SBCW: 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.
SBCW
Largest movements
- Financial fixed assets +€1.3m
up €1.3m (+29,320%), from €4,393 to €1.3m
- Cash -€144,292
down €144,292 (-75.9%), from €190,075 to €45,783
mainly Investment in fixed assets (net) (-€1.4m) and Receivables within one year (-€29,449)
- Tangible fixed assets +€83,812
up €83,812 (+116%), from €72,413 to €156,224
of which Other tangible fixed assets: +€100,548
- Receivables within one year +€29,449
up €29,449 (+10.3%), from €287,265 to €316,714
of which Trade receivables: +€18,719
- Deferred charges and accrued income +€25,609
up €25,609, from €0 to €25,609
- Debts after one year +€740,145
up €740,145 (+333%), from €222,438 to €962,583
- Current portion of long-term debt +€150,164
up €150,164 (+211%), from €71,104 to €221,268
- Short-term financial debts +€100,058
up €100,058 (+594%), from €16,848 to €116,906
- Other debts +€98,000
up €98,000, from €0 to €98,000
- Reserves +€92,078
up €92,078 (+14.1%), from €653,254 to €745,333
of which Distributable reserves: +€92,078
- Gross operating margin +€68,543
up €68,543 (+14.0%), from €488,809 to €557,352
- Financial charges +€33,013
up €33,013 (+265%), from €12,477 to €45,490
- Write-downs +€30,646
up €30,646 (+32.8%), from €93,358 to €124,004
- Staff costs +€21,309
up €21,309 (+11.2%), from €189,961 to €211,270
- Depreciation +€10,518
up €10,518 (+34.1%), from €30,811 to €41,328
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 | €1,153,741 | €2,427,199 | +€1.3m | +110% |
| Fixed assets | 21/28 | €76,806 | €1,448,627 | +€1.4m | +1,786% |
| Tangible fixed assets | 22/27 | €72,413 | €156,224 | +€83,812 | +116% |
| Plant, machinery and equipment | 23 | €17,360 | €13,443 | -€3,917 | -22.6% |
| Furniture and vehicles | 24 | €55,053 | €42,234 | -€12,819 | -23.3% |
| Other tangible fixed assets | 26 | - | €100,548 | +€100,548 | |
| Financial fixed assets | 28 | €4,393 | €1,292,403 | +€1.3m | +29,320% |
| Current assets | 29/58 | €1,076,935 | €978,572 | -€98,363 | -9.1% |
| Stocks and contracts in progress | 3 | €599,595 | €590,465 | -€9,130 | -1.5% |
| Stocks | 30/36 | €599,595 | €590,465 | -€9,130 | -1.5% |
| Amounts receivable within one year | 40/41 | €287,265 | €316,714 | +€29,449 | +10.3% |
| Trade receivables | 40 | €229,921 | €248,639 | +€18,719 | +8.1% |
| Other amounts receivable | 41 | €57,344 | €68,074 | +€10,731 | +18.7% |
| Cash at bank and in hand | 54/58 | €190,075 | €45,783 | -€144,292 | -75.9% |
| Deferred charges and accrued income | 490/1 | €0 | €25,609 | +€25,609 | |
| Total equity and liabilities | 10/49 | €1,153,741 | €2,427,199 | +€1.3m | +110% |
| Equity | 10/15 | €728,254 | €820,333 | +€92,078 | +12.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €653,254 | €745,333 | +€92,078 | +14.1% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €645,754 | €737,833 | +€92,078 | +14.3% |
| Amounts payable | 17/49 | €425,487 | €1,606,867 | +€1.2m | +278% |
| Amounts payable after more than one year | 17 | €222,438 | €962,583 | +€740,145 | +333% |
| Financial debts | 170/4 | €222,438 | €962,583 | +€740,145 | +333% |
| Amounts payable within one year | 42/48 | €203,049 | €642,549 | +€439,500 | +216% |
| Current portion of amounts payable after more than one year | 42 | €71,104 | €221,268 | +€150,164 | +211% |
| Financial debts | 43 | €16,848 | €116,906 | +€100,058 | +594% |
| Credit institutions | 430/8 | €16,848 | €116,906 | +€100,058 | +594% |
| Trade debts | 44 | €58,591 | €143,213 | +€84,622 | +144% |
| Suppliers | 440/4 | €58,591 | €143,213 | +€84,622 | +144% |
| Taxes, remuneration and social security | 45 | €56,506 | €63,161 | +€6,656 | +11.8% |
| Taxes | 450/3 | €25,143 | €25,610 | +€467 | +1.9% |
| Remuneration and social security | 454/9 | €31,362 | €37,551 | +€6,189 | +19.7% |
| Other amounts payable | 47/48 | €0 | €98,000 | +€98,000 | |
| Accrued charges and deferred income | 492/3 | - | €1,735 | +€1,735 | |
| Remuneration, social security and pensions | 62 | €189,961 | €211,270 | +€21,309 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,811 | €41,328 | +€10,518 | +34.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €93,358 | €124,004 | +€30,646 | +32.8% |
| Other operating charges | 640/8 | €1,955 | €585 | -€1,370 | -70.1% |
| Gross operating margin | 9900 | €488,809 | €557,352 | +€68,543 | +14.0% |
| Operating profit (loss) | 9901 | €172,724 | €180,164 | +€7,440 | +4.3% |
| Financial income | 75/76B | €2,159 | €2,457 | +€299 | +13.8% |
| Recurring financial income | 75 | €2,159 | €2,457 | +€299 | +13.8% |
| Financial charges | 65/66B | €12,477 | €45,490 | +€33,013 | +265% |
| Recurring financial charges | 65 | €12,477 | €45,490 | +€33,013 | +265% |
| Profit (loss) for the period before taxes | 9903 | €162,405 | €137,131 | -€25,275 | -15.6% |
| Income taxes | 67/77 | €53,803 | €45,052 | -€8,750 | -16.3% |
| Profit (loss) for the period | 9904 | €108,603 | €92,078 | -€16,524 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €108,603 | €92,078 | -€16,524 | -15.2% |
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 22 October 2026 via checked.be.