SF EXPRESS (BELGIUM): what changed
SF EXPRESS (BELGIUM)
Largest movements
- Receivables within one year +€686,322
up €686,322 (+629%), from €109,049 to €795,371
of which Other amounts receivable: +€346,676
- Contributions +€480,000
up €480,000 (+2,400%), from €20,000 to €500,000
- Profit (loss) carried forward -€288,964
down €288,964 (-127%), from -€227,187 to -€516,151
- Trade debts +€272,430
up €272,430 (+576%), from €47,274 to €319,705
- Accrued charges and deferred income +€175,895
new in 2025: €175,895
- Other debts +€53,568
up €53,568 (+26.2%), from €204,364 to €257,932
- Staff costs +€307,519
up €307,519 (+171%), from €179,786 to €487,305
- Gross operating margin +€208,652
up €208,652 (+588%), from €35,459 to €244,111
- Financial charges +€36,375
up €36,375 (+413%), from €8,801 to €45,176
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €109,982 | €800,833 | +€690,851 | +628% |
| Fixed assets | 21/28 | €264 | €468 | +€204 | +77.5% |
| Tangible fixed assets | 22/27 | €264 | €468 | +€204 | +77.5% |
| Furniture and vehicles | 24 | €264 | €468 | +€204 | +77.5% |
| Current assets | 29/58 | €109,719 | €800,365 | +€690,646 | +629% |
| Amounts receivable within one year | 40/41 | €109,049 | €795,371 | +€686,322 | +629% |
| Trade receivables | 40 | €474 | €340,120 | +€339,646 | +71,704% |
| Other amounts receivable | 41 | €108,576 | €455,252 | +€346,676 | +319% |
| Deferred charges and accrued income | 490/1 | €669 | €4,994 | +€4,324 | +646% |
| Total equity and liabilities | 10/49 | €109,982 | €800,833 | +€690,851 | +628% |
| Equity | 10/15 | -€207,187 | -€16,151 | +€191,036 | +92.2% |
| Contributions | 10/11 | €20,000 | €500,000 | +€480,000 | +2,400% |
| Profit (loss) carried forward | 14 | -€227,187 | -€516,151 | -€288,964 | -127% |
| Amounts payable | 17/49 | €317,169 | €816,984 | +€499,815 | +158% |
| Amounts payable within one year | 42/48 | €317,169 | €641,089 | +€323,920 | +102% |
| Financial debts | 43 | €31,001 | €0 | -€31,001 | -100% |
| Credit institutions | 430/8 | €31,001 | €0 | -€31,001 | -100% |
| Trade debts | 44 | €47,274 | €319,705 | +€272,430 | +576% |
| Suppliers | 440/4 | €47,274 | €319,705 | +€272,430 | +576% |
| Taxes, remuneration and social security | 45 | €34,531 | €63,453 | +€28,923 | +83.8% |
| Remuneration and social security | 454/9 | €34,531 | €63,453 | +€28,923 | +83.8% |
| Other amounts payable | 47/48 | €204,364 | €257,932 | +€53,568 | +26.2% |
| Accrued charges and deferred income | 492/3 | - | €175,895 | +€175,895 | |
| Remuneration, social security and pensions | 62 | €179,786 | €487,305 | +€307,519 | +171% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7 | €86 | +€79 | +1,099% |
| Other operating charges | 640/8 | - | €765 | +€765 | |
| Gross operating margin | 9900 | €35,459 | €244,111 | +€208,652 | +588% |
| Operating profit (loss) | 9901 | -€144,334 | -€244,045 | -€99,711 | -69.1% |
| Financial income | 75/76B | €0 | €257 | +€257 | |
| Recurring financial income | 75 | €0 | €257 | +€257 | |
| Financial charges | 65/66B | €8,801 | €45,176 | +€36,375 | +413% |
| Recurring financial charges | 65 | €8,801 | €45,176 | +€36,375 | +413% |
| Profit (loss) for the period before taxes | 9903 | -€153,135 | -€288,964 | -€135,829 | -88.7% |
| Profit (loss) for the period | 9904 | -€153,135 | -€288,964 | -€135,829 | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€153,135 | -€288,964 | -€135,829 | -88.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.