SKaGeN: 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.
SKaGeN
Largest movements
- Receivables within one year -€35,850
down €35,850 (-25.6%), from €139,990 to €104,139
of which Trade receivables: -€36,400
- Cash +€6,089
up €6,089 (+398%), from €1,529 to €7,618
mainly Net result for the year (+€40,742) and Receivables within one year (+€35,850)
- Profit (loss) carried forward +€40,742
up €40,742, from -€31,556 to €9,186
- Short-term financial debts -€40,000
no longer reported in 2025 (was €40,000)
- Trade debts -€30,958
down €30,958 (-25.2%), from €122,623 to €91,666
- Gross operating margin +€155,253
up €155,253 (+245%), from €63,457 to €218,710
- Staff costs +€16,499
up €16,499 (+10.1%), from €162,701 to €179,201
- Financial income -€14,021
down €14,021 (-83.1%), from €16,865 to €2,844
of which Non-recurring financial income: -€14,022
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 | €144,483 | €114,550 | -€29,933 | -20.7% |
| Fixed assets | 21/28 | €2,964 | €2,792 | -€172 | -5.8% |
| Tangible fixed assets | 22/27 | €2,514 | €2,342 | -€172 | -6.8% |
| Plant, machinery and equipment | 23 | €2,514 | €2,342 | -€172 | -6.8% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €141,519 | €111,757 | -€29,762 | -21.0% |
| Amounts receivable within one year | 40/41 | €139,990 | €104,139 | -€35,850 | -25.6% |
| Trade receivables | 40 | €90,150 | €53,750 | -€36,400 | -40.4% |
| Other amounts receivable | 41 | €49,840 | €50,389 | +€549 | +1.1% |
| Cash at bank and in hand | 54/58 | €1,529 | €7,618 | +€6,089 | +398% |
| Total equity and liabilities | 10/49 | €144,483 | €114,550 | -€29,933 | -20.7% |
| Equity | 10/15 | -€31,556 | €9,186 | +€40,742 | |
| Profit (loss) carried forward | 14 | -€31,556 | €9,186 | +€40,742 | |
| Amounts payable | 17/49 | €176,039 | €105,364 | -€70,675 | -40.1% |
| Amounts payable within one year | 42/48 | €174,964 | €105,364 | -€69,601 | -39.8% |
| Financial debts | 43 | €40,000 | - | -€40,000 | |
| Other loans | 439 | €40,000 | - | -€40,000 | |
| Trade debts | 44 | €122,623 | €91,666 | -€30,958 | -25.2% |
| Suppliers | 440/4 | €122,623 | €91,666 | -€30,958 | -25.2% |
| Taxes, remuneration and social security | 45 | €12,341 | €13,698 | +€1,357 | +11.0% |
| Taxes | 450/3 | €8 | €518 | +€510 | +6,069% |
| Remuneration and social security | 454/9 | €12,333 | €13,180 | +€847 | +6.9% |
| Accrued charges and deferred income | 492/3 | €1,074 | - | -€1,074 | |
| Remuneration, social security and pensions | 62 | €162,701 | €179,201 | +€16,499 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,623 | €1,101 | -€1,522 | -58.0% |
| Other operating charges | 640/8 | €262 | €249 | -€13 | -5.1% |
| Non-recurring operating charges | 66A | €1,815 | €62 | -€1,753 | -96.6% |
| Gross operating margin | 9900 | €63,457 | €218,710 | +€155,253 | +245% |
| Operating profit (loss) | 9901 | -€103,946 | €38,096 | +€142,042 | |
| Financial income | 75/76B | €16,865 | €2,844 | -€14,021 | -83.1% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1,188% |
| Non-recurring financial income | 76B | €16,865 | €2,843 | -€14,022 | -83.1% |
| Financial charges | 65/66B | €92 | €199 | +€107 | +117% |
| Recurring financial charges | 65 | €92 | €199 | +€107 | +117% |
| Profit (loss) for the period before taxes | 9903 | -€87,172 | €40,742 | +€127,914 | |
| Profit (loss) for the period | 9904 | -€87,172 | €40,742 | +€127,914 | |
| Profit (loss) for the period to be appropriated | 9905 | -€87,172 | €40,742 | +€127,914 |
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 19 October 2026 via checked.be.