SB-PROJECT: 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.
SB-PROJECT
Largest movements
- Financial fixed assets +€160,000
new in 2025: €160,000
- Tangible fixed assets +€26,429
up €26,429 (+26.9%), from €98,068 to €124,497
of which Leasing and similar rights: +€51,662
- Receivables within one year +€9,900
up €9,900 (+15.1%), from €65,366 to €75,266
of which Trade receivables: +€11,900
- Cash +€3,959
up €3,959 (+15.4%), from €25,651 to €29,610
mainly Debts after one year (+€110,390) and Trade debts (+€39,093)
- Debts after one year +€110,390
up €110,390 (+345%), from €32,024 to €142,415
- Trade debts +€39,093
up €39,093 (+1,456%), from €2,685 to €41,778
- Current portion of long-term debt +€25,997
up €25,997 (+120%), from €21,665 to €47,663
- Reserves +€22,639
up €22,639 (+21.8%), from €103,832 to €126,471
- Gross operating margin +€18,597
up €18,597 (+31.1%), from €59,862 to €78,459
- Taxes +€5,458
up €5,458 (+96.8%), from €5,636 to €11,094
- Depreciation +€3,095
up €3,095 (+9.3%), from €33,172 to €36,268
- Financial charges +€2,584
up €2,584 (+78.6%), from €3,285 to €5,869
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 | €189,085 | €389,373 | +€200,288 | +106% |
| Fixed assets | 21/28 | €98,068 | €284,497 | +€186,429 | +190% |
| Tangible fixed assets | 22/27 | €98,068 | €124,497 | +€26,429 | +26.9% |
| Land and buildings | 22 | €5,317 | €4,275 | -€1,042 | -19.6% |
| Plant, machinery and equipment | 23 | €25,321 | €16,572 | -€8,749 | -34.6% |
| Furniture and vehicles | 24 | €56,534 | €42,050 | -€14,484 | -25.6% |
| Leasing and similar rights | 25 | €9,937 | €61,600 | +€51,662 | +520% |
| Other tangible fixed assets | 26 | €958 | €0 | -€958 | -100% |
| Financial fixed assets | 28 | - | €160,000 | +€160,000 | |
| Current assets | 29/58 | €91,017 | €104,876 | +€13,859 | +15.2% |
| Amounts receivable within one year | 40/41 | €65,366 | €75,266 | +€9,900 | +15.1% |
| Trade receivables | 40 | €30,002 | €41,902 | +€11,900 | +39.7% |
| Other amounts receivable | 41 | €35,364 | €33,364 | -€2,000 | -5.7% |
| Cash at bank and in hand | 54/58 | €25,651 | €29,610 | +€3,959 | +15.4% |
| Total equity and liabilities | 10/49 | €189,085 | €389,373 | +€200,288 | +106% |
| Equity | 10/15 | €108,832 | €131,471 | +€22,639 | +20.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €103,832 | €126,471 | +€22,639 | +21.8% |
| Distributable reserves | 133 | €103,832 | €126,471 | +€22,639 | +21.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €80,253 | €257,902 | +€177,649 | +221% |
| Amounts payable after more than one year | 17 | €32,024 | €142,415 | +€110,390 | +345% |
| Financial debts | 170/4 | €32,024 | €142,415 | +€110,390 | +345% |
| Amounts payable within one year | 42/48 | €47,606 | €113,066 | +€65,461 | +138% |
| Current portion of amounts payable after more than one year | 42 | €21,665 | €47,663 | +€25,997 | +120% |
| Trade debts | 44 | €2,685 | €41,778 | +€39,093 | +1,456% |
| Suppliers | 440/4 | €2,685 | €41,778 | +€39,093 | +1,456% |
| Taxes, remuneration and social security | 45 | €13,263 | €11,554 | -€1,710 | -12.9% |
| Taxes | 450/3 | €11,263 | €11,554 | +€290 | +2.6% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | €9,992 | €12,072 | +€2,080 | +20.8% |
| Accrued charges and deferred income | 492/3 | €623 | €2,421 | +€1,798 | +289% |
| Non-recurring operating income | 76A | - | €4,870 | +€4,870 | |
| Remuneration, social security and pensions | 62 | €185 | €0 | -€185 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,172 | €36,268 | +€3,095 | +9.3% |
| Other operating charges | 640/8 | €1,049 | €1,757 | +€707 | +67.4% |
| Gross operating margin | 9900 | €59,862 | €78,459 | +€18,597 | +31.1% |
| Operating profit (loss) | 9901 | €25,455 | €40,434 | +€14,979 | +58.8% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100% |
| Financial charges | 65/66B | €3,285 | €5,869 | +€2,584 | +78.6% |
| Recurring financial charges | 65 | €3,285 | €5,869 | +€2,584 | +78.6% |
| Profit (loss) for the period before taxes | 9903 | €22,174 | €34,566 | +€12,391 | +55.9% |
| Income taxes | 67/77 | €5,636 | €11,094 | +€5,458 | +96.8% |
| Profit (loss) for the period | 9904 | €16,538 | €23,472 | +€6,934 | +41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,538 | €23,472 | +€6,934 | +41.9% |
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 18 October 2026 via checked.be.