SLM GROUP: 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.
SLM GROUP
Largest movements
- Cash -€46,010
down €46,010 (-47.7%), from €96,373 to €50,363
mainly Receivables within one year (-€38,658) and Trade debts (-€11,669)
- Receivables within one year +€38,658
up €38,658 (+21.3%), from €181,425 to €220,083
of which Trade receivables: +€53,651
- Tangible fixed assets -€15,697
no longer reported in 2025 (was €15,697)
- Stocks and contracts +€3,825
new in 2025: €3,825
- Tax, wage and social debts +€12,063
up €12,063 (+74.3%), from €16,235 to €28,298
of which Remuneration and social security: +€10,564
- Trade debts -€11,669
down €11,669 (-6.4%), from €182,431 to €170,762
- Profit (loss) carried forward -€8,612
down €8,612 (-15.1%), from €57,039 to €48,427
- Accrued charges and deferred income -€8,310
no longer reported in 2025 (was €8,310)
- Other debts -€3,696
down €3,696 (-19.4%), from €19,020 to €15,324
- Other operating charges +€7,134
up €7,134 (+400%), from €1,782 to €8,915
- Depreciation -€5,578
down €5,578 (-87.6%), from €6,366 to €788
- Taxes +€5,044
up €5,044 (+278%), from €1,816 to €6,860
- Gross operating margin -€4,301
down €4,301 (-25.4%), from €16,956 to €12,656
- Financial charges -€807
down €807 (-50.4%), from €1,602 to €795
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.
Derived cash bridge
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 | €303,495 | €283,271 | -€20,224 | -6.7% |
| Fixed assets | 21/28 | €25,697 | €9,000 | -€16,697 | -65.0% |
| Tangible fixed assets | 22/27 | €15,697 | - | -€15,697 | |
| Furniture and vehicles | 24 | €15,697 | - | -€15,697 | |
| Financial fixed assets | 28 | €10,000 | €9,000 | -€1,000 | -10.0% |
| Current assets | 29/58 | €277,798 | €274,271 | -€3,527 | -1.3% |
| Stocks and contracts in progress | 3 | - | €3,825 | +€3,825 | |
| Stocks | 30/36 | - | €3,825 | +€3,825 | |
| Amounts receivable within one year | 40/41 | €181,425 | €220,083 | +€38,658 | +21.3% |
| Trade receivables | 40 | €158,409 | €212,060 | +€53,651 | +33.9% |
| Other amounts receivable | 41 | €23,016 | €8,023 | -€14,993 | -65.1% |
| Cash at bank and in hand | 54/58 | €96,373 | €50,363 | -€46,010 | -47.7% |
| Total equity and liabilities | 10/49 | €303,495 | €283,271 | -€20,224 | -6.7% |
| Equity | 10/15 | €77,499 | €68,887 | -€8,612 | -11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,039 | €48,427 | -€8,612 | -15.1% |
| Amounts payable | 17/49 | €225,996 | €214,384 | -€11,612 | -5.1% |
| Amounts payable within one year | 42/48 | €217,686 | €214,384 | -€3,302 | -1.5% |
| Trade debts | 44 | €182,431 | €170,762 | -€11,669 | -6.4% |
| Suppliers | 440/4 | €182,431 | €170,762 | -€11,669 | -6.4% |
| Taxes, remuneration and social security | 45 | €16,235 | €28,298 | +€12,063 | +74.3% |
| Taxes | 450/3 | €6,335 | €7,834 | +€1,499 | +23.7% |
| Remuneration and social security | 454/9 | €9,900 | €20,464 | +€10,564 | +107% |
| Other amounts payable | 47/48 | €19,020 | €15,324 | -€3,696 | -19.4% |
| Accrued charges and deferred income | 492/3 | €8,310 | - | -€8,310 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,366 | €788 | -€5,578 | -87.6% |
| Other operating charges | 640/8 | €1,782 | €8,915 | +€7,134 | +400% |
| Non-recurring operating charges | 66A | - | €3,909 | +€3,909 | |
| Gross operating margin | 9900 | €16,956 | €12,656 | -€4,301 | -25.4% |
| Operating profit (loss) | 9901 | €8,808 | -€957 | -€9,765 | |
| Financial charges | 65/66B | €1,602 | €795 | -€807 | -50.4% |
| Recurring financial charges | 65 | €1,602 | €795 | -€807 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | €7,206 | -€1,752 | -€8,958 | |
| Income taxes | 67/77 | €1,816 | €6,860 | +€5,044 | +278% |
| Profit (loss) for the period | 9904 | €5,390 | -€8,612 | -€14,001 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,390 | -€8,612 | -€14,001 |
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 13 October 2026 via checked.be.