SBEL General: 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.
SBEL General
Largest movements
- Tangible fixed assets +€24,706
up €24,706 (+81.7%), from €30,240 to €54,945
of which Furniture and vehicles: +€24,748
- Receivables within one year +€19,396
up €19,396 (+40.9%), from €47,375 to €66,770
of which Other amounts receivable: +€12,302
- Cash -€17,398
down €17,398 (-98.5%), from €17,662 to €264
mainly Investment in fixed assets (net) (-€39,335) and Receivables within one year (-€19,396)
- Debts after one year +€16,517
up €16,517 (+87.4%), from €18,893 to €35,410
- Current portion of long-term debt +€7,102
up €7,102 (+90.0%), from €7,887 to €14,989
- Trade debts +€1,432
up €1,432 (+3,293%), from €44 to €1,476
- Gross operating margin -€53,087
down €53,087 (-72.1%), from €73,612 to €20,525
- Taxes -€16,424
down €16,424 (-91.2%), from €18,000 to €1,576
- Depreciation +€8,462
up €8,462 (+137%), from €6,167 to €14,629
- Financial charges +€1,408
up €1,408 (+163%), from €864 to €2,272
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 | €95,717 | €122,724 | +€27,007 | +28.2% |
| Fixed assets | 21/28 | €30,240 | €54,945 | +€24,706 | +81.7% |
| Tangible fixed assets | 22/27 | €30,240 | €54,945 | +€24,706 | +81.7% |
| Plant, machinery and equipment | 23 | €3,198 | €3,155 | -€43 | -1.3% |
| Furniture and vehicles | 24 | €27,042 | €51,790 | +€24,748 | +91.5% |
| Current assets | 29/58 | €65,477 | €67,779 | +€2,302 | +3.5% |
| Amounts receivable within one year | 40/41 | €47,375 | €66,770 | +€19,396 | +40.9% |
| Trade receivables | 40 | €3,546 | €10,639 | +€7,093 | +200% |
| Other amounts receivable | 41 | €43,829 | €56,131 | +€12,302 | +28.1% |
| Cash at bank and in hand | 54/58 | €17,662 | €264 | -€17,398 | -98.5% |
| Deferred charges and accrued income | 490/1 | €441 | €745 | +€305 | +69.1% |
| Total equity and liabilities | 10/49 | €95,717 | €122,724 | +€27,007 | +28.2% |
| Equity | 10/15 | €50,616 | €51,349 | +€732 | +1.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,616 | €48,349 | +€732 | +1.5% |
| Amounts payable | 17/49 | €45,100 | €71,375 | +€26,275 | +58.3% |
| Amounts payable after more than one year | 17 | €18,893 | €35,410 | +€16,517 | +87.4% |
| Financial debts | 170/4 | €18,893 | €35,410 | +€16,517 | +87.4% |
| Amounts payable within one year | 42/48 | €26,208 | €35,966 | +€9,758 | +37.2% |
| Current portion of amounts payable after more than one year | 42 | €7,887 | €14,989 | +€7,102 | +90.0% |
| Trade debts | 44 | €44 | €1,476 | +€1,432 | +3,293% |
| Suppliers | 440/4 | €44 | €1,476 | +€1,432 | +3,293% |
| Taxes, remuneration and social security | 45 | €18,277 | €19,501 | +€1,224 | +6.7% |
| Taxes | 450/3 | €18,277 | €18,701 | +€424 | +2.3% |
| Remuneration and social security | 454/9 | - | €800 | +€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,167 | €14,629 | +€8,462 | +137% |
| Other operating charges | 640/8 | €965 | €1,315 | +€350 | +36.3% |
| Gross operating margin | 9900 | €73,612 | €20,525 | -€53,087 | -72.1% |
| Operating profit (loss) | 9901 | €66,480 | €4,581 | -€61,899 | -93.1% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €864 | €2,272 | +€1,408 | +163% |
| Recurring financial charges | 65 | €864 | €2,272 | +€1,408 | +163% |
| Profit (loss) for the period before taxes | 9903 | €65,616 | €2,309 | -€63,308 | -96.5% |
| Income taxes | 67/77 | €18,000 | €1,576 | -€16,424 | -91.2% |
| Profit (loss) for the period | 9904 | €47,616 | €732 | -€46,884 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,616 | €732 | -€46,884 | -98.5% |
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.