SBRO: 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.
SBRO
Largest movements
- Receivables within one year +€40,648
up €40,648 (+39.7%), from €102,457 to €143,105
of which Other amounts receivable: +€27,633
- Stocks and contracts +€38,831
up €38,831 (+37.9%), from €102,421 to €141,253
of which Contracts in progress: +€28,755
- Tangible fixed assets -€27,191
down €27,191 (-3.6%), from €764,050 to €736,859
of which Plant, machinery and equipment: -€29,165
- Trade debts +€49,270
up €49,270 (+57.1%), from €86,237 to €135,508
- Debts after one year -€26,721
down €26,721 (-4.6%), from €579,637 to €552,916
- Short-term financial debts +€16,963
new in 2025: €16,963
- Reserves +€11,290
up €11,290 (+6.1%), from €185,339 to €196,630
- Gross operating margin +€35,756
up €35,756 (+13.9%), from €256,509 to €292,265
- Staff costs +€28,219
up €28,219 (+20.3%), from €139,048 to €167,266
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 | €982,892 | €1,028,259 | +€45,368 | +4.6% |
| Fixed assets | 21/28 | €765,762 | €737,851 | -€27,910 | -3.6% |
| Intangible fixed assets | 21 | €1,577 | €857 | -€720 | -45.6% |
| Tangible fixed assets | 22/27 | €764,050 | €736,859 | -€27,191 | -3.6% |
| Land and buildings | 22 | €622,912 | €599,674 | -€23,237 | -3.7% |
| Plant, machinery and equipment | 23 | €97,121 | €67,956 | -€29,165 | -30.0% |
| Furniture and vehicles | 24 | €39,573 | €30,525 | -€9,047 | -22.9% |
| Leasing and similar rights | 25 | - | €35,370 | +€35,370 | |
| Other tangible fixed assets | 26 | €4,444 | €3,333 | -€1,111 | -25.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €217,130 | €290,408 | +€73,278 | +33.7% |
| Amounts receivable after more than one year | 29 | €9,000 | €6,000 | -€3,000 | -33.3% |
| Other amounts receivable | 291 | €9,000 | €6,000 | -€3,000 | -33.3% |
| Stocks and contracts in progress | 3 | €102,421 | €141,253 | +€38,831 | +37.9% |
| Stocks | 30/36 | €43,773 | €53,850 | +€10,077 | +23.0% |
| Contracts in progress | 37 | €58,648 | €87,403 | +€28,755 | +49.0% |
| Amounts receivable within one year | 40/41 | €102,457 | €143,105 | +€40,648 | +39.7% |
| Trade receivables | 40 | €80,133 | €93,148 | +€13,015 | +16.2% |
| Other amounts receivable | 41 | €22,324 | €49,957 | +€27,633 | +123.8% |
| Cash at bank and in hand | 54/58 | €1,482 | €50 | -€1,432 | -96.6% |
| Deferred charges and accrued income | 490/1 | €1,769 | - | -€1,769 | |
| Total equity and liabilities | 10/49 | €982,892 | €1,028,259 | +€45,368 | +4.6% |
| Equity | 10/15 | €203,939 | €215,230 | +€11,290 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €185,339 | €196,630 | +€11,290 | +6.1% |
| Distributable reserves | 133 | €185,339 | €196,630 | +€11,290 | +6.1% |
| Amounts payable | 17/49 | €778,952 | €813,030 | +€34,078 | +4.4% |
| Amounts payable after more than one year | 17 | €579,637 | €552,916 | -€26,721 | -4.6% |
| Financial debts | 170/4 | €579,637 | €552,916 | -€26,721 | -4.6% |
| Amounts payable within one year | 42/48 | €194,115 | €258,771 | +€64,656 | +33.3% |
| Current portion of amounts payable after more than one year | 42 | €64,451 | €68,755 | +€4,304 | +6.7% |
| Financial debts | 43 | - | €16,963 | +€16,963 | |
| Credit institutions | 430/8 | - | €16,963 | +€16,963 | |
| Trade debts | 44 | €86,237 | €135,508 | +€49,270 | +57.1% |
| Suppliers | 440/4 | €86,237 | €135,508 | +€49,270 | +57.1% |
| Taxes, remuneration and social security | 45 | €43,427 | €37,545 | -€5,882 | -13.5% |
| Taxes | 450/3 | €20,174 | €12,164 | -€8,010 | -39.7% |
| Remuneration and social security | 454/9 | €23,253 | €25,381 | +€2,128 | +9.2% |
| Accrued charges and deferred income | 492/3 | €5,200 | €1,343 | -€3,857 | -74.2% |
| Remuneration, social security and pensions | 62 | €139,048 | €167,266 | +€28,219 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,171 | €76,448 | -€723 | -0.9% |
| Other operating charges | 640/8 | €5,531 | €5,575 | +€44 | +0.8% |
| Gross operating margin | 9900 | €256,509 | €292,265 | +€35,756 | +13.9% |
| Operating profit (loss) | 9901 | €34,759 | €42,976 | +€8,217 | +23.6% |
| Financial income | 75/76B | €1,163 | €2,121 | +€958 | +82.4% |
| Recurring financial income | 75 | €1,163 | €2,121 | +€958 | +82.4% |
| Financial charges | 65/66B | €30,285 | €28,965 | -€1,320 | -4.4% |
| Recurring financial charges | 65 | €30,285 | €28,965 | -€1,320 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €5,637 | €16,132 | +€10,495 | +186.2% |
| Income taxes | 67/77 | €3,582 | €4,842 | +€1,259 | +35.1% |
| Profit (loss) for the period | 9904 | €2,054 | €11,290 | +€9,236 | +449.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,054 | €11,290 | +€9,236 | +449.6% |
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 12 October 2026 via checked.be.