SLAG 11: 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.
SLAG 11
Largest movements
- Stocks and contracts +€242,028
up €242,028 (+52.4%), from €461,900 to €703,929
- Receivables within one year -€187,461
down €187,461 (-54.6%), from €343,516 to €156,055
of which Trade receivables: -€290,274
- Current portion of long-term debt -€387,912
down €387,912 (-99.7%), from €388,985 to €1,073
- Debts after one year +€368,927
up €368,927 (+232.2%), from €158,856 to €527,783
- Other debts +€43,619
up €43,619 (+51.5%), from €84,673 to €128,292
- Profit (loss) carried forward +€15,504
up €15,504, from -€6,784 to €8,720
- Trade debts +€14,830
up €14,830 (+55.5%), from €26,705 to €41,535
- Gross operating margin -€41,839
down €41,839 (-47.4%), from €88,181 to €46,342
- Financial charges -€12,076
down €12,076 (-34.3%), from €35,169 to €23,093
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 | €837,822 | €894,273 | +€56,450 | +6.7% |
| Fixed assets | 21/28 | €9,523 | €2,629 | -€6,894 | -72.4% |
| Tangible fixed assets | 22/27 | €9,023 | €2,129 | -€6,894 | -76.4% |
| Plant, machinery and equipment | 23 | €271 | €0 | -€271 | -100.0% |
| Furniture and vehicles | 24 | €8,752 | €2,129 | -€6,623 | -75.7% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €828,300 | €891,644 | +€63,344 | +7.6% |
| Stocks and contracts in progress | 3 | €461,900 | €703,929 | +€242,028 | +52.4% |
| Stocks | 30/36 | €461,900 | €703,929 | +€242,028 | +52.4% |
| Amounts receivable within one year | 40/41 | €343,516 | €156,055 | -€187,461 | -54.6% |
| Trade receivables | 40 | €342,788 | €52,514 | -€290,274 | -84.7% |
| Other amounts receivable | 41 | €728 | €103,541 | +€102,813 | +14117.0% |
| Cash at bank and in hand | 54/58 | €22,241 | €31,133 | +€8,892 | +40.0% |
| Deferred charges and accrued income | 490/1 | €642 | €527 | -€115 | -17.9% |
| Total equity and liabilities | 10/49 | €837,822 | €894,273 | +€56,450 | +6.7% |
| Equity | 10/15 | €14,716 | €30,220 | +€15,504 | +105.4% |
| Contributions | 10/11 | €21,500 | €21,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,784 | €8,720 | +€15,504 | |
| Amounts payable | 17/49 | €823,106 | €864,053 | +€40,946 | +5.0% |
| Amounts payable after more than one year | 17 | €158,856 | €527,783 | +€368,927 | +232.2% |
| Financial debts | 170/4 | €158,856 | €527,783 | +€368,927 | +232.2% |
| Amounts payable within one year | 42/48 | €661,697 | €332,915 | -€328,781 | -49.7% |
| Current portion of amounts payable after more than one year | 42 | €388,985 | €1,073 | -€387,912 | -99.7% |
| Financial debts | 43 | €157,500 | €150,000 | -€7,500 | -4.8% |
| Credit institutions | 430/8 | €157,500 | €150,000 | -€7,500 | -4.8% |
| Trade debts | 44 | €26,705 | €41,535 | +€14,830 | +55.5% |
| Suppliers | 440/4 | €26,705 | €41,535 | +€14,830 | +55.5% |
| Taxes, remuneration and social security | 45 | €3,834 | €12,015 | +€8,182 | +213.4% |
| Taxes | 450/3 | €3,834 | €15 | -€3,818 | -99.6% |
| Remuneration and social security | 454/9 | - | €12,000 | +€12,000 | |
| Other amounts payable | 47/48 | €84,673 | €128,292 | +€43,619 | +51.5% |
| Accrued charges and deferred income | 492/3 | €2,554 | €3,354 | +€800 | +31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,989 | €6,894 | -€95 | -1.4% |
| Other operating charges | 640/8 | €867 | €852 | -€15 | -1.7% |
| Gross operating margin | 9900 | €88,181 | €46,342 | -€41,839 | -47.4% |
| Operating profit (loss) | 9901 | €80,325 | €38,597 | -€41,729 | -51.9% |
| Financial income | 75/76B | €240 | €1 | -€240 | -99.6% |
| Recurring financial income | 75 | €240 | €1 | -€240 | -99.6% |
| Financial charges | 65/66B | €35,169 | €23,093 | -€12,076 | -34.3% |
| Recurring financial charges | 65 | €35,169 | €23,093 | -€12,076 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | €45,397 | €15,504 | -€29,893 | -65.8% |
| Profit (loss) for the period | 9904 | €45,397 | €15,504 | -€29,893 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €45,397 | €15,504 | -€29,893 | -65.8% |
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.