable | 47/48 | €100 | €811 | +€712 | +713% |
| Accrued charges and deferred income | 492/3 | €1,351 | €1,619 | +€268 | +19.9% |
| Remuneration, social security and pensions | 62 | €42,836 | €70,541 | +€27,705 | +64.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,487 | €9,487 | = | 0.0% |
| Other operating charges | 640/8 | €4,290 | €4,818 | +€528 | +12.3% |
| Gross operating margin | 9900 | €53,267 | €46,417 | -€6,850 | -12.9% |
| Operating profit (loss) | 9901 | -€3,345 | -€38,429 | -€35,083 | -1,049% |
| Financial income | 75/76B | €0 | €5 | +€5 | +4,770% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +4,770% |
| Financial charges | 65/66B | €2,358 | €2,079 | -€279 | -11.8% |
| Recurring financial charges | 65 | €2,358 | €2,079 | -€279 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,703 | -€40,503 | -€34,800 | -610% |
| Profit (loss) for the period | 9904 | -€5,703 | -€40,503 | -€34,800 | -610% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,703 | -€40,503 | -€34,800 | -610% |
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 28 October 2026 via checked.be.