SBCO: 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.
SBCO
Largest movements
- Financial fixed assets -€446,715
down €446,715 (-27.1%), from €1.7m to €1.2m
- Stocks and contracts +€279,534
new in 2025: €279,534
- Receivables within one year +€75,059
up €75,059 (+129%), from €58,333 to €133,392
of which Trade receivables: +€56,465
- Cash -€65,136
down €65,136 (-75.0%), from €86,839 to €21,703
mainly Stocks and contracts (-€279,534) and Other debts (-€122,392)
- Receivables after one year +€49,472
up €49,472 (+4,547%), from €1,088 to €50,560
- Other debts -€122,392
down €122,392 (-6.5%), from €1.9m to €1.7m
- Trade debts +€109,606
up €109,606 (+480%), from €22,820 to €132,426
- Profit (loss) carried forward -€50,434
new in 2025: -€50,434
- Advances received +€24,995
new in 2025: €24,995
- Gross operating margin -€76,371
down €76,371, from €66,308 to -€10,062
- Taxes -€16,061
down €16,061, from €15,605 to -€455
- Financial income -€8,718
down €8,718 (-83.3%), from €10,466 to €1,749
- Depreciation +€7,695
up €7,695 (+24.1%), from €31,884 to €39,579
- Financial charges -€1,288
down €1,288 (-39.0%), from €3,300 to €2,012
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 | €2,065,074 | €2,031,353 | -€33,721 | -1.6% |
| Fixed assets | 21/28 | €1,787,610 | €1,389,535 | -€398,075 | -22.3% |
| Intangible fixed assets | 21 | - | €44,167 | +€44,167 | |
| Tangible fixed assets | 22/27 | €137,610 | €142,083 | +€4,472 | +3.2% |
| Plant, machinery and equipment | 23 | €7,346 | €23,763 | +€16,416 | +223% |
| Furniture and vehicles | 24 | €87,015 | €65,527 | -€21,488 | -24.7% |
| Other tangible fixed assets | 26 | €43,249 | €52,793 | +€9,544 | +22.1% |
| Financial fixed assets | 28 | €1,650,000 | €1,203,285 | -€446,715 | -27.1% |
| Current assets | 29/58 | €277,464 | €641,818 | +€364,355 | +131% |
| Amounts receivable after more than one year | 29 | €1,088 | €50,560 | +€49,472 | +4,547% |
| Other amounts receivable | 291 | €1,088 | €50,560 | +€49,472 | +4,547% |
| Stocks and contracts in progress | 3 | - | €279,534 | +€279,534 | |
| Stocks | 30/36 | - | €279,534 | +€279,534 | |
| Amounts receivable within one year | 40/41 | €58,333 | €133,392 | +€75,059 | +129% |
| Trade receivables | 40 | €50,467 | €106,931 | +€56,465 | +112% |
| Other amounts receivable | 41 | €7,867 | €26,461 | +€18,594 | +236% |
| Current investments | 50/53 | €129,112 | €153,972 | +€24,861 | +19.3% |
| Cash at bank and in hand | 54/58 | €86,839 | €21,703 | -€65,136 | -75.0% |
| Deferred charges and accrued income | 490/1 | €2,092 | €2,657 | +€565 | +27.0% |
| Total equity and liabilities | 10/49 | €2,065,074 | €2,031,353 | -€33,721 | -1.6% |
| Equity | 10/15 | €168,700 | €118,266 | -€50,434 | -29.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €150,100 | €150,100 | = | 0.0% |
| Distributable reserves | 133 | €150,100 | €150,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€50,434 | -€50,434 | |
| Amounts payable | 17/49 | €1,896,374 | €1,913,087 | +€16,714 | +0.9% |
| Amounts payable within one year | 42/48 | €1,896,374 | €1,913,087 | +€16,714 | +0.9% |
| Trade debts | 44 | €22,820 | €132,426 | +€109,606 | +480% |
| Suppliers | 440/4 | €22,820 | €132,426 | +€109,606 | +480% |
| Advances received on contracts in progress | 46 | - | €24,995 | +€24,995 | |
| Taxes, remuneration and social security | 45 | €1,895 | €6,400 | +€4,505 | +238% |
| Taxes | 450/3 | €1,895 | €6,400 | +€4,505 | +238% |
| Other amounts payable | 47/48 | €1,871,659 | €1,749,266 | -€122,392 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,884 | €39,579 | +€7,695 | +24.1% |
| Other operating charges | 640/8 | €1,410 | €986 | -€424 | -30.1% |
| Gross operating margin | 9900 | €66,308 | -€10,062 | -€76,371 | |
| Operating profit (loss) | 9901 | €33,015 | -€50,627 | -€83,642 | |
| Financial income | 75/76B | €10,466 | €1,749 | -€8,718 | -83.3% |
| Recurring financial income | 75 | €10,466 | €1,749 | -€8,718 | -83.3% |
| Financial charges | 65/66B | €3,300 | €2,012 | -€1,288 | -39.0% |
| Recurring financial charges | 65 | €3,300 | €2,012 | -€1,288 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €40,182 | -€50,890 | -€91,071 | |
| Income taxes | 67/77 | €15,605 | -€455 | -€16,061 | |
| Profit (loss) for the period | 9904 | €24,576 | -€50,434 | -€75,011 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,576 | -€50,434 | -€75,011 |
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 19 October 2026 via checked.be.