SL BELGIUM: 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.
What changed
SL BELGIUM
NACE 79.110, Travel agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.4m
2024 · €3.9m-€450,123
Equity
€8.9m
2024 · €5.5m+€3.4m
Cash
€1.1m
2024 · €1.8m-€765,179
Balance sheet total
€20.9m
2024 · €28.3m-€7.5m
Largest movements
Assets
- Financial fixed assets -€11.0m
down €11.0m (-91.7%), from €12.0m to €1.0m
of which Affiliated companies: -€11.0m
- Receivables within one year +€4.5m
up €4.5m (+43.9%), from €10.2m to €14.6m
of which Other amounts receivable: +€4.9m
- Cash -€765,179
down €765,179 (-41.5%), from €1.8m to €1.1m
mainly Other debts (-€8.4m) and Receivables within one year (-€4.5m)
Equity and liabilities
- Other debts -€8.4m
down €8.4m (-99.2%), from €8.5m to €70,000
- Trade debts -€3.7m
down €3.7m (-30.7%), from €11.9m to €8.3m
- Profit (loss) carried forward +€2.3m
up €2.3m (+159%), from €1.4m to €3.7m
- Reserves +€1.1m
up €1.1m (+555%), from €201,784 to €1.3m
of which Tax-exempt reserves: +€999,997
- Tax, wage and social debts +€1.0m
up €1.0m (+335%), from €306,875 to €1.3m
of which Taxes: +€839,799
Income statement
- Turnover +€5.0m
up €5.0m (+11.9%), from €42.1m to €47.1m
- Financial income -€2.8m
down €2.8m (-98.0%), from €2.8m to €56,357
of which Non-recurring financial income: -€2.7m
- Taxes +€1.1m
up €1.1m (+63,624%), from €1,686 to €1.1m
- Services and other goods +€1.0m
up €1.0m (+5.2%), from €19.5m to €20.5m
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.
Result 2024
€3.9m
Turnover
+€5.0m
Other operating income
+€2,235
Goods and materials
+€168,055
Services and other goods
-€1.0m
Staff costs
-€434,473
Depreciation
-€321,801
Provisions
-€195,000
Other operating charges
-€33,713
Financial income
-€2.8m
Financial charges
+€225,289
Taxes
-€1.1m
Result 2025
€3.4m
raises the resultlowers the result
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.
From operations
-€11.4m
Investment
+€10.6m
Financing
-€7,612
Cash 2024
€1.8m
From operations (derived)
-€11.4m
Net result for the year
+€3.4m
Depreciation
+€533,486
Receivables within one year
-€4.5m
Deferred charges and accrued income
-€9,728
Provisions
+€195,000
Trade debts
-€3.7m
Tax, wage and social debts
+€1.0m
Other debts
-€8.4m
Investment (derived)
+€10.6m
Investment in fixed assets (net)
+€10.6m
Financing
-€7,612
Debts after one year
-€223,405
Current portion of long-term debt
+€215,793
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,346,013 | €20,889,622 | -€7.5m | -26.3% |
| Fixed assets | 21/28 | €16,312,537 | €5,140,440 | -€11.2m | -68.5% |
| Tangible fixed assets | 22/27 | €4,276,696 | €4,136,558 | -€140,138 | -3.3% |
| Land and buildings | 22 | €3,742,762 | €4,054,800 | +€312,038 | +8.3% |
| Plant, machinery and equipment | 23 | €84,236 | €54,560 | -€29,677 | -35.2% |
| Furniture and vehicles | 24 | €45,781 | €26,982 | -€18,799 | -41.1% |
| Assets under construction and advance payments | 27 | €403,917 | €217 | -€403,700 | -99.9% |
| Financial fixed assets | 28 | €12,035,841 | €1,003,882 | -€11.0m | -91.7% |
| Affiliated companies | 280/1 | €11,031,959 | - | -€11.0m | |
| Participating interests | 280 | €11,031,959 | - | -€11.0m | |
| Other financial fixed assets | 284/8 | €1,003,882 | €1,003,882 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,003,882 | €1,003,882 | = | 0.0% |
| Current assets | 29/58 | €12,033,476 | €15,749,182 | +€3.7m | +30.9% |
| Amounts receivable within one year | 40/41 | €10,173,978 | €14,645,135 | +€4.5m | +43.9% |
| Trade receivables | 40 | €5,520,332 | €5,085,995 | -€434,337 | -7.9% |
| Other amounts receivable | 41 | €4,653,646 | €9,559,140 | +€4.9m | +105% |
| Cash at bank and in hand | 54/58 | €1,843,984 | €1,078,805 | -€765,179 | -41.5% |
| Deferred charges and accrued income | 490/1 | €15,514 | €25,242 | +€9,728 | +62.7% |
| Total equity and liabilities | 10/49 | €28,346,013 | €20,889,622 | -€7.5m | -26.3% |
| Equity | 10/15 | €5,480,307 | €8,888,470 | +€3.4m | +62.2% |
| Contributions | 10/11 | €3,836,546 | €3,836,546 | = | 0.0% |
| Capital | 10 | €3,836,546 | €3,836,546 | = | 0.0% |
| Issued capital | 100 | €3,836,546 | €3,836,546 | = | 0.0% |
| Reserves | 13 | €201,784 | €1,322,190 | +€1.1m | +555% |
| Non-distributable reserves | 130/1 | €201,784 | €322,192 | +€120,408 | +59.7% |
| Legal reserve | 130 | €201,784 | €322,192 | +€120,408 | +59.7% |
| Tax-exempt reserves | 132 | - | €999,997 | +€999,997 | |
| Profit (loss) carried forward | 14 | €1,441,977 | €3,729,734 | +€2.3m | +159% |
| Provisions and deferred taxes | 16 | €27,750 | €222,750 | +€195,000 | +703% |
| Provisions for liabilities and charges | 160/5 | €27,750 | €222,750 | +€195,000 | +703% |
| Major repairs and maintenance | 162 | - | €195,000 | +€195,000 | |
| Other liabilities and charges | 164/5 | €27,750 | €27,750 | = | 0.0% |
| Amounts payable | 17/49 | €22,837,956 | €11,778,402 | -€11.1m | -48.4% |
| Amounts payable after more than one year | 17 | €2,111,429 | €1,888,024 | -€223,405 | -10.6% |
| Financial debts | 170/4 | €2,111,429 | €1,888,024 | -€223,405 | -10.6% |
| Credit institutions | 173 | €2,111,429 | €1,888,024 | -€223,405 | -10.6% |
| Amounts payable within one year | 42/48 | €20,726,527 | €9,890,378 | -€10.8m | -52.3% |
| Current portion of amounts payable after more than one year | 42 | - | €215,793 | +€215,793 | |
| Trade debts | 44 | €11,924,029 | €8,268,902 | -€3.7m | -30.7% |
| Suppliers | 440/4 | €11,924,029 | €8,268,902 | -€3.7m | -30.7% |
| Taxes, remuneration and social security | 45 | €306,875 | €1,335,682 | +€1.0m | +335% |
| Taxes | 450/3 | €115,305 | €955,104 | +€839,799 | +728% |
| Remuneration and social security | 454/9 | €191,570 | €380,579 | +€189,009 | +98.7% |
| Other amounts payable | 47/48 | €8,495,624 | €70,000 | -€8.4m | -99.2% |
| Operating income | 70/76A | €42,140,252 | €47,163,402 | +€5.0m | +11.9% |
| Turnover | 70 | €42,081,623 | €47,102,538 | +€5.0m | +11.9% |
| Other operating income | 74 | €58,629 | €60,864 | +€2,235 | +3.8% |
| Operating charges | 60/66A | €39,851,764 | €41,686,332 | +€1.8m | +4.6% |
| Goods for resale, raw materials and consumables | 60 | €18,143,308 | €17,975,253 | -€168,055 | -0.9% |
| Purchases | 600/8 | €18,143,308 | €17,975,253 | -€168,055 | -0.9% |
| Services and other goods | 61 | €19,522,690 | €20,540,327 | +€1.0m | +5.2% |
| Remuneration, social security and pensions | 62 | €1,917,012 | €2,351,484 | +€434,473 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,685 | €533,486 | +€321,801 | +152% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €195,000 | +€195,000 | |
| Other operating charges | 640/8 | €57,069 | €90,782 | +€33,713 | +59.1% |
| Operating profit (loss) | 9901 | €2,288,488 | €5,477,070 | +€3.2m | +139% |
| Financial income | 75/76B | €2,847,863 | €56,357 | -€2.8m | -98.0% |
| Recurring financial income | 75 | €129,887 | €56,357 | -€73,530 | -56.6% |
| Income from financial fixed assets | 750 | €129,788 | - | -€129,788 | |
| Other financial income | 752/9 | €99 | €56,357 | +€56,258 | +56,815% |
| Non-recurring financial income | 76B | €2,717,976 | - | -€2.7m | |
| Financial charges | 65/66B | €1,276,380 | €1,051,090 | -€225,289 | -17.7% |
| Recurring financial charges | 65 | €1,276,380 | €1,040,583 | -€235,796 | -18.5% |
| Debt charges | 650 | €482,300 | €321,679 | -€160,620 | -33.3% |
| Other financial charges | 652/9 | €794,080 | €718,904 | -€75,176 | -9.5% |
| Non-recurring financial charges | 66B | - | €10,507 | +€10,507 | |
| Profit (loss) for the period before taxes | 9903 | €3,859,971 | €4,482,337 | +€622,365 | +16.1% |
| Income taxes | 67/77 | €1,686 | €1,074,174 | +€1.1m | +63,624% |
| Taxes | 670/3 | €1,686 | €1,074,174 | +€1.1m | +63,624% |
| Profit (loss) for the period | 9904 | €3,858,286 | €3,408,163 | -€450,123 | -11.7% |
| Transfer to tax-exempt reserves | 689 | - | €999,997 | +€999,997 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,858,286 | €2,408,166 | -€1.5m | -37.6% |
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.