SBAJJA: what changed
SBAJJA
Largest movements
- Tangible fixed assets +€4,797
up €4,797 (+37.2%), from €12,880 to €17,677
of which Plant, machinery and equipment: +€4,972
- Stocks and contracts +€4,420
up €4,420 (+38.6%), from €11,450 to €15,870
- Cash -€4,244
down €4,244 (-26.3%), from €16,113 to €11,870
mainly Other debts (-€9,991) and Investment in fixed assets (net) (-€7,438)
- Intangible fixed assets -€845
no longer reported in 2025 (was €845)
- Formation expenses +€603
new in 2025: €603
- Reserves +€33,601
new in 2025: €33,601
- Profit (loss) carried forward -€21,105
no longer reported in 2025 (was €21,105)
- Other debts -€9,991
down €9,991 (-87.4%), from €11,434 to €1,443
- Tax, wage and social debts +€1,859
up €1,859 (+22.4%), from €8,291 to €10,150
of which Taxes: +€1,859
- Gross operating margin -€10,486
down €10,486 (-29.3%), from €35,744 to €25,258
- Staff costs -€1,304
down €1,304 (-18.3%), from €7,124 to €5,820
- Taxes -€1,122
down €1,122 (-26.4%), from €4,246 to €3,124
- Depreciation +€402
up €402 (+16.2%), from €2,481 to €2,883
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,735 | €47,226 | +€4,491 | +10.5% |
| Formation expenses | 20 | - | €603 | +€603 | |
| Fixed assets | 21/28 | €13,725 | €17,677 | +€3,952 | +28.8% |
| Intangible fixed assets | 21 | €845 | - | -€845 | |
| Tangible fixed assets | 22/27 | €12,880 | €17,677 | +€4,797 | +37.2% |
| Plant, machinery and equipment | 23 | €11,272 | €16,244 | +€4,972 | +44.1% |
| Other tangible fixed assets | 26 | €1,608 | €1,433 | -€175 | -10.9% |
| Current assets | 29/58 | €29,010 | €28,946 | -€64 | -0.2% |
| Stocks and contracts in progress | 3 | €11,450 | €15,870 | +€4,420 | +38.6% |
| Stocks | 30/36 | €11,450 | €15,870 | +€4,420 | +38.6% |
| Amounts receivable within one year | 40/41 | €1,253 | €1,206 | -€47 | -3.7% |
| Trade receivables | 40 | €1,253 | €1,206 | -€47 | -3.7% |
| Cash at bank and in hand | 54/58 | €16,113 | €11,870 | -€4,244 | -26.3% |
| Deferred charges and accrued income | 490/1 | €193 | - | -€193 | |
| Total equity and liabilities | 10/49 | €42,735 | €47,226 | +€4,491 | +10.5% |
| Equity | 10/15 | €22,605 | €35,101 | +€12,496 | +55.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | - | €33,601 | +€33,601 | |
| Distributable reserves | 133 | - | €33,601 | +€33,601 | |
| Profit (loss) carried forward | 14 | €21,105 | - | -€21,105 | |
| Amounts payable | 17/49 | €20,130 | €12,125 | -€8,005 | -39.8% |
| Amounts payable within one year | 42/48 | €20,130 | €12,125 | -€8,005 | -39.8% |
| Trade debts | 44 | €406 | €532 | +€127 | +31.2% |
| Suppliers | 440/4 | €406 | €532 | +€127 | +31.2% |
| Taxes, remuneration and social security | 45 | €8,291 | €10,150 | +€1,859 | +22.4% |
| Taxes | 450/3 | €8,243 | €10,102 | +€1,859 | +22.6% |
| Remuneration and social security | 454/9 | €48 | €48 | = | 0.0% |
| Other amounts payable | 47/48 | €11,434 | €1,443 | -€9,991 | -87.4% |
| Remuneration, social security and pensions | 62 | €7,124 | €5,820 | -€1,304 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,481 | €2,883 | +€402 | +16.2% |
| Other operating charges | 640/8 | - | €319 | +€319 | |
| Gross operating margin | 9900 | €35,744 | €25,258 | -€10,486 | -29.3% |
| Operating profit (loss) | 9901 | €26,139 | €16,236 | -€9,903 | -37.9% |
| Financial income | 75/76B | €40 | €16 | -€24 | -60.4% |
| Recurring financial income | 75 | €40 | €16 | -€24 | -60.4% |
| Financial charges | 65/66B | €828 | €632 | -€196 | -23.7% |
| Recurring financial charges | 65 | €828 | €632 | -€196 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €25,351 | €15,620 | -€9,731 | -38.4% |
| Income taxes | 67/77 | €4,246 | €3,124 | -€1,122 | -26.4% |
| Profit (loss) for the period | 9904 | €21,105 | €12,496 | -€8,608 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,105 | €12,496 | -€8,608 | -40.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.