SB PROJECTS: 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 PROJECTS
Largest movements
- Cash -€92,495
down €92,495 (-80.9%), from €114,303 to €21,809
mainly Net result for the year (-€272,124) and Trade debts (-€83,027)
- Receivables within one year +€35,519
up €35,519 (+20.8%), from €170,396 to €205,915
of which Trade receivables: +€68,730
- Stocks and contracts -€10,123
down €10,123 (-10.9%), from €92,623 to €82,500
of which Contracts in progress: -€10,123
- Profit (loss) carried forward -€218,533
down €218,533, from €122,300 to -€96,232
- Debts after one year +€135,774
up €135,774 (+7,086%), from €1,916 to €137,690
- Short-term financial debts +€86,667
up €86,667 (+650%), from €13,333 to €100,000
- Trade debts -€83,027
down €83,027 (-25.9%), from €320,461 to €237,434
- Current portion of long-term debt +€35,490
up €35,490 (+824%), from €4,306 to €39,795
- Gross operating margin -€345,511
down €345,511 (-78.3%), from €440,992 to €95,481
- Staff costs -€140,499
down €140,499 (-36.7%), from €382,687 to €242,188
- Other operating charges +€43,690
up €43,690 (+241%), from €18,101 to €61,791
- Taxes +€18,031
up €18,031 (+248%), from €7,263 to €25,294
- Financial charges +€11,457
up €11,457 (+129%), from €8,858 to €20,315
of which Financial charges: +€11,957
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 | €582,785 | €509,684 | -€73,101 | -12.5% |
| Fixed assets | 21/28 | €157,463 | €154,460 | -€3,003 | -1.9% |
| Tangible fixed assets | 22/27 | €157,328 | €154,325 | -€3,003 | -1.9% |
| Plant, machinery and equipment | 23 | €799 | €0 | -€799 | -100% |
| Furniture and vehicles | 24 | €33,824 | €25,874 | -€7,950 | -23.5% |
| Other tangible fixed assets | 26 | €122,705 | €128,451 | +€5,747 | +4.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €425,322 | €355,224 | -€70,099 | -16.5% |
| Amounts receivable after more than one year | 29 | €48,000 | €45,000 | -€3,000 | -6.3% |
| Other amounts receivable | 291 | €48,000 | €45,000 | -€3,000 | -6.3% |
| Stocks and contracts in progress | 3 | €92,623 | €82,500 | -€10,123 | -10.9% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Contracts in progress | 37 | €90,123 | €80,000 | -€10,123 | -11.2% |
| Amounts receivable within one year | 40/41 | €170,396 | €205,915 | +€35,519 | +20.8% |
| Trade receivables | 40 | €70,448 | €139,178 | +€68,730 | +97.6% |
| Other amounts receivable | 41 | €99,948 | €66,738 | -€33,210 | -33.2% |
| Cash at bank and in hand | 54/58 | €114,303 | €21,809 | -€92,495 | -80.9% |
| Total equity and liabilities | 10/49 | €582,785 | €509,684 | -€73,101 | -12.5% |
| Equity | 10/15 | €194,952 | -€23,580 | -€218,533 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €54,102 | €54,102 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €52,247 | €52,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | €122,300 | -€96,232 | -€218,533 | |
| Amounts payable | 17/49 | €387,832 | €533,264 | +€145,431 | +37.5% |
| Amounts payable after more than one year | 17 | €1,916 | €137,690 | +€135,774 | +7,086% |
| Financial debts | 170/4 | €1,916 | €137,690 | +€135,774 | +7,086% |
| Amounts payable within one year | 42/48 | €385,916 | €395,573 | +€9,657 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €4,306 | €39,795 | +€35,490 | +824% |
| Financial debts | 43 | €13,333 | €100,000 | +€86,667 | +650% |
| Credit institutions | 430/8 | €13,333 | €100,000 | +€86,667 | +650% |
| Trade debts | 44 | €320,461 | €237,434 | -€83,027 | -25.9% |
| Suppliers | 440/4 | €320,461 | €237,434 | -€83,027 | -25.9% |
| Taxes, remuneration and social security | 45 | €28,891 | €8,355 | -€20,537 | -71.1% |
| Taxes | 450/3 | €15,460 | €1,355 | -€14,105 | -91.2% |
| Remuneration and social security | 454/9 | €13,432 | €7,000 | -€6,432 | -47.9% |
| Other amounts payable | 47/48 | €18,925 | €9,990 | -€8,935 | -47.2% |
| Non-recurring operating income | 76A | €20,215 | €0 | -€20,215 | -100% |
| Remuneration, social security and pensions | 62 | €382,687 | €242,188 | -€140,499 | -36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,920 | €21,537 | -€3,383 | -13.6% |
| Other operating charges | 640/8 | €18,101 | €61,791 | +€43,690 | +241% |
| Gross operating margin | 9900 | €440,992 | €95,481 | -€345,511 | -78.3% |
| Operating profit (loss) | 9901 | €15,283 | -€230,036 | -€245,319 | |
| Financial income | 75/76B | €1,069 | €3,521 | +€2,452 | +229% |
| Recurring financial income | 75 | €1,069 | €3,521 | +€2,452 | +229% |
| Financial charges | 65/66B | €8,858 | €20,315 | +€11,457 | +129% |
| Recurring financial charges | 65 | €8,358 | €20,315 | +€11,957 | +143% |
| Non-recurring financial charges | 66B | €500 | €0 | -€500 | -100% |
| Profit (loss) for the period before taxes | 9903 | €7,494 | -€246,830 | -€254,324 | |
| Income taxes | 67/77 | €7,263 | €25,294 | +€18,031 | +248% |
| Profit (loss) for the period | 9904 | €231 | -€272,124 | -€272,355 | |
| Profit (loss) for the period to be appropriated | 9905 | €231 | -€272,124 | -€272,355 |
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 21 October 2026 via checked.be.