SFelek: 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.
SFelek
Largest movements
- Receivables within one year +€71,186
up €71,186 (+69.2%), from €102,891 to €174,078
of which Trade receivables: +€51,520
- Stocks and contracts +€66,307
up €66,307 (+25.2%), from €263,618 to €329,925
- Tangible fixed assets -€53,291
down €53,291 (-8.2%), from €651,280 to €597,990
of which Furniture and vehicles: -€32,065
- Cash +€46,635
up €46,635 (+70.7%), from €65,943 to €112,578
mainly Net result for the year (+€95,119) and Trade debts (+€75,344)
- Deferred charges and accrued income +€12,323
up €12,323 (+393.3%), from €3,133 to €15,457
- Reserves +€95,000
up €95,000 (+39.3%), from €241,626 to €336,626
of which Distributable reserves: +€95,000
- Trade debts +€75,344
up €75,344 (+228.6%), from €32,955 to €108,298
- Debts after one year -€19,471
down €19,471 (-7.6%), from €256,745 to €237,274
- Gross operating margin +€153,041
up €153,041 (+61.6%), from €248,502 to €401,543
- Staff costs -€50,436
down €50,436 (-21.6%), from €233,116 to €182,680
- Taxes +€40,181
up €40,181 (+9693.8%), from €415 to €40,595
- Financial income +€17,750
up €17,750 (+1899.3%), from €935 to €18,684
- Financial charges +€9,205
up €9,205 (+49.8%), from €18,477 to €27,682
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 | €1,088,689 | €1,231,851 | +€143,161 | +13.1% |
| Fixed assets | 21/28 | €653,104 | €599,814 | -€53,291 | -8.2% |
| Tangible fixed assets | 22/27 | €651,280 | €597,990 | -€53,291 | -8.2% |
| Land and buildings | 22 | €504,921 | €489,421 | -€15,501 | -3.1% |
| Plant, machinery and equipment | 23 | €35,393 | €29,668 | -€5,725 | -16.2% |
| Furniture and vehicles | 24 | €110,966 | €78,901 | -€32,065 | -28.9% |
| Financial fixed assets | 28 | €1,824 | €1,824 | = | 0.0% |
| Current assets | 29/58 | €435,585 | €632,037 | +€196,452 | +45.1% |
| Stocks and contracts in progress | 3 | €263,618 | €329,925 | +€66,307 | +25.2% |
| Stocks | 30/36 | €263,618 | €329,925 | +€66,307 | +25.2% |
| Amounts receivable within one year | 40/41 | €102,891 | €174,078 | +€71,186 | +69.2% |
| Trade receivables | 40 | €84,930 | €136,450 | +€51,520 | +60.7% |
| Other amounts receivable | 41 | €17,961 | €37,627 | +€19,667 | +109.5% |
| Cash at bank and in hand | 54/58 | €65,943 | €112,578 | +€46,635 | +70.7% |
| Deferred charges and accrued income | 490/1 | €3,133 | €15,457 | +€12,323 | +393.3% |
| Total equity and liabilities | 10/49 | €1,088,689 | €1,231,851 | +€143,161 | +13.1% |
| Equity | 10/15 | €745,833 | €840,952 | +€95,119 | +12.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €241,626 | €336,626 | +€95,000 | +39.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €221,016 | €316,016 | +€95,000 | +43.0% |
| Profit (loss) carried forward | 14 | €498,007 | €498,126 | +€119 | 0.0% |
| Amounts payable | 17/49 | €342,857 | €390,899 | +€48,042 | +14.0% |
| Amounts payable after more than one year | 17 | €256,745 | €237,274 | -€19,471 | -7.6% |
| Financial debts | 170/4 | €256,745 | €237,274 | -€19,471 | -7.6% |
| Amounts payable within one year | 42/48 | €86,112 | €153,625 | +€67,514 | +78.4% |
| Current portion of amounts payable after more than one year | 42 | €26,993 | €19,471 | -€7,522 | -27.9% |
| Trade debts | 44 | €32,955 | €108,298 | +€75,344 | +228.6% |
| Suppliers | 440/4 | €32,955 | €108,298 | +€75,344 | +228.6% |
| Taxes, remuneration and social security | 45 | €18,816 | €25,856 | +€7,040 | +37.4% |
| Taxes | 450/3 | €253 | €12,788 | +€12,535 | +4953.0% |
| Remuneration and social security | 454/9 | €18,563 | €13,068 | -€5,495 | -29.6% |
| Other amounts payable | 47/48 | €7,347 | - | -€7,347 | |
| Non-recurring operating income | 76A | - | €4,021 | +€4,021 | |
| Remuneration, social security and pensions | 62 | €233,116 | €182,680 | -€50,436 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,035 | €67,956 | +€2,921 | +4.5% |
| Other operating charges | 640/8 | €14,765 | €6,196 | -€8,569 | -58.0% |
| Gross operating margin | 9900 | €248,502 | €401,543 | +€153,041 | +61.6% |
| Operating profit (loss) | 9901 | -€64,414 | €144,712 | +€209,126 | |
| Financial income | 75/76B | €935 | €18,684 | +€17,750 | +1899.3% |
| Recurring financial income | 75 | €935 | €18,684 | +€17,750 | +1899.3% |
| Financial charges | 65/66B | €18,477 | €27,682 | +€9,205 | +49.8% |
| Recurring financial charges | 65 | €18,477 | €27,682 | +€9,205 | +49.8% |
| Profit (loss) for the period before taxes | 9903 | -€81,956 | €135,715 | +€217,671 | |
| Income taxes | 67/77 | €415 | €40,595 | +€40,181 | +9693.8% |
| Profit (loss) for the period | 9904 | -€82,370 | €95,119 | +€177,490 | |
| Profit (loss) for the period to be appropriated | 9905 | -€82,370 | €95,119 | +€177,490 |
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 11 October 2026 via checked.be.