SFPV: 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.
SFPV
Largest movements
- Current investments +€1.7m
up €1.7m (+44.6%), from €3.8m to €5.5m
- Tangible fixed assets +€556,192
up €556,192 (+30.5%), from €1.8m to €2.4m
of which Assets under construction and advance payments: +€625,623
- Receivables within one year +€449,386
up €449,386 (+40.2%), from €1.1m to €1.6m
of which Trade receivables: +€519,056
- Cash +€143,844
up €143,844 (+7.4%), from €1.9m to €2.1m
mainly Net result for the year (+€4.1m) and Other debts (+€2.5m)
- Other debts +€2.5m
up €2.5m (+74.1%), from €3.4m to €5.9m
- Trade debts -€731,870
down €731,870 (-88.3%), from €829,175 to €97,305
- Profit (loss) carried forward +€645,991
new in 2025: €645,991
- Tax, wage and social debts +€433,780
up €433,780 (+52.2%), from €830,924 to €1.3m
- Gross operating margin +€836,940
up €836,940 (+17.7%), from €4.7m to €5.6m
- Taxes +€241,562
up €241,562 (+21.3%), from €1.1m to €1.4m
- Depreciation -€81,342
down €81,342 (-53.9%), from €150,773 to €69,432
- Other operating charges -€77,243
down €77,243 (-86.5%), from €89,269 to €12,026
- Financial income +€61,778
up €61,778 (+1519.2%), from €4,066 to €65,845
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 | €8,709,991 | €11,563,838 | +€2.9m | +32.8% |
| Fixed assets | 21/28 | €1,821,778 | €2,377,969 | +€556,192 | +30.5% |
| Tangible fixed assets | 22/27 | €1,821,778 | €2,377,969 | +€556,192 | +30.5% |
| Land and buildings | 22 | €1,721,370 | €1,670,512 | -€50,858 | -3.0% |
| Furniture and vehicles | 24 | €35,683 | €18,322 | -€17,360 | -48.7% |
| Other tangible fixed assets | 26 | €11,725 | €10,512 | -€1,213 | -10.3% |
| Assets under construction and advance payments | 27 | €53,000 | €678,623 | +€625,623 | +1180.4% |
| Current assets | 29/58 | €6,888,213 | €9,185,868 | +€2.3m | +33.4% |
| Amounts receivable within one year | 40/41 | €1,117,059 | €1,566,444 | +€449,386 | +40.2% |
| Trade receivables | 40 | €908,655 | €1,427,711 | +€519,056 | +57.1% |
| Other amounts receivable | 41 | €208,404 | €138,734 | -€69,670 | -33.4% |
| Current investments | 50/53 | €3,821,850 | €5,527,530 | +€1.7m | +44.6% |
| Cash at bank and in hand | 54/58 | €1,946,685 | €2,090,529 | +€143,844 | +7.4% |
| Deferred charges and accrued income | 490/1 | €2,620 | €1,365 | -€1,255 | -47.9% |
| Total equity and liabilities | 10/49 | €8,709,991 | €11,563,838 | +€2.9m | +32.8% |
| Equity | 10/15 | €3,669,059 | €4,315,050 | +€645,991 | +17.6% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €3,350,459 | €3,350,459 | = | 0.0% |
| Distributable reserves | 133 | €3,350,459 | €3,350,459 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €645,991 | +€645,991 | |
| Amounts payable | 17/49 | €5,040,932 | €7,248,788 | +€2.2m | +43.8% |
| Amounts payable within one year | 42/48 | €5,040,932 | €7,248,788 | +€2.2m | +43.8% |
| Trade debts | 44 | €829,175 | €97,305 | -€731,870 | -88.3% |
| Suppliers | 440/4 | €829,175 | €97,305 | -€731,870 | -88.3% |
| Taxes, remuneration and social security | 45 | €830,924 | €1,264,703 | +€433,780 | +52.2% |
| Taxes | 450/3 | €830,924 | €1,264,703 | +€433,780 | +52.2% |
| Other amounts payable | 47/48 | €3,380,833 | €5,886,779 | +€2.5m | +74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,773 | €69,432 | -€81,342 | -53.9% |
| Other operating charges | 640/8 | €89,269 | €12,026 | -€77,243 | -86.5% |
| Gross operating margin | 9900 | €4,733,478 | €5,570,418 | +€836,940 | +17.7% |
| Operating profit (loss) | 9901 | €4,493,435 | €5,488,961 | +€995,525 | +22.2% |
| Financial income | 75/76B | €4,066 | €65,845 | +€61,778 | +1519.2% |
| Recurring financial income | 75 | €4,066 | €65,845 | +€61,778 | +1519.2% |
| Financial charges | 65/66B | €18,441 | €30,918 | +€12,477 | +67.7% |
| Recurring financial charges | 65 | €18,441 | €30,918 | +€12,477 | +67.7% |
| Profit (loss) for the period before taxes | 9903 | €4,479,061 | €5,523,887 | +€1.0m | +23.3% |
| Income taxes | 67/77 | €1,136,334 | €1,377,896 | +€241,562 | +21.3% |
| Profit (loss) for the period | 9904 | €3,342,727 | €4,145,991 | +€803,264 | +24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,342,727 | €4,145,991 | +€803,264 | +24.0% |
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 6 October 2026 via checked.be.