SL-Projects: 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-Projects
Largest movements
- Cash -€18,019
no longer reported in 2025 (was €18,019)
mainly Contributions, distributions and other (-€80,488) and Investment in fixed assets (net) (-€59,932)
- Tangible fixed assets +€15,683
up €15,683 (+10.9%), from €143,430 to €159,113
of which Land and buildings: +€46,880
- Receivables within one year +€12,570
up €12,570 (+14.1%), from €89,307 to €101,877
of which Trade receivables: +€15,413
- Profit (loss) carried forward +€11,278
up €11,278 (+11.0%), from €102,878 to €114,156
- Trade debts -€10,692
down €10,692 (-41.1%), from €25,984 to €15,293
- Debts after one year -€6,711
down €6,711 (-53.6%), from €12,529 to €5,818
- Other debts +€5,781
new in 2025: €5,781
- Tax, wage and social debts +€5,368
up €5,368 (+5.5%), from €97,889 to €103,257
- Gross operating margin -€40,331
down €40,331 (-19.2%), from €210,406 to €170,074
- Taxes -€11,607
down €11,607 (-28.7%), from €40,503 to €28,896
- Staff costs -€9,784
no longer reported in 2025 (was €9,784)
- Depreciation +€7,522
up €7,522 (+20.5%), from €36,727 to €44,249
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 | €252,835 | €261,910 | +€9,075 | +3.6% |
| Fixed assets | 21/28 | €143,430 | €159,113 | +€15,683 | +10.9% |
| Tangible fixed assets | 22/27 | €143,430 | €159,113 | +€15,683 | +10.9% |
| Land and buildings | 22 | €24,365 | €71,245 | +€46,880 | +192.4% |
| Plant, machinery and equipment | 23 | €11,722 | €8,111 | -€3,611 | -30.8% |
| Furniture and vehicles | 24 | €107,342 | €79,757 | -€27,586 | -25.7% |
| Current assets | 29/58 | €109,405 | €102,798 | -€6,608 | -6.0% |
| Amounts receivable within one year | 40/41 | €89,307 | €101,877 | +€12,570 | +14.1% |
| Trade receivables | 40 | €66,493 | €81,907 | +€15,413 | +23.2% |
| Other amounts receivable | 41 | €22,814 | €19,970 | -€2,844 | -12.5% |
| Cash at bank and in hand | 54/58 | €18,019 | - | -€18,019 | |
| Deferred charges and accrued income | 490/1 | €2,079 | €921 | -€1,158 | -55.7% |
| Total equity and liabilities | 10/49 | €252,835 | €261,910 | +€9,075 | +3.6% |
| Equity | 10/15 | €110,006 | €121,284 | +€11,278 | +10.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €7,027 | €7,027 | = | 0.0% |
| Distributable reserves | 133 | €7,027 | €7,027 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,878 | €114,156 | +€11,278 | +11.0% |
| Amounts payable | 17/49 | €142,829 | €140,627 | -€2,203 | -1.5% |
| Amounts payable after more than one year | 17 | €12,529 | €5,818 | -€6,711 | -53.6% |
| Financial debts | 170/4 | €12,529 | €5,818 | -€6,711 | -53.6% |
| Amounts payable within one year | 42/48 | €130,301 | €134,809 | +€4,508 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €6,427 | €6,711 | +€283 | +4.4% |
| Financial debts | 43 | - | €3,768 | +€3,768 | |
| Credit institutions | 430/8 | - | €3,768 | +€3,768 | |
| Trade debts | 44 | €25,984 | €15,293 | -€10,692 | -41.1% |
| Suppliers | 440/4 | €25,984 | €15,293 | -€10,692 | -41.1% |
| Taxes, remuneration and social security | 45 | €97,889 | €103,257 | +€5,368 | +5.5% |
| Taxes | 450/3 | €97,889 | €103,257 | +€5,368 | +5.5% |
| Other amounts payable | 47/48 | - | €5,781 | +€5,781 | |
| Remuneration, social security and pensions | 62 | €9,784 | - | -€9,784 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,727 | €44,249 | +€7,522 | +20.5% |
| Other operating charges | 640/8 | €2,481 | €3,858 | +€1,378 | +55.5% |
| Gross operating margin | 9900 | €210,406 | €170,074 | -€40,331 | -19.2% |
| Operating profit (loss) | 9901 | €161,414 | €121,967 | -€39,447 | -24.4% |
| Financial income | 75/76B | €5 | €5 | +€0 | +0.2% |
| Recurring financial income | 75 | €5 | €5 | +€0 | +0.2% |
| Financial charges | 65/66B | €992 | €1,310 | +€318 | +32.1% |
| Recurring financial charges | 65 | €992 | €1,310 | +€318 | +32.1% |
| Profit (loss) for the period before taxes | 9903 | €160,427 | €120,662 | -€39,765 | -24.8% |
| Income taxes | 67/77 | €40,503 | €28,896 | -€11,607 | -28.7% |
| Profit (loss) for the period | 9904 | €119,924 | €91,766 | -€28,158 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €119,924 | €91,766 | -€28,158 | -23.5% |
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 2 October 2026 via checked.be.