SF PROJECTS: 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.
SF PROJECTS
Largest movements
- Tangible fixed assets -€63,874
down €63,874 (-12.4%), from €516,055 to €452,182
of which Furniture and vehicles: -€51,874
- Cash +€33,525
up €33,525 (+89.2%), from €37,578 to €71,104
mainly Depreciation (+€70,178) and Net result for the year (+€41,422)
- Receivables within one year +€23,266
up €23,266 (+11.8%), from €197,766 to €221,031
of which Trade receivables: +€23,112
- Deferred charges and accrued income -€10,019
down €10,019 (-56.5%), from €17,735 to €7,716
- Debts after one year -€58,176
down €58,176 (-13.5%), from €430,818 to €372,642
- Other debts +€36,733
up €36,733 (+542.4%), from €6,773 to €43,506
- Trade debts +€30,951
up €30,951 (+20.0%), from €154,663 to €185,614
- Accrued charges and deferred income -€16,312
down €16,312 (-38.6%), from €42,299 to €25,988
- Staff costs -€34,944
down €34,944 (-99.9%), from €34,992 to €48
- Depreciation +€21,908
up €21,908 (+45.4%), from €48,269 to €70,178
- Gross operating margin -€14,656
down €14,656 (-9.4%), from €155,107 to €140,451
- Financial charges +€14,426
up €14,426 (+155.0%), from €9,305 to €23,731
- Financial income +€6,469
up €6,469 (+10487.9%), from €62 to €6,531
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 | €772,559 | €755,897 | -€16,662 | -2.2% |
| Fixed assets | 21/28 | €516,055 | €452,182 | -€63,874 | -12.4% |
| Tangible fixed assets | 22/27 | €516,055 | €452,182 | -€63,874 | -12.4% |
| Land and buildings | 22 | €358,777 | €344,892 | -€13,885 | -3.9% |
| Plant, machinery and equipment | 23 | €3,011 | €4,897 | +€1,886 | +62.6% |
| Furniture and vehicles | 24 | €154,267 | €102,393 | -€51,874 | -33.6% |
| Current assets | 29/58 | €256,504 | €303,715 | +€47,212 | +18.4% |
| Stocks and contracts in progress | 3 | €3,425 | €3,865 | +€440 | +12.9% |
| Stocks | 30/36 | €3,425 | €3,865 | +€440 | +12.9% |
| Amounts receivable within one year | 40/41 | €197,766 | €221,031 | +€23,266 | +11.8% |
| Trade receivables | 40 | €197,533 | €220,645 | +€23,112 | +11.7% |
| Other amounts receivable | 41 | €233 | €386 | +€154 | +66.0% |
| Cash at bank and in hand | 54/58 | €37,578 | €71,104 | +€33,525 | +89.2% |
| Deferred charges and accrued income | 490/1 | €17,735 | €7,716 | -€10,019 | -56.5% |
| Total equity and liabilities | 10/49 | €772,559 | €755,897 | -€16,662 | -2.2% |
| Equity | 10/15 | €61,783 | €63,205 | +€1,422 | +2.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €56,575 | €56,575 | = | 0.0% |
| Distributable reserves | 133 | €56,575 | €56,575 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,208 | €3,630 | +€1,422 | +64.4% |
| Amounts payable | 17/49 | €710,776 | €692,692 | -€18,084 | -2.5% |
| Amounts payable after more than one year | 17 | €430,818 | €372,642 | -€58,176 | -13.5% |
| Financial debts | 170/4 | €430,818 | €372,642 | -€58,176 | -13.5% |
| Amounts payable within one year | 42/48 | €237,659 | €294,063 | +€56,403 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €65,729 | €60,984 | -€4,745 | -7.2% |
| Trade debts | 44 | €154,663 | €185,614 | +€30,951 | +20.0% |
| Suppliers | 440/4 | €154,663 | €185,614 | +€30,951 | +20.0% |
| Taxes, remuneration and social security | 45 | €10,495 | €3,959 | -€6,536 | -62.3% |
| Taxes | 450/3 | €10,495 | €1,656 | -€8,839 | -84.2% |
| Remuneration and social security | 454/9 | €0 | €2,303 | +€2,303 | |
| Other amounts payable | 47/48 | €6,773 | €43,506 | +€36,733 | +542.4% |
| Accrued charges and deferred income | 492/3 | €42,299 | €25,988 | -€16,312 | -38.6% |
| Non-recurring operating income | 76A | - | €2,201 | +€2,201 | |
| Remuneration, social security and pensions | 62 | €34,992 | €48 | -€34,944 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,269 | €70,178 | +€21,908 | +45.4% |
| Other operating charges | 640/8 | €9,251 | €4,859 | -€4,392 | -47.5% |
| Gross operating margin | 9900 | €155,107 | €140,451 | -€14,656 | -9.4% |
| Operating profit (loss) | 9901 | €62,594 | €65,366 | +€2,772 | +4.4% |
| Financial income | 75/76B | €62 | €6,531 | +€6,469 | +10487.9% |
| Recurring financial income | 75 | €62 | €6,531 | +€6,469 | +10487.9% |
| Financial charges | 65/66B | €9,305 | €23,731 | +€14,426 | +155.0% |
| Recurring financial charges | 65 | €9,305 | €23,731 | +€14,426 | +155.0% |
| Profit (loss) for the period before taxes | 9903 | €53,351 | €48,166 | -€5,185 | -9.7% |
| Income taxes | 67/77 | €11,772 | €6,743 | -€5,029 | -42.7% |
| Profit (loss) for the period | 9904 | €41,579 | €41,422 | -€156 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,579 | €41,422 | -€156 | -0.4% |
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 6 October 2026 via checked.be.