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
- Tangible fixed assets -€114,497
down €114,497 (-4.0%), from €2.9m to €2.8m
of which Land and buildings: -€88,021
- Cash -€53,781
down €53,781 (-14.0%), from €384,622 to €330,841
mainly Net result for the year (-€156,485) and Trade debts (-€19,703)
- Profit (loss) carried forward -€156,485
down €156,485 (-44.1%), from -€355,107 to -€511,592
- Financial charges +€19,898
up €19,898 (+94.1%), from -€21,139 to -€1,241
- Depreciation -€7,064
down €7,064 (-5.8%), from €121,561 to €114,497
- Other operating charges -€6,514
down €6,514 (-31.2%), from €20,867 to €14,354
- Gross operating margin -€3,016
down €3,016 (-8.7%), from -€34,596 to -€37,612
- Financial income +€1,469
up €1,469 (+19.4%), from €7,590 to €9,059
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 | €3,532,957 | €3,357,887 | -€175,070 | -5.0% |
| Fixed assets | 21/28 | €2,887,868 | €2,773,370 | -€114,497 | -4.0% |
| Tangible fixed assets | 22/27 | €2,887,868 | €2,773,370 | -€114,497 | -4.0% |
| Land and buildings | 22 | €2,825,832 | €2,737,811 | -€88,021 | -3.1% |
| Plant, machinery and equipment | 23 | €56,853 | €35,266 | -€21,587 | -38.0% |
| Furniture and vehicles | 24 | €5,183 | €294 | -€4,889 | -94.3% |
| Current assets | 29/58 | €645,089 | €584,516 | -€60,573 | -9.4% |
| Amounts receivable within one year | 40/41 | €9,490 | €7,207 | -€2,283 | -24.1% |
| Trade receivables | 40 | €0 | €1,230 | +€1,230 | |
| Other amounts receivable | 41 | €9,490 | €5,977 | -€3,513 | -37.0% |
| Current investments | 50/53 | €248,915 | €244,448 | -€4,467 | -1.8% |
| Cash at bank and in hand | 54/58 | €384,622 | €330,841 | -€53,781 | -14.0% |
| Deferred charges and accrued income | 490/1 | €2,063 | €2,020 | -€42 | -2.1% |
| Total equity and liabilities | 10/49 | €3,532,957 | €3,357,887 | -€175,070 | -5.0% |
| Equity | 10/15 | €2,837,651 | €2,681,165 | -€156,485 | -5.5% |
| Contributions | 10/11 | €345,000 | €345,000 | = | 0.0% |
| Reserves | 13 | €2,847,757 | €2,847,757 | = | 0.0% |
| Distributable reserves | 133 | €2,847,757 | €2,847,757 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€355,107 | -€511,592 | -€156,485 | -44.1% |
| Amounts payable | 17/49 | €695,306 | €676,721 | -€18,585 | -2.7% |
| Amounts payable within one year | 42/48 | €695,306 | €676,721 | -€18,585 | -2.7% |
| Trade debts | 44 | €20,388 | €685 | -€19,703 | -96.6% |
| Suppliers | 440/4 | €20,388 | €685 | -€19,703 | -96.6% |
| Advances received on contracts in progress | 46 | - | €1,397 | +€1,397 | |
| Other amounts payable | 47/48 | €674,918 | €674,639 | -€279 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,561 | €114,497 | -€7,064 | -5.8% |
| Other operating charges | 640/8 | €20,867 | €14,354 | -€6,514 | -31.2% |
| Gross operating margin | 9900 | -€34,596 | -€37,612 | -€3,016 | -8.7% |
| Operating profit (loss) | 9901 | -€177,025 | -€166,463 | +€10,562 | +6.0% |
| Financial income | 75/76B | €7,590 | €9,059 | +€1,469 | +19.4% |
| Recurring financial income | 75 | €7,590 | €9,059 | +€1,469 | +19.4% |
| Financial charges | 65/66B | -€21,139 | -€1,241 | +€19,898 | +94.1% |
| Recurring financial charges | 65 | -€21,139 | -€1,241 | +€19,898 | +94.1% |
| Profit (loss) for the period before taxes | 9903 | -€148,296 | -€156,163 | -€7,867 | -5.3% |
| Income taxes | 67/77 | €269 | €322 | +€53 | +19.6% |
| Profit (loss) for the period | 9904 | -€148,566 | -€156,485 | -€7,920 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€148,566 | -€156,485 | -€7,920 | -5.3% |
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 10 October 2026 via checked.be.