SKUL: what changed
What changed
SKUL
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€5,132
2024 · €28,806-€23,675
Equity
€40,829
2024 · €35,697+€5,132
Cash
€31,713
2024 · €77,217-€45,504
Balance sheet total
€139,636
2024 · €222,009-€82,373
Largest movements
Assets
- Cash -€45,504
down €45,504 (-58.9%), from €77,217 to €31,713
mainly Trade debts (-€48,280) and Other debts (-€19,354)
- Deferred charges and accrued income -€21,456
down €21,456 (-84.9%), from €25,277 to €3,820
- Tangible fixed assets -€8,618
down €8,618 (-32.1%), from €26,828 to €18,210
- Receivables within one year -€6,794
down €6,794 (-7.3%), from €92,481 to €85,687
of which Trade receivables: -€6,321
Equity and liabilities
- Trade debts -€48,280
down €48,280 (-36.5%), from €132,199 to €83,919
- Other debts -€19,354
down €19,354 (-97.8%), from €19,793 to €438
- Tax, wage and social debts -€12,328
down €12,328 (-75.9%), from €16,251 to €3,923
of which Taxes: -€9,834
- Debts after one year -€7,844
down €7,844 (-74.5%), from €10,528 to €2,684
- Profit (loss) carried forward +€5,132
new in 2025: €5,132
Income statement
- Gross operating margin -€34,081
down €34,081 (-32.8%), from €103,837 to €69,756
- Taxes -€10,022
down €10,022 (-71.2%), from €14,079 to €4,057
- Other operating charges -€1,079
down €1,079 (-50.5%), from €2,137 to €1,058
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
€28,806
Gross operating margin
-€34,081
Staff costs
-€782
Depreciation
+€592
Other operating charges
+€1,079
Other operating items
-€683
Financial income
-€201
Financial charges
+€379
Taxes
+€10,022
Result 2025
€5,132
raises the resultlowers the resultnot broken down further in the accounts
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
-€34,429
Investment
-€3,533
Financing
-€7,542
Cash 2024
€77,217
From operations (derived)
-€34,429
Net result for the year
+€5,132
Depreciation
+€12,151
Receivables within one year
+€6,794
Deferred charges and accrued income
+€21,456
Trade debts
-€48,280
Tax, wage and social debts
-€12,328
Other debts
-€19,354
Investment (derived)
-€3,533
Investment in fixed assets (net)
-€3,533
Financing
-€7,542
Debts after one year
-€7,844
Current portion of long-term debt
+€302
Cash 2025
€31,713
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €222,009 | €139,636 | -€82,373 | -37.1% |
| Fixed assets | 21/28 | €27,035 | €18,416 | -€8,618 | -31.9% |
| Tangible fixed assets | 22/27 | €26,828 | €18,210 | -€8,618 | -32.1% |
| Furniture and vehicles | 24 | €26,828 | €18,210 | -€8,618 | -32.1% |
| Financial fixed assets | 28 | €207 | €207 | = | 0.0% |
| Current assets | 29/58 | €194,974 | €121,220 | -€73,754 | -37.8% |
| Amounts receivable within one year | 40/41 | €92,481 | €85,687 | -€6,794 | -7.3% |
| Trade receivables | 40 | €81,647 | €75,326 | -€6,321 | -7.7% |
| Other amounts receivable | 41 | €10,834 | €10,361 | -€473 | -4.4% |
| Cash at bank and in hand | 54/58 | €77,217 | €31,713 | -€45,504 | -58.9% |
| Deferred charges and accrued income | 490/1 | €25,277 | €3,820 | -€21,456 | -84.9% |
| Total equity and liabilities | 10/49 | €222,009 | €139,636 | -€82,373 | -37.1% |
| Equity | 10/15 | €35,697 | €40,829 | +€5,132 | +14.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €23,297 | €23,297 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €21,437 | €21,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €5,132 | +€5,132 | |
| Amounts payable | 17/49 | €186,312 | €98,807 | -€87,504 | -47.0% |
| Amounts payable after more than one year | 17 | €10,528 | €2,684 | -€7,844 | -74.5% |
| Financial debts | 170/4 | €10,528 | €2,684 | -€7,844 | -74.5% |
| Amounts payable within one year | 42/48 | €175,784 | €96,123 | -€79,661 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €7,542 | €7,844 | +€302 | +4.0% |
| Trade debts | 44 | €132,199 | €83,919 | -€48,280 | -36.5% |
| Suppliers | 440/4 | €132,199 | €83,919 | -€48,280 | -36.5% |
| Taxes, remuneration and social security | 45 | €16,251 | €3,923 | -€12,328 | -75.9% |
| Taxes | 450/3 | €13,750 | €3,916 | -€9,834 | -71.5% |
| Remuneration and social security | 454/9 | €2,501 | €7 | -€2,494 | -99.7% |
| Other amounts payable | 47/48 | €19,793 | €438 | -€19,354 | -97.8% |
| Non-recurring operating income | 76A | €5,415 | €2,150 | -€3,265 | -60.3% |
| Remuneration, social security and pensions | 62 | €45,289 | €46,071 | +€782 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,743 | €12,151 | -€592 | -4.6% |
| Other operating charges | 640/8 | €2,137 | €1,058 | -€1,079 | -50.5% |
| Non-recurring operating charges | 66A | - | €683 | +€683 | |
| Gross operating margin | 9900 | €103,837 | €69,756 | -€34,081 | -32.8% |
| Operating profit (loss) | 9901 | €43,668 | €9,792 | -€33,875 | -77.6% |
| Financial income | 75/76B | €1,100 | €899 | -€201 | -18.2% |
| Recurring financial income | 75 | €1,100 | €899 | -€201 | -18.2% |
| Financial charges | 65/66B | €1,882 | €1,503 | -€379 | -20.1% |
| Recurring financial charges | 65 | €1,882 | €1,503 | -€379 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €42,885 | €9,189 | -€33,696 | -78.6% |
| Income taxes | 67/77 | €14,079 | €4,057 | -€10,022 | -71.2% |
| Profit (loss) for the period | 9904 | €28,806 | €5,132 | -€23,675 | -82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,806 | €5,132 | -€23,675 | -82.2% |
Next steps
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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 6 November 2026 via checked.be.