SC BLINDAGE: 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
SC BLINDAGE
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€223,845
2024 · -€147,134-€76,711
Equity
-€179,072
2024 · €44,774-€223,845
Cash
€1,085
2024 · €2,721-€1,636
Balance sheet total
€830,756
2024 · €883,582-€52,826
Largest movements
Assets
- Tangible fixed assets -€47,209
down €47,209 (-8.5%), from €552,258 to €505,049
of which Land and buildings: -€39,214
Equity and liabilities
- Profit (loss) carried forward -€223,845
down €223,845 (-2912.2%), from -€7,686 to -€231,532
- Trade debts +€107,296
up €107,296 (+69.2%), from €155,114 to €262,410
- Debts after one year +€59,308
up €59,308 (+15.0%), from €394,258 to €453,566
- Short-term financial debts -€38,868
down €38,868 (-58.4%), from €66,508 to €27,641
- Other debts +€33,835
up €33,835 (+19.1%), from €176,885 to €210,720
Income statement
- Gross operating margin -€164,569
down €164,569, from €118,936 to -€45,634
- Staff costs -€57,869
down €57,869 (-34.0%), from €170,287 to €112,419
- Depreciation -€14,964
down €14,964 (-24.1%), from €62,173 to €47,208
- Financial charges -€13,060
down €13,060 (-49.0%), from €26,637 to €13,577
- Other operating charges -€2,360
down €2,360 (-34.5%), from €6,841 to €4,481
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
-€147,134
Gross operating margin
-€164,569
Staff costs
+€57,869
Depreciation
+€14,964
Other operating charges
+€2,360
Financial income
-€495
Financial charges
+€13,060
Taxes
+€100
Result 2025
-€223,845
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
-€18,197
Investment
+€1,421
Financing
+€15,141
Cash 2024
€2,721
From operations (derived)
-€18,197
Net result for the year
-€223,845
Depreciation
+€47,208
Stocks and contracts
-€4,177
Receivables within one year
+€2,295
Deferred charges and accrued income
+€4,443
Trade debts
+€107,296
Tax, wage and social debts
+€10,151
Advances received
+€4,597
Other debts
+€33,835
Investment (derived)
+€1,421
Investment in fixed assets (net)
+€1,421
Financing
+€15,141
Debts after one year
+€59,308
Current portion of long-term debt
-€5,299
Short-term financial debts
-€38,868
Cash 2025
€1,085
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €883,582 | €830,756 | -€52,826 | -6.0% |
| Fixed assets | 21/28 | €555,098 | €506,469 | -€48,629 | -8.8% |
| Tangible fixed assets | 22/27 | €552,258 | €505,049 | -€47,209 | -8.5% |
| Land and buildings | 22 | €531,126 | €491,913 | -€39,214 | -7.4% |
| Plant, machinery and equipment | 23 | €15,395 | €11,894 | -€3,501 | -22.7% |
| Furniture and vehicles | 24 | €5,737 | €1,243 | -€4,494 | -78.3% |
| Financial fixed assets | 28 | €2,840 | €1,420 | -€1,420 | -50.0% |
| Current assets | 29/58 | €328,484 | €324,287 | -€4,197 | -1.3% |
| Stocks and contracts in progress | 3 | €113,776 | €117,953 | +€4,177 | +3.7% |
| Stocks | 30/36 | €113,776 | €117,953 | +€4,177 | +3.7% |
| Amounts receivable within one year | 40/41 | €202,211 | €199,916 | -€2,295 | -1.1% |
| Trade receivables | 40 | €194,788 | €177,712 | -€17,076 | -8.8% |
| Other amounts receivable | 41 | €7,424 | €22,204 | +€14,781 | +199.1% |
| Cash at bank and in hand | 54/58 | €2,721 | €1,085 | -€1,636 | -60.1% |
| Deferred charges and accrued income | 490/1 | €9,775 | €5,333 | -€4,443 | -45.4% |
| Total equity and liabilities | 10/49 | €883,582 | €830,756 | -€52,826 | -6.0% |
| Equity | 10/15 | €44,774 | -€179,072 | -€223,845 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €33,860 | €33,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,000 | €32,000 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€7,686 | -€231,532 | -€223,845 | -2912.2% |
| Amounts payable | 17/49 | €838,809 | €1,009,828 | +€171,019 | +20.4% |
| Amounts payable after more than one year | 17 | €394,258 | €453,566 | +€59,308 | +15.0% |
| Financial debts | 170/4 | €394,258 | €453,566 | +€59,308 | +15.0% |
| Amounts payable within one year | 42/48 | €444,551 | €556,262 | +€111,711 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €37,573 | €32,273 | -€5,299 | -14.1% |
| Financial debts | 43 | €66,508 | €27,641 | -€38,868 | -58.4% |
| Credit institutions | 430/8 | €66,508 | €27,641 | -€38,868 | -58.4% |
| Trade debts | 44 | €155,114 | €262,410 | +€107,296 | +69.2% |
| Suppliers | 440/4 | €155,114 | €262,410 | +€107,296 | +69.2% |
| Advances received on contracts in progress | 46 | - | €4,597 | +€4,597 | |
| Taxes, remuneration and social security | 45 | €8,471 | €18,622 | +€10,151 | +119.8% |
| Taxes | 450/3 | €635 | €1,401 | +€766 | +120.7% |
| Remuneration and social security | 454/9 | €7,836 | €17,221 | +€9,385 | +119.8% |
| Other amounts payable | 47/48 | €176,885 | €210,720 | +€33,835 | +19.1% |
| Non-recurring operating income | 76A | €2,929 | €3,405 | +€476 | +16.2% |
| Remuneration, social security and pensions | 62 | €170,287 | €112,419 | -€57,869 | -34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,173 | €47,208 | -€14,964 | -24.1% |
| Other operating charges | 640/8 | €6,841 | €4,481 | -€2,360 | -34.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €118,936 | -€45,634 | -€164,569 | |
| Operating profit (loss) | 9901 | -€120,366 | -€209,741 | -€89,376 | -74.3% |
| Financial income | 75/76B | €517 | €22 | -€495 | -95.8% |
| Recurring financial income | 75 | €517 | €22 | -€495 | -95.8% |
| Financial charges | 65/66B | €26,637 | €13,577 | -€13,060 | -49.0% |
| Recurring financial charges | 65 | €26,637 | €13,577 | -€13,060 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | -€146,486 | -€223,296 | -€76,811 | -52.4% |
| Income taxes | 67/77 | €649 | €549 | -€100 | -15.4% |
| Profit (loss) for the period | 9904 | -€147,134 | -€223,845 | -€76,711 | -52.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€147,134 | -€223,845 | -€76,711 | -52.1% |
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.