SC AM: 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.
SC AM
Largest movements
- Tangible fixed assets -€17,230
down €17,230 (-4.2%), from €411,220 to €393,990
of which Land and buildings: -€16,330
- Debts after one year -€22,907
no longer reported in 2025 (was €22,907)
- Other debts +€21,537
up €21,537 (+7.7%), from €281,216 to €302,753
- Current portion of long-term debt -€17,570
down €17,570 (-43.4%), from €40,477 to €22,907
- Reserves +€8,067
up €8,067 (+45.0%), from €17,920 to €25,987
of which Distributable reserves: +€8,067
- Financial charges -€1,911
down €1,911 (-47.3%), from €4,042 to €2,131
- Gross operating margin -€546
down €546 (-1.6%), from €34,911 to €34,365
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.
Derived cash bridge
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 | €411,370 | €394,548 | -€16,822 | -4.1% |
| Fixed assets | 21/28 | €411,220 | €393,990 | -€17,230 | -4.2% |
| Tangible fixed assets | 22/27 | €411,220 | €393,990 | -€17,230 | -4.2% |
| Land and buildings | 22 | €403,874 | €387,544 | -€16,330 | -4.0% |
| Plant, machinery and equipment | 23 | €7,345 | €6,445 | -€900 | -12.3% |
| Current assets | 29/58 | €151 | €558 | +€408 | +271% |
| Amounts receivable within one year | 40/41 | - | €63 | +€63 | |
| Other amounts receivable | 41 | - | €63 | +€63 | |
| Cash at bank and in hand | 54/58 | €151 | €495 | +€345 | +229% |
| Total equity and liabilities | 10/49 | €411,370 | €394,548 | -€16,822 | -4.1% |
| Equity | 10/15 | €56,489 | €64,556 | +€8,067 | +14.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,920 | €25,987 | +€8,067 | +45.0% |
| Non-distributable reserves | 130/1 | €628 | €628 | = | 0.0% |
| Legal reserve | 130 | €628 | €628 | = | 0.0% |
| Distributable reserves | 133 | €17,292 | €25,359 | +€8,067 | +46.7% |
| Profit (loss) carried forward | 14 | €19,969 | €19,969 | = | 0.0% |
| Amounts payable | 17/49 | €354,882 | €329,992 | -€24,890 | -7.0% |
| Amounts payable after more than one year | 17 | €22,907 | - | -€22,907 | |
| Financial debts | 170/4 | €22,907 | - | -€22,907 | |
| Amounts payable within one year | 42/48 | €328,345 | €329,608 | +€1,262 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €40,477 | €22,907 | -€17,570 | -43.4% |
| Trade debts | 44 | €364 | - | -€364 | |
| Suppliers | 440/4 | €364 | - | -€364 | |
| Taxes, remuneration and social security | 45 | €6,289 | €3,948 | -€2,341 | -37.2% |
| Taxes | 450/3 | €6,289 | €3,948 | -€2,341 | -37.2% |
| Other amounts payable | 47/48 | €281,216 | €302,753 | +€21,537 | +7.7% |
| Accrued charges and deferred income | 492/3 | €3,630 | €384 | -€3,245 | -89.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,230 | €17,230 | = | 0.0% |
| Other operating charges | 640/8 | €2,904 | €3,206 | +€301 | +10.4% |
| Gross operating margin | 9900 | €34,911 | €34,365 | -€546 | -1.6% |
| Operating profit (loss) | 9901 | €14,777 | €13,929 | -€847 | -5.7% |
| Financial charges | 65/66B | €4,042 | €2,131 | -€1,911 | -47.3% |
| Recurring financial charges | 65 | €4,042 | €2,131 | -€1,911 | -47.3% |
| Profit (loss) for the period before taxes | 9903 | €10,735 | €11,799 | +€1,064 | +9.9% |
| Income taxes | 67/77 | €3,635 | €3,731 | +€96 | +2.6% |
| Profit (loss) for the period | 9904 | €7,100 | €8,067 | +€968 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,100 | €8,067 | +€968 | +13.6% |
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 17 October 2026 via checked.be.