SBQ: 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.
What changed
SBQ
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€150,800
2024 · -€531,265+€380,465
Equity
€1.5m
2024 · €1.7m-€150,800
Cash
€276,714
2024 · €296,223-€19,509
Balance sheet total
€8.3m
2024 · €10.1m-€1.8m
Largest movements
Assets
- Stocks and contracts -€2.0m
down €2.0m (-20.7%), from €9.5m to €7.5m
- Financial fixed assets +€270,000
up €270,000 (+670.2%), from €40,286 to €310,286
Equity and liabilities
- Short-term financial debts -€1.4m
down €1.4m (-23.7%), from €6.0m to €4.6m
- Profit (loss) carried forward -€150,800
down €150,800 (-45.0%), from -€334,823 to -€485,623
Income statement
- Gross operating margin +€292,536
up €292,536, from -€189,964 to €102,572
- Financial charges -€73,882
down €73,882 (-26.4%), from €280,192 to €206,310
- Financial income +€6,485
up €6,485 (+678.2%), from €956 to €7,441
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.
Result 2024
-€531,265
Gross operating margin
+€292,536
Depreciation
-€881
Write-downs
+€738
Other operating charges
-€489
Other operating items
+€8,240
Financial income
+€6,485
Financial charges
+€73,882
Taxes
-€45
Result 2025
-€150,800
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.
From operations
+€1.7m
Investment
-€265,423
Financing
-€1.4m
Cash 2024
€296,223
From operations (derived)
+€1.7m
Net result for the year
-€150,800
Depreciation
+€40,805
Stocks and contracts
+€2.0m
Receivables within one year
+€18,172
Deferred charges and accrued income
-€5,274
Trade debts
-€15,699
Tax, wage and social debts
-€90,872
Other debts
-€4,704
Accrued charges and deferred income
-€62,850
Investment (derived)
-€265,423
Investment in fixed assets (net)
-€265,423
Financing
-€1.4m
Debts after one year
-€22,517
Short-term financial debts
-€1.4m
Cash 2025
€276,714
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,089,373 | €8,318,669 | -€1.8m | -17.6% |
| Fixed assets | 21/28 | €196,614 | €421,232 | +€224,618 | +114.2% |
| Tangible fixed assets | 22/27 | €156,329 | €110,947 | -€45,382 | -29.0% |
| Plant, machinery and equipment | 23 | €7,236 | €5,096 | -€2,140 | -29.6% |
| Furniture and vehicles | 24 | €149,093 | €105,851 | -€43,242 | -29.0% |
| Financial fixed assets | 28 | €40,286 | €310,286 | +€270,000 | +670.2% |
| Current assets | 29/58 | €9,892,759 | €7,897,436 | -€2.0m | -20.2% |
| Stocks and contracts in progress | 3 | €9,487,218 | €7,524,303 | -€2.0m | -20.7% |
| Stocks | 30/36 | €9,487,218 | €7,524,303 | -€2.0m | -20.7% |
| Amounts receivable within one year | 40/41 | €106,043 | €87,872 | -€18,172 | -17.1% |
| Trade receivables | 40 | €16,996 | €0 | -€16,996 | -100.0% |
| Other amounts receivable | 41 | €89,047 | €87,872 | -€1,175 | -1.3% |
| Cash at bank and in hand | 54/58 | €296,223 | €276,714 | -€19,509 | -6.6% |
| Deferred charges and accrued income | 490/1 | €3,274 | €8,548 | +€5,274 | +161.1% |
| Total equity and liabilities | 10/49 | €10,089,373 | €8,318,669 | -€1.8m | -17.6% |
| Equity | 10/15 | €1,689,697 | €1,538,897 | -€150,800 | -8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,005,920 | €2,005,920 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,030 | €9,030 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,030 | €9,030 | = | 0.0% |
| Distributable reserves | 133 | €1,996,890 | €1,996,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€334,823 | -€485,623 | -€150,800 | -45.0% |
| Amounts payable | 17/49 | €8,399,676 | €6,779,771 | -€1.6m | -19.3% |
| Amounts payable after more than one year | 17 | €71,305 | €48,788 | -€22,517 | -31.6% |
| Financial debts | 170/4 | €71,305 | €48,788 | -€22,517 | -31.6% |
| Amounts payable within one year | 42/48 | €8,254,937 | €6,720,400 | -€1.5m | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €22,517 | €22,517 | = | 0.0% |
| Financial debts | 43 | €6,009,081 | €4,585,818 | -€1.4m | -23.7% |
| Credit institutions | 430/8 | €6,009,081 | €4,585,818 | -€1.4m | -23.7% |
| Trade debts | 44 | €29,163 | €13,465 | -€15,699 | -53.8% |
| Suppliers | 440/4 | €29,163 | €13,465 | -€15,699 | -53.8% |
| Taxes, remuneration and social security | 45 | €94,342 | €3,470 | -€90,872 | -96.3% |
| Taxes | 450/3 | €94,342 | €3,470 | -€90,872 | -96.3% |
| Other amounts payable | 47/48 | €2,099,834 | €2,095,130 | -€4,704 | -0.2% |
| Accrued charges and deferred income | 492/3 | €73,433 | €10,583 | -€62,850 | -85.6% |
| Non-recurring operating income | 76A | €678 | €2,708 | +€2,030 | +299.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,924 | €40,805 | +€881 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €868 | €130 | -€738 | -85.0% |
| Other operating charges | 640/8 | €12,604 | €13,093 | +€489 | +3.9% |
| Non-recurring operating charges | 66A | €8,240 | €0 | -€8,240 | -100.0% |
| Gross operating margin | 9900 | -€189,964 | €102,572 | +€292,536 | |
| Operating profit (loss) | 9901 | -€251,600 | €48,543 | +€300,144 | |
| Financial income | 75/76B | €956 | €7,441 | +€6,485 | +678.2% |
| Recurring financial income | 75 | €956 | €7,441 | +€6,485 | +678.2% |
| Financial charges | 65/66B | €280,192 | €206,310 | -€73,882 | -26.4% |
| Recurring financial charges | 65 | €280,192 | €206,310 | -€73,882 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | -€530,836 | -€150,326 | +€380,510 | +71.7% |
| Income taxes | 67/77 | €429 | €474 | +€45 | +10.4% |
| Profit (loss) for the period | 9904 | -€531,265 | -€150,800 | +€380,465 | +71.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€531,265 | -€150,800 | +€380,465 | +71.6% |
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 9 October 2026 via checked.be.