SCAX: 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.
SCAX
Largest movements
- Stocks and contracts +€610,085
new in 2025: €610,085
- Receivables within one year -€69,729
down €69,729 (-45.7%), from €152,662 to €82,933
of which Other amounts receivable: -€42,369
- Tangible fixed assets +€34,486
up €34,486 (+3.5%), from €992,367 to €1.0m
of which Land and buildings: +€36,443
- Short-term financial debts +€419,417
up €419,417 (+18148.0%), from €2,311 to €421,728
- Other debts +€130,369
up €130,369 (+76.0%), from €171,592 to €301,961
- Reserves +€27,568
up €27,568 (+10.4%), from €265,963 to €293,532
of which Distributable reserves: +€18,973
- Provisions -€18,707
down €18,707 (-23.0%), from €81,289 to €62,581
- Trade debts +€18,059
up €18,059 (+64.7%), from €27,919 to €45,978
- Gross operating margin +€26,757
up €26,757 (+46.1%), from €58,032 to €84,789
- Financial charges +€14,008
up €14,008 (+54.5%), from €25,707 to €39,714
- Depreciation +€12,591
up €12,591 (+49.3%), from €25,557 to €38,148
- Other operating charges -€8,838
down €8,838 (-71.3%), from €12,402 to €3,564
- Financial income -€1,522
down €1,522 (-20.9%), from €7,289 to €5,767
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 | €1,156,006 | €1,738,241 | +€582,235 | +50.4% |
| Fixed assets | 21/28 | €992,367 | €1,026,853 | +€34,486 | +3.5% |
| Tangible fixed assets | 22/27 | €992,367 | €1,026,853 | +€34,486 | +3.5% |
| Land and buildings | 22 | €914,751 | €951,194 | +€36,443 | +4.0% |
| Plant, machinery and equipment | 23 | €562 | €3,511 | +€2,949 | +524.8% |
| Furniture and vehicles | 24 | €17,894 | €12,988 | -€4,906 | -27.4% |
| Other tangible fixed assets | 26 | €59,160 | €59,160 | = | 0.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €163,640 | €711,388 | +€547,749 | +334.7% |
| Stocks and contracts in progress | 3 | - | €610,085 | +€610,085 | |
| Stocks | 30/36 | - | €610,085 | +€610,085 | |
| Amounts receivable within one year | 40/41 | €152,662 | €82,933 | -€69,729 | -45.7% |
| Trade receivables | 40 | €41,117 | €13,756 | -€27,360 | -66.5% |
| Other amounts receivable | 41 | €111,545 | €69,177 | -€42,369 | -38.0% |
| Cash at bank and in hand | 54/58 | €2,765 | €5,275 | +€2,510 | +90.8% |
| Deferred charges and accrued income | 490/1 | €8,212 | €13,095 | +€4,883 | +59.5% |
| Total equity and liabilities | 10/49 | €1,156,006 | €1,738,241 | +€582,235 | +50.4% |
| Equity | 10/15 | €284,556 | €312,124 | +€27,568 | +9.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €265,963 | €293,532 | +€27,568 | +10.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €241,731 | €250,326 | +€8,595 | +3.6% |
| Distributable reserves | 133 | €24,233 | €43,206 | +€18,973 | +78.3% |
| Provisions and deferred taxes | 16 | €81,289 | €62,581 | -€18,707 | -23.0% |
| Deferred taxes | 168 | €81,289 | €62,581 | -€18,707 | -23.0% |
| Amounts payable | 17/49 | €790,162 | €1,363,536 | +€573,373 | +72.6% |
| Amounts payable after more than one year | 17 | €551,309 | €538,942 | -€12,367 | -2.2% |
| Financial debts | 170/4 | €551,309 | €538,942 | -€12,367 | -2.2% |
| Amounts payable within one year | 42/48 | €238,657 | €814,595 | +€575,938 | +241.3% |
| Current portion of amounts payable after more than one year | 42 | €36,599 | €43,094 | +€6,496 | +17.7% |
| Financial debts | 43 | €2,311 | €421,728 | +€419,417 | +18148.0% |
| Credit institutions | 430/8 | €2,311 | €421,728 | +€419,417 | +18148.0% |
| Trade debts | 44 | €27,919 | €45,978 | +€18,059 | +64.7% |
| Suppliers | 440/4 | €27,919 | €45,978 | +€18,059 | +64.7% |
| Taxes, remuneration and social security | 45 | €237 | €1,834 | +€1,597 | +674.8% |
| Taxes | 450/3 | €237 | €1,834 | +€1,597 | +674.8% |
| Other amounts payable | 47/48 | €171,592 | €301,961 | +€130,369 | +76.0% |
| Accrued charges and deferred income | 492/3 | €196 | €9,999 | +€9,803 | +4997.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,557 | €38,148 | +€12,591 | +49.3% |
| Other operating charges | 640/8 | €12,402 | €3,564 | -€8,838 | -71.3% |
| Non-recurring operating charges | 66A | €6,166 | €0 | -€6,166 | -100.0% |
| Gross operating margin | 9900 | €58,032 | €84,789 | +€26,757 | +46.1% |
| Operating profit (loss) | 9901 | €13,907 | €43,076 | +€29,170 | +209.7% |
| Financial income | 75/76B | €7,289 | €5,767 | -€1,522 | -20.9% |
| Recurring financial income | 75 | €7,289 | €5,767 | -€1,522 | -20.9% |
| Financial charges | 65/66B | €25,707 | €39,714 | +€14,008 | +54.5% |
| Recurring financial charges | 65 | €25,707 | €39,714 | +€14,008 | +54.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,511 | €9,129 | +€13,640 | |
| Transfer from deferred taxes | 780 | €970 | €18,707 | +€17,737 | +1829.1% |
| Income taxes | 67/77 | €242 | €268 | +€26 | +10.8% |
| Profit (loss) for the period | 9904 | -€3,783 | €27,568 | +€31,351 | |
| Transfer from tax-exempt reserves | 789 | €3,879 | €8,090 | +€4,211 | +108.6% |
| Transfer to tax-exempt reserves | 689 | - | €16,685 | +€16,685 | |
| Profit (loss) for the period to be appropriated | 9905 | €96 | €18,973 | +€18,877 | +19622.7% |
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 11 October 2026 via checked.be.