SFPH2: 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.
SFPH2
Largest movements
- Cash -€161,327
down €161,327 (-98.0%), from €164,536 to €3,209
mainly Contributions, distributions and other (-€476,748) and Investment in fixed assets (net) (-€147,351)
- Tangible fixed assets +€113,137
up €113,137 (+133%), from €85,109 to €198,246
of which Other tangible fixed assets: +€134,260
- Current investments +€12,579
up €12,579 (+173%), from €7,258 to €19,837
- Receivables within one year -€11,958
down €11,958 (-6.3%), from €189,392 to €177,433
of which Trade receivables: -€6,592
- Profit (loss) carried forward -€261,404
no longer reported in 2025 (was €261,404)
- Other debts +€210,511
new in 2025: €210,511
- Reserves +€28,297
up €28,297 (+25.5%), from €111,171 to €139,467
- Tax, wage and social debts -€22,080
down €22,080 (-46.4%), from €47,581 to €25,500
of which Taxes: -€21,053
- Trade debts +€6,176
new in 2025: €6,176
- Gross operating margin +€98,644
up €98,644 (+37.3%), from €264,565 to €363,209
- Taxes +€22,394
up €22,394 (+36.4%), from €61,553 to €83,947
- Depreciation +€15,221
up €15,221 (+80.1%), from €18,993 to €34,214
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 | €447,579 | €403,332 | -€44,247 | -9.9% |
| Fixed assets | 21/28 | €85,109 | €198,246 | +€113,137 | +133% |
| Tangible fixed assets | 22/27 | €85,109 | €198,246 | +€113,137 | +133% |
| Plant, machinery and equipment | 23 | €7,408 | €5,748 | -€1,660 | -22.4% |
| Furniture and vehicles | 24 | €77,701 | €58,238 | -€19,462 | -25.0% |
| Other tangible fixed assets | 26 | - | €134,260 | +€134,260 | |
| Current assets | 29/58 | €362,471 | €205,087 | -€157,384 | -43.4% |
| Amounts receivable within one year | 40/41 | €189,392 | €177,433 | -€11,958 | -6.3% |
| Trade receivables | 40 | €184,025 | €177,433 | -€6,592 | -3.6% |
| Other amounts receivable | 41 | €5,366 | - | -€5,366 | |
| Current investments | 50/53 | €7,258 | €19,837 | +€12,579 | +173% |
| Cash at bank and in hand | 54/58 | €164,536 | €3,209 | -€161,327 | -98.0% |
| Deferred charges and accrued income | 490/1 | €1,285 | €4,607 | +€3,322 | +259% |
| Total equity and liabilities | 10/49 | €447,579 | €403,332 | -€44,247 | -9.9% |
| Equity | 10/15 | €375,075 | €141,967 | -€233,107 | -62.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €111,171 | €139,467 | +€28,297 | +25.5% |
| Distributable reserves | 133 | €111,171 | €139,467 | +€28,297 | +25.5% |
| Profit (loss) carried forward | 14 | €261,404 | - | -€261,404 | |
| Amounts payable | 17/49 | €72,505 | €261,365 | +€188,860 | +260% |
| Amounts payable after more than one year | 17 | €19,178 | €13,206 | -€5,972 | -31.1% |
| Financial debts | 170/4 | €19,178 | €13,206 | -€5,972 | -31.1% |
| Amounts payable within one year | 42/48 | €53,327 | €248,159 | +€194,832 | +365% |
| Current portion of amounts payable after more than one year | 42 | €5,746 | €5,972 | +€226 | +3.9% |
| Trade debts | 44 | - | €6,176 | +€6,176 | |
| Suppliers | 440/4 | - | €6,176 | +€6,176 | |
| Taxes, remuneration and social security | 45 | €47,581 | €25,500 | -€22,080 | -46.4% |
| Taxes | 450/3 | €46,553 | €25,500 | -€21,053 | -45.2% |
| Remuneration and social security | 454/9 | €1,027 | - | -€1,027 | |
| Other amounts payable | 47/48 | - | €210,511 | +€210,511 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,993 | €34,214 | +€15,221 | +80.1% |
| Other operating charges | 640/8 | €844 | €905 | +€61 | +7.2% |
| Gross operating margin | 9900 | €264,565 | €363,209 | +€98,644 | +37.3% |
| Operating profit (loss) | 9901 | €244,728 | €328,090 | +€83,362 | +34.1% |
| Financial income | 75/76B | €515 | €1,093 | +€578 | +112% |
| Recurring financial income | 75 | €515 | €1,093 | +€578 | +112% |
| Financial charges | 65/66B | €1,873 | €1,595 | -€277 | -14.8% |
| Recurring financial charges | 65 | €1,873 | €1,595 | -€277 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €243,371 | €327,588 | +€84,217 | +34.6% |
| Income taxes | 67/77 | €61,553 | €83,947 | +€22,394 | +36.4% |
| Profit (loss) for the period | 9904 | €181,818 | €243,641 | +€61,823 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €181,818 | €243,641 | +€61,823 | +34.0% |
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.