SFM: 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.
SFM
Largest movements
- Cash -€11,392
down €11,392 (-32.4%), from €35,150 to €23,758
mainly Other debts (-€15,000) and Stocks and contracts (-€2,500)
- Stocks and contracts +€2,500
new in 2025: €2,500
- Financial fixed assets -€1,500
no longer reported in 2025 (was €1,500)
- Receivables within one year -€1,408
down €1,408 (-6.7%), from €20,863 to €19,456
of which Other amounts receivable: -€2,740
- Tangible fixed assets +€1,274
up €1,274 (+22.6%), from €5,636 to €6,910
of which Furniture and vehicles: +€2,454
- Other debts -€15,000
no longer reported in 2025 (was €15,000)
- Trade debts +€3,588
up €3,588 (+506%), from €709 to €4,298
- Tax, wage and social debts +€766
up €766 (+2.9%), from €26,270 to €27,036
of which Remuneration and social security: +€766
- Gross operating margin -€28,247
down €28,247 (-39.8%), from €70,954 to €42,706
- Staff costs -€8,139
down €8,139 (-27.1%), from €30,012 to €21,873
- Other operating charges +€7,848
up €7,848 (+124%), from €6,353 to €14,201
- Depreciation -€6,087
down €6,087 (-80.7%), from €7,541 to €1,454
- Taxes -€6,000
down €6,000 (-54.5%), from €11,000 to €5,000
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 | €63,149 | €52,623 | -€10,526 | -16.7% |
| Fixed assets | 21/28 | €7,136 | €6,910 | -€226 | -3.2% |
| Tangible fixed assets | 22/27 | €5,636 | €6,910 | +€1,274 | +22.6% |
| Plant, machinery and equipment | 23 | €5,636 | €4,456 | -€1,180 | -20.9% |
| Furniture and vehicles | 24 | - | €2,454 | +€2,454 | |
| Financial fixed assets | 28 | €1,500 | - | -€1,500 | |
| Current assets | 29/58 | €56,013 | €45,713 | -€10,300 | -18.4% |
| Stocks and contracts in progress | 3 | - | €2,500 | +€2,500 | |
| Stocks | 30/36 | - | €2,500 | +€2,500 | |
| Amounts receivable within one year | 40/41 | €20,863 | €19,456 | -€1,408 | -6.7% |
| Trade receivables | 40 | - | €1,333 | +€1,333 | |
| Other amounts receivable | 41 | €20,863 | €18,123 | -€2,740 | -13.1% |
| Cash at bank and in hand | 54/58 | €35,150 | €23,758 | -€11,392 | -32.4% |
| Total equity and liabilities | 10/49 | €63,149 | €52,623 | -€10,526 | -16.7% |
| Equity | 10/15 | €21,170 | €21,289 | +€120 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €710 | €829 | +€120 | +16.9% |
| Amounts payable | 17/49 | €41,980 | €31,334 | -€10,646 | -25.4% |
| Amounts payable within one year | 42/48 | €41,980 | €31,334 | -€10,646 | -25.4% |
| Trade debts | 44 | €709 | €4,298 | +€3,588 | +506% |
| Suppliers | 440/4 | €709 | €4,298 | +€3,588 | +506% |
| Taxes, remuneration and social security | 45 | €26,270 | €27,036 | +€766 | +2.9% |
| Taxes | 450/3 | €24,800 | €24,800 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,470 | €2,236 | +€766 | +52.1% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Remuneration, social security and pensions | 62 | €30,012 | €21,873 | -€8,139 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,541 | €1,454 | -€6,087 | -80.7% |
| Other operating charges | 640/8 | €6,353 | €14,201 | +€7,848 | +124% |
| Gross operating margin | 9900 | €70,954 | €42,706 | -€28,247 | -39.8% |
| Operating profit (loss) | 9901 | €27,048 | €5,179 | -€21,869 | -80.9% |
| Financial income | 75/76B | €10 | €509 | +€499 | +4,973% |
| Recurring financial income | 75 | €10 | €509 | +€499 | +4,973% |
| Financial charges | 65/66B | €564 | €568 | +€5 | +0.8% |
| Recurring financial charges | 65 | €564 | €568 | +€5 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €26,494 | €5,120 | -€21,375 | -80.7% |
| Income taxes | 67/77 | €11,000 | €5,000 | -€6,000 | -54.5% |
| Profit (loss) for the period | 9904 | €15,494 | €120 | -€15,375 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,494 | €120 | -€15,375 | -99.2% |
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 18 October 2026 via checked.be.