SFX TRANSLATED: 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.
SFX TRANSLATED
Largest movements
- Receivables within one year -€12,348
down €12,348 (-25.0%), from €49,482 to €37,134
of which Trade receivables: -€10,796
- Tangible fixed assets -€5,551
down €5,551 (-23.1%), from €24,056 to €18,504
- Cash +€2,889
up €2,889 (+666.6%), from €433 to €3,322
mainly Other debts (+€38,286) and Receivables within one year (+€12,348)
- Other debts +€38,286
up €38,286 (+152.7%), from €25,073 to €63,360
- Profit (loss) carried forward -€28,964
down €28,964 (-30.6%), from -€94,739 to -€123,702
- Trade debts -€8,800
down €8,800 (-16.6%), from €52,951 to €44,151
- Short-term financial debts -€5,600
no longer reported in 2025 (was €5,600)
- Tax, wage and social debts -€5,246
down €5,246 (-21.0%), from €24,975 to €19,729
of which Remuneration and social security: -€11,496
- Staff costs -€53,502
down €53,502 (-40.4%), from €132,574 to €79,073
- Gross operating margin -€10,457
down €10,457 (-14.8%), from €70,501 to €60,044
- Depreciation +€2,669
up €2,669 (+83.9%), from €3,182 to €5,851
- Financial charges +€1,012
up €1,012 (+53.9%), from €1,878 to €2,890
- Other operating charges +€705
up €705 (+401.5%), from €176 to €881
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 | €76,781 | €62,012 | -€14,769 | -19.2% |
| Fixed assets | 21/28 | €26,108 | €20,256 | -€5,851 | -22.4% |
| Intangible fixed assets | 21 | €472 | €172 | -€300 | -63.6% |
| Tangible fixed assets | 22/27 | €24,056 | €18,504 | -€5,551 | -23.1% |
| Furniture and vehicles | 24 | €24,056 | €18,504 | -€5,551 | -23.1% |
| Financial fixed assets | 28 | €1,580 | €1,580 | = | 0.0% |
| Current assets | 29/58 | €50,673 | €41,755 | -€8,918 | -17.6% |
| Amounts receivable within one year | 40/41 | €49,482 | €37,134 | -€12,348 | -25.0% |
| Trade receivables | 40 | €47,921 | €37,125 | -€10,796 | -22.5% |
| Other amounts receivable | 41 | €1,560 | €9 | -€1,551 | -99.4% |
| Cash at bank and in hand | 54/58 | €433 | €3,322 | +€2,889 | +666.6% |
| Deferred charges and accrued income | 490/1 | €758 | €1,299 | +€541 | +71.3% |
| Total equity and liabilities | 10/49 | €76,781 | €62,012 | -€14,769 | -19.2% |
| Equity | 10/15 | -€52,579 | -€81,542 | -€28,964 | -55.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €23,560 | €23,560 | = | 0.0% |
| Distributable reserves | 133 | €23,560 | €23,560 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€94,739 | -€123,702 | -€28,964 | -30.6% |
| Amounts payable | 17/49 | €129,360 | €143,554 | +€14,195 | +11.0% |
| Amounts payable after more than one year | 17 | €16,314 | €11,914 | -€4,401 | -27.0% |
| Financial debts | 170/4 | €16,314 | €11,914 | -€4,401 | -27.0% |
| Amounts payable within one year | 42/48 | €112,805 | €131,640 | +€18,835 | +16.7% |
| Current portion of amounts payable after more than one year | 42 | €4,206 | €4,401 | +€195 | +4.6% |
| Financial debts | 43 | €5,600 | - | -€5,600 | |
| Credit institutions | 430/8 | €5,600 | - | -€5,600 | |
| Trade debts | 44 | €52,951 | €44,151 | -€8,800 | -16.6% |
| Suppliers | 440/4 | €52,951 | €44,151 | -€8,800 | -16.6% |
| Taxes, remuneration and social security | 45 | €24,975 | €19,729 | -€5,246 | -21.0% |
| Taxes | 450/3 | €7,277 | €13,527 | +€6,250 | +85.9% |
| Remuneration and social security | 454/9 | €17,698 | €6,202 | -€11,496 | -65.0% |
| Other amounts payable | 47/48 | €25,073 | €63,360 | +€38,286 | +152.7% |
| Accrued charges and deferred income | 492/3 | €240 | - | -€240 | |
| Remuneration, social security and pensions | 62 | €132,574 | €79,073 | -€53,502 | -40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,182 | €5,851 | +€2,669 | +83.9% |
| Other operating charges | 640/8 | €176 | €881 | +€705 | +401.5% |
| Gross operating margin | 9900 | €70,501 | €60,044 | -€10,457 | -14.8% |
| Operating profit (loss) | 9901 | -€65,431 | -€25,761 | +€39,670 | +60.6% |
| Financial income | 75/76B | €52 | €1 | -€51 | -98.9% |
| Recurring financial income | 75 | €52 | €1 | -€51 | -98.9% |
| Financial charges | 65/66B | €1,878 | €2,890 | +€1,012 | +53.9% |
| Recurring financial charges | 65 | €1,878 | €2,890 | +€1,012 | +53.9% |
| Profit (loss) for the period before taxes | 9903 | -€67,257 | -€28,650 | +€38,606 | +57.4% |
| Income taxes | 67/77 | €638 | €313 | -€325 | -50.9% |
| Profit (loss) for the period | 9904 | -€67,895 | -€28,964 | +€38,931 | +57.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€67,895 | -€28,964 | +€38,931 | +57.3% |
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 9 October 2026 via checked.be.