SFT INVEST: what changed
What changed
SFT INVEST
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
-€100,586
2024 · -€86,611-€13,975
Equity
€210,208
2024 · €310,794-€100,586
Cash
€9,814
2024 · €8,402+€1,411
Balance sheet total
€3.7m
2024 · €3.5m+€121,258
Largest movements
Assets
- Tangible fixed assets +€690,785
up €690,785 (+83.4%), from €827,879 to €1.5m
- Stocks and contracts -€549,538
down €549,538 (-20.5%), from €2.7m to €2.1m
Equity and liabilities
- Debts after one year +€108,844
up €108,844 (+4.7%), from €2.3m to €2.4m
- Reserves -€100,586
down €100,586 (-34.4%), from €292,202 to €191,616
of which Distributable reserves: -€95,549
- Tax, wage and social debts +€65,621
new in 2025: €65,621
Income statement
- Other operating charges +€31,775
up €31,775 (+567%), from €5,601 to €37,376
- Financial charges -€18,011
down €18,011 (-20.1%), from €89,629 to €71,618
- Depreciation +€4,398
up €4,398 (+12.6%), from €34,911 to €39,310
- Gross operating margin +€4,186
up €4,186 (+10.0%), from €41,852 to €46,038
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€86,611
Gross operating margin
+€4,186
Depreciation
-€4,398
Other operating charges
-€31,775
Financial income
+€0
Financial charges
+€18,011
Result 2025
-€100,586
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€622,387
Investment
-€730,094
Financing
+€109,119
Cash 2024
€8,402
From operations (derived)
+€622,387
Net result for the year
-€100,586
Depreciation
+€39,310
Stocks and contracts
+€549,538
Receivables within one year
+€21,641
Smaller working-capital items
-€2,275
Tax, wage and social debts
+€65,621
Other debts
+€17,345
Accrued charges and deferred income
+€31,792
Investment (derived)
-€730,094
Investment in fixed assets (net)
-€730,094
Financing
+€109,119
Debts after one year
+€108,844
Current portion of long-term debt
+€275
Cash 2025
€9,814
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,546,156 | €3,667,414 | +€121,258 | +3.4% |
| Fixed assets | 21/28 | €827,879 | €1,518,663 | +€690,785 | +83.4% |
| Tangible fixed assets | 22/27 | €827,879 | €1,518,663 | +€690,785 | +83.4% |
| Land and buildings | 22 | €827,879 | €1,518,663 | +€690,785 | +83.4% |
| Current assets | 29/58 | €2,718,277 | €2,148,750 | -€569,527 | -21.0% |
| Stocks and contracts in progress | 3 | €2,684,203 | €2,134,665 | -€549,538 | -20.5% |
| Stocks | 30/36 | €2,684,203 | €2,134,665 | -€549,538 | -20.5% |
| Amounts receivable within one year | 40/41 | €21,641 | - | -€21,641 | |
| Other amounts receivable | 41 | €21,641 | - | -€21,641 | |
| Cash at bank and in hand | 54/58 | €8,402 | €9,814 | +€1,411 | +16.8% |
| Deferred charges and accrued income | 490/1 | €4,030 | €4,272 | +€242 | +6.0% |
| Total equity and liabilities | 10/49 | €3,546,156 | €3,667,414 | +€121,258 | +3.4% |
| Equity | 10/15 | €310,794 | €210,208 | -€100,586 | -32.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €292,202 | €191,616 | -€100,586 | -34.4% |
| Tax-exempt reserves | 132 | €156,085 | €151,048 | -€5,037 | -3.2% |
| Distributable reserves | 133 | €136,117 | €40,568 | -€95,549 | -70.2% |
| Provisions and deferred taxes | 16 | €52,028 | €50,349 | -€1,679 | -3.2% |
| Deferred taxes | 168 | €52,028 | €50,349 | -€1,679 | -3.2% |
| Amounts payable | 17/49 | €3,183,334 | €3,406,856 | +€223,523 | +7.0% |
| Amounts payable after more than one year | 17 | €2,333,269 | €2,442,113 | +€108,844 | +4.7% |
| Financial debts | 170/4 | €2,333,269 | €2,442,113 | +€108,844 | +4.7% |
| Amounts payable within one year | 42/48 | €749,792 | €832,678 | +€82,886 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €20,881 | €21,156 | +€275 | +1.3% |
| Trade debts | 44 | €2,101 | €1,747 | -€354 | -16.9% |
| Suppliers | 440/4 | €2,101 | €1,747 | -€354 | -16.9% |
| Taxes, remuneration and social security | 45 | - | €65,621 | +€65,621 | |
| Taxes | 450/3 | - | €65,621 | +€65,621 | |
| Other amounts payable | 47/48 | €726,810 | €744,155 | +€17,345 | +2.4% |
| Accrued charges and deferred income | 492/3 | €100,273 | €132,065 | +€31,792 | +31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,911 | €39,310 | +€4,398 | +12.6% |
| Other operating charges | 640/8 | €5,601 | €37,376 | +€31,775 | +567% |
| Gross operating margin | 9900 | €41,852 | €46,038 | +€4,186 | +10.0% |
| Operating profit (loss) | 9901 | €1,340 | -€30,647 | -€31,986 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €89,629 | €71,618 | -€18,011 | -20.1% |
| Recurring financial charges | 65 | €89,629 | €71,618 | -€18,011 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€88,290 | -€102,265 | -€13,975 | -15.8% |
| Transfer from deferred taxes | 780 | €1,679 | €1,679 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€86,611 | -€100,586 | -€13,975 | -16.1% |
| Transfer from tax-exempt reserves | 789 | €5,037 | €5,037 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€81,574 | -€95,549 | -€13,975 | -17.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.