SFI CONCEPT: 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.
SFI CONCEPT
Largest movements
- Receivables within one year +€82,850
up €82,850 (+217.0%), from €38,178 to €121,027
- Cash +€77,826
up €77,826 (+14.2%), from €548,135 to €625,960
mainly Net result for the year (+€130,000) and Depreciation (+€36,485)
- Tangible fixed assets -€17,170
down €17,170 (-11.7%), from €146,593 to €129,423
of which Other tangible fixed assets: -€22,426
- Stocks and contracts +€9,561
up €9,561 (+44.1%), from €21,702 to €31,263
- Reserves +€104,500
up €104,500 (+44.2%), from €236,573 to €341,073
- Tax, wage and social debts +€29,791
up €29,791 (+28.9%), from €103,044 to €132,835
of which Taxes: +€20,198
- Other debts +€23,843
new in 2025: €23,843
- Debts after one year -€19,884
down €19,884 (-7.2%), from €276,157 to €256,274
- Trade debts +€12,857
up €12,857 (+13.5%), from €95,219 to €108,076
- Gross operating margin +€48,360
up €48,360 (+9.1%), from €531,165 to €579,526
- Staff costs +€33,527
up €33,527 (+11.4%), from €294,656 to €328,183
- Financial charges +€7,577
up €7,577 (+38.2%), from €19,838 to €27,415
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 | €757,369 | €907,673 | +€150,304 | +19.8% |
| Fixed assets | 21/28 | €146,593 | €129,423 | -€17,170 | -11.7% |
| Tangible fixed assets | 22/27 | €146,593 | €129,423 | -€17,170 | -11.7% |
| Plant, machinery and equipment | 23 | €21,975 | €29,564 | +€7,589 | +34.5% |
| Furniture and vehicles | 24 | €7,682 | €5,349 | -€2,333 | -30.4% |
| Other tangible fixed assets | 26 | €116,936 | €94,510 | -€22,426 | -19.2% |
| Current assets | 29/58 | €610,776 | €778,250 | +€167,474 | +27.4% |
| Stocks and contracts in progress | 3 | €21,702 | €31,263 | +€9,561 | +44.1% |
| Stocks | 30/36 | €21,702 | €31,263 | +€9,561 | +44.1% |
| Amounts receivable within one year | 40/41 | €38,178 | €121,027 | +€82,850 | +217.0% |
| Other amounts receivable | 41 | €38,178 | €121,027 | +€82,850 | +217.0% |
| Cash at bank and in hand | 54/58 | €548,135 | €625,960 | +€77,826 | +14.2% |
| Deferred charges and accrued income | 490/1 | €2,763 | - | -€2,763 | |
| Total equity and liabilities | 10/49 | €757,369 | €907,673 | +€150,304 | +19.8% |
| Equity | 10/15 | €255,623 | €360,123 | +€104,500 | +40.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €236,573 | €341,073 | +€104,500 | +44.2% |
| Distributable reserves | 133 | €236,573 | €341,073 | +€104,500 | +44.2% |
| Profit (loss) carried forward | 14 | €450 | €450 | = | 0.0% |
| Amounts payable | 17/49 | €501,746 | €547,550 | +€45,804 | +9.1% |
| Amounts payable after more than one year | 17 | €276,157 | €256,274 | -€19,884 | -7.2% |
| Financial debts | 170/4 | €276,157 | €256,274 | -€19,884 | -7.2% |
| Amounts payable within one year | 42/48 | €225,589 | €291,276 | +€65,687 | +29.1% |
| Current portion of amounts payable after more than one year | 42 | €24,707 | €22,607 | -€2,100 | -8.5% |
| Financial debts | 43 | €2,618 | €3,915 | +€1,298 | +49.6% |
| Credit institutions | 430/8 | €2,618 | €3,915 | +€1,298 | +49.6% |
| Trade debts | 44 | €95,219 | €108,076 | +€12,857 | +13.5% |
| Suppliers | 440/4 | €95,219 | €108,076 | +€12,857 | +13.5% |
| Taxes, remuneration and social security | 45 | €103,044 | €132,835 | +€29,791 | +28.9% |
| Taxes | 450/3 | €72,779 | €92,977 | +€20,198 | +27.8% |
| Remuneration and social security | 454/9 | €30,266 | €39,858 | +€9,592 | +31.7% |
| Other amounts payable | 47/48 | - | €23,843 | +€23,843 | |
| Remuneration, social security and pensions | 62 | €294,656 | €328,183 | +€33,527 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,019 | €36,485 | +€2,466 | +7.3% |
| Other operating charges | 640/8 | €1,435 | €1,238 | -€196 | -13.7% |
| Gross operating margin | 9900 | €531,165 | €579,526 | +€48,360 | +9.1% |
| Operating profit (loss) | 9901 | €201,056 | €213,618 | +€12,563 | +6.2% |
| Financial income | 75/76B | €198 | €18 | -€179 | -90.7% |
| Recurring financial income | 75 | €198 | €18 | -€179 | -90.7% |
| Financial charges | 65/66B | €19,838 | €27,415 | +€7,577 | +38.2% |
| Recurring financial charges | 65 | €19,838 | €27,415 | +€7,577 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | €181,415 | €186,222 | +€4,807 | +2.6% |
| Income taxes | 67/77 | €56,492 | €56,222 | -€270 | -0.5% |
| Profit (loss) for the period | 9904 | €124,923 | €130,000 | +€5,077 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €124,923 | €130,000 | +€5,077 | +4.1% |
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 7 October 2026 via checked.be.