SFK: 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.
SFK
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+78.0%), from €2.9m to €5.1m
of which Land and buildings: +€2.2m
- Financial fixed assets +€113,000
up €113,000 (+98.9%), from €114,229 to €227,229
- Receivables within one year -€77,109
down €77,109 (-43.7%), from €176,576 to €99,467
of which Other amounts receivable: -€122,424
- Debts after one year +€2.1m
up €2.1m (+152.0%), from €1.4m to €3.5m
- Trade debts +€209,035
up €209,035 (+79.5%), from €263,082 to €472,116
- Short-term financial debts -€135,000
no longer reported in 2025 (was €135,000)
- Gross operating margin +€260,221
up €260,221 (+78.0%), from €333,527 to €593,748
- Depreciation +€103,973
up €103,973 (+46.8%), from €222,101 to €326,074
- Other operating charges +€66,908
up €66,908 (+1396.9%), from €4,790 to €71,698
- Financial charges +€30,877
up €30,877 (+63.9%), from €48,342 to €79,219
- Staff costs +€23,396
up €23,396 (+49.0%), from €47,751 to €71,147
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 | €3,185,642 | €5,445,468 | +€2.3m | +70.9% |
| Fixed assets | 21/28 | €2,983,192 | €5,335,287 | +€2.4m | +78.8% |
| Tangible fixed assets | 22/27 | €2,868,964 | €5,108,058 | +€2.2m | +78.0% |
| Land and buildings | 22 | €2,850,947 | €5,053,709 | +€2.2m | +77.3% |
| Plant, machinery and equipment | 23 | €11,391 | €20,157 | +€8,767 | +77.0% |
| Furniture and vehicles | 24 | €6,626 | €32,493 | +€25,867 | +390.4% |
| Other tangible fixed assets | 26 | - | €1,698 | +€1,698 | |
| Financial fixed assets | 28 | €114,229 | €227,229 | +€113,000 | +98.9% |
| Current assets | 29/58 | €202,450 | €110,181 | -€92,269 | -45.6% |
| Amounts receivable within one year | 40/41 | €176,576 | €99,467 | -€77,109 | -43.7% |
| Trade receivables | 40 | €25,353 | €70,668 | +€45,316 | +178.7% |
| Other amounts receivable | 41 | €151,223 | €28,799 | -€122,424 | -81.0% |
| Cash at bank and in hand | 54/58 | €25,874 | €10,714 | -€15,160 | -58.6% |
| Total equity and liabilities | 10/49 | €3,185,642 | €5,445,468 | +€2.3m | +70.9% |
| Equity | 10/15 | €499,519 | €544,160 | +€44,641 | +8.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Outside capital | 11 | €100,000 | €100,000 | = | 0.0% |
| Other | 1109/19 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €389,519 | €434,160 | +€44,641 | +11.5% |
| Amounts payable | 17/49 | €2,686,123 | €4,901,308 | +€2.2m | +82.5% |
| Amounts payable after more than one year | 17 | €1,395,667 | €3,517,524 | +€2.1m | +152.0% |
| Financial debts | 170/4 | €1,395,667 | €3,517,524 | +€2.1m | +152.0% |
| Amounts payable within one year | 42/48 | €1,250,134 | €1,383,784 | +€133,651 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €72,557 | €101,267 | +€28,710 | +39.6% |
| Financial debts | 43 | €135,000 | - | -€135,000 | |
| Credit institutions | 430/8 | €135,000 | - | -€135,000 | |
| Trade debts | 44 | €263,082 | €472,116 | +€209,035 | +79.5% |
| Suppliers | 440/4 | €263,082 | €472,116 | +€209,035 | +79.5% |
| Taxes, remuneration and social security | 45 | €12,346 | €16,927 | +€4,581 | +37.1% |
| Taxes | 450/3 | €540 | €649 | +€109 | +20.2% |
| Remuneration and social security | 454/9 | €11,806 | €16,278 | +€4,472 | +37.9% |
| Other amounts payable | 47/48 | €767,148 | €793,474 | +€26,325 | +3.4% |
| Accrued charges and deferred income | 492/3 | €40,323 | - | -€40,323 | |
| Remuneration, social security and pensions | 62 | €47,751 | €71,147 | +€23,396 | +49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,101 | €326,074 | +€103,973 | +46.8% |
| Other operating charges | 640/8 | €4,790 | €71,698 | +€66,908 | +1396.9% |
| Non-recurring operating charges | 66A | - | €460 | +€460 | |
| Gross operating margin | 9900 | €333,527 | €593,748 | +€260,221 | +78.0% |
| Operating profit (loss) | 9901 | €58,885 | €124,369 | +€65,484 | +111.2% |
| Financial income | 75/76B | €36 | €70 | +€33 | +90.5% |
| Recurring financial income | 75 | €36 | €70 | +€33 | +90.5% |
| Financial charges | 65/66B | €48,342 | €79,219 | +€30,877 | +63.9% |
| Recurring financial charges | 65 | €48,342 | €79,219 | +€30,877 | +63.9% |
| Profit (loss) for the period before taxes | 9903 | €10,579 | €45,219 | +€34,640 | +327.4% |
| Income taxes | 67/77 | - | €578 | +€578 | |
| Profit (loss) for the period | 9904 | €10,579 | €44,641 | +€34,062 | +322.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,579 | €44,641 | +€34,062 | +322.0% |
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 5 October 2026 via checked.be.