SBM: 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.
SBM
Largest movements
- Tangible fixed assets -€20,599
down €20,599 (-51.9%), from €39,663 to €19,064
of which Furniture and vehicles: -€20,219
- Cash +€12,219
up €12,219 (+37.8%), from €32,333 to €44,552
mainly Other debts (+€19,279) and Investment in fixed assets (net) (+€17,781)
- Receivables within one year +€9,483
up €9,483 (+3.2%), from €297,574 to €307,057
of which Other amounts receivable: +€10,743
- Deferred charges and accrued income -€5,473
down €5,473 (-100.0%), from €5,473 to €0
- Other debts +€19,279
up €19,279 (+23.5%), from €81,958 to €101,237
- Profit (loss) carried forward -€15,823
down €15,823 (-4.5%), from -€352,465 to -€368,288
- Trade debts -€6,135
down €6,135 (-100.0%), from €6,135 to €0
- Gross operating margin +€6,842
up €6,842, from -€6,117 to €725
- Depreciation -€4,655
down €4,655 (-62.3%), from €7,472 to €2,817
- Financial income +€1,051
up €1,051 (+21.7%), from €4,844 to €5,895
- Financial charges +€631
up €631 (+3.4%), from €18,595 to €19,226
- Other operating charges -€150
down €150 (-27.3%), from €550 to €400
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 | €398,376 | €394,007 | -€4,370 | -1.1% |
| Fixed assets | 21/28 | €39,663 | €19,064 | -€20,599 | -51.9% |
| Tangible fixed assets | 22/27 | €39,663 | €19,064 | -€20,599 | -51.9% |
| Land and buildings | 22 | €10,267 | €10,267 | = | 0.0% |
| Furniture and vehicles | 24 | €26,096 | €5,877 | -€20,219 | -77.5% |
| Other tangible fixed assets | 26 | €3,300 | €2,920 | -€380 | -11.5% |
| Current assets | 29/58 | €358,714 | €374,943 | +€16,229 | +4.5% |
| Stocks and contracts in progress | 3 | €23,333 | €23,333 | = | 0.0% |
| Stocks | 30/36 | €23,333 | €23,333 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €297,574 | €307,057 | +€9,483 | +3.2% |
| Trade receivables | 40 | €146,527 | €145,268 | -€1,259 | -0.9% |
| Other amounts receivable | 41 | €151,046 | €161,789 | +€10,743 | +7.1% |
| Cash at bank and in hand | 54/58 | €32,333 | €44,552 | +€12,219 | +37.8% |
| Deferred charges and accrued income | 490/1 | €5,473 | €0 | -€5,473 | -100.0% |
| Total equity and liabilities | 10/49 | €398,376 | €394,007 | -€4,370 | -1.1% |
| Equity | 10/15 | -€74,512 | -€90,334 | -€15,823 | -21.2% |
| Contributions | 10/11 | €250,372 | €250,372 | = | 0.0% |
| Capital | 10 | €250,372 | €250,372 | = | 0.0% |
| Issued capital | 100 | €250,372 | €250,372 | = | 0.0% |
| Reserves | 13 | €27,581 | €27,581 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,922 | €16,922 | = | 0.0% |
| Legal reserve | 130 | €16,922 | €16,922 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €744 | €744 | = | 0.0% |
| Distributable reserves | 133 | €9,916 | €9,916 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€352,465 | -€368,288 | -€15,823 | -4.5% |
| Amounts payable | 17/49 | €472,888 | €484,341 | +€11,453 | +2.4% |
| Amounts payable after more than one year | 17 | €365,767 | €365,767 | = | 0.0% |
| Other amounts payable | 178/9 | €365,767 | €365,767 | = | 0.0% |
| Amounts payable within one year | 42/48 | €88,979 | €101,237 | +€12,258 | +13.8% |
| Trade debts | 44 | €6,135 | €0 | -€6,135 | -100.0% |
| Suppliers | 440/4 | €6,135 | €0 | -€6,135 | -100.0% |
| Taxes, remuneration and social security | 45 | €886 | €0 | -€886 | -100.0% |
| Taxes | 450/3 | €886 | €0 | -€886 | -100.0% |
| Other amounts payable | 47/48 | €81,958 | €101,237 | +€19,279 | +23.5% |
| Accrued charges and deferred income | 492/3 | €18,143 | €17,338 | -€805 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,472 | €2,817 | -€4,655 | -62.3% |
| Other operating charges | 640/8 | €550 | €400 | -€150 | -27.3% |
| Gross operating margin | 9900 | -€6,117 | €725 | +€6,842 | |
| Operating profit (loss) | 9901 | -€14,139 | -€2,492 | +€11,648 | +82.4% |
| Financial income | 75/76B | €4,844 | €5,895 | +€1,051 | +21.7% |
| Recurring financial income | 75 | €4,844 | €5,895 | +€1,051 | +21.7% |
| Financial charges | 65/66B | €18,595 | €19,226 | +€631 | +3.4% |
| Recurring financial charges | 65 | €18,595 | €19,226 | +€631 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | -€27,890 | -€15,823 | +€12,068 | +43.3% |
| Profit (loss) for the period | 9904 | -€27,890 | -€15,823 | +€12,068 | +43.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,890 | -€15,823 | +€12,068 | +43.3% |
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 29 September 2026 via checked.be.