SBSW: 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.
SBSW
Largest movements
- Cash +€263,550
up €263,550 (+60.1%), from €438,469 to €702,019
mainly Net result for the year (+€344,131) and Other debts (+€190,492)
- Tangible fixed assets -€66,223
down €66,223 (-4.3%), from €1.5m to €1.5m
of which Land and buildings: -€78,185
- Other debts +€190,492
up €190,492 (+365.1%), from €52,170 to €242,662
- Reserves +€74,684
up €74,684 (+4.3%), from €1.7m to €1.8m
- Tax, wage and social debts -€52,725
down €52,725 (-33.0%), from €159,986 to €107,261
of which Taxes: -€60,565
- Depreciation -€38,568
down €38,568 (-30.3%), from €127,493 to €88,924
- Taxes +€11,134
up €11,134 (+7.7%), from €145,412 to €156,546
- Gross operating margin -€9,988
down €9,988 (-1.7%), from €604,678 to €594,690
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 | €2,035,331 | €2,230,228 | +€194,897 | +9.6% |
| Fixed assets | 21/28 | €1,544,977 | €1,478,754 | -€66,223 | -4.3% |
| Tangible fixed assets | 22/27 | €1,544,477 | €1,478,254 | -€66,223 | -4.3% |
| Land and buildings | 22 | €1,486,226 | €1,408,041 | -€78,185 | -5.3% |
| Plant, machinery and equipment | 23 | €10,909 | €28,046 | +€17,137 | +157.1% |
| Furniture and vehicles | 24 | €36,445 | €31,270 | -€5,175 | -14.2% |
| Assets under construction and advance payments | 27 | €10,897 | €10,897 | = | 0.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €490,354 | €751,474 | +€261,120 | +53.3% |
| Amounts receivable within one year | 40/41 | €48,338 | €43,557 | -€4,781 | -9.9% |
| Trade receivables | 40 | €41,100 | €36,319 | -€4,781 | -11.6% |
| Other amounts receivable | 41 | €7,238 | €7,238 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €438,469 | €702,019 | +€263,550 | +60.1% |
| Deferred charges and accrued income | 490/1 | €3,547 | €5,898 | +€2,351 | +66.3% |
| Total equity and liabilities | 10/49 | €2,035,331 | €2,230,228 | +€194,897 | +9.6% |
| Equity | 10/15 | €1,763,050 | €1,837,734 | +€74,684 | +4.2% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €1,748,790 | €1,823,474 | +€74,684 | +4.3% |
| Distributable reserves | 133 | €1,748,790 | €1,823,474 | +€74,684 | +4.3% |
| Provisions and deferred taxes | 16 | €25,000 | €25,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €25,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable | 17/49 | €247,281 | €367,494 | +€120,213 | +48.6% |
| Amounts payable within one year | 42/48 | €247,269 | €367,494 | +€120,224 | +48.6% |
| Current portion of amounts payable after more than one year | 42 | €17,885 | - | -€17,885 | |
| Financial debts | 43 | €13,382 | €13,552 | +€169 | +1.3% |
| Credit institutions | 430/8 | €13,382 | €13,552 | +€169 | +1.3% |
| Trade debts | 44 | €3,846 | €4,020 | +€174 | +4.5% |
| Suppliers | 440/4 | €3,846 | €4,020 | +€174 | +4.5% |
| Taxes, remuneration and social security | 45 | €159,986 | €107,261 | -€52,725 | -33.0% |
| Taxes | 450/3 | €154,836 | €94,271 | -€60,565 | -39.1% |
| Remuneration and social security | 454/9 | €5,150 | €12,990 | +€7,840 | +152.2% |
| Other amounts payable | 47/48 | €52,170 | €242,662 | +€190,492 | +365.1% |
| Accrued charges and deferred income | 492/3 | €12 | - | -€12 | |
| Non-recurring operating income | 76A | - | €2,467 | +€2,467 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,493 | €88,924 | -€38,568 | -30.3% |
| Other operating charges | 640/8 | €7,382 | €8,664 | +€1,283 | +17.4% |
| Non-recurring operating charges | 66A | €1,367 | - | -€1,367 | |
| Gross operating margin | 9900 | €604,678 | €594,690 | -€9,988 | -1.7% |
| Operating profit (loss) | 9901 | €468,436 | €497,101 | +€28,665 | +6.1% |
| Financial income | 75/76B | €203 | €5,171 | +€4,968 | +2451.1% |
| Recurring financial income | 75 | €203 | €5,171 | +€4,968 | +2451.1% |
| Financial charges | 65/66B | €2,600 | €1,595 | -€1,005 | -38.7% |
| Recurring financial charges | 65 | €2,600 | €1,595 | -€1,005 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €466,039 | €500,677 | +€34,638 | +7.4% |
| Income taxes | 67/77 | €145,412 | €156,546 | +€11,134 | +7.7% |
| Profit (loss) for the period | 9904 | €320,627 | €344,131 | +€23,504 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €320,627 | €344,131 | +€23,504 | +7.3% |
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 2 October 2026 via checked.be.