SF MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€43,730
up €43,730 (+4,228%), from €1,034 to €44,764
of which Furniture and vehicles: +€44,362
- Stocks and contracts +€10,669
up €10,669 (+15.0%), from €71,076 to €81,745
- Debts after one year +€28,628
up €28,628 (+6.2%), from €464,328 to €492,956
- Trade debts +€20,528
up €20,528 (+1,406%), from €1,460 to €21,988
- Tax, wage and social debts -€13,458
down €13,458 (-74.5%), from €18,064 to €4,606
of which Taxes: -€9,018
- Other debts +€13,175
up €13,175 (+14.7%), from €89,700 to €102,875
- Gross operating margin -€9,670
down €9,670 (-35.3%), from €27,393 to €17,724
- Financial income +€4,433
up €4,433 (+127%), from €3,502 to €7,935
- Taxes -€2,753
down €2,753 (-68.8%), from €4,003 to €1,250
- Other operating charges +€2,271
up €2,271 (+170%), from €1,337 to €3,608
- Financial charges +€2,257
up €2,257 (+37.1%), from €6,079 to €8,336
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 | €856,255 | €902,691 | +€46,435 | +5.4% |
| Formation expenses | 20 | €350 | €50 | -€300 | -85.7% |
| Fixed assets | 21/28 | €717,365 | €752,499 | +€35,134 | +4.9% |
| Intangible fixed assets | 21 | €16,531 | €7,935 | -€8,596 | -52.0% |
| Tangible fixed assets | 22/27 | €1,034 | €44,764 | +€43,730 | +4,228% |
| Plant, machinery and equipment | 23 | €632 | - | -€632 | |
| Furniture and vehicles | 24 | €402 | €44,764 | +€44,362 | +11,036% |
| Financial fixed assets | 28 | €699,800 | €699,800 | = | 0.0% |
| Current assets | 29/58 | €138,540 | €150,142 | +€11,602 | +8.4% |
| Stocks and contracts in progress | 3 | €71,076 | €81,745 | +€10,669 | +15.0% |
| Stocks | 30/36 | €71,076 | €81,745 | +€10,669 | +15.0% |
| Amounts receivable within one year | 40/41 | €49,849 | €45,258 | -€4,591 | -9.2% |
| Trade receivables | 40 | €8,495 | €7,206 | -€1,289 | -15.2% |
| Other amounts receivable | 41 | €41,354 | €38,051 | -€3,303 | -8.0% |
| Cash at bank and in hand | 54/58 | €13,870 | €17,680 | +€3,810 | +27.5% |
| Deferred charges and accrued income | 490/1 | €3,745 | €5,458 | +€1,714 | +45.8% |
| Total equity and liabilities | 10/49 | €856,255 | €902,691 | +€46,435 | +5.4% |
| Equity | 10/15 | €269,656 | €266,166 | -€3,490 | -1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €241,760 | €241,760 | = | 0.0% |
| Distributable reserves | 133 | €241,760 | €241,760 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191 | €630 | +€440 | +231% |
| Investment grants | 15 | €9,105 | €5,176 | -€3,930 | -43.2% |
| Amounts payable | 17/49 | €586,599 | €636,525 | +€49,926 | +8.5% |
| Amounts payable after more than one year | 17 | €464,328 | €492,956 | +€28,628 | +6.2% |
| Financial debts | 170/4 | €464,328 | €492,956 | +€28,628 | +6.2% |
| Amounts payable within one year | 42/48 | €119,924 | €141,609 | +€21,686 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €10,699 | €12,140 | +€1,441 | +13.5% |
| Trade debts | 44 | €1,460 | €21,988 | +€20,528 | +1,406% |
| Suppliers | 440/4 | €1,460 | €21,988 | +€20,528 | +1,406% |
| Taxes, remuneration and social security | 45 | €18,064 | €4,606 | -€13,458 | -74.5% |
| Taxes | 450/3 | €13,624 | €4,606 | -€9,018 | -66.2% |
| Remuneration and social security | 454/9 | €4,440 | - | -€4,440 | |
| Other amounts payable | 47/48 | €89,700 | €102,875 | +€13,175 | +14.7% |
| Accrued charges and deferred income | 492/3 | €2,348 | €1,960 | -€389 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,208 | €11,165 | +€957 | +9.4% |
| Other operating charges | 640/8 | €1,337 | €3,608 | +€2,271 | +170% |
| Gross operating margin | 9900 | €27,393 | €17,724 | -€9,670 | -35.3% |
| Operating profit (loss) | 9901 | €15,848 | €2,950 | -€12,898 | -81.4% |
| Financial income | 75/76B | €3,502 | €7,935 | +€4,433 | +127% |
| Recurring financial income | 75 | €3,502 | €7,935 | +€4,433 | +127% |
| Financial charges | 65/66B | €6,079 | €8,336 | +€2,257 | +37.1% |
| Recurring financial charges | 65 | €6,079 | €8,336 | +€2,257 | +37.1% |
| Profit (loss) for the period before taxes | 9903 | €13,271 | €2,548 | -€10,722 | -80.8% |
| Income taxes | 67/77 | €4,003 | €1,250 | -€2,753 | -68.8% |
| Profit (loss) for the period | 9904 | €9,268 | €1,299 | -€7,969 | -86.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,268 | €1,299 | -€7,969 | -86.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.