SOUTH DESK: 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.
SOUTH DESK
Largest movements
- Tangible fixed assets -€70,471
down €70,471 (-3.5%), from €2.0m to €1.9m
of which Land and buildings: -€69,161
- Debts after one year -€153,364
down €153,364 (-19.0%), from €807,834 to €654,471
- Reserves +€91,659
up €91,659 (+30.6%), from €299,712 to €391,371
- Other debts -€48,053
down €48,053 (-18.1%), from €265,807 to €217,755
- Gross operating margin +€9,393
up €9,393 (+4.0%), from €237,042 to €246,435
- Other operating charges -€6,002
down €6,002 (-14.0%), from €42,810 to €36,807
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 | €2,028,835 | €1,937,775 | -€91,061 | -4.5% |
| Fixed assets | 21/28 | €2,005,775 | €1,935,304 | -€70,471 | -3.5% |
| Tangible fixed assets | 22/27 | €2,005,775 | €1,935,304 | -€70,471 | -3.5% |
| Land and buildings | 22 | €1,993,539 | €1,924,378 | -€69,161 | -3.5% |
| Plant, machinery and equipment | 23 | €12,236 | €10,927 | -€1,310 | -10.7% |
| Current assets | 29/58 | €23,060 | €2,470 | -€20,590 | -89.3% |
| Amounts receivable within one year | 40/41 | €19,988 | - | -€19,988 | |
| Trade receivables | 40 | €19,988 | - | -€19,988 | |
| Cash at bank and in hand | 54/58 | €3,072 | €2,470 | -€602 | -19.6% |
| Total equity and liabilities | 10/49 | €2,028,835 | €1,937,775 | -€91,061 | -4.5% |
| Equity | 10/15 | €754,712 | €846,371 | +€91,659 | +12.1% |
| Contributions | 10/11 | €455,000 | €455,000 | = | 0.0% |
| Reserves | 13 | €299,712 | €391,371 | +€91,659 | +30.6% |
| Distributable reserves | 133 | €299,712 | €391,371 | +€91,659 | +30.6% |
| Amounts payable | 17/49 | €1,274,123 | €1,091,403 | -€182,720 | -14.3% |
| Amounts payable after more than one year | 17 | €807,834 | €654,471 | -€153,364 | -19.0% |
| Financial debts | 170/4 | €807,834 | €654,471 | -€153,364 | -19.0% |
| Amounts payable within one year | 42/48 | €466,289 | €436,933 | -€29,356 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €163,046 | €153,364 | -€9,682 | -5.9% |
| Trade debts | 44 | €7,966 | €21,411 | +€13,446 | +169% |
| Suppliers | 440/4 | €7,966 | €21,411 | +€13,446 | +169% |
| Taxes, remuneration and social security | 45 | €29,470 | €44,403 | +€14,933 | +50.7% |
| Taxes | 450/3 | €29,470 | €44,403 | +€14,933 | +50.7% |
| Other amounts payable | 47/48 | €265,807 | €217,755 | -€48,053 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,347 | €70,471 | +€1,124 | +1.6% |
| Other operating charges | 640/8 | €42,810 | €36,807 | -€6,002 | -14.0% |
| Gross operating margin | 9900 | €237,042 | €246,435 | +€9,393 | +4.0% |
| Operating profit (loss) | 9901 | €124,885 | €139,157 | +€14,271 | +11.4% |
| Financial income | 75/76B | €39 | - | -€39 | |
| Recurring financial income | 75 | €39 | - | -€39 | |
| Financial charges | 65/66B | €16,829 | €15,564 | -€1,264 | -7.5% |
| Recurring financial charges | 65 | €16,829 | €15,564 | -€1,264 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €108,096 | €123,592 | +€15,496 | +14.3% |
| Income taxes | 67/77 | €29,534 | €31,933 | +€2,399 | +8.1% |
| Profit (loss) for the period | 9904 | €78,562 | €91,659 | +€13,097 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,562 | €91,659 | +€13,097 | +16.7% |
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 28 October 2026 via checked.be.