SBR-I: 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.
What changed
SBR-I
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€384,268
2024 · €404,602-€20,334
Equity
€15.4m
2024 · €15.0m+€384,268
Cash
€200,408
2024 · €118,867+€81,542
Balance sheet total
€21.2m
2024 · €21.0m+€156,429
Largest movements
Assets
- Receivables within one year +€5.2m
up €5.2m (+320.2%), from €1.6m to €6.8m
- Receivables after one year -€5.1m
down €5.1m (-64.9%), from €7.8m to €2.8m
Equity and liabilities
- Accrued charges and deferred income -€399,167
down €399,167 (-15.2%), from €2.6m to €2.2m
- Profit (loss) carried forward +€384,268
up €384,268 (+7.0%), from €5.5m to €5.9m
Income statement
- Financial income -€34,016
down €34,016 (-7.6%), from €448,632 to €414,616
- Gross operating margin +€16,236
up €16,236 (+5.0%), from €327,230 to €343,466
- Other operating charges +€3,902
up €3,902 (+59.6%), from €6,543 to €10,445
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
€404,602
Gross operating margin
+€16,236
Other operating charges
-€3,902
Financial income
-€34,016
Financial charges
+€2,063
Taxes
-€715
Result 2025
€384,268
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
+€136,542
Investment
-€55,000
Financing
€0
Cash 2024
€118,867
From operations (derived)
+€136,542
Net result for the year
+€384,268
Depreciation
+€48,433
Receivables after one year
+€5.1m
Receivables within one year
-€5.2m
Smaller working-capital items
-€5,825
Other debts
+€177,153
Accrued charges and deferred income
-€399,167
Investment (derived)
-€55,000
Investment in fixed assets (net)
-€55,000
Cash 2025
€200,408
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,024,239 | €21,180,668 | +€156,429 | +0.7% |
| Fixed assets | 21/28 | €11,458,945 | €11,465,513 | +€6,567 | +0.1% |
| Tangible fixed assets | 22/27 | €1,861,145 | €1,812,712 | -€48,433 | -2.6% |
| Land and buildings | 22 | €1,851,875 | €1,804,487 | -€47,388 | -2.6% |
| Furniture and vehicles | 24 | €9,270 | €8,225 | -€1,045 | -11.3% |
| Financial fixed assets | 28 | €9,597,800 | €9,652,800 | +€55,000 | +0.6% |
| Current assets | 29/58 | €9,565,293 | €9,715,156 | +€149,862 | +1.6% |
| Amounts receivable after more than one year | 29 | €7,836,359 | €2,750,000 | -€5.1m | -64.9% |
| Other amounts receivable | 291 | €7,836,359 | €2,750,000 | -€5.1m | -64.9% |
| Amounts receivable within one year | 40/41 | €1,610,067 | €6,764,747 | +€5.2m | +320.2% |
| Other amounts receivable | 41 | €1,610,067 | €6,764,747 | +€5.2m | +320.2% |
| Cash at bank and in hand | 54/58 | €118,867 | €200,408 | +€81,542 | +68.6% |
| Total equity and liabilities | 10/49 | €21,024,239 | €21,180,668 | +€156,429 | +0.7% |
| Equity | 10/15 | €15,011,230 | €15,395,498 | +€384,268 | +2.6% |
| Contributions | 10/11 | €3,131,397 | €3,131,397 | = | 0.0% |
| Capital | 10 | €3,131,397 | €3,131,397 | = | 0.0% |
| Issued capital | 100 | €3,131,397 | €3,131,397 | = | 0.0% |
| Revaluation surpluses | 12 | €6,043,967 | €6,043,967 | = | 0.0% |
| Reserves | 13 | €319,038 | €319,038 | = | 0.0% |
| Non-distributable reserves | 130/1 | €313,140 | €313,140 | = | 0.0% |
| Legal reserve | 130 | €313,140 | €313,140 | = | 0.0% |
| Distributable reserves | 133 | €5,898 | €5,898 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,516,828 | €5,901,097 | +€384,268 | +7.0% |
| Amounts payable | 17/49 | €6,013,009 | €5,785,170 | -€227,839 | -3.8% |
| Amounts payable within one year | 42/48 | €3,386,342 | €3,557,670 | +€171,328 | +5.1% |
| Trade debts | 44 | €6,512 | €5,957 | -€556 | -8.5% |
| Suppliers | 440/4 | €6,512 | €5,957 | -€556 | -8.5% |
| Taxes, remuneration and social security | 45 | €25,932 | €20,662 | -€5,270 | -20.3% |
| Taxes | 450/3 | €25,932 | €20,662 | -€5,270 | -20.3% |
| Other amounts payable | 47/48 | €3,353,898 | €3,531,051 | +€177,153 | +5.3% |
| Accrued charges and deferred income | 492/3 | €2,626,667 | €2,227,500 | -€399,167 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,433 | €48,433 | = | 0.0% |
| Other operating charges | 640/8 | €6,543 | €10,445 | +€3,902 | +59.6% |
| Gross operating margin | 9900 | €327,230 | €343,466 | +€16,236 | +5.0% |
| Operating profit (loss) | 9901 | €272,254 | €284,588 | +€12,334 | +4.5% |
| Financial income | 75/76B | €448,632 | €414,616 | -€34,016 | -7.6% |
| Recurring financial income | 75 | €448,632 | €414,616 | -€34,016 | -7.6% |
| Financial charges | 65/66B | €195,842 | €193,779 | -€2,063 | -1.1% |
| Recurring financial charges | 65 | €195,842 | €193,779 | -€2,063 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €525,045 | €505,425 | -€19,619 | -3.7% |
| Income taxes | 67/77 | €120,442 | €121,157 | +€715 | +0.6% |
| Profit (loss) for the period | 9904 | €404,602 | €384,268 | -€20,334 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €404,602 | €384,268 | -€20,334 | -5.0% |
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 7 October 2026 via checked.be.