SL-M: what changed
Two fiscal 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.
SL-M
Largest movements
- Receivables within one year +€43,758
up €43,758 (+94.4%), from €46,370 to €90,128
of which Other amounts receivable: +€24,594
- Cash -€41,139
down €41,139 (-43.5%), from €94,565 to €53,425
mainly Receivables within one year (-€43,758) and Contributions, distributions and other (-€15,147)
- Deferred charges and accrued income +€8,751
up €8,751, from €0 to €8,751
- Tangible fixed assets +€2,167
up €2,167 (+27.9%), from €7,758 to €9,925
- Reserves +€16,316
up €16,316 (+14.9%), from €109,344 to €125,660
- Trade debts -€6,858
down €6,858 (-53.3%), from €12,874 to €6,016
- Tax, wage and social debts +€4,130
up €4,130 (+52.8%), from €7,822 to €11,953
of which Taxes: +€4,130
- Gross operating margin +€17,492
up €17,492 (+46.1%), from €37,915 to €55,406
- Depreciation +€5,437
up €5,437 (+192.3%), from €2,827 to €8,264
- Taxes +€3,932
up €3,932 (+43.1%), from €9,119 to €13,051
- Other operating charges -€1,370
down €1,370 (-56.3%), from €2,434 to €1,064
- Financial charges +€1,297
up €1,297 (+132.5%), from €979 to €2,276
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 | €148,693 | €162,229 | +€13,536 | +9.1% |
| Fixed assets | 21/28 | €7,758 | €9,925 | +€2,167 | +27.9% |
| Tangible fixed assets | 22/27 | €7,758 | €9,925 | +€2,167 | +27.9% |
| Furniture and vehicles | 24 | €7,758 | €9,925 | +€2,167 | +27.9% |
| Current assets | 29/58 | €140,935 | €152,304 | +€11,369 | +8.1% |
| Amounts receivable within one year | 40/41 | €46,370 | €90,128 | +€43,758 | +94.4% |
| Trade receivables | 40 | €24,369 | €43,533 | +€19,163 | +78.6% |
| Other amounts receivable | 41 | €22,001 | €46,595 | +€24,594 | +111.8% |
| Cash at bank and in hand | 54/58 | €94,565 | €53,425 | -€41,139 | -43.5% |
| Deferred charges and accrued income | 490/1 | €0 | €8,751 | +€8,751 | |
| Total equity and liabilities | 10/49 | €148,693 | €162,229 | +€13,536 | +9.1% |
| Equity | 10/15 | €127,944 | €144,260 | +€16,316 | +12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €109,344 | €125,660 | +€16,316 | +14.9% |
| Distributable reserves | 133 | €109,344 | €125,660 | +€16,316 | +14.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €20,749 | €17,969 | -€2,780 | -13.4% |
| Amounts payable within one year | 42/48 | €20,697 | €17,969 | -€2,728 | -13.2% |
| Trade debts | 44 | €12,874 | €6,016 | -€6,858 | -53.3% |
| Suppliers | 440/4 | €12,874 | €6,016 | -€6,858 | -53.3% |
| Taxes, remuneration and social security | 45 | €7,822 | €11,953 | +€4,130 | +52.8% |
| Taxes | 450/3 | €7,822 | €11,953 | +€4,130 | +52.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €52 | €0 | -€52 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,827 | €8,264 | +€5,437 | +192.3% |
| Other operating charges | 640/8 | €2,434 | €1,064 | -€1,370 | -56.3% |
| Gross operating margin | 9900 | €37,915 | €55,406 | +€17,492 | +46.1% |
| Operating profit (loss) | 9901 | €32,654 | €46,078 | +€13,424 | +41.1% |
| Financial income | 75/76B | €813 | €712 | -€101 | -12.4% |
| Recurring financial income | 75 | €813 | €712 | -€101 | -12.4% |
| Financial charges | 65/66B | €979 | €2,276 | +€1,297 | +132.5% |
| Recurring financial charges | 65 | €979 | €2,276 | +€1,297 | +132.5% |
| Profit (loss) for the period before taxes | 9903 | €32,488 | €44,515 | +€12,026 | +37.0% |
| Income taxes | 67/77 | €9,119 | €13,051 | +€3,932 | +43.1% |
| Profit (loss) for the period | 9904 | €23,369 | €31,463 | +€8,094 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,369 | €31,463 | +€8,094 | +34.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.