SBS: 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.
SBS
Largest movements
- Intangible fixed assets +€347,079
new in 2025: €347,079
- Cash -€99,567
down €99,567 (-24.7%), from €402,338 to €302,771
mainly Investment in fixed assets (net) (-€438,953) and Trade debts (-€88,920)
- Tangible fixed assets +€9,641
up €9,641 (+12.8%), from €75,051 to €84,692
of which Other tangible fixed assets: +€25,856
- Debts after one year +€276,392
up €276,392 (+233.5%), from €118,387 to €394,779
- Reserves +€91,939
up €91,939 (+52.2%), from €176,284 to €268,223
of which Distributable reserves: +€91,939
- Trade debts -€88,920
down €88,920 (-42.7%), from €208,350 to €119,430
- Other debts -€81,465
down €81,465 (-99.0%), from €82,268 to €802
- Tax, wage and social debts +€39,697
up €39,697 (+58.1%), from €68,314 to €108,011
of which Remuneration and social security: +€24,876
- Gross operating margin +€64,166
up €64,166 (+14.1%), from €456,352 to €520,518
- Depreciation +€58,359
up €58,359 (+244.5%), from €23,873 to €82,233
- Staff costs -€23,178
down €23,178 (-7.3%), from €317,906 to €294,728
- Financial charges +€12,391
up €12,391 (+560.4%), from €2,211 to €14,601
- Taxes +€6,355
up €6,355 (+25.7%), from €24,747 to €31,101
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 | €672,203 | €933,094 | +€260,891 | +38.8% |
| Fixed assets | 21/28 | €76,851 | €433,572 | +€356,720 | +464.2% |
| Intangible fixed assets | 21 | - | €347,079 | +€347,079 | |
| Tangible fixed assets | 22/27 | €75,051 | €84,692 | +€9,641 | +12.8% |
| Plant, machinery and equipment | 23 | €47,235 | €36,091 | -€11,144 | -23.6% |
| Furniture and vehicles | 24 | €27,816 | €22,745 | -€5,071 | -18.2% |
| Other tangible fixed assets | 26 | - | €25,856 | +€25,856 | |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €595,352 | €499,523 | -€95,829 | -16.1% |
| Stocks and contracts in progress | 3 | €193,014 | €188,914 | -€4,100 | -2.1% |
| Stocks | 30/36 | €193,014 | €188,914 | -€4,100 | -2.1% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €402,338 | €302,771 | -€99,567 | -24.7% |
| Deferred charges and accrued income | 490/1 | €0 | €7,837 | +€7,837 | |
| Total equity and liabilities | 10/49 | €672,203 | €933,094 | +€260,891 | +38.8% |
| Equity | 10/15 | €194,884 | €286,823 | +€91,939 | +47.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €176,284 | €268,223 | +€91,939 | +52.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €174,424 | €266,363 | +€91,939 | +52.7% |
| Amounts payable | 17/49 | €477,319 | €646,271 | +€168,952 | +35.4% |
| Amounts payable after more than one year | 17 | €118,387 | €394,779 | +€276,392 | +233.5% |
| Financial debts | 170/4 | €118,387 | €394,779 | +€276,392 | +233.5% |
| Amounts payable within one year | 42/48 | €358,932 | €251,492 | -€107,440 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €23,249 | +€23,249 | |
| Trade debts | 44 | €208,350 | €119,430 | -€88,920 | -42.7% |
| Suppliers | 440/4 | €208,350 | €119,430 | -€88,920 | -42.7% |
| Taxes, remuneration and social security | 45 | €68,314 | €108,011 | +€39,697 | +58.1% |
| Taxes | 450/3 | €41,209 | €56,030 | +€14,821 | +36.0% |
| Remuneration and social security | 454/9 | €27,105 | €51,981 | +€24,876 | +91.8% |
| Other amounts payable | 47/48 | €82,268 | €802 | -€81,465 | -99.0% |
| Remuneration, social security and pensions | 62 | €317,906 | €294,728 | -€23,178 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,873 | €82,233 | +€58,359 | +244.5% |
| Other operating charges | 640/8 | €7,757 | €5,985 | -€1,773 | -22.9% |
| Gross operating margin | 9900 | €456,352 | €520,518 | +€64,166 | +14.1% |
| Operating profit (loss) | 9901 | €106,816 | €137,573 | +€30,757 | +28.8% |
| Financial income | 75/76B | €346 | €69 | -€277 | -80.1% |
| Recurring financial income | 75 | €346 | €69 | -€277 | -80.1% |
| Financial charges | 65/66B | €2,211 | €14,601 | +€12,391 | +560.4% |
| Recurring financial charges | 65 | €2,211 | €14,601 | +€12,391 | +560.4% |
| Profit (loss) for the period before taxes | 9903 | €104,950 | €123,040 | +€18,090 | +17.2% |
| Income taxes | 67/77 | €24,747 | €31,101 | +€6,355 | +25.7% |
| Profit (loss) for the period | 9904 | €80,203 | €91,939 | +€11,735 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,203 | €91,939 | +€11,735 | +14.6% |
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.