SFAXOS: 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.
SFAXOS
Largest movements
- Receivables within one year +€2.4m
up €2.4m (+25.2%), from €9.4m to €11.8m
of which Other amounts receivable: +€2.4m
- Current investments -€1.5m
no longer reported in 2025 (was €1.5m)
- Cash -€624,805
down €624,805 (-90.1%), from €693,286 to €68,482
mainly Receivables within one year (-€2.4m) and Other debts (-€1.9m)
- Stocks and contracts +€328,304
up €328,304 (+402%), from €81,725 to €410,029
- Reserves +€2.8m
up €2.8m (+42.8%), from €6.6m to €9.4m
of which Distributable reserves: +€2.8m
- Other debts -€1.9m
down €1.9m (-38.6%), from €4.8m to €2.9m
- Tax, wage and social debts -€407,904
no longer reported in 2025 (was €407,904)
- Financial income -€1.0m
down €1.0m (-25.7%), from €3.9m to €2.9m
- Financial charges -€17,624
down €17,624 (-18.7%), from €94,239 to €76,615
- Gross operating margin -€9,483
down €9,483 (-66.3%), from €14,293 to €4,811
- Other operating charges +€636
up €636 (+61.8%), from €1,030 to €1,665
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 | €11,964,921 | €12,525,970 | +€561,049 | +4.7% |
| Fixed assets | 21/28 | €285,544 | €269,050 | -€16,494 | -5.8% |
| Intangible fixed assets | 21 | €57,210 | €40,716 | -€16,494 | -28.8% |
| Financial fixed assets | 28 | €228,334 | €228,334 | = | 0.0% |
| Current assets | 29/58 | €11,679,377 | €12,256,920 | +€577,543 | +4.9% |
| Stocks and contracts in progress | 3 | €81,725 | €410,029 | +€328,304 | +402% |
| Stocks | 30/36 | €81,725 | €410,029 | +€328,304 | +402% |
| Amounts receivable within one year | 40/41 | €9,404,366 | €11,778,410 | +€2.4m | +25.2% |
| Trade receivables | 40 | €10,200 | €10,200 | = | 0.0% |
| Other amounts receivable | 41 | €9,394,166 | €11,768,210 | +€2.4m | +25.3% |
| Current investments | 50/53 | €1,500,000 | - | -€1.5m | |
| Cash at bank and in hand | 54/58 | €693,286 | €68,482 | -€624,805 | -90.1% |
| Total equity and liabilities | 10/49 | €11,964,921 | €12,525,970 | +€561,049 | +4.7% |
| Equity | 10/15 | €6,751,809 | €9,577,226 | +€2.8m | +41.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €6,601,809 | €9,427,226 | +€2.8m | +42.8% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €6,586,809 | €9,412,226 | +€2.8m | +42.9% |
| Amounts payable | 17/49 | €5,213,113 | €2,948,744 | -€2.3m | -43.4% |
| Amounts payable within one year | 42/48 | €5,213,113 | €2,948,744 | -€2.3m | -43.4% |
| Trade debts | 44 | - | €552 | +€552 | |
| Suppliers | 440/4 | - | €552 | +€552 | |
| Taxes, remuneration and social security | 45 | €407,904 | - | -€407,904 | |
| Taxes | 450/3 | €407,904 | - | -€407,904 | |
| Other amounts payable | 47/48 | €4,805,208 | €2,948,192 | -€1.9m | -38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,494 | €16,494 | = | 0.0% |
| Other operating charges | 640/8 | €1,030 | €1,665 | +€636 | +61.8% |
| Gross operating margin | 9900 | €14,293 | €4,811 | -€9,483 | -66.3% |
| Operating profit (loss) | 9901 | -€3,230 | -€13,349 | -€10,119 | -313% |
| Financial income | 75/76B | €3,926,414 | €2,915,382 | -€1.0m | -25.7% |
| Recurring financial income | 75 | €3,926,414 | €2,915,382 | -€1.0m | -25.7% |
| Financial charges | 65/66B | €94,239 | €76,615 | -€17,624 | -18.7% |
| Recurring financial charges | 65 | €94,239 | €76,615 | -€17,624 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €3,828,945 | €2,825,418 | -€1.0m | -26.2% |
| Profit (loss) for the period | 9904 | €3,828,945 | €2,825,418 | -€1.0m | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,828,945 | €2,825,418 | -€1.0m | -26.2% |
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 26 October 2026 via checked.be.