SFSF: 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.
SFSF
Largest movements
- Current investments +€3.5m
up €3.5m (+3.1%), from €111.5m to €115.0m
- Profit (loss) carried forward +€2.9m
up €2.9m (+4.2%), from €68.2m to €71.1m
- Financial income +€4.1m
up €4.1m (+153%), from €2.7m to €6.9m
- Gross operating margin +€718,537
up €718,537 (+254%), from €283,308 to €1.0m
- Taxes +€690,074
up €690,074 (+88.7%), from €777,567 to €1.5m
- Financial charges +€637,026
up €637,026 (+99.5%), from -€640,386 to -€3,359
- Other operating charges -€312,176
down €312,176 (-8.2%), from €3.8m to €3.5m
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 | €149,651,370 | €152,960,951 | +€3.3m | +2.2% |
| Fixed assets | 21/28 | €37,487,109 | €37,487,109 | = | 0.0% |
| Financial fixed assets | 28 | €37,487,109 | €37,487,109 | = | 0.0% |
| Current assets | 29/58 | €112,164,261 | €115,473,841 | +€3.3m | +3.0% |
| Current investments | 50/53 | €111,470,976 | €114,965,305 | +€3.5m | +3.1% |
| Cash at bank and in hand | 54/58 | €620,227 | €485,997 | -€134,230 | -21.6% |
| Deferred charges and accrued income | 490/1 | €73,058 | €22,539 | -€50,519 | -69.1% |
| Total equity and liabilities | 10/49 | €149,651,370 | €152,960,951 | +€3.3m | +2.2% |
| Equity | 10/15 | €145,832,599 | €148,712,979 | +€2.9m | +2.0% |
| Contributions | 10/11 | €77,633,855 | €77,633,855 | = | 0.0% |
| Capital | 10 | €77,633,855 | €77,633,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,198,745 | €71,079,124 | +€2.9m | +4.2% |
| Amounts payable | 17/49 | €3,818,771 | €4,247,972 | +€429,201 | +11.2% |
| Amounts payable within one year | 42/48 | €3,818,008 | €4,247,972 | +€429,964 | +11.3% |
| Financial debts | 43 | €1 | - | -€1 | |
| Credit institutions | 430/8 | €1 | - | -€1 | |
| Trade debts | 44 | €6,804 | €27,066 | +€20,261 | +298% |
| Suppliers | 440/4 | €6,804 | €27,066 | +€20,261 | +298% |
| Taxes, remuneration and social security | 45 | - | €711,667 | +€711,667 | |
| Taxes | 450/3 | - | €711,667 | +€711,667 | |
| Accrued charges and deferred income | 492/3 | €763 | - | -€763 | |
| Other operating charges | 640/8 | €3,826,864 | €3,514,688 | -€312,176 | -8.2% |
| Gross operating margin | 9900 | €283,308 | €1,001,846 | +€718,537 | +254% |
| Operating profit (loss) | 9901 | -€3,543,556 | -€2,512,842 | +€1.0m | +29.1% |
| Financial income | 75/76B | €2,710,214 | €6,857,503 | +€4.1m | +153% |
| Recurring financial income | 75 | €2,710,214 | €6,857,503 | +€4.1m | +153% |
| Financial charges | 65/66B | -€640,386 | -€3,359 | +€637,026 | +99.5% |
| Recurring financial charges | 65 | -€640,386 | -€3,359 | +€637,026 | +99.5% |
| Profit (loss) for the period before taxes | 9903 | -€192,957 | €4,348,020 | +€4.5m | |
| Income taxes | 67/77 | €777,567 | €1,467,641 | +€690,074 | +88.7% |
| Profit (loss) for the period | 9904 | -€970,524 | €2,880,379 | +€3.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€970,524 | €2,880,379 | +€3.9m |
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.