SL MANAGEMENT: 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.
SL MANAGEMENT
Largest movements
- Receivables within one year -€136,279
down €136,279 (-63.7%), from €214,057 to €77,778
- Deferred charges and accrued income +€58,392
new in 2025: €58,392
- Tangible fixed assets +€26,564
up €26,564 (+3327.6%), from €798 to €27,362
- Cash -€6,078
down €6,078 (-84.4%), from €7,199 to €1,122
mainly Contributions, distributions and other (-€125,278) and Deferred charges and accrued income (-€58,392)
- Reserves -€113,486
down €113,486 (-54.6%), from €207,864 to €94,378
- Debts after one year +€21,069
new in 2025: €21,069
- Tax, wage and social debts +€17,439
up €17,439 (+1234.1%), from €1,413 to €18,852
- Other debts +€10,245
new in 2025: €10,245
- Current portion of long-term debt +€7,175
new in 2025: €7,175
- Gross operating margin +€28,573
up €28,573 (+1826.4%), from €1,565 to €30,138
- Taxes +€9,762
up €9,762 (+690.8%), from €1,413 to €11,175
- Depreciation -€3,743
down €3,743 (-47.5%), from €7,879 to €4,135
- Other operating charges +€1,086
up €1,086 (+138.4%), from €784 to €1,870
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 | €222,054 | €164,652 | -€57,402 | -25.9% |
| Fixed assets | 21/28 | €798 | €27,362 | +€26,564 | +3327.6% |
| Tangible fixed assets | 22/27 | €798 | €27,362 | +€26,564 | +3327.6% |
| Furniture and vehicles | 24 | €798 | €27,362 | +€26,564 | +3327.6% |
| Current assets | 29/58 | €221,256 | €137,291 | -€83,965 | -37.9% |
| Amounts receivable within one year | 40/41 | €214,057 | €77,778 | -€136,279 | -63.7% |
| Other amounts receivable | 41 | €214,057 | €77,778 | -€136,279 | -63.7% |
| Cash at bank and in hand | 54/58 | €7,199 | €1,122 | -€6,078 | -84.4% |
| Deferred charges and accrued income | 490/1 | - | €58,392 | +€58,392 | |
| Total equity and liabilities | 10/49 | €222,054 | €164,652 | -€57,402 | -25.9% |
| Equity | 10/15 | €220,264 | €106,778 | -€113,486 | -51.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €207,864 | €94,378 | -€113,486 | -54.6% |
| Distributable reserves | 133 | €207,864 | €94,378 | -€113,486 | -54.6% |
| Amounts payable | 17/49 | €1,790 | €57,874 | +€56,084 | +3133.1% |
| Amounts payable after more than one year | 17 | - | €21,069 | +€21,069 | |
| Financial debts | 170/4 | - | €21,069 | +€21,069 | |
| Amounts payable within one year | 42/48 | €1,790 | €36,805 | +€35,015 | +1956.1% |
| Current portion of amounts payable after more than one year | 42 | - | €7,175 | +€7,175 | |
| Trade debts | 44 | €377 | €533 | +€156 | +41.4% |
| Suppliers | 440/4 | €377 | €533 | +€156 | +41.4% |
| Taxes, remuneration and social security | 45 | €1,413 | €18,852 | +€17,439 | +1234.1% |
| Taxes | 450/3 | €1,413 | €18,852 | +€17,439 | +1234.1% |
| Other amounts payable | 47/48 | - | €10,245 | +€10,245 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,879 | €4,135 | -€3,743 | -47.5% |
| Other operating charges | 640/8 | €784 | €1,870 | +€1,086 | +138.4% |
| Gross operating margin | 9900 | €1,565 | €30,138 | +€28,573 | +1826.4% |
| Operating profit (loss) | 9901 | -€7,098 | €24,132 | +€31,231 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €892 | €1,166 | +€274 | +30.7% |
| Recurring financial charges | 65 | €892 | €1,166 | +€274 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,990 | €22,967 | +€30,957 | |
| Income taxes | 67/77 | €1,413 | €11,175 | +€9,762 | +690.8% |
| Profit (loss) for the period | 9904 | -€9,403 | €11,792 | +€21,195 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,403 | €11,792 | +€21,195 |
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 10 October 2026 via checked.be.