SFL: 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.
SFL
Largest movements
- Cash +€48,428
up €48,428 (+494%), from €9,812 to €58,240
mainly Receivables within one year (+€36,625) and Net result for the year (+€27,518)
- Receivables within one year -€36,625
down €36,625 (-76.3%), from €48,030 to €11,405
of which Trade receivables: -€38,300
- Tangible fixed assets +€20,951
up €20,951 (+121%), from €17,365 to €38,316
of which Furniture and vehicles: +€16,482
- Stocks and contracts -€6,056
down €6,056 (-85.8%), from €7,056 to €1,000
- Deferred charges and accrued income +€2,872
up €2,872 (+80.8%), from €3,554 to €6,426
- Debts after one year +€21,080
up €21,080 (+1,641%), from €1,284 to €22,364
- Reserves +€19,900
up €19,900 (+60.4%), from €32,932 to €52,832
- Trade debts -€19,723
down €19,723 (-68.1%), from €28,969 to €9,246
- Current portion of long-term debt +€4,896
up €4,896 (+129%), from €3,803 to €8,699
- Tax, wage and social debts +€1,445
up €1,445 (+696%), from €208 to €1,653
of which Remuneration and social security: +€1,445
- Gross operating margin +€32,463
up €32,463 (+144%), from €22,572 to €55,035
- Taxes +€10,580
up €10,580 (+391%), from €2,708 to €13,288
- Write-downs +€7,965
new in 2025: €7,965
- Depreciation -€5,027
down €5,027 (-57.5%), from €8,741 to €3,715
- Other operating charges -€4,512
down €4,512 (-75.0%), from €6,018 to €1,506
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 | €85,817 | €115,386 | +€29,570 | +34.5% |
| Fixed assets | 21/28 | €17,365 | €38,316 | +€20,951 | +121% |
| Tangible fixed assets | 22/27 | €17,365 | €38,316 | +€20,951 | +121% |
| Plant, machinery and equipment | 23 | €614 | €5,082 | +€4,468 | +728% |
| Furniture and vehicles | 24 | €16,751 | €33,233 | +€16,482 | +98.4% |
| Current assets | 29/58 | €68,452 | €77,070 | +€8,619 | +12.6% |
| Stocks and contracts in progress | 3 | €7,056 | €1,000 | -€6,056 | -85.8% |
| Stocks | 30/36 | €7,056 | €1,000 | -€6,056 | -85.8% |
| Amounts receivable within one year | 40/41 | €48,030 | €11,405 | -€36,625 | -76.3% |
| Trade receivables | 40 | €43,225 | €4,925 | -€38,300 | -88.6% |
| Other amounts receivable | 41 | €4,805 | €6,480 | +€1,674 | +34.8% |
| Cash at bank and in hand | 54/58 | €9,812 | €58,240 | +€48,428 | +494% |
| Deferred charges and accrued income | 490/1 | €3,554 | €6,426 | +€2,872 | +80.8% |
| Total equity and liabilities | 10/49 | €85,817 | €115,386 | +€29,570 | +34.5% |
| Equity | 10/15 | €51,532 | €71,432 | +€19,900 | +38.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,932 | €52,832 | +€19,900 | +60.4% |
| Distributable reserves | 133 | €32,932 | €52,832 | +€19,900 | +60.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €34,285 | €43,954 | +€9,669 | +28.2% |
| Amounts payable after more than one year | 17 | €1,284 | €22,364 | +€21,080 | +1,641% |
| Financial debts | 170/4 | €1,284 | €22,364 | +€21,080 | +1,641% |
| Amounts payable within one year | 42/48 | €33,000 | €20,740 | -€12,261 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €3,803 | €8,699 | +€4,896 | +129% |
| Trade debts | 44 | €28,969 | €9,246 | -€19,723 | -68.1% |
| Suppliers | 440/4 | €28,969 | €9,246 | -€19,723 | -68.1% |
| Taxes, remuneration and social security | 45 | €208 | €1,653 | +€1,445 | +696% |
| Taxes | 450/3 | €208 | €208 | = | 0.0% |
| Remuneration and social security | 454/9 | €0 | €1,445 | +€1,445 | |
| Other amounts payable | 47/48 | €20 | €1,141 | +€1,121 | +5,627% |
| Accrued charges and deferred income | 492/3 | €0 | €850 | +€850 | |
| Non-recurring operating income | 76A | €0 | €1,004 | +€1,004 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,741 | €3,715 | -€5,027 | -57.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,965 | +€7,965 | |
| Other operating charges | 640/8 | €6,018 | €1,506 | -€4,512 | -75.0% |
| Gross operating margin | 9900 | €22,572 | €55,035 | +€32,463 | +144% |
| Operating profit (loss) | 9901 | €7,812 | €41,849 | +€34,037 | +436% |
| Financial income | 75/76B | €420 | €197 | -€223 | -53.0% |
| Recurring financial income | 75 | €420 | €197 | -€223 | -53.0% |
| Financial charges | 65/66B | €907 | €1,240 | +€333 | +36.8% |
| Recurring financial charges | 65 | €907 | €1,240 | +€333 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €7,325 | €40,806 | +€33,481 | +457% |
| Income taxes | 67/77 | €2,708 | €13,288 | +€10,580 | +391% |
| Profit (loss) for the period | 9904 | €4,618 | €27,518 | +€22,900 | +496% |
| Profit (loss) for the period to be appropriated | 9905 | €4,618 | €27,518 | +€22,900 | +496% |
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 15 October 2026 via checked.be.