SR-FINANCE: 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.
SR-FINANCE
Largest movements
- Cash -€33,480
down €33,480 (-9.1%), from €369,045 to €335,565
mainly Net result for the year (-€68,922) and Investment in fixed assets (net) (-€16,000)
- Current investments -€24,250
down €24,250 (-54.6%), from €44,433 to €20,183
- Stocks and contracts -€16,000
down €16,000 (-100%), from €16,000 to €0
- Tangible fixed assets +€15,642
up €15,642 (+7.1%), from €220,961 to €236,603
of which Plant, machinery and equipment: +€15,642
- Reserves -€68,922
down €68,922 (-11.2%), from €617,399 to €548,477
of which Distributable reserves: -€68,922
- Gross operating margin -€30,092
down €30,092 (-265%), from -€11,371 to -€41,463
- Financial charges +€27,257
up €27,257 (+6,330%), from €431 to €27,688
- Financial income -€13,127
down €13,127 (-81.6%), from €16,087 to €2,960
- Other operating charges -€3,297
down €3,297 (-63.2%), from €5,216 to €1,919
- Depreciation -€1,836
down €1,836 (-83.7%), from €2,194 to €358
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 | €662,181 | €597,473 | -€64,708 | -9.8% |
| Fixed assets | 21/28 | €220,961 | €236,603 | +€15,642 | +7.1% |
| Tangible fixed assets | 22/27 | €220,961 | €236,603 | +€15,642 | +7.1% |
| Land and buildings | 22 | €60,030 | €60,030 | = | 0.0% |
| Plant, machinery and equipment | 23 | €160,931 | €176,573 | +€15,642 | +9.7% |
| Current assets | 29/58 | €441,220 | €360,870 | -€80,351 | -18.2% |
| Stocks and contracts in progress | 3 | €16,000 | €0 | -€16,000 | -100% |
| Contracts in progress | 37 | €16,000 | €0 | -€16,000 | -100% |
| Amounts receivable within one year | 40/41 | €10,791 | €5,068 | -€5,723 | -53.0% |
| Trade receivables | 40 | €110 | €0 | -€110 | -100% |
| Other amounts receivable | 41 | €10,680 | €5,068 | -€5,612 | -52.5% |
| Current investments | 50/53 | €44,433 | €20,183 | -€24,250 | -54.6% |
| Cash at bank and in hand | 54/58 | €369,045 | €335,565 | -€33,480 | -9.1% |
| Deferred charges and accrued income | 490/1 | €952 | €53 | -€898 | -94.4% |
| Total equity and liabilities | 10/49 | €662,181 | €597,473 | -€64,708 | -9.8% |
| Equity | 10/15 | €629,799 | €560,877 | -€68,922 | -10.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €617,399 | €548,477 | -€68,922 | -11.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €595,539 | €526,617 | -€68,922 | -11.6% |
| Amounts payable | 17/49 | €32,382 | €36,596 | +€4,214 | +13.0% |
| Amounts payable within one year | 42/48 | €32,382 | €34,369 | +€1,986 | +6.1% |
| Financial debts | 43 | €261 | €0 | -€261 | -100% |
| Credit institutions | 430/8 | €261 | €0 | -€261 | -100% |
| Trade debts | 44 | €782 | €253 | -€529 | -67.7% |
| Suppliers | 440/4 | €782 | €253 | -€529 | -67.7% |
| Other amounts payable | 47/48 | €31,340 | €34,116 | +€2,776 | +8.9% |
| Accrued charges and deferred income | 492/3 | - | €2,227 | +€2,227 | |
| Non-recurring operating income | 76A | €1,000 | €0 | -€1,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,194 | €358 | -€1,836 | -83.7% |
| Other operating charges | 640/8 | €5,216 | €1,919 | -€3,297 | -63.2% |
| Gross operating margin | 9900 | -€11,371 | -€41,463 | -€30,092 | -265% |
| Operating profit (loss) | 9901 | -€18,781 | -€43,740 | -€24,959 | -133% |
| Financial income | 75/76B | €16,087 | €2,960 | -€13,127 | -81.6% |
| Recurring financial income | 75 | €16,087 | €2,960 | -€13,127 | -81.6% |
| Financial charges | 65/66B | €431 | €27,688 | +€27,257 | +6,330% |
| Recurring financial charges | 65 | €431 | €27,688 | +€27,257 | +6,330% |
| Profit (loss) for the period before taxes | 9903 | -€3,125 | -€68,468 | -€65,342 | -2,091% |
| Income taxes | 67/77 | €544 | €454 | -€90 | -16.5% |
| Profit (loss) for the period | 9904 | -€3,669 | -€68,922 | -€65,253 | -1,778% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,669 | -€68,922 | -€65,253 | -1,778% |
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 27 October 2026 via checked.be.