SFH: 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.
SFH
Largest movements
- Current investments +€250,000
new in 2025: €250,000
- Cash -€151,753
down €151,753 (-32.1%), from €472,967 to €321,213
mainly Current investments (-€250,000) and Contributions, distributions and other (-€61,378)
- Reserves +€96,600
up €96,600 (+21.7%), from €444,521 to €541,120
of which Distributable reserves: +€96,600
- Gross operating margin +€80,944
up €80,944 (+52.6%), from €153,904 to €234,848
- Taxes +€24,940
up €24,940 (+56.5%), from €44,143 to €69,083
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 | €518,576 | €618,105 | +€99,529 | +19.2% |
| Fixed assets | 21/28 | €12,655 | €13,639 | +€984 | +7.8% |
| Tangible fixed assets | 22/27 | €12,655 | €13,639 | +€984 | +7.8% |
| Land and buildings | 22 | €2,792 | €7,623 | +€4,832 | +173.1% |
| Furniture and vehicles | 24 | €9,864 | €6,015 | -€3,848 | -39.0% |
| Current assets | 29/58 | €505,921 | €604,466 | +€98,545 | +19.5% |
| Amounts receivable within one year | 40/41 | €31,049 | €30,965 | -€84 | -0.3% |
| Trade receivables | 40 | €30,953 | €30,869 | -€84 | -0.3% |
| Other amounts receivable | 41 | €96 | €96 | = | 0.0% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €472,967 | €321,213 | -€151,753 | -32.1% |
| Deferred charges and accrued income | 490/1 | €1,906 | €2,288 | +€382 | +20.1% |
| Total equity and liabilities | 10/49 | €518,576 | €618,105 | +€99,529 | +19.2% |
| Equity | 10/15 | €463,071 | €559,670 | +€96,600 | +20.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €444,521 | €541,120 | +€96,600 | +21.7% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €442,666 | €539,265 | +€96,600 | +21.8% |
| Amounts payable | 17/49 | €55,506 | €58,435 | +€2,929 | +5.3% |
| Amounts payable within one year | 42/48 | €55,506 | €58,435 | +€2,929 | +5.3% |
| Trade debts | 44 | €4,198 | €3,333 | -€865 | -20.6% |
| Suppliers | 440/4 | €4,198 | €3,333 | -€865 | -20.6% |
| Taxes, remuneration and social security | 45 | €49,939 | €52,708 | +€2,769 | +5.5% |
| Taxes | 450/3 | €49,939 | €52,708 | +€2,769 | +5.5% |
| Other amounts payable | 47/48 | €1,368 | €2,394 | +€1,025 | +74.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,962 | €6,323 | +€361 | +6.1% |
| Other operating charges | 640/8 | €1,478 | €1,056 | -€422 | -28.5% |
| Gross operating margin | 9900 | €153,904 | €234,848 | +€80,944 | +52.6% |
| Operating profit (loss) | 9901 | €146,464 | €227,468 | +€81,004 | +55.3% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €636 | €408 | -€229 | -35.9% |
| Recurring financial charges | 65 | €636 | €408 | -€229 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €145,828 | €227,061 | +€81,233 | +55.7% |
| Income taxes | 67/77 | €44,143 | €69,083 | +€24,940 | +56.5% |
| Profit (loss) for the period | 9904 | €101,685 | €157,978 | +€56,293 | +55.4% |
| Profit (loss) for the period to be appropriated | 9905 | €101,685 | €157,978 | +€56,293 | +55.4% |
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 3 October 2026 via checked.be.