SKARD: 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.
SKARD
Largest movements
- Receivables within one year +€70,191
up €70,191 (+88.1%), from €79,648 to €149,839
of which Other amounts receivable: +€96,101
- Cash +€37,524
up €37,524 (+559%), from €6,709 to €44,233
mainly Net result for the year (+€114,732) and Trade debts (+€15,133)
- Stocks and contracts -€2,938
down €2,938 (-15.3%), from €19,213 to €16,275
- Profit (loss) carried forward +€114,732
up €114,732 (+56.2%), from -€204,130 to -€89,398
- Debts after one year -€25,750
down €25,750 (-25.6%), from €100,603 to €74,853
- Trade debts +€15,133
up €15,133 (+27.0%), from €56,117 to €71,250
- Staff costs -€72,799
no longer reported in 2025 (was €72,799)
- Financial charges +€7,658
up €7,658, from -€7,002 to €656
- Gross operating margin +€7,391
up €7,391 (+6.5%), from €114,410 to €121,801
- Write-downs +€4,675
new in 2025: €4,675
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 | €106,661 | €210,608 | +€103,947 | +97.5% |
| Fixed assets | 21/28 | €1,091 | €55 | -€1,035 | -94.9% |
| Intangible fixed assets | 21 | €674 | - | -€674 | |
| Tangible fixed assets | 22/27 | €417 | €55 | -€361 | -86.7% |
| Plant, machinery and equipment | 23 | €417 | €55 | -€361 | -86.7% |
| Current assets | 29/58 | €105,570 | €210,552 | +€104,982 | +99.4% |
| Stocks and contracts in progress | 3 | €19,213 | €16,275 | -€2,938 | -15.3% |
| Stocks | 30/36 | €19,213 | €16,275 | -€2,938 | -15.3% |
| Amounts receivable within one year | 40/41 | €79,648 | €149,839 | +€70,191 | +88.1% |
| Trade receivables | 40 | €69,075 | €43,165 | -€25,911 | -37.5% |
| Other amounts receivable | 41 | €10,573 | €106,674 | +€96,101 | +909% |
| Cash at bank and in hand | 54/58 | €6,709 | €44,233 | +€37,524 | +559% |
| Deferred charges and accrued income | 490/1 | - | €206 | +€206 | |
| Total equity and liabilities | 10/49 | €106,661 | €210,608 | +€103,947 | +97.5% |
| Equity | 10/15 | -€54,130 | €60,602 | +€114,732 | |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€204,130 | -€89,398 | +€114,732 | +56.2% |
| Amounts payable | 17/49 | €160,791 | €150,005 | -€10,785 | -6.7% |
| Amounts payable after more than one year | 17 | €100,603 | €74,853 | -€25,750 | -25.6% |
| Financial debts | 170/4 | €100,603 | €74,853 | -€25,750 | -25.6% |
| Amounts payable within one year | 42/48 | €60,188 | €75,153 | +€14,965 | +24.9% |
| Trade debts | 44 | €56,117 | €71,250 | +€15,133 | +27.0% |
| Suppliers | 440/4 | €56,117 | €71,250 | +€15,133 | +27.0% |
| Taxes, remuneration and social security | 45 | €4,071 | €3,903 | -€168 | -4.1% |
| Taxes | 450/3 | €375 | €207 | -€168 | -44.9% |
| Remuneration and social security | 454/9 | €3,696 | €3,696 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €72,799 | - | -€72,799 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,339 | €1,035 | -€304 | -22.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,675 | +€4,675 | |
| Other operating charges | 640/8 | €95 | €706 | +€611 | +644% |
| Non-recurring operating charges | 66A | €9,483 | - | -€9,483 | |
| Gross operating margin | 9900 | €114,410 | €121,801 | +€7,391 | +6.5% |
| Operating profit (loss) | 9901 | €30,694 | €115,385 | +€84,690 | +276% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | -€7,002 | €656 | +€7,658 | |
| Recurring financial charges | 65 | -€7,002 | €656 | +€7,658 | |
| Profit (loss) for the period before taxes | 9903 | €37,696 | €114,732 | +€77,036 | +204% |
| Income taxes | 67/77 | €195 | - | -€195 | |
| Profit (loss) for the period | 9904 | €37,501 | €114,732 | +€77,231 | +206% |
| Profit (loss) for the period to be appropriated | 9905 | €37,501 | €114,732 | +€77,231 | +206% |
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 27 October 2026 via checked.be.