SN: 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.
SN
Largest movements
- Tangible fixed assets -€313,749
down €313,749 (-93.4%), from €335,965 to €22,216
of which Land and buildings: -€311,229
- Receivables within one year -€39,739
down €39,739 (-6.5%), from €609,043 to €569,304
of which Other amounts receivable: -€157,775
- Stocks and contracts -€14,121
down €14,121 (-6.9%), from €204,874 to €190,753
of which Contracts in progress: -€76,121
- Debts after one year -€216,474
down €216,474 (-93.9%), from €230,553 to €14,079
- Short-term financial debts -€200,000
down €200,000 (-66.7%), from €300,000 to €100,000
- Trade debts -€176,425
down €176,425 (-46.9%), from €376,072 to €199,648
- Other debts +€169,780
new in 2025: €169,780
- Profit (loss) carried forward +€34,386
up €34,386 (+22.1%), from €155,255 to €189,641
- Gross operating margin +€50,671
up €50,671 (+53.1%), from €95,494 to €146,165
- Other operating charges +€46,210
up €46,210 (+447%), from €10,335 to €56,545
- Staff costs +€14,259
up €14,259 (+162%), from €8,780 to €23,039
- Depreciation -€10,388
down €10,388 (-71.8%), from €14,470 to €4,082
- Financial charges -€4,964
down €4,964 (-17.1%), from €29,053 to €24,089
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 | €1,357,048 | €979,145 | -€377,903 | -27.8% |
| Fixed assets | 21/28 | €493,465 | €179,716 | -€313,749 | -63.6% |
| Tangible fixed assets | 22/27 | €335,965 | €22,216 | -€313,749 | -93.4% |
| Land and buildings | 22 | €311,229 | €0 | -€311,229 | -100% |
| Plant, machinery and equipment | 23 | €22,909 | €20,128 | -€2,781 | -12.1% |
| Furniture and vehicles | 24 | €1,826 | €2,088 | +€262 | +14.3% |
| Financial fixed assets | 28 | €157,500 | €157,500 | = | 0.0% |
| Current assets | 29/58 | €863,584 | €799,429 | -€64,154 | -7.4% |
| Stocks and contracts in progress | 3 | €204,874 | €190,753 | -€14,121 | -6.9% |
| Stocks | 30/36 | €40,000 | €102,000 | +€62,000 | +155% |
| Contracts in progress | 37 | €164,874 | €88,753 | -€76,121 | -46.2% |
| Amounts receivable within one year | 40/41 | €609,043 | €569,304 | -€39,739 | -6.5% |
| Trade receivables | 40 | €36,968 | €155,003 | +€118,036 | +319% |
| Other amounts receivable | 41 | €572,076 | €414,301 | -€157,775 | -27.6% |
| Cash at bank and in hand | 54/58 | €40,885 | €28,311 | -€12,574 | -30.8% |
| Deferred charges and accrued income | 490/1 | €8,782 | €11,062 | +€2,280 | +26.0% |
| Total equity and liabilities | 10/49 | €1,357,048 | €979,145 | -€377,903 | -27.8% |
| Equity | 10/15 | €405,801 | €440,187 | +€34,386 | +8.5% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €546 | €546 | = | 0.0% |
| Distributable reserves | 133 | €546 | €546 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,255 | €189,641 | +€34,386 | +22.1% |
| Amounts payable | 17/49 | €951,247 | €538,958 | -€412,289 | -43.3% |
| Amounts payable after more than one year | 17 | €230,553 | €14,079 | -€216,474 | -93.9% |
| Financial debts | 170/4 | €230,553 | €14,079 | -€216,474 | -93.9% |
| Amounts payable within one year | 42/48 | €720,694 | €524,879 | -€195,815 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | €23,880 | €10,322 | -€13,558 | -56.8% |
| Financial debts | 43 | €300,000 | €100,000 | -€200,000 | -66.7% |
| Credit institutions | 430/8 | €300,000 | €100,000 | -€200,000 | -66.7% |
| Trade debts | 44 | €376,072 | €199,648 | -€176,425 | -46.9% |
| Suppliers | 440/4 | €376,072 | €199,648 | -€176,425 | -46.9% |
| Taxes, remuneration and social security | 45 | €20,742 | €45,129 | +€24,388 | +118% |
| Taxes | 450/3 | €19,129 | €45,129 | +€26,000 | +136% |
| Remuneration and social security | 454/9 | €1,612 | €0 | -€1,612 | -100% |
| Other amounts payable | 47/48 | - | €169,780 | +€169,780 | |
| Non-recurring operating income | 76A | - | €28,209 | +€28,209 | |
| Remuneration, social security and pensions | 62 | €8,780 | €23,039 | +€14,259 | +162% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,470 | €4,082 | -€10,388 | -71.8% |
| Other operating charges | 640/8 | €10,335 | €56,545 | +€46,210 | +447% |
| Gross operating margin | 9900 | €95,494 | €146,165 | +€50,671 | +53.1% |
| Operating profit (loss) | 9901 | €61,908 | €62,499 | +€591 | +1.0% |
| Financial income | 75/76B | €8,782 | €8,489 | -€293 | -3.3% |
| Recurring financial income | 75 | €8,782 | €8,489 | -€293 | -3.3% |
| Financial charges | 65/66B | €29,053 | €24,089 | -€4,964 | -17.1% |
| Recurring financial charges | 65 | €29,053 | €24,089 | -€4,964 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €41,637 | €46,899 | +€5,262 | +12.6% |
| Income taxes | 67/77 | €15,264 | €12,513 | -€2,750 | -18.0% |
| Profit (loss) for the period | 9904 | €26,373 | €34,386 | +€8,012 | +30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,373 | €34,386 | +€8,012 | +30.4% |
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 25 October 2026 via checked.be.