SBP MANAGEMENT: 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.
SBP MANAGEMENT
Largest movements
- Financial fixed assets -€89,311
down €89,311 (-54.1%), from €165,133 to €75,822
- Receivables after one year -€35,000
down €35,000 (-18.5%), from €189,700 to €154,700
- Cash -€14,490
down €14,490 (-35.7%), from €40,590 to €26,100
mainly Other debts (-€90,375) and Debts after one year (-€78,105)
- Tangible fixed assets -€7,937
down €7,937 (-15.4%), from €51,643 to €43,706
- Receivables within one year +€7,278
new in 2025: €7,278
- Other debts -€90,375
down €90,375 (-95.2%), from €94,930 to €4,555
- Debts after one year -€78,105
down €78,105 (-73.2%), from €106,672 to €28,566
- Reserves +€38,146
up €38,146 (+23.7%), from €160,628 to €198,774
of which Distributable reserves: +€38,146
- Current portion of long-term debt -€16,961
down €16,961 (-53.0%), from €31,995 to €15,034
- Tax, wage and social debts +€9,758
up €9,758 (+227.6%), from €4,287 to €14,045
of which Taxes: +€6,516
- Gross operating margin +€22,558
up €22,558 (+48.8%), from €46,228 to €68,786
- Taxes +€6,656
up €6,656 (+53.8%), from €12,383 to €19,039
- Depreciation +€3,413
up €3,413 (+30.6%), from €11,143 to €14,556
- Financial charges +€2,941
up €2,941 (+147.6%), from €1,992 to €4,933
- Financial income +€2,699
up €2,699 (+7.9%), from €34,163 to €36,862
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 | €450,823 | €312,224 | -€138,599 | -30.7% |
| Formation expenses | 20 | €2,950 | €1,950 | -€1,000 | -33.9% |
| Fixed assets | 21/28 | €216,776 | €119,528 | -€97,248 | -44.9% |
| Tangible fixed assets | 22/27 | €51,643 | €43,706 | -€7,937 | -15.4% |
| Furniture and vehicles | 24 | €51,643 | €43,706 | -€7,937 | -15.4% |
| Financial fixed assets | 28 | €165,133 | €75,822 | -€89,311 | -54.1% |
| Current assets | 29/58 | €231,097 | €190,746 | -€40,351 | -17.5% |
| Amounts receivable after more than one year | 29 | €189,700 | €154,700 | -€35,000 | -18.5% |
| Other amounts receivable | 291 | €189,700 | €154,700 | -€35,000 | -18.5% |
| Amounts receivable within one year | 40/41 | - | €7,278 | +€7,278 | |
| Other amounts receivable | 41 | - | €7,278 | +€7,278 | |
| Cash at bank and in hand | 54/58 | €40,590 | €26,100 | -€14,490 | -35.7% |
| Deferred charges and accrued income | 490/1 | €806 | €2,668 | +€1,862 | +230.9% |
| Total equity and liabilities | 10/49 | €450,823 | €312,224 | -€138,599 | -30.7% |
| Equity | 10/15 | €211,201 | €248,514 | +€37,313 | +17.7% |
| Contributions | 10/11 | €5,881 | €5,881 | = | 0.0% |
| Contributions outside capital | 11 | €5,881 | €5,881 | = | 0.0% |
| Share premium | 1100/10 | €5,881 | €5,881 | = | 0.0% |
| Reserves | 13 | €160,628 | €198,774 | +€38,146 | +23.7% |
| Non-distributable reserves | 130/1 | €3,243 | €3,243 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,243 | €3,243 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,237 | €17,237 | = | 0.0% |
| Distributable reserves | 133 | €140,148 | €178,294 | +€38,146 | +27.2% |
| Profit (loss) carried forward | 14 | €44,692 | €43,859 | -€833 | -1.9% |
| Amounts payable | 17/49 | €239,622 | €63,710 | -€175,912 | -73.4% |
| Amounts payable after more than one year | 17 | €106,672 | €28,566 | -€78,105 | -73.2% |
| Financial debts | 170/4 | €106,672 | €28,566 | -€78,105 | -73.2% |
| Amounts payable within one year | 42/48 | €132,950 | €34,789 | -€98,161 | -73.8% |
| Current portion of amounts payable after more than one year | 42 | €31,995 | €15,034 | -€16,961 | -53.0% |
| Trade debts | 44 | €1,738 | €1,155 | -€583 | -33.5% |
| Suppliers | 440/4 | €1,738 | €1,155 | -€583 | -33.5% |
| Taxes, remuneration and social security | 45 | €4,287 | €14,045 | +€9,758 | +227.6% |
| Taxes | 450/3 | €4,287 | €10,803 | +€6,516 | +152.0% |
| Remuneration and social security | 454/9 | - | €3,242 | +€3,242 | |
| Other amounts payable | 47/48 | €94,930 | €4,555 | -€90,375 | -95.2% |
| Accrued charges and deferred income | 492/3 | - | €355 | +€355 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,143 | €14,556 | +€3,413 | +30.6% |
| Other operating charges | 640/8 | €1,469 | €1,707 | +€238 | +16.2% |
| Non-recurring operating charges | 66A | €6,225 | €253 | -€5,971 | -95.9% |
| Gross operating margin | 9900 | €46,228 | €68,786 | +€22,558 | +48.8% |
| Operating profit (loss) | 9901 | €27,391 | €52,270 | +€24,878 | +90.8% |
| Financial income | 75/76B | €34,163 | €36,862 | +€2,699 | +7.9% |
| Recurring financial income | 75 | €34,163 | €36,862 | +€2,699 | +7.9% |
| Financial charges | 65/66B | €1,992 | €4,933 | +€2,941 | +147.6% |
| Recurring financial charges | 65 | €1,992 | €4,933 | +€2,941 | +147.6% |
| Profit (loss) for the period before taxes | 9903 | €59,562 | €84,199 | +€24,637 | +41.4% |
| Income taxes | 67/77 | €12,383 | €19,039 | +€6,656 | +53.8% |
| Profit (loss) for the period | 9904 | €47,179 | €65,160 | +€17,980 | +38.1% |
| Transfer from tax-exempt reserves | 789 | €2,463 | - | -€2,463 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,642 | €65,160 | +€15,517 | +31.3% |
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 12 October 2026 via checked.be.