SF CONSULT: 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.
SF CONSULT
Largest movements
- Financial fixed assets -€191,111
down €191,111 (-100.0%), from €191,161 to €50
- Cash -€30,944
down €30,944 (-40.0%), from €77,381 to €46,437
mainly Net result for the year (-€144,190) and Contributions, distributions and other (-€75,000)
- Receivables within one year +€13,435
up €13,435 (+957%), from €1,404 to €14,840
of which Trade receivables: +€14,513
- Tangible fixed assets -€9,762
down €9,762 (-5.3%), from €183,212 to €173,450
of which Land and buildings: -€7,950
- Reserves -€148,920
down €148,920 (-55.2%), from €269,781 to €120,862
- Profit (loss) carried forward -€70,271
new in 2025: -€70,271
- Tax, wage and social debts -€24,670
down €24,670 (-98.0%), from €25,173 to €504
- Other debts +€19,725
up €19,725 (+156%), from €12,663 to €32,387
- Current portion of long-term debt +€11,212
up €11,212 (+89.3%), from €12,561 to €23,774
- Financial charges +€192,477
up €192,477 (+7,854%), from €2,451 to €194,928
of which Non-recurring financial charges: +€191,111
- Taxes -€16,172
down €16,172 (-97.0%), from €16,676 to €504
- Write-downs -€3,028
no longer reported in 2025 (was €3,028)
- Depreciation -€2,165
down €2,165 (-18.2%), from €11,927 to €9,762
- Other operating charges -€1,589
down €1,589 (-25.2%), from €6,294 to €4,705
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 | €453,158 | €234,776 | -€218,382 | -48.2% |
| Fixed assets | 21/28 | €374,373 | €173,500 | -€200,873 | -53.7% |
| Tangible fixed assets | 22/27 | €183,212 | €173,450 | -€9,762 | -5.3% |
| Land and buildings | 22 | €178,871 | €170,921 | -€7,950 | -4.4% |
| Other tangible fixed assets | 26 | €4,341 | €2,529 | -€1,812 | -41.7% |
| Financial fixed assets | 28 | €191,161 | €50 | -€191,111 | -100.0% |
| Current assets | 29/58 | €78,785 | €61,276 | -€17,509 | -22.2% |
| Amounts receivable within one year | 40/41 | €1,404 | €14,840 | +€13,435 | +957% |
| Trade receivables | 40 | - | €14,513 | +€14,513 | |
| Other amounts receivable | 41 | €1,404 | €327 | -€1,078 | -76.7% |
| Cash at bank and in hand | 54/58 | €77,381 | €46,437 | -€30,944 | -40.0% |
| Total equity and liabilities | 10/49 | €453,158 | €234,776 | -€218,382 | -48.2% |
| Equity | 10/15 | €269,782 | €50,592 | -€219,190 | -81.2% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €269,781 | €120,862 | -€148,920 | -55.2% |
| Distributable reserves | 133 | €269,781 | €120,862 | -€148,920 | -55.2% |
| Profit (loss) carried forward | 14 | - | -€70,271 | -€70,271 | |
| Amounts payable | 17/49 | €183,376 | €184,184 | +€809 | +0.4% |
| Amounts payable after more than one year | 17 | €132,549 | €127,245 | -€5,305 | -4.0% |
| Financial debts | 170/4 | €132,549 | €127,245 | -€5,305 | -4.0% |
| Amounts payable within one year | 42/48 | €50,826 | €56,940 | +€6,113 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €12,561 | €23,774 | +€11,212 | +89.3% |
| Trade debts | 44 | €429 | €275 | -€155 | -36.0% |
| Suppliers | 440/4 | €429 | €275 | -€155 | -36.0% |
| Taxes, remuneration and social security | 45 | €25,173 | €504 | -€24,670 | -98.0% |
| Taxes | 450/3 | €25,173 | €504 | -€24,670 | -98.0% |
| Other amounts payable | 47/48 | €12,663 | €32,387 | +€19,725 | +156% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,927 | €9,762 | -€2,165 | -18.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,028 | - | -€3,028 | |
| Other operating charges | 640/8 | €6,294 | €4,705 | -€1,589 | -25.2% |
| Gross operating margin | 9900 | €64,130 | €65,708 | +€1,578 | +2.5% |
| Operating profit (loss) | 9901 | €42,881 | €51,241 | +€8,361 | +19.5% |
| Financial income | 75/76B | €1,307 | €0 | -€1,307 | -100.0% |
| Recurring financial income | 75 | €1,307 | €0 | -€1,307 | -100.0% |
| Financial charges | 65/66B | €2,451 | €194,928 | +€192,477 | +7,854% |
| Recurring financial charges | 65 | €2,451 | €3,817 | +€1,366 | +55.8% |
| Non-recurring financial charges | 66B | - | €191,111 | +€191,111 | |
| Profit (loss) for the period before taxes | 9903 | €41,737 | -€143,687 | -€185,424 | |
| Income taxes | 67/77 | €16,676 | €504 | -€16,172 | -97.0% |
| Profit (loss) for the period | 9904 | €25,062 | -€144,190 | -€169,252 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,062 | -€144,190 | -€169,252 |
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 28 October 2026 via checked.be.