SFORZANDO: 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.
SFORZANDO
Largest movements
- Tangible fixed assets -€42,634
down €42,634 (-3.9%), from €1.1m to €1.0m
of which Land and buildings: -€39,244
- Profit (loss) carried forward -€78,907
down €78,907 (-14.2%), from -€554,309 to -€633,216
- Other debts +€60,941
up €60,941 (+7.0%), from €866,501 to €927,442
- Debts after one year -€33,842
down €33,842 (-5.4%), from €623,153 to €589,311
of which Financial debts: -€33,842
- Other operating charges -€35,367
down €35,367 (-88.5%), from €39,981 to €4,614
- Financial charges -€7,528
down €7,528 (-32.8%), from €22,954 to €15,426
- Gross operating margin -€5,130
down €5,130 (-46.2%), from -€11,103 to -€16,234
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 | €1,095,049 | €1,046,344 | -€48,705 | -4.4% |
| Fixed assets | 21/28 | €1,088,978 | €1,046,344 | -€42,634 | -3.9% |
| Tangible fixed assets | 22/27 | €1,088,978 | €1,046,344 | -€42,634 | -3.9% |
| Land and buildings | 22 | €1,066,140 | €1,026,896 | -€39,244 | -3.7% |
| Plant, machinery and equipment | 23 | €22,838 | €19,448 | -€3,389 | -14.8% |
| Current assets | 29/58 | €6,071 | €0 | -€6,071 | -100.0% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €6,071 | - | -€6,071 | |
| Total equity and liabilities | 10/49 | €1,095,049 | €1,046,344 | -€48,705 | -4.4% |
| Equity | 10/15 | -€486,109 | -€565,016 | -€78,907 | -16.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€554,309 | -€633,216 | -€78,907 | -14.2% |
| Amounts payable | 17/49 | €1,581,158 | €1,611,360 | +€30,202 | +1.9% |
| Amounts payable after more than one year | 17 | €623,153 | €589,311 | -€33,842 | -5.4% |
| Financial debts | 170/4 | €608,153 | €574,311 | -€33,842 | -5.6% |
| Other amounts payable | 178/9 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €958,005 | €1,022,049 | +€64,044 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €35,749 | €30,494 | -€5,255 | -14.7% |
| Financial debts | 43 | €4,499 | €4,988 | +€489 | +10.9% |
| Credit institutions | 430/8 | €4,499 | €4,988 | +€489 | +10.9% |
| Trade debts | 44 | €51,256 | €59,125 | +€7,869 | +15.4% |
| Suppliers | 440/4 | €51,256 | €59,125 | +€7,869 | +15.4% |
| Other amounts payable | 47/48 | €866,501 | €927,442 | +€60,941 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,634 | €42,634 | = | 0.0% |
| Other operating charges | 640/8 | €39,981 | €4,614 | -€35,367 | -88.5% |
| Gross operating margin | 9900 | -€11,103 | -€16,234 | -€5,130 | -46.2% |
| Operating profit (loss) | 9901 | -€93,718 | -€63,481 | +€30,237 | +32.3% |
| Financial charges | 65/66B | €22,954 | €15,426 | -€7,528 | -32.8% |
| Recurring financial charges | 65 | €22,954 | €15,426 | -€7,528 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | -€116,672 | -€78,907 | +€37,765 | +32.4% |
| Profit (loss) for the period | 9904 | -€116,672 | -€78,907 | +€37,765 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€116,672 | -€78,907 | +€37,765 | +32.4% |
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 1 October 2026 via checked.be.