SB429: 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.
SB429
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+378%), from €361,624 to €1.7m
of which Land and buildings: +€983,622
- Cash -€50,172
down €50,172 (-75.6%), from €66,395 to €16,223
mainly Investment in fixed assets (net) (-€1.5m) and Receivables within one year (-€836)
- Debts after one year +€842,244
up €842,244 (+295%), from €285,780 to €1.1m
- Other debts +€316,000
up €316,000 (+564%), from €56,000 to €372,000
- Tax, wage and social debts +€53,683
up €53,683 (+360%), from €14,909 to €68,592
of which Remuneration and social security: +€28,683
- Current portion of long-term debt +€44,481
up €44,481 (+135%), from €33,059 to €77,540
- Trade debts +€38,462
up €38,462 (+7,148%), from €538 to €39,000
- Gross operating margin +€100,531
up €100,531 (+109%), from €91,837 to €192,368
- Depreciation +€59,832
up €59,832 (+235%), from €25,509 to €85,341
- Staff costs +€38,067
new in 2025: €38,067
- Financial charges +€23,208
up €23,208 (+603%), from €3,847 to €27,055
- Taxes -€3,755
down €3,755 (-28.6%), from €13,142 to €9,387
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 | €489,750 | €1,812,731 | +€1.3m | +270% |
| Fixed assets | 21/28 | €361,624 | €1,733,942 | +€1.4m | +379% |
| Intangible fixed assets | 21 | - | €6,237 | +€6,237 | |
| Tangible fixed assets | 22/27 | €361,624 | €1,727,705 | +€1.4m | +378% |
| Land and buildings | 22 | €360,681 | €1,344,303 | +€983,622 | +273% |
| Plant, machinery and equipment | 23 | €943 | €205,993 | +€205,051 | +21,754% |
| Furniture and vehicles | 24 | - | €177,409 | +€177,409 | |
| Current assets | 29/58 | €128,126 | €78,789 | -€49,336 | -38.5% |
| Amounts receivable within one year | 40/41 | €61,731 | €62,566 | +€836 | +1.4% |
| Trade receivables | 40 | €7,976 | €7,175 | -€802 | -10.1% |
| Other amounts receivable | 41 | €53,754 | €55,392 | +€1,638 | +3.0% |
| Cash at bank and in hand | 54/58 | €66,395 | €16,223 | -€50,172 | -75.6% |
| Total equity and liabilities | 10/49 | €489,750 | €1,812,731 | +€1.3m | +270% |
| Equity | 10/15 | €98,253 | €126,365 | +€28,112 | +28.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,253 | €116,365 | +€28,112 | +31.9% |
| Amounts payable | 17/49 | €391,497 | €1,686,367 | +€1.3m | +331% |
| Amounts payable after more than one year | 17 | €285,780 | €1,128,024 | +€842,244 | +295% |
| Financial debts | 170/4 | €285,780 | €1,128,024 | +€842,244 | +295% |
| Amounts payable within one year | 42/48 | €105,717 | €558,343 | +€452,626 | +428% |
| Current portion of amounts payable after more than one year | 42 | €33,059 | €77,540 | +€44,481 | +135% |
| Trade debts | 44 | €538 | €39,000 | +€38,462 | +7,148% |
| Suppliers | 440/4 | €538 | €39,000 | +€38,462 | +7,148% |
| Advances received on contracts in progress | 46 | €1,210 | €1,210 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €14,909 | €68,592 | +€53,683 | +360% |
| Taxes | 450/3 | €14,909 | €39,909 | +€24,999 | +168% |
| Remuneration and social security | 454/9 | - | €28,683 | +€28,683 | |
| Other amounts payable | 47/48 | €56,000 | €372,000 | +€316,000 | +564% |
| Remuneration, social security and pensions | 62 | - | €38,067 | +€38,067 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,509 | €85,341 | +€59,832 | +235% |
| Other operating charges | 640/8 | €2,196 | €5,208 | +€3,012 | +137% |
| Gross operating margin | 9900 | €91,837 | €192,368 | +€100,531 | +109% |
| Operating profit (loss) | 9901 | €64,132 | €63,752 | -€381 | -0.6% |
| Financial income | 75/76B | - | €803 | +€803 | |
| Recurring financial income | 75 | - | €803 | +€803 | |
| Financial charges | 65/66B | €3,847 | €27,055 | +€23,208 | +603% |
| Recurring financial charges | 65 | €3,847 | €27,055 | +€23,208 | +603% |
| Profit (loss) for the period before taxes | 9903 | €60,285 | €37,499 | -€22,785 | -37.8% |
| Income taxes | 67/77 | €13,142 | €9,387 | -€3,755 | -28.6% |
| Profit (loss) for the period | 9904 | €47,143 | €28,112 | -€19,031 | -40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,143 | €28,112 | -€19,031 | -40.4% |
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 14 October 2026 via checked.be.