SBM FINANCE: 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.
SBM FINANCE
Largest movements
- Receivables within one year +€94,544
up €94,544 (+613%), from €15,419 to €109,963
of which Other amounts receivable: +€94,544
- Tangible fixed assets +€88,600
up €88,600 (+700%), from €12,664 to €101,264
of which Furniture and vehicles: +€79,119
- Deferred charges and accrued income +€83,764
up €83,764 (+277%), from €30,211 to €113,975
- Cash -€24,258
down €24,258 (-20.9%), from €116,000 to €91,742
mainly Investment in fixed assets (net) (-€118,632) and Receivables within one year (-€94,544)
- Intangible fixed assets -€16,000
down €16,000 (-33.3%), from €48,000 to €32,000
- Debts after one year +€66,612
up €66,612, from €0 to €66,612
- Other debts +€48,401
up €48,401 (+165%), from €29,321 to €77,722
- Trade debts +€40,602
up €40,602 (+661%), from €6,140 to €46,742
- Tax, wage and social debts +€24,275
up €24,275 (+152%), from €16,002 to €40,277
of which Taxes: +€16,388
- Reserves +€22,089
up €22,089 (+1,188%), from €1,860 to €23,949
- Gross operating margin +€230,331
up €230,331 (+93.2%), from €247,194 to €477,524
- Staff costs +€191,299
up €191,299 (+135%), from €141,489 to €332,787
- Financial charges -€27,412
down €27,412 (-92.5%), from €29,649 to €2,237
of which Non-recurring financial charges: -€23,174
- Depreciation +€24,066
up €24,066 (+110%), from €21,966 to €46,032
- Taxes +€6,247
up €6,247 (+42.9%), from €14,574 to €20,821
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 | €233,544 | €448,945 | +€215,401 | +92.2% |
| Fixed assets | 21/28 | €60,664 | €133,264 | +€72,600 | +120% |
| Intangible fixed assets | 21 | €48,000 | €32,000 | -€16,000 | -33.3% |
| Tangible fixed assets | 22/27 | €12,664 | €101,264 | +€88,600 | +700% |
| Plant, machinery and equipment | 23 | €4,863 | €3,396 | -€1,467 | -30.2% |
| Furniture and vehicles | 24 | €7,801 | €86,920 | +€79,119 | +1,014% |
| Other tangible fixed assets | 26 | - | €10,948 | +€10,948 | |
| Current assets | 29/58 | €172,880 | €315,681 | +€142,801 | +82.6% |
| Amounts receivable after more than one year | 29 | €11,250 | €0 | -€11,250 | -100% |
| Other amounts receivable | 291 | €11,250 | €0 | -€11,250 | -100% |
| Amounts receivable within one year | 40/41 | €15,419 | €109,963 | +€94,544 | +613% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €15,419 | €109,963 | +€94,544 | +613% |
| Cash at bank and in hand | 54/58 | €116,000 | €91,742 | -€24,258 | -20.9% |
| Deferred charges and accrued income | 490/1 | €30,211 | €113,975 | +€83,764 | +277% |
| Total equity and liabilities | 10/49 | €233,544 | €448,945 | +€215,401 | +92.2% |
| Equity | 10/15 | €173,545 | €197,843 | +€24,298 | +14.0% |
| Contributions | 10/11 | €12,467 | €12,660 | +€193 | +1.5% |
| Reserves | 13 | €1,860 | €23,949 | +€22,089 | +1,188% |
| Distributable reserves | 133 | €1,860 | €23,949 | +€22,089 | +1,188% |
| Profit (loss) carried forward | 14 | €159,218 | €161,234 | +€2,016 | +1.3% |
| Amounts payable | 17/49 | €59,998 | €251,101 | +€191,103 | +319% |
| Amounts payable after more than one year | 17 | €0 | €66,612 | +€66,612 | |
| Financial debts | 170/4 | €0 | €66,612 | +€66,612 | |
| Amounts payable within one year | 42/48 | €59,998 | €184,489 | +€124,491 | +207% |
| Current portion of amounts payable after more than one year | 42 | €3,427 | €17,228 | +€13,801 | +403% |
| Financial debts | 43 | €5,108 | €2,520 | -€2,589 | -50.7% |
| Credit institutions | 430/8 | €5,108 | €2,520 | -€2,589 | -50.7% |
| Trade debts | 44 | €6,140 | €46,742 | +€40,602 | +661% |
| Suppliers | 440/4 | €6,140 | €46,742 | +€40,602 | +661% |
| Taxes, remuneration and social security | 45 | €16,002 | €40,277 | +€24,275 | +152% |
| Taxes | 450/3 | - | €16,388 | +€16,388 | |
| Remuneration and social security | 454/9 | €16,002 | €23,889 | +€7,887 | +49.3% |
| Other amounts payable | 47/48 | €29,321 | €77,722 | +€48,401 | +165% |
| Non-recurring operating income | 76A | - | €3,199 | +€3,199 | |
| Remuneration, social security and pensions | 62 | €141,489 | €332,787 | +€191,299 | +135% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,966 | €46,032 | +€24,066 | +110% |
| Other operating charges | 640/8 | €1,902 | €1,631 | -€270 | -14.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €247,194 | €477,524 | +€230,331 | +93.2% |
| Operating profit (loss) | 9901 | €81,837 | €97,074 | +€15,237 | +18.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €29,649 | €2,237 | -€27,412 | -92.5% |
| Recurring financial charges | 65 | €6,475 | €2,237 | -€4,238 | -65.5% |
| Non-recurring financial charges | 66B | €23,174 | €0 | -€23,174 | -100% |
| Profit (loss) for the period before taxes | 9903 | €52,189 | €94,837 | +€42,649 | +81.7% |
| Income taxes | 67/77 | €14,574 | €20,821 | +€6,247 | +42.9% |
| Profit (loss) for the period | 9904 | €37,615 | €74,016 | +€36,401 | +96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €37,615 | €74,016 | +€36,401 | +96.8% |
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 15 October 2026 via checked.be.