SLEM: 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.
SLEM
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Cash -€54,739
down €54,739 (-18.5%), from €295,871 to €241,133
mainly Current investments (-€300,000) and Debts after one year (-€39,865)
- Receivables within one year +€36,930
up €36,930 (+191.1%), from €19,322 to €56,252
of which Trade receivables: +€29,247
- Tangible fixed assets -€28,143
down €28,143 (-4.0%), from €703,772 to €675,629
of which Land and buildings: -€44,587
- Reserves +€261,311
up €261,311 (+37.3%), from €700,406 to €961,717
- Debts after one year -€39,865
down €39,865 (-12.8%), from €311,253 to €271,388
- Trade debts +€36,543
up €36,543 (+68.3%), from €53,482 to €90,026
- Gross operating margin +€80,422
up €80,422 (+14.8%), from €543,477 to €623,899
- Taxes +€26,266
up €26,266 (+28.8%), from €91,135 to €117,402
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 | €1,251,506 | €1,510,039 | +€258,532 | +20.7% |
| Fixed assets | 21/28 | €704,426 | €675,955 | -€28,471 | -4.0% |
| Intangible fixed assets | 21 | €654 | €326 | -€328 | -50.1% |
| Tangible fixed assets | 22/27 | €703,772 | €675,629 | -€28,143 | -4.0% |
| Land and buildings | 22 | €664,100 | €619,513 | -€44,587 | -6.7% |
| Plant, machinery and equipment | 23 | €1,956 | €1,240 | -€716 | -36.6% |
| Furniture and vehicles | 24 | €37,716 | €54,876 | +€17,160 | +45.5% |
| Current assets | 29/58 | €547,080 | €834,084 | +€287,003 | +52.5% |
| Stocks and contracts in progress | 3 | €230,764 | €234,669 | +€3,905 | +1.7% |
| Stocks | 30/36 | €230,764 | €234,669 | +€3,905 | +1.7% |
| Amounts receivable within one year | 40/41 | €19,322 | €56,252 | +€36,930 | +191.1% |
| Trade receivables | 40 | €17,365 | €46,613 | +€29,247 | +168.4% |
| Other amounts receivable | 41 | €1,957 | €9,639 | +€7,683 | +392.6% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €295,871 | €241,133 | -€54,739 | -18.5% |
| Deferred charges and accrued income | 490/1 | €1,123 | €2,030 | +€907 | +80.8% |
| Total equity and liabilities | 10/49 | €1,251,506 | €1,510,039 | +€258,532 | +20.7% |
| Equity | 10/15 | €705,406 | €966,717 | +€261,311 | +37.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €700,406 | €961,717 | +€261,311 | +37.3% |
| Distributable reserves | 133 | €700,406 | €961,717 | +€261,311 | +37.3% |
| Amounts payable | 17/49 | €546,100 | €543,322 | -€2,779 | -0.5% |
| Amounts payable after more than one year | 17 | €311,253 | €271,388 | -€39,865 | -12.8% |
| Financial debts | 170/4 | €311,253 | €271,388 | -€39,865 | -12.8% |
| Amounts payable within one year | 42/48 | €232,906 | €271,934 | +€39,029 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €38,876 | €39,865 | +€989 | +2.5% |
| Trade debts | 44 | €53,482 | €90,026 | +€36,543 | +68.3% |
| Suppliers | 440/4 | €53,482 | €90,026 | +€36,543 | +68.3% |
| Advances received on contracts in progress | 46 | - | €2,083 | +€2,083 | |
| Taxes, remuneration and social security | 45 | €140,069 | €139,184 | -€885 | -0.6% |
| Taxes | 450/3 | €110,463 | €107,325 | -€3,138 | -2.8% |
| Remuneration and social security | 454/9 | €29,607 | €31,860 | +€2,253 | +7.6% |
| Other amounts payable | 47/48 | €478 | €776 | +€298 | +62.3% |
| Accrued charges and deferred income | 492/3 | €1,942 | €0 | -€1,942 | -100.0% |
| Remuneration, social security and pensions | 62 | €167,176 | €168,296 | +€1,120 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,463 | €61,347 | +€1,884 | +3.2% |
| Other operating charges | 640/8 | €5,420 | €5,758 | +€338 | +6.2% |
| Gross operating margin | 9900 | €543,477 | €623,899 | +€80,422 | +14.8% |
| Operating profit (loss) | 9901 | €311,419 | €388,498 | +€77,079 | +24.8% |
| Financial income | 75/76B | €3,855 | €1,522 | -€2,334 | -60.5% |
| Recurring financial income | 75 | €3,855 | €1,522 | -€2,334 | -60.5% |
| Financial charges | 65/66B | €14,022 | €11,307 | -€2,714 | -19.4% |
| Recurring financial charges | 65 | €14,022 | €11,307 | -€2,714 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €301,253 | €378,713 | +€77,460 | +25.7% |
| Income taxes | 67/77 | €91,135 | €117,402 | +€26,266 | +28.8% |
| Profit (loss) for the period | 9904 | €210,118 | €261,311 | +€51,193 | +24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €210,118 | €261,311 | +€51,193 | +24.4% |
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.