SBD: what changed
Two fiscal 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.
SBD
Largest movements
- Cash -€421,947
down €421,947 (-38.4%), from €1.1m to €678,127
mainly Contributions, distributions and other (-€449,973) and Tax, wage and social debts (-€182,876)
- Receivables within one year -€41,484
down €41,484 (-9.8%), from €422,806 to €381,322
of which Trade receivables: -€30,923
- Tax, wage and social debts -€182,876
down €182,876 (-57.7%), from €317,046 to €134,170
of which Taxes: -€157,263
- Trade debts -€148,602
down €148,602 (-33.6%), from €442,392 to €293,790
- Profit (loss) carried forward -€115,833
down €115,833 (-25.5%), from €454,636 to €338,803
- Services and other goods +€175,656
up €175,656 (+10.0%), from €1.8m to €1.9m
- Staff costs +€95,373
up €95,373 (+25.0%), from €382,204 to €477,577
- Other operating income +€64,677
up €64,677 (+104.9%), from €61,667 to €126,344
- Other operating charges -€54,454
down €54,454 (-42.5%), from €128,264 to €73,810
- Taxes -€31,174
down €31,174 (-20.8%), from €149,623 to €118,449
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 | €1,544,832 | €1,095,459 | -€449,373 | -29.1% |
| Fixed assets | 21/28 | €17,675 | €28,425 | +€10,750 | +60.8% |
| Tangible fixed assets | 22/27 | €17,625 | €28,425 | +€10,800 | +61.3% |
| Plant, machinery and equipment | 23 | €6,835 | €5,003 | -€1,832 | -26.8% |
| Furniture and vehicles | 24 | €10,790 | €23,421 | +€12,632 | +117.1% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Other financial fixed assets | 284/8 | €50 | - | -€50 | |
| Amounts receivable and cash guarantees | 285/8 | €50 | - | -€50 | |
| Current assets | 29/58 | €1,527,157 | €1,067,035 | -€460,123 | -30.1% |
| Amounts receivable within one year | 40/41 | €422,806 | €381,322 | -€41,484 | -9.8% |
| Trade receivables | 40 | €346,916 | €315,993 | -€30,923 | -8.9% |
| Other amounts receivable | 41 | €75,891 | €65,329 | -€10,561 | -13.9% |
| Cash at bank and in hand | 54/58 | €1,100,074 | €678,127 | -€421,947 | -38.4% |
| Deferred charges and accrued income | 490/1 | €4,277 | €7,585 | +€3,308 | +77.4% |
| Total equity and liabilities | 10/49 | €1,544,832 | €1,095,459 | -€449,373 | -29.1% |
| Equity | 10/15 | €778,146 | €662,313 | -€115,833 | -14.9% |
| Contributions | 10/11 | €294,100 | €294,100 | = | 0.0% |
| Capital | 10 | €294,100 | €294,100 | = | 0.0% |
| Issued capital | 100 | €294,100 | €294,100 | = | 0.0% |
| Reserves | 13 | €29,410 | €29,410 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,410 | €29,410 | = | 0.0% |
| Legal reserve | 130 | €29,410 | €29,410 | = | 0.0% |
| Profit (loss) carried forward | 14 | €454,636 | €338,803 | -€115,833 | -25.5% |
| Amounts payable | 17/49 | €766,686 | €433,147 | -€333,540 | -43.5% |
| Amounts payable within one year | 42/48 | €759,438 | €428,142 | -€331,296 | -43.6% |
| Trade debts | 44 | €442,392 | €293,790 | -€148,602 | -33.6% |
| Suppliers | 440/4 | €442,392 | €293,790 | -€148,602 | -33.6% |
| Taxes, remuneration and social security | 45 | €317,046 | €134,170 | -€182,876 | -57.7% |
| Taxes | 450/3 | €189,166 | €31,903 | -€157,263 | -83.1% |
| Remuneration and social security | 454/9 | €127,880 | €102,267 | -€25,613 | -20.0% |
| Other amounts payable | 47/48 | - | €182 | +€182 | |
| Accrued charges and deferred income | 492/3 | €7,248 | €5,005 | -€2,243 | -31.0% |
| Operating income | 70/76A | €2,834,370 | €2,925,175 | +€90,805 | +3.2% |
| Turnover | 70 | €2,772,703 | €2,798,831 | +€26,128 | +0.9% |
| Other operating income | 74 | €61,667 | €126,344 | +€64,677 | +104.9% |
| Operating charges | 60/66A | €2,285,594 | €2,500,752 | +€215,158 | +9.4% |
| Services and other goods | 61 | €1,759,749 | €1,935,405 | +€175,656 | +10.0% |
| Remuneration, social security and pensions | 62 | €382,204 | €477,577 | +€95,373 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,004 | €10,046 | +€2,043 | +25.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,372 | €3,913 | -€3,459 | -46.9% |
| Other operating charges | 640/8 | €128,264 | €73,810 | -€54,454 | -42.5% |
| Operating profit (loss) | 9901 | €548,776 | €424,423 | -€124,353 | -22.7% |
| Financial income | 75/76B | €43,602 | €33,671 | -€9,931 | -22.8% |
| Recurring financial income | 75 | €43,602 | €33,671 | -€9,931 | -22.8% |
| Income from current assets | 751 | €28,680 | €18,352 | -€10,328 | -36.0% |
| Other financial income | 752/9 | €14,922 | €15,319 | +€397 | +2.7% |
| Financial charges | 65/66B | €6,358 | €5,505 | -€853 | -13.4% |
| Recurring financial charges | 65 | €6,358 | €5,505 | -€853 | -13.4% |
| Debt charges | 650 | €6,091 | €5,178 | -€913 | -15.0% |
| Other financial charges | 652/9 | €267 | €328 | +€61 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €586,020 | €452,589 | -€133,431 | -22.8% |
| Income taxes | 67/77 | €149,623 | €118,449 | -€31,174 | -20.8% |
| Taxes | 670/3 | €149,623 | €118,449 | -€31,174 | -20.8% |
| Profit (loss) for the period | 9904 | €436,397 | €334,140 | -€102,257 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €436,397 | €334,140 | -€102,257 | -23.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.